Barnes & Noble took to the wires this morning to announced its 2012 first quarter sales and earnings. It’s mostly good news with sales in the first quarter hitting $1.4 billion, an increase of 2% over last year. Online sales increased 37% to $198 million while brick and mortar sales decreased 3% to $1 billion. The big news, however, is B&N’s Nook business increased a whooping 140% to reach $277 million, on a comparable sales basis.