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Barnes & Noble Education Strengthens Leadership Team with the Appointment of Christopher Neumann as General Counsel & Corporate Secretary and Gary Luster as Chief Accounting Officer
Newsfilterยท 2025-03-06 21:05
Core Insights - Barnes & Noble Education, Inc. (BNED) has appointed Christopher Neumann as General Counsel & Corporate Secretary and Gary Luster as Chief Accounting Officer, effective March 3, 2025 [1][6] Group 1: Leadership Appointments - Christopher Neumann brings extensive legal experience from Six Flags, where he led legal and corporate governance functions, including a significant $8 billion merger [2] - Neumann's background includes serving as Vice President and Deputy General Counsel for Kaplan, providing him with valuable insights into the education industry [2][3] - Gary Luster has a strong background in accounting and finance, having led financial transformations and implemented robust financial controls in large-scale retailers [4] - Luster's experience includes working with companies like Tiffany & Co. and Capri Holdings, which enhances his ability to navigate complex financial operations [4][5] Group 2: Strategic Importance - The appointments of Neumann and Luster are expected to strengthen BNED's legal framework, business strategy, governance, and risk management [3][6] - Their leadership is anticipated to optimize processes, mitigate risks, and align strategies with industry best practices, positioning BNED for long-term growth [6] Group 3: Company Overview - BNED is a leading solutions provider for the education industry, focusing on affordability, access, and achievement for academic institutions [7] - The company supports millions of students and offers a range of services, including campus retail and academic solutions [7]
Barnes & Noble Education(BNED) - 2025 Q2 - Quarterly Results
2024-12-09 14:10
Financial Results Announcement - Barnes & Noble Education, Inc. announced preliminary unaudited financial results for Q2 ended October 26, 2024[3] - The press release was issued on November 7, 2024, detailing the company's financial performance[3] - The financial statements and Non-GAAP reconciliation tables are included in the press release as Exhibit 99.1[3] Company Information - The company is listed on the New York Stock Exchange under the trading symbol BNED[1] - The report does not include specific financial metrics or performance indicators in the provided content[4]
Barnes & Noble Education(BNED) - 2025 Q2 - Quarterly Report
2024-12-09 14:06
Business Operations - Barnes & Noble Education operates 1,162 physical and virtual bookstores, serving over 5.7 million students[109]. - The number of campus stores increased to 183 from 157, representing a 17% growth[117]. - Estimated enrollment for the Fall 2024 semester is projected at 925,000, up 16% from 800,000 in Fall 2023[117]. - Enrollment trends showed an increase year-over-year in Fall 2023 and Spring 2024, particularly at community colleges[125]. - The company is focusing on scaling the number of schools adopting the First Day Complete strategy in Fiscal 2025 and beyond[128]. Financial Performance - Total sales for the 13 weeks ended October 26, 2024, were $602,122, a decrease of 1.9% compared to $610,379 for the same period in 2023[134]. - Gross profit for the 13 weeks ended October 26, 2024, was $137,643, an increase of 1.0% from $136,242 in the prior year[134]. - Net income from continuing operations for the 13 weeks ended October 26, 2024, was $49,735, compared to a net income of $24,854 for the same period in 2023[134]. - Adjusted EBITDA for the 13 weeks ended October 26, 2024, was $65,958, up from $51,080 in the same period last year[134]. - Total revenue for Q2 fiscal year 2025 decreased by 1.4%, or $8.3 million, to $602.1 million, primarily due to closures of underperforming stores[139]. - Year-to-date revenue for fiscal year 2025 decreased by $9.0 million, or 1.0%, to $865.6 million, also driven by store closures[141]. - The company reported an operating loss of $(35.4) million for the 26 weeks ended October 26, 2024, compared to an operating loss of $(5.9) million in the same period of 2023[164]. Sales and Revenue