Summary of Significant Accounting Policies to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended April 30, 2022, which is expected to be filed on or about June 29, 2022, for further information. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better, more inclusive and smarter world. Even the Nook platform is down. The Companys senior management will host a virtual investor conference beginning at 9:00 am ET on Wednesday, June 30, 2021 to discuss the Company's financial results and long-term strategic initiatives. Through its family of brands, BNED offers campus retail . News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. DSS non-GAAP Adjusted EBITDA was $5.5 million for fiscal year 2022, compared to $4.5 million in the prior year period, benefitting from the growth in bartleby subscriptions. Barnes & Noble was founded in 1971 by bookseller Leonard Riggio when he acquired the Barnes & Noble trade name and bookstore on Fifth Avenue in New York City. A team of HPU students secured a third-place win in the 2022 Hawai'i Annual Code . The challenges within its wholesale business, including constrained used book inventory and higher inflationary pressures on wages and freight, are expected to persist. Copyright FactSet Research Systems Inc. All rights reserved. Barnes & Noble's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. Fiscal year 2022 Retail sales increased $109.2 million, or 8.2%, as compared to the prior year period. The Company's management believes that these non-GAAP financial measures provide for a more complete understanding of factors and trends affecting the Company's business than measures under GAAP can provide alone, as it excludes certain items that do not reflect the ordinary earnings of its operations. As contemplated by the FLC Partnership's merchandising agreement, we sold our logo and emblematic general merchandise inventory to FLC and received proceeds of $41,773, and recognized a merchandise inventory loss on the sale of $10,262 in cost of goods sold during the 52 weeks ended May 1, 2021 for the Retail Segment. Barnes & Noble CEO James Daunt is altering the company's strategy to keep the business of traditional bookselling alive in today's current world, . The score is used to predict the probability of a firm or a fund experiencing . View BNED financial statements in full, including balance sheets and ratios. Prepaid expenses and other current assets, Preferred stock, $0.01 par value; authorized, 5,000 shares; issued and outstanding, none, Common stock, $0.01 par value; authorized, 200,000 shares; issued, 53,327 and 52,140 shares, respectively; outstanding, 51,379 and 48,298 shares, respectively, Total liabilities and stockholders' equity, Consolidated Statements of Cash Flow (Unaudited). We look forward to reviewing these initiatives in further detail at our Investor Day on June 30., Fourth Quarter and Fiscal Year Results for 2021. Summary of Significant Accounting Policies to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended April 30, 2022, which is expected to be filed on or about June 29, 2022, for further information. FY 2015 May 4, 2014 to May 2, 2015 The education industry has been evolving rapidly and while the COVID-19 pandemic shut down campuses nationwide and upended the traditional learning model, it did not stop the industrys evolution. Barnes & Noble Education expects to report fiscal year 2022 first quarter results in early September 2021. The comparability of sales, specifically logo and emblematic sales, is impacted by the recognition of logo and emblematic sales on a net basis in our consolidated financial statements during fiscal year 2022, as compared to on a gross basis prior to April 4, 2021 of fiscal year 2021. Our partnership with FLC and Fanatics, which was in start-up mode for much of FY 2022, propelled our general merchandise business growth of 76% on a comparable sales basis. The Company operates approximately 600 Barnes & Noble bookstores across the United States, and one of the Webs premier e-commerce sites, BN.com. Jul 17, 2020. Currently, you are using a shared account. Corporate Communications & Public Affairs View Your Member Information. Total fiscal year 2021 borrowings increased by only $2.9 million to $177.6 million as compared to the prior year period, led by working capital improvements, the sale of logo and emblematic merchandise inventory to Lids, and the strategic equity investment in BNED by Fanatics and Lids. The Company believes that Free Cash Flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements and assists investors in their understanding of the Companys operating profitability and liquidity as the Company manages to the business to maximize margin and cash flow. The all-cash transaction valued Barnes & Noble stock at $6.50 a share, a premium of nearly 42 percent over the retailer's stock price on Wednesday, before a report by The Wall Street Journal . The stores range from 3,000 square feet to 60,000 square feet, with the average square feet around 26,000 square feet (2018 Barnes & Noble Annual Report). 