In releasing financial results for another disappointing quarter, Barnes & Noble announced the implementation of a new “long-term strategic plan” aimed at increasing customer satisfaction and improving long-term profitability.

The plan was unveiled as B&N reported that its third quarter results down. For the period ending January 27, revenue at the retailer fell 5.3%, to $1.23 billion. This downturn follows a disappointing holiday period in which sales fell 6.4%, compared to 2016.

In outlining the plan, CEO Demos Parneros warned that B&N meeting its long-term goals “requires a significant multi-year transformation.” In the short-term, Parneros said, B&N is “focused on stabilizing sales, improving productivity and reducing expenses.”

B&N's new strategic plan involves four elements: strengthening the core business by enhancing the customer value proposition; improving profitability through an aggressive expense management program; accelerating execution through simplification; and innovating for the future.

The changes at the company began in February, when the retailer announced a round of layoffs at its stores. B&N estimated that the cutbacks will save the company $40 million annually. Parneros said he expects B&N to begin showing improvement in fiscal 2019, which begins in May.

In the third quarter, the company posted a net loss of $63.5 million, compared to net income of $70.3 million. The loss in the period includes a goodwill impairment charge of $133.6 million and a severance charge of $10.7 million. Comparable store sales dropped 5.8%, compared to the third quarter of fiscal 2017. B&N did note, on that front, that comp store sales showed some "improvement" in January, falling only 3.5%.