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. View PDF View Form 10K (HTML) View 2021 Environmental, Social & Governance Report. The webcast will contain investor materials that can also be accessed at investor.bned.com or www.bned.com. Media Contact: Barnes & Noble's revenue is $3.6 Billion - Learn more about Barnes & Noble's revenue by exploring their annual revenue, historical revenue, quarterly revenue, and revenue per employee. The improvement in financial results compared to the prior year is primarily related to the re-opening of stores that had temporarily closed due . Copyright FactSet Research Systems Inc. All rights reserved. June 19, 2019. Barnes & Noble confirmed Tuesday that a new labor model in its stores will result in job cuts, but this will help the company save roughly $40 million annually. 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. Operational highlights for fiscal year 2022: *As reported by National Center for Education Statistics (NCES), Entering into Fiscal 2022 we expected certain challenges to persist, including declining enrollments, fewer international students, ongoing remote and virtual class offerings, and fewer on campus activities. Refer to Note 2. Additionally, gross margin for the Retail Segment excludes amortization expense (non-cash) related to content development costs of $36 and $386 for the 13 and 52 weeks ended April 30, 2022, respectively, and $167 and $745 for the 13 and 52 weeks ended May 1, 2021, respectively. 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. 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. While Bookshop's prominence rose during the pandemic, Amazon's biggest challenger in the books space, Barnes & Noble, has floundered. When used in this communication, the words anticipate, believe, estimate, expect, intend, plan, will, forecasts, projections, and similar expressions, as they relate to us or our management, identify forward-looking statements. Significant joint go-to-market activity planned with Fanatics and Lids to attract new business through enhanced offering. Author Harlan Coben to Hold a Ribbon-Cutting Ceremony and Book Signing at the Grand Opening on Wednesday March 8, 2023 at 9 AM, Moomin Characters announces nationwide partnership with Barnes & Noble and a new podcast series narrated by actresses Jennifer Saunders and Lily Collins, Author Michael Connelly to Hold a Ribbon-Cutting Ceremony and Book Signing at the Grand Opening on Wednesday, March 1, at 10 AM, Barnes & Noble serves over 600 communities in all 50 states as well as on BN.com.. 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. Please create an employee account to be able to mark statistics as favorites. 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. 2 points for each dollar spent at select restaurants. 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. 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. * Unsubscribe . Barnes & Noble Inc Revenue at $3552.75M (2009-2019 History) This report will help you learn the revenue history of BARNES & NOBLE INC by year as well as by each quarter. Choose Premium Membership and receive 10% off almost everything in store and online, free shipping, free Caf drink upgrades, a beautifully crafted tote every year, exclusive offers and more including B&N Rewards! Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, among others: risks associated with COVID-19 and the governmental responses to it, including its impacts across our businesses on demand and operations, as well as on the operations of our suppliers and other business partners, and the effectiveness of our actions taken in response to these risks; general competitive conditions, including actions our competitors and content providers may take to grow their businesses; a decline in college enrollment or decreased funding available for students; decisions by colleges and universities to outsource their physical and/or online bookstore operations or change the operation of their bookstores; implementation of our digital strategy may not result in the expected growth in our digital sales and/or profitability; risk that digital sales growth does not exceed the rate of investment spend; the performance of our online, digital and other initiatives, integration of and deployment of, additional products and services including new digital channels, and enhancements to higher education digital products, and the inability to achieve the expected cost savings; the risk of price reduction or change in format of course materials by publishers, which could negatively impact revenues and margin; the general economic environment and consumer spending patterns; decreased consumer demand for our products, low growth or declining sales; the strategic objectives, successful integration, anticipated synergies, and/or other expected potential benefits of various acquisitions may not be fully realized or may take longer than expected; the integration of the operations of various acquisitions into our own may also increase the risk of our internal controls being found ineffective; changes to purchase or rental terms, payment terms, return policies, the discount or margin on products or other terms with our suppliers; our ability to successfully implement our strategic initiatives including our ability to identify, compete for and execute upon additional acquisitions and strategic investments; risks associated