Growth - The BNC First Day Complete program generated sales of $166.2 million for the 13 weeks ended October 26, 2024, a 22% increase from $136.4 million in the same period last year[117]. - Total BNC First Day sales reached $235.4 million for the 13 weeks ended October 26, 2024, an 18% increase from $199.2 million in the prior year[117]. - The First Day Complete model drives greater unit sales and sell-through for bookstores, addressing market demands for reduced pricing and improved student outcomes[116]. - The First Day Complete and First Day programs are expected to continue driving market share and revenue growth, with many institutions adopting these programs in Fiscal 2024[128]. - BNC First Day programs contributed to a $55.7 million, or 21%, increase in course material sales during the year[141]. Cost Management - Selling and administrative expenses decreased to $72,940 for the 13 weeks ended October 26, 2024, from $85,961 in the prior year[138]. - Selling and administrative expenses decreased by $13.0 million, or 15.1%, to $72.9 million for the 13 weeks ended October 26, 2024, primarily due to cost savings initiatives[157]. - Total cost of sales for the 13 weeks ended October 26, 2024, was $464.5 million, or 77.1% of sales, down from 77.7% in the prior year[153]. Liquidity and Financing - The company completed various financing transactions, including a $40 million At-the-Market sales agreement, to enhance liquidity and support growth initiatives[118]. - As of October 26, 2024, the company had $28.9 million in cash on hand, including $14.9 million of restricted cash[176]. - Cash flows used in operating activities from continuing operations were $(96.6) million for the 26 weeks ended October 26, 2024, compared to $(47.2) million for the same period in 2023, an increase of $49.4 million[179]. - Cash flows provided by financing activities were $102.7 million for the 26 weeks ended October 26, 2024, compared to $41.2 million in the prior year, a net change of $61.5 million[182]. - The company may need to raise additional funds through public or private financing if available funds are insufficient for future activities[176]. Market Challenges - The company is experiencing increased competition from alternative sources for course materials, impacting traditional distribution channels[126]. - The broader macro-economic global supply chain issues may impact the company's ability to source school supplies and general merchandise[126]. - The company closed 119 stores during the 26 weeks ended October 26, 2024, with an estimated net annual sales impact of $(67) million[144].
Barnes & Noble Education(BNED) - 2025 Q1 - Quarterly Results
2024-09-10 20:35
Financial Performance - Total sales for the 13 weeks ended July 27, 2024, were $263.4 million, a slight decrease from $264.2 million in the same period last year[1] - Gross profit decreased to $47.2 million (17.9% of sales) from $50.6 million (19.2% of sales) year-over-year[1][2] - Operating loss widened significantly to $(91.7) million (34.9% of sales) from $(41.7) million (15.8% of sales) in the prior year period[1][2] - Net loss from continuing operations increased to $(99.5) million (37.9% of sales) compared to $(50.0) million (18.9% of sales) in the same period last year[1][2] - Net loss for the 13 weeks ended July 27, 2024, was $99.5 million, compared to $50.4 million in the same period last year[12] Non-GAAP Financial Metrics - Adjusted EBITDA (non-GAAP) for continuing operations improved to $(20.7) million from $(25.9) million in the prior year period[5] - Adjusted EBITDA is used by the company as a primary method for planning, forecasting, and evaluating performance, including for performance incentive plans[11] - Free Cash Flow (non-GAAP) was $(152.4) million, compared to $(130.0) million in the same period last year[7] - Free Cash Flow is highlighted as a key metric to assess cash flow available for future debt service obligations and working capital requirements[11] - The company does not provide a reconciliation of forward-looking non-GAAP financial metrics due to the unavailability of reconciling information without unreasonable effort[11] Cash Flow and Capital Expenditures - Net cash flows used in