12 Months of a B&N membership. All material intercompany accounts and transactions have been eliminated in consolidation. Sales have been in free fall ever since. Italy: preferred book genre among children 2018, by age group and type, Italy: favorite book genres among teenagers 2016, Book readers in Italy 2021, by age and number of books read. Comparable store sales in the Retail segment decreased 6.9% for the quarter, inclusive of a 17.9% comparable course materials sales decline, partially offset by a 9.6% increase in general merchandise sales. This statistic presents the sales figures of Barnes and Noble's e-reading device, NOOK, from the fiscal year 2010 to the fiscal year 2019. Requesting Your Member Number. Revenue - Product Highlight You can unsubscribe to any of the investor alerts you are subscribed to by visiting the 'unsubscribe' section below. Weighted average common shares outstanding: (a) For additional information, see Note (a) - (d) in the Non-GAAP disclosure information of this Press Release. Represents the income tax effects of the non-GAAP items. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Barnes & Noble Education, Inc. (NYSE: BNED). In addition to its brick-and-mortar stores, Barnes & Noble operates an online service and sells e-books due to its Nook reader. Through its family of brands, BNED offers campus retail services and academic solutions, a digital direct-to-student. Wholesale non-GAAP Adjusted EBITDA for fiscal year 2022 was $3.8 million, compared to $18.6 million in the prior year period, primarily due to lower sales. For all other inquiries, please use any of the following channels of communication: - Phone: available every day from 9AM-9PM Eastern Time at 1-800-THE-BOOK (1-800-843-2665). Moreover, we operate in a very competitive and rapidly changing environment. Barnes & Noble's second quarter results fell short of expectations with a net loss of $27.2 million, or 36 cents a share, on revenue of $895 million, down 4.5% from a year ago. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better, more inclusive and smarter world. Barnes & Noble sells books, magazines, newspapers, DVDs, comics, gifts, games, toys, music, and digital tablets. Fourth quarter Retail gross comparable store sales increased by 4.0% in course material sales and 63.2% in general merchandise sales. Consolidated fiscal year GAAP net loss was $(68.9) million, compared to a restated* $(139.8) million in the prior year. FY 2012 May 1, 2011 to April 28, 2012. Wholesale non-GAAP Adjusted EBITDA for fiscal year 2021 was $18.6 million, compared to $21.6 million in the prior year period, primarily due to lower sales. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright Refinitiv. It made a fatal deal with Amazon. Additionally, gross margin for the Retail Segment excludes amortization expense (non-cash) related to content development costs of $167 and $745 for the 13 and 52 weeks ended May 1, 2021, respectively, and $210 and $814 for the 14 and 53 weeks ended May 2, 2020, respectively. The Company operates over 600 Barnes & Noble bookstores in 50 states, and one of the Web's premier e-commerce sites, BN.com. Represents amortization of content development costs (non-cash) recorded in cost of goods sold in the consolidated financial statements. Refer to Note 2. Institutions implemented remote and hybrid learning models, seemingly overnight. * Unsubscribe . We define Free Cash Flow as Cash Flows from Operating Activities less capital expenditures, cash interest and cash taxes. In 2001, Borders cut a deal with Jeff Bezos & Co. to have Amazon.com run its website, which may have been the beginning of the end, says . For funds and ETFs, it is derived from a multi-factor model developed by Macroaxis. In its 2019 fiscal year, American bookseller Barnes & Noble reported revenue of 3.48 billion U.S. dollars, down from 3.66 billion in 2018. Are you interested in testing our business solutions? Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. DSS non-GAAP Adjusted EBITDA was $4.5 million for fiscal year 2021, compared to $3.4 million in the prior year period, benefitting from the growth in bartleby subscriptions. ( The Hill) - Barnes & Noble is initiating a $40-per-year membership service that will offer customers discounts, free shipping and additional perks. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Our high-margin DSS business continued to help tutor students, gaining 400,000 gross subscribers while posting 40% annual revenue growth for bartlebys digital offerings., As we look out to Fiscal 2023, while we expect certain challenges to persist, especially those continuing to impact our wholesale business, we expect our results to improve significantly over Fiscal 2022, benefitting from the continued growth of our strategic initiatives and the return to a more traditional on-campus learning and events environment., Fourth Quarter and Fiscal Year Results for 2022. The company's revenue has been decreasing . CHOOSE ONE. In addition, the Company's use of these non-GAAP financial measures may be different from similarly named measures used by other companies, limiting their usefulness for comparison purposes. . The non-GAAP measures included in the Press Release attached hereto as Exhibit 99.1 has been reconciled to the comparable GAAP measures as required under Securities and Exchange Commission (the SEC) rules regarding the use of non-GAAP financial measures. The Company has three reportable segments: Retail, Wholesale and Digital Student Solutions (DSS). The following is Adjusted EBITDA by Segment for the 13 and 52 week periods: 13 weeks ended May 1, 2021 - Restated (b), 52 weeks ended May 1, 2021 - Restated (b). During the 52 weeks ended May 1, 2021, we recognized a merchandise inventory loss and write-off of $14,960 in cost of goods sold in the Retail segment, comprised of a loss of $10,262 related to the sale of our logo and emblematic general merchandise inventory below cost to FLC and an inventory write-off of $4,698 related to our initiative to exit certain product offerings and streamline/rationalize our overall non-logo general merchandise product assortment resulting from the centralization of our merchandising decision-making during the year. Barnes & Nobles mission is to operate the best omni-channel specialty retail business in America, helping both our customers and booksellers reach their aspirations, while being a credit to the communities we serve. See Explanatory Note in this Press Release for Segment descriptions. As we look ahead to fiscal 2022 and beyond, we are focused on scaling our strategic initiatives, continued Mr. Huseby. FY22 Consolidated GAAP Net Loss Improved by $71 million, FY22 Non-GAAP Adjusted EBITDA Improved by $61 million, BNCs First Day Complete and First Day Inclusive Access Offerings Fiscal 2022 Revenue Grew 91%, FY22 Retail Segment Gross Comparable Store Sales Increased 20%, FY22 General Merchandise Gross Comparable Store Sales Increased 76%. New risks emerge from time to time. BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES. [Online]. All material intercompany accounts and transactions have been eliminated in consolidation. FY 2016: May 3, 2015 to April 30, 2016 In, Barnes & Noble. That February, Barnes & Noble . Service revenue includes brand partnerships, shipping and handling, and revenue from other programs. (2) These non-GAAP financial measures have been reconciled in the attached schedules to the most directly comparable GAAP measure as required under SEC rules regarding the use of non-GAAP financial measures. The Company's management believes that the inclusion of Adjusted EBITDA and Adjusted Earnings results provides investors useful and important information regarding the Company's operating results. Buying eBooks and Other Digital Content. Then you can access your favorite statistics via the star in the header. - Chat : Click here to chat with. Retail non-GAAP Adjusted EBITDA was $(66.8) million for fiscal year 2021, compared to $36.2 million in the prior year period. General merchandise sales benefitted greatly from the return to the on campus learning experience and improved merchandising of products in stores and online resulting from the Companys partnership with FLC and Fanatics. Barnes & Noble Education was ranked as the #1 Most Trusted Company by Newsweek in the Retail industry category and the only education company included in the final list of 32 retail companies. The retailer of books and digital media now offers both a free membership program and one that costs $40 a year. How much profit does Barnes & Noble generate each year? In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described as anticipated, believed, estimated, expected, intended or planned. Faced with an eroding core business, most companies seem to donothing. Becoming a public company allowed BNED to pursue greater growth opportunities in the education sector, including enhancing and expanding its digital capabilities. Vice President The adjustments increased our fiscal year 2021 reported net loss by $8.0 million but did not have an impact on Adjusted EBITDA (non-GAAP), cash flows or liquidity. As a result, our calculation of comparable store sales is not necessarily comparable to similarly titled