Why Barnes & Noble Education (BNED) Stock Is Sliding Today - Barnes & Noble Education (NYSE:BNED)

Barnes & Noble Education Inc BNED reported a second-quarter FY23 sales decline of 1.6% year-on-year to $617.10 million, missing the consensus of $675.01 million.
Retail segment gross comparable store sales decreased 2.2%, and retail sales fell 1.7%. Wholesale sales decreased by 2.5%.
Gross profit declined 0.5% Y/Y to $144.8 million with a margin of 23.5%.
Barnes & Noble Education posted an operating income of $26.7 million in the quarter versus $24.6 million last year. Operating margin was 4.3%.
Adjusted EBITDA was $39.4 million versus $39 million last year.
Adjusted EPS of $0.45 missed the consensus of $0.76.
Barnes & Noble Education held $19.1 million in cash and equivalents as of October 29, 2022.
Outlook: Barnes & Noble Education expects FY23 adjusted EBITDA of $20 million - $30 million.
Price Action: BNED shares traded lower by 30.98% at $1.76 on the last check Tuesday.
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Barnes & Noble Education Stock Slides As Q2 Lags Consensus