Barnes & Noble Q4 Earnings Impacted By Pandemic, Expects EBITDA Normalcy By 2023

Barnes & Noble Education Inc BNED reported fourth-quarter FY21 sales of $222.7 million, down 13.3% year-on-year, missing the consensus estimate of $230.46 million.
Sales were impacted mainly by the COVID-19 pandemic as schools adjusted their learning model and restricted on-campus activities in response.
Same-store sales fell 6.9%.
Gross profit fell 9.4% Y/Y 16.1%.
The operating loss was $26.6 million, up 30% Y/Y.
Net loss was $44.4 million, with an Adjusted EBITDA loss of $31.4 million.
EPS loss of $(0.86) missed the consensus estimate of $(0.57) loss.
The company generated $32.9 million in operating cash flow and ended the quarter with cash and equivalents of $8 million.
Guidance: The company expects non-GAAP Adjusted EBITDA to approach annual pre-COVID levels in the fiscal year 2023.
Price action: BNED shares trading lower by 2.1% at $8.50 premarket on the last check Wednesday.

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