measures reported by other companies and is intended only as supplemental information and is not a substitute for net sales presented in accordance with GAAP. Results for the 13 weeks and 52 weeks of fiscal year 2022 and fiscal year 2021 are as follows: (1) The Company identified certain out of period adjustments related primarily to income tax benefit, and restructuring and other charges, for the 13 and 52 weeks ended May 1, 2021. Thirty-three percent of Americans ages 16 and up owned an e-reader or tablet as of late 2012 . For the upcoming Fall term, 112 of our campus stores are committed to utilize First Day Complete, representing undergraduate enrollment of approximately 547,000 students, an 85% growth rate over Fall 2021 based on undergraduate student enrollment. Cost of sales (exclusive of depreciation and amortization expense): Weighted average common shares outstanding: The Company identified certain out of period adjustments related primarily to Income tax benefit, and Restructuring and other charges, for the 13 and 52 weeks ended May 1, 2021. Retail Gross Comparable Store Sales variances by category are as follows: Total Retail Gross Comparable Store Sales. Went private, Aug. 7, 2019. Timing for Receiving Stamps. Retail segment gross comparable store sales for the quarter increased by 32.6%, as compared to a 6.9% decline in the prior year; Retail segment gross comparable store sales for the year increased by 19.6%, as compared to a 26.1% decline in the prior year. All material intercompany accounts and transactions have been eliminated in consolidation. amilevoj@bned.com, Barnes & Noble Education Reports Fourth Quarter and Fiscal Year 2022 Financial Results. Meet & Greet, topic discussions, and book signings. These non-GAAP financial measures are not intended as substitutes for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. Available: https://www.statista.com/statistics/273460/revenue-of-barnes-und-noble/, Revenue of Barnes & Noble in the fiscal years 2012 to 2019, Available to download in PNG, PDF, XLS format, Book readers in Italy 2019, by municipality and number of books read, Book readers in Italy 2019, by macro-region and number of books read, Number of men reading books in Italy 2006-2019, by number of books read, Male book readers in Italy 2019, by age and number of books read, Male book readers in Italy 2019, by education and number of books read, Male book readers in Italy 2019, by occupation and number of books read, Number of female book readers in Italy 2006-2019, by number of books read, Female book readers in Italy 2019, by age and number of books read, Female book readers in Italy 2019, by education and number of books read, Female book readers in Italy 2019, by occupation and number of books read, Italy: share of children influenced by their teacher in reading choices 2018, Italy: books read in one year among teenagers 2016, Italy: paper-books reading habits among children 2014, Italy: choosing books among teenagers 2016, Time spending on reading books & magazines in Italy 2020, Social media impact on book readers in Italy 2019, by books read, Social media impact on book readers in Italy 2019, by age, Paper books acquisition in Italy in May 2020, by source, Books-A-Million: retail and e-commerce sales 2008-2014, Average bill in bookstores in Russia 2016-2021, by region, Barnes & Noble sales 2012-2019, by commerce segment, Number of retail bookshops selling e-books and e-book readers in Germany 2010-2013, Book purchasing alternatives to Barnes & Noble in the U.S. in 2013, Book trade revenue in Germany 2008-2021, by sales channel, Number of bookstore employees in the U.S- 2004-2018, Italy: online and offline book shopping in 2017, by age group, Top book sales channels in Mexico 2021, by volume share, Total number of Dutch-language books sold in Belgium 2011-2018, Distribution of Dutch-language book market revenue in Belgium 2019, by genre, Number of Barnes & Noble stores 2005-2019, Bookstore revenue in the U.S. 2013, by consumer age, Bookstore revenue in the U.S. 2013, by source, Number of bookstores in the U.S. 2004-2018, Number of deregistered bookstores in Poland 2022, by voivodeship, Revenue of Barnes & Noble in the fiscal years 2012 to 2019 (in billion U.S. dollars), Find your information in our database containing over 20,000 reports, net sales have dropped in both its physical and e-book segments, the number of physical stores operated by the company, traditional print books remain the most popular format. Barnes & Noble's Smart Strategy. 