Dec 4, 2025 6:00 PM Eastern Standard Time BNED Investigation: Investors Encouraged to Contact Kirby McInerney LLP On July 18, 2025, Barnes & Noble disclosed that "[c]ertain information regarding the recording of cost of digital sales was brought to the attention of management†and that, as a result, "management believes that the Company may have a potential overstatement of up to $23.0 million in the aggregate to its accounts receivable balance as of its May 3, 2025 fiscal year-end.†On this news, the price ...

Group 1 - The article highlights the strong performance of the analyst team, achieving an annualized return of almost 40% over the past decade with a long-only model portfolio return exceeding 23 times [1] - The focus is on providing income-oriented investment options for those preferring lower-risk firms with consistent dividend payouts [1] - The research covers various sectors including energy, shipping, and offshore markets, indicating a comprehensive approach to market analysis [1] Group 2 - The article serves as an update on Barnes & Noble Education, Inc. (BNED), suggesting ongoing interest and analysis of the company's performance [2] - The author has a background in trading, particularly in tech stocks, and has expanded coverage to include offshore drilling, supply, and shipping industries [3] - The author has experience as an auditor and has navigated significant market events, indicating a depth of knowledge in market dynamics [3]

Group 1 - The article highlights the strong performance of the analyst team, achieving an annualized return of almost 40% over the past decade with a long-only model portfolio return exceeding 23 times [1] - The focus is on providing income-oriented investment options for those preferring lower-risk firms with consistent dividend payouts [1] - The research covers various sectors including energy, shipping, and offshore markets, indicating a comprehensive approach to market analysis [1] Group 2 - The article serves as an update on Barnes & Noble Education, Inc. (BNED), suggesting ongoing interest and analysis of the company's performance [2] - The author has a background in trading, particularly in tech stocks, and has expanded coverage to include offshore drilling, supply, and shipping industries [3] - The author has experience as an auditor and has navigated significant market events, indicating a depth of knowledge in market dynamics [3]

Market Performance - U.S. stocks experienced an upward trend, with the Dow increasing by 1.20% to 47,007.17, the NASDAQ rising by 0.48% to 22,980.75, and the S&P 500 gaining 0.74% to 6,754.86 [1] - Health care shares saw a significant increase of 2% on the same day, while energy stocks fell by 0.9% [1] Retail Sales - U.S. retail sales rose by 0.2% month-over-month in September, a decrease from the 0.6% gain observed in August [2] Commodity Prices - Oil prices decreased by 1.8% to $57.78, while gold prices increased by 0.9% to $4,129.50. Silver rose by 1% to $50.765, and copper saw a rise of 2.8% to $5.1100 [5] European Market Performance - European shares showed positive movement, with the eurozone's STOXX 600 rising by 0.69%, Spain's IBEX 35 Index increasing by 0.93%, London's FTSE 100 up by 0.57%, Germany's DAX 40 gaining 0.68%, and France's CAC 40 rising by 0.83% [6] Asian Market Performance - Asian markets closed mostly higher, with Japan's Nikkei gaining 0.07%, Hong Kong's Hang Seng up by 0.69%, China's Shanghai Composite increasing by 0.87%, while India's BSE Sensex declined by 0.37% [7] Company-Specific Movements - Rubico Inc shares surged by 45% to $0.22 after extending tanker charters [9] - Clean Energy Technologies Inc shares increased by 67% to $1.79 following a $10 million battery energy storage project in New York [9] - Barnes & Noble Education Inc shares rose by 36% to $9.11 after announcing preliminary financial results for fiscal 2025 and year-to-date fiscal 2026 [9] - MingZhu Logistics Holdings Ltd shares plummeted by 85% to $0.16 after announcing an $8 million registered direct offering [9] - Zhihu Inc shares fell by 11% to $3.57 due to a year-over-year decrease in third-quarter financial results [9] - Burlington Stores Inc shares dropped by 11% to $254.28 after reporting mixed third-quarter financial results and a significant decline in store traffic post back-to-school period [9] Housing Market Indicators - The S&P CoreLogic Case-Shiller Home Price Index increased by 1.4% year-over-year in September, marking a slowdown for the eighth consecutive month [11] - The FHFA house price index remained flat for September [11] - U.S. pending home sales rose by 1.9% month-over-month in October, following a revised 0.1% growth in the previous month [11]