with operation or performance of MBS Textbook Exchange, LLCs point-of-sales systems that are sold to college bookstore customers; technological changes; risks associated with counterfeit and piracy of digital and print materials; our international operations could result in additional risks; our ability to attract and retain employees; risks associated with data privacy, information security and intellectual property; trends and challenges to our business and in the locations in which we have stores; non-renewal of managed bookstore, physical and/or online store contracts and higher-than-anticipated store closings; disruptions to our information technology systems, infrastructure and data due to computer malware, viruses, hacking and phishing attacks, resulting in harm to our business and results of operations; disruption of or interference with third party web service providers and our own proprietary technology; work stoppages or increases in labor costs; possible increases in shipping rates or interruptions in shipping service; product shortages, including decreases in the used textbook inventory supply associated with the implementation of publishers digital offerings and direct to student textbook consignment rental programs, as well as the risks associated with the impacts that public health crises may have on the ability of our suppliers to manufacture or source products, particularly from outside of the United States; changes in domestic and international laws or regulations, including U.S. tax reform, changes in tax rates, laws and regulations, as well as related guidance; enactment of laws or changes in enforcement practices which may restrict or prohibit our use of texts, emails, interest based online advertising, recurring billing or similar marketing and sales activities; the amount of our indebtedness and ability to comply with covenants applicable to any future debt financing; our ability to satisfy future capital and liquidity requirements; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; adverse results from litigation, governmental investigations, tax-related proceedings, or audits; changes in accounting standards; and the other risks and uncertainties detailed in the section titled Risk Factors in Part I - Item 1A in our Annual Report on Form 10-K for the year ended May 1, 2021. Find unique places to stay with local hosts in 191 countries. Brown 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. Register in seconds and access exclusive features. 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. Barnes & Noble Education expects to report fiscal year 2022 first quarter results in early September 2021. Comparable sales data in this release exclude the impact of the additional week for fiscal 2020. Figures are for fiscal year ended April 30, 2019. Consolidated fiscal year GAAP net loss was $(68.9) million, compared to a restated* $(139.8) million in the prior year. While many athletic-conferences resumed sporting activities during fiscal 2021, fan attendance at games was severely restricted or even eliminated, which further impacted sales from Retails high-margin general merchandise offerings. We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense and (3) income taxes, (4) as adjusted for items that are subtracted from or added to net income (loss). BARNES & NOBLE EDUCATION, INC. (Exact Name of Registrant as Specified in Its Charter) Consolidated fourth quarter non-GAAP Adjusted EBITDA was $(6.2) million, compared to $(31.4) million in the prior year; the consolidated fiscal year non-GAAP Adjusted EBITDA was $(4.8) million, compared to $(65.6) million in the prior year. Adjustments to reconcile net loss to net cash flows from operating activities: Merchandise inventory loss and write-off (a), Changes in operating lease right-of-use assets and liabilities, Changes in other long-term assets and liabilities and other, net, Changes in other operating assets and liabilities, net, Net cash flow provided by (used in) operating activities, Changes in other noncurrent assets and other, Net cash flow used in investing activities, Proceeds from borrowings under Credit Agreement, Repayments of borrowings under Credit Agreement, Net cash flows provided by financing activities, Net increase (decrease) in cash, cash equivalents, and restricted cash, Cash, cash equivalents, and restricted cash at beginning of period, Cash, cash equivalents, and restricted cash at end of period. Retail Gross Comparable Store Sales variances by category are as follows: Total Retail Gross Comparable Store Sales. As the logo and emblematic general merchandise sales are fulfilled by FLC and Fanatics, we recognize commission revenue earned for these sales on a net basis in our consolidated financial statements, as compared to the recognition of logo and emblematic sales on a gross basis in the periods prior to April 4, 2021. 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 . At Barnes Group Inc., we promise to treat your data with respect and will not share your information with any third party. Corporate Communications & Public Affairs 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 Company's management reviews these non-GAAP financial measures as internal measures to evaluate the Company's performance and manage the Company's operations. In 2018 revenue crashed to $3.7 billion, the lowest since 2000, and the company has consistently failed to turn a profit. By providing your email address below, you are providing consent to Barnes Group Inc. to send you the requested Investor Email Alert updates. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $27,630. Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $27,630, $20,506 after-tax, comprised of $5,085, $13,328, $6,278 and $2,939 million of property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets, respectively. Wholesale sales for fiscal year 2022 of $112.2 million decreased $53.6 million, as compared to the prior year period. Represents amortization of content development costs (non-cash) recorded in cost of goods sold in the consolidated financial statements. Show publisher information Fourth quarter Retail sales decreased by $31.0 million, or 13.0%, as compared to the prior year period. During the 53 weeks ended May 2, 2020, we recognized restructuring and other charges totaling $18,567 comprised primarily of severance and other employee termination and benefit costs associated with several management changes and the elimination of various positions as part of cost reduction objectives, an actuarial loss related to a frozen retirement benefit plan (non-cash), store impairment loss, and professional service costs for restructuring, process improvements, and shareholder activist activities. The Company has three reportable segments: Retail, Wholesale and Digital Student Solutions (DSS). MOST RECENT 2021 Annual Report and Form 10K. Starting today, you will notice a new dashboard with a . If the link does not work, please try again soon or you can also . Unallocated shared-service costs, which include various corporate level expenses and other governance functions, continue to be presented as Corporate Services. Corporate Communications & Public Affairs New risks emerge from time to time. The wholesale business has been affected by a number of factors, including a constraint on its used book inventory due to the lack of on campus textbook buyback opportunities, and lower overall customer demand resulting from the shift in buying patterns from physical textbooks to digital course materials. 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%. Source: FactSet. FY 2015 May 4, 2014 to May 2, 2015 You need at least a Starter Account to use this feature. Weighted average common shares outstanding: (a) For additional information, see Note (a) - (d) in the Non-GAAP disclosure information of this Press Release. Barnes, a publicly held company trading on the New York Stock Exchange, maintains a comprehensive set of policies and procedures to enable effective corporate governance. Consolidated fiscal year GAAP net loss was $(131.8) million, compared to a net loss of $(38.3) million in the prior year. 1 point for all your other non-Barnes & Noble purchases. A team of HPU students secured a third-place win in the 2022 Hawai'i Annual Code . 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. 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. For Retail Gross Comparable Store Sales details, see the Sales Information disclosure of this Press Release. View Your Member Information. Barnes & Noble is the worlds largest retail bookseller and a leading retailer of content, digital media and educational products. Andy Milevoj All material intercompany accounts and transactions have been eliminated in consolidation. For funds and ETFs, it is derived from a multi-factor model developed by Macroaxis. Back . Data may be intentionally delayed pursuant to supplier requirements. Gross margin for the DSS Segment excludes amortization expense (non-cash) related to content development costs of $1,434 and $5,068 for the 13 and 52 weeks ended April 30, 2022, respectively, and $1,167 and $4,289 for the 13 and 52 weeks ended May 1, 2021, respectively. Our teams at BNED quickly pivoted to support our campus partners and provide valuable solutions. 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. 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. Belong anywhere with Airbnb. Barnes & Noble Education expects to report fiscal year 2023 first quarter results in September 2022. 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). B&N MasterCard Free Premium Membership Offer. The Company identified certain out of period adjustments related to Deferred tax assets, net and Accrued liabilities as of May 1, 2021. Refer to Note 2. Fiscal 2022 proved to be more challenging than we anticipated both the Fall and Spring academic terms were disrupted by new COVID strains, said Michael P. Huseby, Chief Executive Officer and Chairman, BNED. unique physical book titles sold annually, physical books sold annually between our retail stores and online operations. . Learn more about how Statista can support your business. Continued to attract new clients and generate new business growth, signing over $103 million in gross new business in fiscal year 2021 and expanding BNEDs footprint by 52 institutions and 31 K-12 schools. Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. That's the full $35 list price, less the 10 percent discount that I get from my Barnes & Noble membership. We believe the current Retail Gross Comparable Store Sales calculation method reflects managements view that such comparable store sales are an important measure of the growth in sales when evaluating how established stores have performed over time. 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