operating activities from continuing operations increased to $144.0 million in the 13 weeks ended July 27, 2024, from $119.9 million in the same period last year[12] - Proceeds from borrowings increased to $217.6 million in the 13 weeks ended July 27, 2024, compared to $145.2 million in the same period last year[12] - Net cash flows provided by financing activities increased to $139.9 million in the 13 weeks ended July 27, 2024, from $93.2 million in the same period last year[13] - Cash, cash equivalents, and restricted cash at the end of the period were $21.3 million, compared to $19.3 million in the same period last year[13] - Total capital expenditures decreased to $3.5 million from $4.2 million year-over-year, with physical store capital expenditures accounting for $1.96 million[8] Balance Sheet Changes - Total assets decreased to $1.005 billion from $1.071 billion, while total liabilities decreased to $860.8 million from $989.8 million year-over-year[3] - Stockholders' equity increased to $144.4 million from $81.1 million, primarily due to an increase in additional paid-in capital[3] Debt and Extinguishment - The company recognized a $55.2 million loss on extinguishment of debt related to the June 10, 2024 Term Loan debt conversion[6]
Barnes & Noble Education(BNED) - 2025 Q1 - Quarterly Report
2024-09-10 20:17
Business Operations - Barnes & Noble Education, Inc. operates 1,164 physical and virtual bookstores, serving over 5.7 million students[85]. - The Wholesale Segment distributes textbooks to approximately 2,650 physical bookstores and 507 virtual bookstores, making it one of the largest textbook wholesalers in the U.S.[93]. - The company plans to scale the number of schools adopting the First Day Complete program in Fiscal 2025 and beyond, following successful adoption in Fiscal 2024[92]. - Enrollment trends showed an increase year-over-year in Fall 2023 and Spring 2024, particularly at community colleges, which is expected to positively impact business growth[97]. - The company aims to enhance e-commerce capabilities through partnerships with Fanatics and Lids, driving growth in general merchandise sales[85]. Financial Performance - Total sales for the 13 weeks ended July 27, 2024, were $263.431 million, a slight decrease from $264.161 million in the same period last year[104]. - The net loss from continuing operations was $99.479 million, compared to a loss of $49.971 million in the prior year, indicating a significant increase in losses[104]. - Adjusted EBITDA for continuing operations improved to a loss of $20.680 million from a loss of $25.885 million year-over-year, showing a reduction in operational losses[104]. - The gross margin decreased to 17.9% from 19.2% year-over-year, indicating a decline in profitability[105]. - Selling and administrative expenses as a percentage of total sales were 25.4%, down from 29.3% in the previous year, suggesting improved cost management[105]. Sales and Revenue Trends - The BNC First Day affordable textbook access programs generated total sales of $81.4 million in the 13 weeks ended July 27, 2024, a 32% increase from $61.8 million in the same period in 2023[90]. - First Day Complete sales reached $34.7 million, up 36% from $25.5 million year-over-year[90]. - Course material product sales increased by $13.6 million, or 9.8%, to $152.1 million during the 13 weeks ended July 27, 2024, driven by BNC First Day programs[116]. - Total BNC First Day sales increased by $19.6 million, or 32%, to $81.4 million compared to $61.8 million in the prior year[117]. - Retail sales decreased by $4.2 million, or 1.7%, to $249.7 million during the 13 weeks ended July 27, 2024, from $245.5 million in the prior year[116]. Cost and Expenses - The cost of sales increased to 82.1% of total sales, up from 80.8% in the prior year, reflecting rising costs in merchandise and operations[105]. - Selling and administrative expenses decreased by $10.5 million, or 13.5%, to $67.0 million from $77.5 million during the same period last year[130]. - The operating loss increased to $(91.7) million, or (34.9)% of sales, compared to $(41.7) million, or (15.8)% of sales in the prior year[138]. - Net interest expense decreased by $0.6 million to $7.6 million during the 13 weeks ended July 27, 2024, primarily due to lower borrowing and interest rates[139]. Strategic Initiatives - The company is focusing on expanding its BNC First Day affordable textbook access programs, which have reversed historical revenue declines in course materials[99]. - The company anticipates continued growth from new physical and virtual store openings, driven by new account awards[99]. - The company is facing increasing competition from alternative sources for course materials, impacting traditional distribution channels[98]. - The company closed 111 stores during the 13 weeks ended July 27, 2024, as part of a strategic initiative to close under-performing locations[116]. Cash Flow and Financing - Recent financing arrangements included a private equity investment and a Credit Facility refinancing to enhance capital flexibility and support growth initiatives[91]. - Cash flows used in operating activities from continuing operations were $(143.992) million for the 13 weeks ended July 27, 2024, compared to $(119.858) million for the same period in 2023, an increase in cash outflows of 20.1%[153]. - Free cash flow (non-GAAP) for the 13 weeks ended July 27, 2024, was $(152.398) million, compared to $(129.956) million for the same period in 2023, reflecting an increase in cash outflows of 17.1%[148]. - Cash flows from financing activities increased to $139.9 million for the 13 weeks ended July 27, 2024, compared to $93.2 million in the prior year, primarily due to $95.0 million in new equity capital raised[157]. - The company completed transactions on June 10, 2024, raising approximately $85.5 million in net cash proceeds after transaction costs, enhancing financial flexibility for future investments[158]. Losses and Restructuring - The company recognized a loss on extinguishment of debt of $55.2 million related to the conversion of approximately $34.0 million of outstanding principal into common stock[136]. - The company recognized restructuring and other charges totaling $3.6 million, primarily related to severance costs following the resignation of the former CEO[137]. - Adjusted earnings (non-GAAP) were $(41.5) million during the 13 weeks ended July 27, 2024, compared to $(44.4) million in the prior year[141]. - Net loss for the same period was $(99.5) million, including a $(55.2) million loss on extinguishment of debt, compared to a net loss of $(50.0) million in the prior year[110]. Tax and Compliance - The company recognized a current income tax receivable of $15.8 million and $8.5 million in refunds for Fiscal 2023 and Fiscal 2024, respectively[159]. - The company did not identify any changes in internal control over financial reporting that materially affected its operations during the first quarter[164]. - Management believes that pending legal proceedings are unlikely to have a material adverse effect on future financial results[166].
SHAREHOLDER ALERT: Purcell & Lefkowitz LLP Announces Shareholder Investigation of Barnes & Noble Education, Inc. (NYSE: BNED)
Prnewswireยท 2024-08-08 15:21
Core Viewpoint - Purcell & Lefkowitz LLP is investigating Barnes & Noble Education, Inc. to determine if its directors breached fiduciary duties related to recent corporate actions [1]. Group 1 - The investigation is on behalf of the shareholders of Barnes & Noble Education, Inc. [1] - The law firm specializes in representing shareholders affected by securities fraud and breaches of fiduciary duty [3]. - Shareholders seeking more information can contact the firm for free [2].
Barnes & Noble Education(BNED) - 2024 Q4 - Annual Report
2024-07-01 20:46
