June 29, 2022, Basking Ridge, NJ - Barnes & Noble Education, Inc. (NYSE: BNED), a leading solutions provider for the education industry, today reported sales and earnings for the fourth quarter and fiscal year 2022, which ended on April 30, 2022. The components of the sales variances are as follows: (a) The following is a store count summary for physical stores and virtual stores: Effective April 4, 2021, as per the FLC merchandising partnership agreement, logo and emblematic general merchandise sales were fulfilled by FLC and we recognized commission revenue earned for these sales on a net basis. Merchandise inventory loss and write-off (d), Consolidated Adjusted EBITDA (non-GAAP) (a), Adjusted EBITDA by Segment (non-GAAP) (a). 2020 Annual Report View Annual Report Download. FY22 Consolidated GAAP Net Loss Improved by $71 million, FY22 Non-GAAP Adjusted EBITDA Improved by $61 million, BNCs First Day Complete and First Day Inclusive Access Offerings Fiscal 2022 Revenue Grew 91%, FY22 Retail Segment Gross Comparable Store Sales Increased 20%, FY22 General Merchandise Gross Comparable Store Sales Increased 76%. Reached agreements for 64 campus stores to support the, Gained over 300,000 gross subscribers for the. Effective April 4, 2021, as contemplated by the FLC Partnership's merchandising agreement and e-commerce agreement, we began to transition the fulfillment of logo and emblematic general merchandise sales to FLC and Fanatics. Annual Reports: SEC Filings: End of Day Stock Quote : Enter the code shown above. Previously, he served as Senior Vice President, Treasurer and Investor Relations for the Company since 2015. Inside Barnes Noble Education, Inc.'s 10-K Annual Report: Financial - Expense Highlight. Use Ask Statista Research Service. Source: Kantar Media, Extraordinaries & Discontinued Operations. To use individual functions (e.g., mark statistics as favourites, set During the 52 weeks ended May 1, 2021, we recognized restructuring and other charges totaling $9,960 comprised primarily of severance and other employee termination and benefit costs associated with the elimination of various positions as part of cost reduction objectives, and professional service costs for restructuring, process improvements, an actuarial gain related to a frozen retirement benefit plan (non-cash), shareholder activist activities, and costs related to development and integration associated with Fanatics and FLC partnership agreements. In addition, the Company's use of these non-GAAP financial measures may be different from similarly named measures used by other companies, limiting their usefulness for comparison purposes. The adjustments increased our fiscal year 2021 reported net loss by $8.0 million but did not have an impact on Adjusted EBITDA (non-GAAP), cash flows or liquidity. FY 2013: April 29, 2012 to April 27, 2013 (908) 991-2967 Back Submit. William E. Pitts, CPA If you are an admin, please authenticate by logging in again. BKS has generated $0.00 earnings per share over the last four quarters. We present this metric as additional useful information about the Companys operational and financial performance and to allow greater transparency with respect to important metrics used by management for operating and financial decision-making. For Retail Gross Comparable Store Sales details, see the Sales Information disclosure of this Press Release. Our investing activities consist principally of capital expenditures for contractual capital investments associated with renewing existing contracts, new store construction, digital initiatives and enhancements to internal systems and our website. Register in seconds and access exclusive features. Barnes, a publicly held company trading on the New York Stock Exchange, maintains a comprehensive set of policies and procedures to enable effective corporate governance. Gross comparable store sales, which include logo and emblematic sales fulfilled by FLC and Fanatics on a gross basis, increased 32.6% for the quarter, compared to a negative 6.9% in the prior year period. We expect these initiatives to make our offerings for our campus partners even more relevant and to generate new business growth as more schools look to implement our valuable solutions. BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES, Consolidated Statements of Operations (Unaudited). You need at least a Starter Account to use this feature. CEO . Besides the discounted books, another pro to being a B&N member is all the extra coupons and invites to special events. dollars)." Accessed March 01, 2023. https://www.statista.com/statistics/273460/revenue-of-barnes-und-noble/, Barnes & Noble. BASKING RIDGE, N.J.