Market Overview - U.S. stocks showed mixed performance with the Dow Jones increasing by over 250 points, up 0.61% to 46,729.44, while NASDAQ fell by 0.28% to 22,808.72 and S&P 500 rose by 0.08% to 6,710.34 [1] - Communication services sector saw a rise of 1.4% [1] - Information technology stocks experienced a decline of 1.1% [2] Company Performance - Alibaba Group Holding reported quarterly revenue of $34.81 billion, a 5% year-over-year increase, exceeding analyst expectations of $34.43 billion [3] - Adjusted earnings per American Depositary Share (ADS) for Alibaba were 61 cents, surpassing the analyst consensus estimate of 49 cents [3] Commodity Market - Oil prices decreased by 2.1% to $57.59, while gold prices increased by 1.1% to $4,140.50 [5] - Silver rose by 1.7% to $51.185, and copper increased by 3.8% to $5.1545 [5] International Markets - European shares showed positive movement with the eurozone's STOXX 600 rising by 0.6% and Spain's IBEX 35 Index increasing by 0.8% [6] - Asian markets closed mostly higher, with Japan's Nikkei gaining 0.07%, Hong Kong's Hang Seng up by 0.69%, and China's Shanghai Composite rising by 0.87% [7] Notable Stock Movements - Rubico Inc shares surged by 67% to $0.26 after extending tanker charters [9] - Clean Energy Technologies Inc shares increased by 75% to $1.87 following a $10 million battery energy storage project announcement [9] - Barnes & Noble Education Inc shares rose by 37% to $9.18 after announcing preliminary financial results [9] - MingZhu Logistics Holdings Ltd shares dropped by 84% to $0.17 due to an $8 million registered direct offering [9]

Financial Performance - Preliminary full-year fiscal 2025 revenue is expected to be $1.6 billion, an increase of $40.8 million, or 2.6%, year-over-year[7] - Gross Comparable Store Sales are expected to increase by $116.9 million, or 7.5%, year-over-year[7] - Revenues from BNC First Day programs are expected to increase by $119.9 million, or 25.3%, year-over-year, with total enrollment reaching approximately 957,000 students, up 19.0% from the prior year[8] - Full-year fiscal 2025 net loss is expected to be in the range of $(68.0) to $(62.0) million, an improvement from the prior year's expected net loss of $(78.0) to $(72.0) million[8] - Adjusted EBITDA for fiscal 2025 is expected to range from $55.0 to $63.0 million, an increase of $15.0 to $29.0 million from the prior fiscal year[9] - Preliminary revenue for the first half of fiscal 2026 is expected to be approximately $933.0 million, an increase of approximately 7.8% year-over-year[11] - The company's preliminary net income for the first half of fiscal 2026 is expected to range from $3.0 to $8.0 million, an improvement of $62.0 to $73.0 million over the prior year's net loss[11] - Adjusted EBITDA for the first half of fiscal 2026 is expected to be in the range of $32.0 to $42.0 million, compared to $30.0 to $36.0 million in the prior year[12] - The company expects Adjusted EBITDA in fiscal 2026 to be in the range of $65 to $75 million, with a material reduction in interest costs compared to the previous fiscal year[16] Debt and Liquidity - Total debt at year-end is expected to be $103.1 million, a decrease from $196.3 million on April 27, 2024, with total net debt expected to be $94.0 million[10] - The company emphasizes the importance of maintaining adequate liquidity levels for ongoing inventory purchases and vendor payments[25] Risks and Challenges - The company is currently undergoing a financial restatement process, which may impact expected financial results[25] - There is a dependency on strategic service provider relationships, which could affect operational and financial stability[25] - The company faces risks from potential declines in college enrollment and decreased funding available for students[25] - Technological changes, including the adoption of artificial intelligence in educational content, are a significant factor for future operations[25] - The company operates in a competitive environment, with new risks emerging that could impact business outcomes[25] - Forward-looking statements reflect current views but are subject to various risks and uncertainties[25] - The company does not intend to update forward-looking statements after the date of the press release, except as required by law[26] - Interested parties are encouraged to review risk factors in the company's Annual Report on Form 10-K for the year ended May 3, 2025[26] Growth Expectations - Anticipated growth in the BNC First Day program is expected, although the pace of adoption may be slower than anticipated[25]

