- Barnes & Noble Education Inc BNED reported a third-quarter FY22 sales decline of 2.1% year-on-year, to $402.8 million, missing the consensus of $433.79 million.
- Retail segment gross comparable store sales increased 8.4%, and retail sales fell 3.3%. Wholesale sales decreased by 6.1%.
- Gross profit rose 23.2% Y/Y to $87 million with a margin of 21.6%.
- Barnes & Noble Education posted an operating loss of $(33.1) million in the quarter versus $(64.7) million last year.
- Adjusted EBITDA loss was $(13.1) million versus $(20.8) million last year.
- EPS loss of $(0.71) narrowed from last year's $(0.96).
- "Our third-quarter results were negatively impacted by COVID's Omicron surge that coincided with our seasonally important Spring Rush period," said CEO and Chairman Michael P. Huseby.
- Barnes & Noble Education held $12.7 million in cash and equivalents as of January 29, 2022.
- Outlook: Barnes & Noble Education continues to expect positive non-GAAP Adjusted EBITDA in FY22.
- The company anticipates FY23 non-GAAP Adjusted EBITDA to be lower than pre-COVID levels, as the direct and ancillary impacts of the pandemic, including wholesale supply issues and inflationary pressures, are expected to persist.
- Price Action: BNED shares traded lower by 13.4% at $4.15 in pre-market on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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