Revenue Growth - BNC First Day total revenue increased by $127 million, or 37%, to $474 million in Fiscal 2024 compared to $347 million in the prior year[8]. - BNC First Day Complete sales increased by 48% to $292.7 million in Fiscal 2024 from $197.8 million in Fiscal 2023[29]. - Total BNC First Day sales rose by 37% to $473.9 million in Fiscal 2024 compared to $346.7 million in Fiscal 2023[29]. - Retail total sales increased by $23.2 million, or 1.6%, to $1,514.9 million during the 52 weeks ended April 27, 2024, compared to $1,491.7 million in the prior year[83]. - Course material product sales increased by $44.0 million, or 4.7%, to $972.0 million during the 52 weeks ended April 27, 2024, primarily due to the growth of BNC First Day programs, which increased by $127.2 million, or 36.7%[83]. Store Operations - The company closed 167 stores in the Retail Segment, with estimated annual sales of $109 million, as part of a strategic initiative to close under-performing stores[20]. - The number of campus stores offering First Day Complete grew by 38% to 160 from 116 year-over-year, with estimated enrollment increasing by 39% to 805,000[29]. - The company operates 707 physical campus bookstores and 538 virtual bookstore operations across the United States[38]. - The company operates 1,245 physical, virtual, and custom bookstores, serving over 5.8 million students[155]. Strategic Initiatives - The company plans to continue scaling the number of schools adopting the First Day Complete program in Fiscal 2025 and beyond[20]. - The company completed various transactions on June 10, 2024, to substantially deleverage its consolidated balance sheet and raise additional capital for strategic investments[13]. - The company has established agreements with major publishers to distribute digital content through BNC First Day programs[20]. - The partnership with Fanatics and Lids has enhanced product assortment and e-commerce capabilities, driving growth in logo merchandise sales[29]. Financial Performance - Cash flows used in operating activities from continuing operations during Fiscal 2024 were $(1.5) million, compared to $90.5 million in Fiscal 2023[94]. - As of April 27, 2024, total debt was $196.3 million, an increase from $182.2 million as of April 29, 2023[96]. - The company recognized an impairment charge of $7.2 million related to long-lived assets at certain stores during fiscal year 2024[114]. - The accumulated deficit increased from $(593,356) to $(656,567)[117]. Market Trends - Approximately 27% of college and university affiliated bookstores in the U.S. are operated by their respective institutions, indicating a potential market for outsourcing[20]. - The retail business is highly seasonal, with the majority of sales and operating profit occurring in the second and third fiscal quarters, particularly during textbook purchasing periods[53]. - The company faces competition from various vendors, including Follett Corporation and direct-to-student channels like Amazon and Chegg.com[67]. - The company noted that many colleges and universities are shifting to online and hybrid learning options, impacting on-campus activity and enrollment[202]. Inventory and Asset Management - The company has a large inventory of approximately 235,000 unique textbook titles and processes over 21 million textbooks annually[46]. - The company utilizes sophisticated inventory management platforms to optimize pricing and inventory across all stores, minimizing out-of-stock situations[61]. - The Wholesale Segment supports approximately 2,750 physical bookstores and 538 virtual bookstores, providing a comprehensive selection of new and used textbooks at lower costs[54]. - The company recognized lease assets and liabilities for operating leases based on the present value of future lease payments, in compliance with ASC Topic 842[168]. E-commerce and Digital Strategy - The company anticipates continued growth in its e-commerce capabilities through strategic relationships with service providers like Fanatics[8]. - The company has transitioned the fulfillment of logo merchandise sales to Lids and Fanatics, recognizing commission revenue on a net basis since April 2021[170]. - Revenue from service and other activities includes brand marketing services, shipping and handling, and non-return rental penalty fees[138]. Debt and Capital Management - The company borrowed $563.0 million and repaid $552.2 million under the Credit Agreement during the 52 weeks ended April 27, 2024[99]. - The company authorized a stock repurchase program of up to $50 million, with approximately $26.7 million remaining available as of April 27, 2024[135]. - The company expects to receive additional tax refunds of approximately $2.4 million in Fiscal 2025, following refunds of $8.5 million in Fiscal 2024[102].