Core Insights - The company has completed an internal investigation regarding improper accounting practices and is releasing preliminary financial results for FY2025 and the first half of FY2026 [1][3][4] Financial Performance - Preliminary unaudited revenue for FY2025 is expected to be $1.6 billion, a 2.6% increase from the previous year [7] - Gross Comparable Store Sales are projected to rise by 7.5%, amounting to an increase of $116.9 million year-over-year [7] - Revenues from BNC First Day programs are anticipated to grow by 25.3%, equating to $119.9 million year-over-year [8] - The expected net loss for FY2025 is projected to be between $(68.0) million and $(62.0) million, an improvement from the previous year's loss [9] - Adjusted EBITDA for FY2025 is expected to range from $55.0 million to $63.0 million, reflecting a significant increase from the prior fiscal year [9] Balance Sheet and Debt Management - Total debt at year-end is expected to be $103.1 million, down from $196.3 million the previous year [10] - The company's net working capital position is projected to improve to positive $188.9 million from $46.1 million last year [10] First Half FY2026 Results - Preliminary revenue for the first six months of FY2026 is expected to be approximately $933.0 million, a 7.8% increase year-over-year [11] - Net income for the first half of FY2026 is anticipated to range from $3.0 million to $8.0 million, a significant improvement over the prior year's loss [11] - Adjusted EBITDA for the first half of FY2026 is expected to be between $32.0 million and $42.0 million [12] Management Commentary and Strategic Outlook - The CEO highlighted strong sales and improved financial metrics driven by the adoption of BNC First Day offerings and disciplined expense management [15] - The company expects continued top-line growth in FY2026 despite market uncertainties, with anticipated Adjusted EBITDA in the range of $65 million to $75 million [16] - Looking ahead to FY2027, the company aims to improve gross margins and grow Adjusted EBITDA by 15% to 20% or more [17]

Core Insights - Barnes & Noble College (BNC) has launched "Campus to Career," a new initiative aimed at helping college students transition from academic life to the workforce [1][4]. Product Offering - "Campus to Career" includes a curated collection of career-focused products available in-store and online, along with a digital hub powered by Home From College (H\FC) that connects students with opportunities at Fortune 500 companies and startups [2][3]. Market Demand - The initiative addresses a significant gap in career readiness, as a 2025 survey indicated that 24% of hiring managers believe recent graduates are unprepared for interviews. Additionally, over 43% of four-year students and 21% of two-year students have sought resume assistance from campus career centers, highlighting the demand for practical career resources [5][6]. Strategic Importance - The launch of "Campus to Career" exemplifies how BNC is enhancing the relevance of campus bookstores by providing innovative services that extend beyond traditional course materials and merchandise [4][5].

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in auditing and trading, having navigated significant market events such as the dotcom bubble and the subprime crisis [2] - The research provided aims to maintain high quality despite language barriers [2]

Core Insights - Barnes & Noble College has launched a new service called Room Service, aimed at easing the move-in process for college students and their families by providing guided shopping and curated essentials delivered directly to residence halls [1][5] Service Overview - Room Service is a customizable dorm delivery solution available exclusively to Barnes & Noble College school partners, allowing students to purchase essential dorm items from a curated selection and have them delivered to campus housing or available for pickup [2][3] - The service includes a variety of items such as bedding, bath essentials, storage solutions, desk supplies, and mini appliances, tailored to meet the unique needs of each campus community [2] Ordering Process - The ordering process is designed to be easy and convenient, featuring a unique online shopping experience that guides customers through categories to find necessary dorm items [3] - Orders are prepared and delivered before move-in day, ensuring a smooth experience for students and families [3] On-Campus Support - In addition to delivery, Room Service offers on-campus support through the campus bookstore, providing in-person assistance during move-in and throughout the academic year [4] Strategic Commitment - The launch of Room Service reflects Barnes & Noble College's commitment to delivering relevant services that meet the evolving needs of the campus community, transforming the bookstore into a hub of convenience and support [5] - This initiative is part of a broader strategy to extend offerings beyond course materials, helping students thrive from day one and enhancing access and confidence for all campus community members [5]