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].

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]

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 ...

Group 1 - Barnes & Noble Education (NYSE:BNED) stock experienced a significant rally of 126.3% on Friday, followed by a decline of 16.2% on Monday amid heavy trading [1][3] - The decline on Monday saw approximately 12.5 million shares traded, significantly higher than the daily average trading volume of about 3 million shares [3] - Year-to-date, BNED stock is down 76.4%, indicating a substantial decrease in value over the year [3] Group 2 - The rise in BNED stock price was influenced by Greenhaven Road Investment Management's interest in a transaction with the company, holding a 9.9% stake [2] - Greenhaven Road Investment Management previously made an $84.5 million recapitalization offer to Barnes & Noble Education, which was rejected, but the firm appears to be pursuing a deal still [2]

Table of Contents As filed with the Securities and Exchange Commission on May 9, 2024 Registration No. 333-278799 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Amendment No.1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Barnes & Noble Education, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 5940 46-0599018 (I.R.S. Empl ...

Table of Contents As filed with the Securities and Exchange Commission on April 18, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (I.R.S. Employer Identification Number) 120 Mountain View Blvd Basking Ridge, NJ 07920 (908) 991-2665 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Michael C. Miller Executive Vice President, ...

BASKING RIDGE, N.J.--(BUSINESS WIRE)--Barnes & Noble Education, Inc. (NYSE: BNED), a leading solutions provider for the education industry, today reported sales and earnings for the third quarter ended on January 27, 2024. Financial Results for the Third Quarter Fiscal Year 2024: Consolidated third quarter GAAP sales of $456.7 million increased by $18.6 million, compared to $438.1 million in the prior year period. The third quarter sales increase is due to higher course material sales, primarily throug ...

Financial Performance - Consolidated third quarter GAAP sales increased to $456.7 million, up $18.6 million from $438.1 million in the prior year period[3]. - First Day Complete revenue grew to $110 million, an increase of $43 million from $67 million in the prior year[7]. - Consolidated third quarter GAAP net loss from continuing operations improved to $(9.9) million, a $12.2 million improvement from $(22.1) million in the prior year[5]. - Consolidated third quarter non-GAAP Adjusted EBITDA increased to $20.3 million, up $15.1 million from $5.2 million in the prior year[12]. - Total sales for the 13 weeks ended January 27, 2024, were $456,673,000, an increase from $438,054,000 for the same period last year, representing a growth of 4.0%[41]. - The net loss for the 39 weeks ended January 27, 2024, was $35,847,000, compared to a net loss of $55,612,000 for the same period last year, showing an improvement of 35.6%[41]. - The company reported a basic and diluted loss per share from continuing operations of $(0.19) for the 13 weeks ended January 27, 2024, compared to $(0.42) for the same period last year[40]. - Total sales for the 39 weeks ended January 27, 2024, were $1,331,213 thousand, compared to $1,301,361 thousand for the same period in 2023, reflecting a growth of 2.3%[53]. - Total adjusted EBITDA for the 39 weeks ended January 27, 2024, was $43,326, up from $12,369 for the same period last year, marking an increase of 250.5%[69]. Expenses and Cash Flow - Retail selling and administrative expenses decreased by $11.4 million to $71.4 million, primarily due to cost savings initiatives[22]. - Cash flows used in operating activities from continuing operations were $(83.2) million, compared to $(21.2) million in the prior year, primarily due to changes in working capital[27]. - Selling and administrative expenses for the 13 weeks ended January 27, 2024, were $79,756,000, down from $91,841,000 for the same period last year, a decrease of 13.2%[41]. - Net cash flows used in operating activities from continuing operations for the 13 weeks ended January 27, 2024, were $(36,061) thousand, compared to $(31,321) thousand for the same period last year, indicating an increase in cash outflows[75]. - Free Cash Flow (non-GAAP) for the 39 weeks ended January 27, 2024, was $(114,590) thousand, a decline from $(40,772) thousand for the same period last year[75]. - Cash interest paid during the 39 weeks ended January 27, 2024, was $19.6 million, an increase from $13.4 million in the same period of 2023, representing a 46.3% rise[52]. Assets and Liabilities - As of January 27, 2024, cash and cash equivalents were $8.1 million, with total outstanding debt of $254.3 million[30]. - Total current assets decreased to $763,651,000 as of January 27, 2024, down from $813,674,000 as of January 28, 2023, reflecting a decline of 6.1%[45]. - Total liabilities decreased to $1,054,464,000 as of January 27, 2024, from $1,102,877,000 as of January 28, 2023, a reduction of 4.4%[45]. - The company’s cash and cash equivalents decreased to $8,123,000 as of January 27, 2024, from $9,423,000 as of January 28, 2023, a decline of 13.8%[45]. - Total debt as of January 27, 2024, is $254,258, down from $283,857 as of January 28, 2023, representing a decrease of approximately 10.4%[58]. Strategic Initiatives and Guidance - The company is maintaining its fiscal year 2024 guidance of approximately $40 million of consolidated non-GAAP Adjusted EBITDA from Continuing Operations[33]. - The company is engaged in discussions to strengthen its liquidity, including potential refinancing and equity offerings[31]. - The company emphasizes the importance of Free Cash Flow for meeting future debt service obligations and working capital requirements[78]. Market and Operational Insights - Total Retail segment gross comparable store sales increased by 8.8%, with course material sales up 14.1% and general merchandise sales down 4.6%[8]. - The percentage of product sales to total sales increased to 91.0% for the 13 weeks ended January 27, 2024, compared to 89.9% for the same period last year[43]. - The company opened 10 new stores during the 39 weeks ended January 27, 2024, while closing 59 stores, resulting in a net decrease in store count[64]. - The company reported a total of 1,272 stores at the end of the period, including 555 virtual stores, compared to 1,388 total stores at the end of the previous year[64]. - Estimated enrollment for the 2023 academic year is 805,000 students, an increase from 580,000 in the previous year[67]. Risks and Challenges - The company faces risks related to competition, regulatory changes, and operational dependencies that could impact future performance[80]. - The strategic objectives and anticipated benefits of various initiatives may not be fully realized or may take longer than expected[80].