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 fourth quarter and fiscal year 2022, which ended on April 30, 2022. to incorporate the statistic into your presentation at any time. Report this profile Report Report. Quick Facts. The adjustments increased our fiscal year 2021 reported net loss by $8.0 million but did not have an impact on Adjusted EBITDA (non-GAAP), cash flows or liquidity. Barnes & Noble Education expects to report fiscal year 2023 first quarter results in September 2022. Other includes inventory liquidation sales to third parties, marketplace sales and certain accounting adjusting items related to return reserves, and other deferred items. 2 points for each dollar spent at select restaurants. Please see a more detailed definition in the Results table and Retail segment discussion below. Refer to Note 2. Vice President See the Retail Gross Comparable Store Sales below. Comparable store sales includes sales from physical stores that have been open for an entire fiscal year period and virtual store sales for the period, does not include sales from closed stores for all periods presented. Consolidated fourth quarter GAAP net loss was $(11.0) million, compared to a restated* $(52.4) million in the prior year period. (908) 991-2776 We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release. Our Nook Digital business offers a lineup of NOOK tablets and e-Readers . Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. Gross comparable store sales increased 19.6% for the fiscal year, compared to a negative 26.1% in the prior year period. For the 13 and 52 weeks ended May 1, 2021, gross margin excludes a merchandise inventory loss and write-off of $14,960 in the Retail Segment, comprised of a loss of $10,262 related to the sale of our logo and emblematic general merchandise inventory below cost to FLC and an inventory write-off of $4,698 related to our initiative to exit certain product offerings and streamline/rationalize our overall non-logo general merchandise product assortment resulting from the centralization of our merchandising decision-making during the year. Wholesale fourth quarter sales of $9.7 million decreased $9.2 million as compared to the prior year period. BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES, Consolidated Statements of Operations (Unaudited). Link Membership to Your BN.com Account. Commission File Number: 1-37499. Data may be intentionally delayed pursuant to supplier requirements. View PDF View Form 10K (HTML) View 2021 Environmental, Social & Governance Report. Effective April 4, 2021, as contemplated by the FLC Partnership's merchandising agreement and e-commerce agreement, we began to transition the fulfillment of logo and emblematic general merchandise sales to FLC and Fanatics. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. All suppliers, manufacturers and other vendors of Barnes & Noble and its subsidiaries and affiliates must comply with the Barnes & Noble Vendor Requirements. (908) 991-2967 Consolidated fiscal year GAAP net loss was $(131.8) million, compared to a net loss of $(38.3) million in the prior year. Barnes Group Inc. (NYSE: B) is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Item 1A in our Annual Report on Form 10-K for the year ended May 1, 2021. The Company identified certain out of period adjustments related to Deferred tax assets, net and Accrued liabilities as of May 1, 2021. During the 52 weeks ended April 30, 2022 and May 1, 2021, we recognized restructuring and other charges totaling $1,662 and $9,960, respectively, comprised primarily of severance and other employee termination and benefit costs associated with the elimination of various positions as part of cost reduction objectives, and professional service costs for restructuring, process improvements, and actuarial gain related to a frozen retirement benefit plan (non-cash), shareholder activist activities, and costs related to development and integration associated with the FLC Partnership. ' for informational purposes only and are not intended for trading purposes digital solutions... Gross Comparable Store sales from Operating Activities less capital expenditures, Cash interest and Cash taxes alerts... Member Information supplier requirements pursuant to supplier requirements by category are as follows: Total Retail Comparable!, 2011 to April 30, 2016 in, Barnes & Noble Reports. Very competitive and rapidly changing environment & # x27 ; i Annual Code 2016 in Barnes! And handling, and book signings costs $ 40 a year identified certain out of adjustments. Are subscribed to by visiting the unsubscribe section below of brands, offers... ; s Smart Strategy data May be intentionally delayed pursuant to supplier requirements sales variances by category are as:. Costs $ 40 a year you can unsubscribe to any of the alerts. Seem to donothing all material intercompany accounts and transactions have been eliminated in consolidation corporate Communications Public... 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