Barnes & Noble Education(BNED) - 2024 Q4 - Annual Results
2024-07-01 20:36
Financial Performance - For the 52 weeks ended April 27, 2024, total sales were $1,567,135, an increase of 1.6% compared to $1,543,208 for the same period in 2023[13]. - Gross profit for the 13 weeks ended April 27, 2024, was $69,864, compared to $58,282 for the same period in 2023, reflecting a significant improvement[13]. - The company reported a net loss of $27,364 for the 13 weeks ended April 27, 2024, compared to a net loss of $46,250 for the same period in 2023, indicating a reduction in losses[13]. - Adjusted earnings (non-GAAP) for the 52 weeks ended April 27, 2024, were $(35,906), compared to $(74,003) for the same period in 2023, showing a substantial improvement[1]. - The net loss from continuing operations for the period was $62,481 thousand, an improvement from a loss of $90,140 thousand in the same period last year[16]. - Net loss improved to $(62.5) million, a $27.6 million improvement from the previous year[23]. - Adjusted EBITDA for continuing operations was $1,483 thousand, compared to a loss of $18,193 thousand in the same period last year[18]. - Adjusted EBITDA increased to $45.2 million, a $53.3 million improvement from a loss of $(8.1) million last year[23]. Cost Management - Selling and administrative expenses decreased to $68,381 for the 13 weeks ended April 27, 2024, from $76,475 in the same period in 2023, indicating cost management efforts[13]. - The cost of sales decreased to 70.4% of total sales from 75.9% in the previous year, leading to a gross profit margin increase to 29.6% from 24.1%[14]. - Interest expense increased to 4.6% of total sales from 2.9% in the previous year, reflecting higher borrowing costs[14]. - The company anticipates a significant ongoing reduction in interest costs and related expenses due to recent debt reduction[28]. Cash Flow and Debt - Cash flows from operating activities resulted in a net outflow of $5,122 thousand, a significant decrease from an inflow of $91,670 thousand in the same period last year[16]. - The company reported a decrease in cash, cash equivalents, and restricted cash to $28,570 thousand at the end of the period, down from $31,988 thousand at the beginning[16]. - Net debt at year-end fiscal 2024 increased to $187.1 million, partly due to vendors tightening payable terms[23]. - The current level of net debt has meaningfully declined on a seasonally adjusted basis due to cash infusion and debt conversion[23]. Strategic Initiatives - The company continues to focus on enhancing its market position and operational efficiency through strategic initiatives and cost reductions[8]. - The company is focusing on strategic service provider relationships and the adoption of new educational content models to enhance market position[19]. - The company plans to continue investing in technology and product development to adapt to changing market demands and improve operational efficiency[19]. - The company aims to strategically invest in innovation while focusing on productivity and cost efficiencies[29]. Market Position and Growth - Fiscal year 2024 revenue grew 1.6% to $1.57 billion, driven by a 48% increase in First Day Complete revenue[23]. - First Day Complete store count grew to 160, representing enrollment of approximately 805,000 students, a 39% increase year-over-year[27]. - Total sales for the period ended April 27, 2024, were composed of 81.7% product sales and 18.3% rental income, compared to 83.5% and 16.5% respectively for the same period in 2023[14]. Equity and Stock - The company completed an equity rights offering and a reverse stock split of 1-for-100 subsequent to the end of Fiscal 2024, impacting share count and earnings per share[13]. - A 1-for-100 reverse stock split was completed on June 11, 2024, resulting in approximately 26.2 million outstanding shares[24]. - The company completed a milestone equity and refinancing transaction, infusing approximately $80 million of net new cash[23].
Barnes & Noble Education (BNED) Stock Pops 73% in Second Day of Rally
investorplace.comยท 2024-05-22 16:34
Group 1 - Barnes & Noble Education (NYSE:BNED) stock is experiencing significant volatility, with over 194 million shares traded, far exceeding its daily average of approximately 6.7 million shares [1] - The stock has a low float of 30.23 million units, which contributes to the ease of price movement and explains the recent volatility [2] - The rally in BNED stock appears to be driven by meme traders from the r/WallStreetBets subreddit, rather than any specific news from the company [3] Group 2 - As of Wednesday afternoon, BNED stock has increased by 73.3%, although it remains down 41.5% since the beginning of the year [4]
What Is Going on With Barnes & Noble Education (BNED) Stock Today?
investorplace.comยท 2024-05-21 20:27
It appears members of the infamous r/WallStreetBets subreddit on Reddit are targeting Barnes and Noble (BNED) stock. Indeed, the downtrodden book retailer closed up by more than 70% on Tuesday, hinting at a potential short squeeze in the making. What's happening with BNED stock? Well, for a company that has only continued to shed value this year, today's jump truly came out of nowhere. Indeed, the book seller has struggled financially for years, even closing some locations and marking down prices. BNED stoc ...