Revenue and Sales Performance - BNC First Day total revenue increased by $136 million, or 44%, to $445 million for the 39 weeks ended January 27, 2024, compared to $309 million in the prior year period [207]. - Total sales for the 13 weeks ended January 27, 2024, reached $456.7 million, up 4.3% from $438.1 million in the same period last year [229]. - Total sales for the 39 weeks ended January 27, 2024, reached $1.33 billion, up from $1.30 billion for the same period in 2023, reflecting a growth of 2% [250]. - Retail sales increased by $27.9 million, or 2.2%, to $1,284.2 million during the 39 weeks ended January 27, 2024, compared to $1,256.3 million during the same period last year [263]. - First Day Complete Sales reached $271.5 million for the 39 weeks ended January 27, 2024, a 57% increase from $173.4 million in the prior year [234]. - Total BNC First Day Sales increased to $445.1 million, up 44% from $309.1 million year-over-year [234]. Enrollment and Market Expansion - Estimated enrollment for BNC First Day programs rose to 805,000, a 39% increase from 580,000 in the previous year [210]. - The number of campus stores grew to 160, representing a 38% increase from 116 stores in the previous year [234]. - The company plans to continue scaling the First Day Complete strategy, with many institutions adopting it in Fiscal 2024 and further expansion expected in Fiscal 2025 [209]. Profitability and Expenses - Gross profit for the Retail Segment was $88.9 million for the 13 weeks ended January 27, 2024, with total cost of sales at $332.3 million [227]. - The company reported a loss from continuing operations of $9.9 million for Q4 2023, an improvement from a loss of $22.1 million in Q4 2022 [250]. - Adjusted EBITDA for continuing operations was $20.3 million in Q4 2023, compared to $5.2 million in Q4 2022, indicating a significant increase [250]. - Selling and administrative expenses as a percentage of total sales decreased to 17.5% in Q4 2023 from 21.0% in Q4 2022 [251]. - The company experienced a gross profit of $100.0 million for Q4 2023, compared to $89.2 million in Q4 2022, marking a notable increase [256]. Strategic Initiatives and Partnerships - The partnership with Fanatics and Lids enhances e-commerce capabilities and product assortment, driving growth in the general merchandise business [210]. - The company is exploring strategic alternatives, including potential capital raises and asset divestitures, with no set timetable for conclusions [239]. - The company aims to improve student outcomes and increase market share through its equitable access programs, reversing historical revenue declines in course materials [209]. Cash Flow and Liquidity - The company is focused on aligning cash outflows with cash inflows as sales shift to BNC First Day equitable and inclusive access offerings [243]. - The company’s Free Cash Flow is highlighted as a key measure for understanding cash flow available for future obligations and working capital requirements [314]. - Cash flows used in operating activities from continuing operations during the 39 weeks ended January 27, 2024 were $(83.2) million, an increase of $62.0 million compared to $(21.2) million during the same period in 2023 [336]. - The company has achieved approximately $18 million in cost savings from gross capital expenditure reductions during the 39 weeks ended January 27, 2024 [332]. Risks and Challenges - The company faces risks related to the operation of its point-of-sales systems sold to college bookstores, which may impact performance [372]. - Public health crises, such as the COVID-19 pandemic, have lingering impacts on demand for the company's products and services [372]. - The company is exposed to risks from counterfeit and piracy of digital and print materials, which could affect revenue [372]. - Risks associated with changes in laws and regulations, including consumer data privacy rights, may restrict marketing activities [372]. Financial Reporting and Compliance - There have been no material changes in the company's internal control over financial reporting during the third quarter [375]. - The company's disclosure controls and procedures were deemed effective at the reasonable assurance level as of January 27, 2024 [379]. - The company has not identified any material changes in market risk disclosures since the last annual report [378].

BASKING RIDGE, N.J.--(BUSINESS WIRE)--Barnes & Noble Education, Inc. (NYSE: BNED) (“BNED” or the “Company”), a leading solutions provider for the education industry, today announced that the Company is rescheduling its third quarter fiscal year 2024 earnings press release and investor conference call previously scheduled for Thursday, March 7, 2024 at 4:30 p.m. Eastern Time. BNED intends to issue a press release announcing the new date and time of its third quarter fiscal year 2024 earnings release and con ...