--(BUSINESS WIRE)-- Brown Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. Available: https://www.statista.com/statistics/273460/revenue-of-barnes-und-noble/, Revenue of Barnes & Noble in the fiscal years 2012 to 2019, Available to download in PNG, PDF, XLS format, Book readers in Italy 2019, by municipality and number of books read, Book readers in Italy 2019, by macro-region and number of books read, Number of men reading books in Italy 2006-2019, by number of books read, Male book readers in Italy 2019, by age and number of books read, Male book readers in Italy 2019, by education and number of books read, Male book readers in Italy 2019, by occupation and number of books read, Number of female book readers in Italy 2006-2019, by number of books read, Female book readers in Italy 2019, by age and number of books read, Female book readers in Italy 2019, by education and number of books read, Female book readers in Italy 2019, by occupation and number of books read, Italy: share of children influenced by their teacher in reading choices 2018, Italy: books read in one year among teenagers 2016, Italy: paper-books reading habits among children 2014, Italy: choosing books among teenagers 2016, Time spending on reading books & magazines in Italy 2020, Social media impact on book readers in Italy 2019, by books read, Social media impact on book readers in Italy 2019, by age, Paper books acquisition in Italy in May 2020, by source, Books-A-Million: retail and e-commerce sales 2008-2014, Average bill in bookstores in Russia 2016-2021, by region, Barnes & Noble sales 2012-2019, by commerce segment, Number of retail bookshops selling e-books and e-book readers in Germany 2010-2013, Book purchasing alternatives to Barnes & Noble in the U.S. in 2013, Book trade revenue in Germany 2008-2021, by sales channel, Number of bookstore employees in the U.S- 2004-2018, Italy: online and offline book shopping in 2017, by age group, Top book sales channels in Mexico 2021, by volume share, Total number of Dutch-language books sold in Belgium 2011-2018, Distribution of Dutch-language book market revenue in Belgium 2019, by genre, Number of Barnes & Noble stores 2005-2019, Bookstore revenue in the U.S. 2013, by consumer age, Bookstore revenue in the U.S. 2013, by source, Number of bookstores in the U.S. 2004-2018, Number of deregistered bookstores in Poland 2022, by voivodeship, Revenue of Barnes & Noble in the fiscal years 2012 to 2019 (in billion U.S. dollars), Find your information in our database containing over 20,000 reports, net sales have dropped in both its physical and e-book segments, the number of physical stores operated by the company, traditional print books remain the most popular format. Earning Stamps for Purchases. Vice President, Investor Relations We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release. In, Barnes & Noble. We look forward to reviewing these initiatives in further detail at our Investor Day on June 30., Fourth Quarter and Fiscal Year Results for 2021. To supplement the Total Sales table presented above, the Company uses Retail Gross Comparable Store Sales as a key performance indicator. Unallocated shared-service costs, which include various corporate level expenses and other governance functions, continue to be presented as Corporate Services. DSS fourth quarter sales of $8.3 million increased $1.7 million, or 25.8%, as compared to the prior year period. Gross comparable store sales increased 19.6% for the fiscal year, compared to a negative 26.1% in the prior year period. Financial results for the fourth quarter and fiscal year 2022: * For additional information, see "Use of Non-GAAP Financial Information" in the Non-GAAP disclosure information of this Press Release. The Company identified certain out of period adjustments related to Deferred tax assets, net and Accrued liabilities as of May 1, 2021. 31, 2020. BARNES & NOBLE EDUCATION, INC. (Exact Name of Registrant as Specified in Its Charter) Consolidated fourth quarter non-GAAP Adjusted Earnings was $(11.6) million, compared to a restated* $(40.3) million in the prior year period; consolidated fiscal year non-GAAP Adjusted Earnings was $(55.6) million, compared to a restated* $(96.5) million in the prior year. It made a fatal deal with Amazon. As losses continued over the past year, that extra market share seemed to . For stocks, the Probability Of Bankruptcy is the normalized value of Z-Score. Item 1A in our Annual Report on Form 10-K for the year ended May 1, 2021. Source: FactSet. While it is difficult to predict the ongoing effects of the COVID-19 virus with any certainty, based on its current views, the Company expects to generate positive non-GAAP Adjusted EBITDA in fiscal year 2022, as most schools return to a traditional on-campus environment for learning and sporting activities. Copyright FactSet Research Systems Inc. All rights reserved. Many schools adjusted their learning model and restricted on-campus activities in response to the pandemic, including the implementation of virtual/remote learning models to curtail on-campus classes and activities due to health and safety concerns. Depreciation and Amortization Expense Depreciation and amortization expense decreased by $8.9 million, or 14.4%, to $53.0 million during the 52 weeks ended May 1, 2021 from $61.9 million during the 53 weeks ended May 2, 2020. Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. In the media and entertainment industry, look at . Media Contact: The book reading population for that same age group fell to 75% in late 2012 compared to 78% in 2011. The Organization's Mission To operate the best omni-channel specialty retail business in america, helping both our customers and booksellers reach their aspirations, while being a credit to the communities we serve. Consolidated fourth quarter non-GAAP Adjusted EBITDA was $(6.2) million, compared to $(31.4) million in the prior year; the consolidated fiscal year non-GAAP Adjusted EBITDA was $(4.8) million, compared to $(65.6) million in the prior year. During the 53 weeks ended May 2, 2020, we recorded an impairment loss (non-cash) of $433 in the Retail Segment related to net capitalized development costs for a project which are not recoverable. Effective April 4, 2021, as per the FLC merchandising partnership agreement, logo and emblematic general merchandise sales were fulfilled by FLC and we recognized commission revenue earned for these sales on a net basis. Tweet. We're passionate about our people and profession and are investing in all areas of our business, so the opportunities to make an impact based on your interests, skills and talents have never been greater. Service revenue includes brand partnerships, shipping and handling, and revenue from other programs. NEW YORK-- ( BUSINESS WIRE )-- Barnes & Noble, Inc. (NYSE: BKS) today reported sales and earnings for its fiscal 2019 fourth quarter and full-year ended April 27, 2019. Their efforts have been remarkable, and I could not be prouder, said Michael P. Huseby, Chairman and CEO, BNED. Consolidated Balance Sheets (Unaudited) (In thousands, except per share data), Prepaid expenses and other current assets, Preferred stock, $0.01 par value; authorized, 5,000 shares; issued and outstanding, none, Common stock, $0.01 par value; authorized, 200,000 shares; issued, 54,234 and 53,327 shares, respectively; outstanding, 52,046 and 51,379 shares, respectively, Total liabilities and stockholders' equity. Through its family of brands, BNED offers campus retail services and academic solutions, a digital direct-to-student learning ecosystem, unparalleled best-in-class assortment of school apparel through a strategic alliance with Fanatics and Lids, wholesale capabilities and more. The score is used to predict the probability of a firm or a fund experiencing . Commission File Number: 1-37499. The Company operates approximately 600 Barnes & Noble bookstores across the United States, and one of the Webs premier e-commerce sites, BN.com. [Online]. Chart. Join to apply for the Unix/Linux Systems Engineer role at Barnes & Noble, Inc. First name. $4.3B (2015 . Course material sales benefitted from the growth of the Companys inclusive access models, which collectively grew 91% on a full year basis to $234.2 million, despite overall undergraduate enrollment declines in higher education. Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Reports and Publications; SEC and Markets Data; Securities Laws; Upcoming Events; What We Do; Other. All of the items included in the reconciliations are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance. 1400 Old Country Road. . Running Head: ANNUAL REPORT ANALYSIS Banes & Noble: 2017 Annual . Vice President 1 point for all your other non-Barnes & Noble purchases. Brown While Bookshop's prominence rose during the pandemic, Amazon's biggest challenger in the books space, Barnes & Noble, has floundered. The company's revenue has been decreasing . We define Free Cash Flow as Cash Flows from Operating Activities less capital expenditures, cash interest and cash taxes. Show publisher information View Your Member Information. The comparability of sales, specifically logo and emblematic sales, is impacted by the recognition of logo and emblematic sales on a net basis in our consolidated financial statements during fiscal year 2022, as compared to on a gross basis prior to April 4, 2021 of fiscal year 2021. Represents amortization of content development costs (non-cash) recorded in cost of goods sold in the consolidated financial statements. In 2015 Barnes and Noble recorded total sales in the amount of $4.16 billion, down slightly on the $4.30 billion recorded by the Company in annual sales the previous year. Fiscal 2022 proved to be more challenging than we anticipated both the Fall and Spring academic terms were disrupted by new COVID strains, said Michael P. Huseby, Chief Executive Officer and Chairman, BNED. For more information, visit www.bned.com. In December 2020, we entered into merchandising partnership with Fanatics Retail Group Fulfillment, LLC, Inc. (Fanatics) and Fanatics Lids College, Inc. (FLC) (collectively referred to herein as the FLC Partnership). Consolidated fourth quarter GAAP net loss was $(11.0) million, compared to a restated* $(52.4) million in the prior year period. Senior Vice President The improvement in financial results compared to the prior year is primarily related to the re-opening of stores that had temporarily closed due to the COVID-19 pandemic in the prior year. The results of operations for the fourth quarter and full-year ended May 1, 2021 consisted of 13 weeks and 52 weeks, respectively, as compared to 14 weeks and 53 weeks in the prior year. Barnes & Noble Education, Inc. Ticker BNED. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $27,630, $20,506 after-tax, comprised of $5,085, $13,328, $6,278 and $2,939 million of property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets, respectively. The adjustments increased our fiscal year 2021 reported net loss by $8.0 million but did not have an impact on Adjusted EBITDA (non-GAAP), cash flows or liquidity. Total fiscal year 2021 borrowings increased by only $2.9 million to $177.6 million as compared to the prior year period, led by working capital improvements, the sale of logo and emblematic merchandise inventory to Lids, and the strategic equity investment in BNED by Fanatics and Lids. A team of HPU students secured a third-place win in the 2022 Hawai'i Annual Code . A little more than a year ago, Barnes & Noble CEO James Daunt used the forced closure of nearly all of his physical stores to begin refurbishing the interior . For Retail Gross Comparable Store Sales purposes, sales for logo and emblematic general merchandise fulfilled by FLC, Fanatics and digital agency sales are included on a gross basis. (a) Represents the percentage these costs bear to the related sales, instead of total sales. Retail Gross Comparable Store Sales includes sales from physical and virtual stores that have been open for an entire fiscal year period and does not include sales from permanently closed stores for all periods presented. Barnes & Noble confirmed Tuesday that a new labor model in its stores will result in job cuts, but this will help the company save roughly $40 million annually. By 2022, total sales at Barnes & Noble were 3% higher than pre-pandemic levels, with book sales up by 14%. Refund and Return Policies. Westbury, NY 11590. barnesandnobleinc.com. Also available separately, with free B&N Rewards, the more you spend, the more rewards you earn. Eliminates Wholesale sales and service fees to Retail and Retail commissions earned from Wholesale. Purchases of property and equipment are also referred to as capital expenditures. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Barnes Reports has been a leading publisher of industry research and market analysis reports since 1998. In several sections, you will see inflation adjusted . These non-GAAP financial measures are not intended as substitutes for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. As a result, our calculation of comparable store sales is not necessarily comparable to similarly titled measures reported by other companies and is intended only as supplemental information and is not a substitute for net sales presented in accordance with GAAP. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $27,630. In-store and online logo and emblematic general merchandise sales fulfilled by FLC and Fanatics, respectively, and are recognized on a net commission revenue basis, as compared to the recognition of logo and emblematic sales on a gross basis in the prior year period. The Company operates over 600 Barnes & Noble bookstores in 50 states, and one of the Web's premier e-commerce sites, BN.com. When used in this communication, the words anticipate, believe, estimate, expect, intend, plan, will, forecasts, projections, and similar expressions, as they relate to us or our management, identify forward-looking statements. Author Harlan Coben to Hold a Ribbon-Cutting Ceremony and Book Signing at the Grand Opening on Wednesday March 8, 2023 at 9 AM, Moomin Characters announces nationwide partnership with Barnes & Noble and a new podcast series narrated by actresses Jennifer Saunders and Lily Collins, Author Michael Connelly to Hold a Ribbon-Cutting Ceremony and Book Signing at the Grand Opening on Wednesday, March 1, at 10 AM, Barnes & Noble serves over 600 communities in all 50 states as well as on BN.com.. When used in this communication, the words anticipate, believe, estimate, expect, intend, plan, will, forecasts, projections, and similar expressions, as they relate to us or our management, identify forward-looking statements. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. As the logo and emblematic general merchandise sales are fulfilled by FLC and Fanatics, we recognize commission revenue earned for these sales on a net basis in our consolidated financial statements, as compared to the recognition of logo and emblematic sales on a gross basis in the periods prior to April 4, 2021. New risks emerge from time to time. Stephen Wunker. Buying eBooks and Other Digital Content. Went private, Aug. 7, 2019. Barnes Group Inc. (NYSE: B) is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. That February, Barnes & Noble . Corporate Communications & Public Affairs In 2019, the book retailer generated 92.14 . Find unique places to stay with local hosts in 191 countries. amilevoj@bned.com, Barnes & Noble Education Reports Fourth Quarter and Fiscal Year 2022 Financial Results. Barnes & Noble values the strong relationships we have with our publishing partners and the many authors whose works line our bookshelves. DSS fiscal year 2022 sales of $35.7 million increased $8.3 million, or 30.3%, as compared to the prior year period, primarily due to an increase in bartleby subscriptions. Cost of sales (exclusive of depreciation and amortization expense): Weighted average common shares outstanding: The Company identified certain out of period adjustments related primarily to Income tax benefit, and Restructuring and other charges, for the 13 and 52 weeks ended May 1, 2021. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, among others: risks associated with COVID-19 and the governmental responses to it, including its impacts across our businesses on demand and operations, as well as on the operations of our suppliers and other business partners, and the effectiveness of our actions taken in response to these risks; general competitive conditions, including actions our competitors and content providers may take to grow their businesses; a decline in college enrollment or decreased funding available for students; decisions by colleges and universities to outsource their physical and/or online bookstore operations or change the operation of their bookstores; implementation of our digital strategy may not result in the expected growth in our digital sales and/or profitability; risk that digital sales growth does not exceed the rate of investment spend; the performance of our online, digital and other initiatives, integration of and deployment of, additional products and services including new digital channels, and enhancements to higher education digital products, and the inability to achieve the expected cost savings; the risk of price reduction or change in format of course materials by publishers, which could negatively impact revenues and margin; the general economic environment and consumer spending patterns; decreased consumer demand for our products, low growth or declining sales; the strategic objectives, successful integration, anticipated synergies, and/or other expected potential benefits of various acquisitions may not be fully realized or may take longer than expected; the integration of the operations of various acquisitions into our own may also increase the risk of our internal controls being found ineffective; changes to purchase or rental terms, payment terms, return policies, the discount or margin on products or other terms with our suppliers; our ability to successfully implement our strategic initiatives including our ability to identify, compete for and execute upon additional acquisitions and strategic investments; risks associated with operation or performance of MBS Textbook Exchange, LLCs point-of-sales systems that are sold to college bookstore customers; technological changes; risks associated with counterfeit and piracy of digital and print materials; our international operations could result in additional risks; our ability to attract and retain employees; risks associated with data privacy, information security and intellectual property; trends and challenges to our business and in the locations in which we have stores; non-renewal of managed bookstore, physical and/or online store contracts and higher-than-anticipated store closings; disruptions to our information technology systems, infrastructure and data due to computer malware, viruses, hacking and phishing attacks, resulting in harm to our business and results of operations; disruption of or interference with third party web service providers and our own proprietary technology; work stoppages or increases in labor costs; possible increases in shipping rates or interruptions in shipping service; product shortages, including decreases in the used textbook inventory supply associated with the implementation of publishers digital offerings and direct to student textbook consignment rental programs, as well as the risks associated with the impacts that public health crises may have on the ability of our suppliers to manufacture or source products, particularly from outside of the United States; changes in domestic and international laws or regulations, including U.S. tax reform, changes in tax rates, laws and regulations, as well as related guidance; enactment of laws or changes in enforcement practices which may restrict or prohibit our use of texts, emails, interest based online advertising, recurring billing or similar marketing and sales activities; the amount of our indebtedness and ability to comply with covenants applicable to any future debt financing; our ability to satisfy future capital and liquidity requirements; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; adverse results from litigation, governmental investigations, tax-related proceedings, or audits; changes in accounting standards; and the other risks and uncertainties detailed in the section titled Risk Factors in Part I - Item 1A in our Annual Report on Form 10-K for the year ended May 1, 2021. 1.7 million, or 25.8 %, as compared to a negative 26.1 % the. 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