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. B&N MasterCard Free Premium Membership Offer. $4.3B (2015 . (3) Retail Gross Comparable Store Sales includes sales from physical and virtual stores that have been open for an entire fiscal year period and does not include sales from closed stores for all periods presented. Senior Vice President statistic alerts) please log in with your personal account. For additional information, see "Use of Non-GAAP Financial Information" in the Non-GAAP disclosure information of this Press Release. For Retail Gross Comparable Store Sales, sales for logo and emblematic general merchandise fulfilled by FLC, Fanatics and digital agency sales are included on a gross basis for consistent year-over-year comparison. For Retail Gross Comparable Store Sales purposes, sales for logo and emblematic general merchandise fulfilled by FLC, Fanatics and digital agency sales are included on a gross basis. We define Free Cash Flow as Cash Flows from Operating Activities less capital expenditures, cash interest and cash taxes. We believe that these measures are useful performance measures which are used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. Represents amortization of content development costs (non-cash) recorded in cost of goods sold in the consolidated financial statements. Gross comparable store sales, which include logo and emblematic sales fulfilled by FLC and Fanatics on a gross basis, increased 32.6% for the quarter, compared to a negative 6.9% in the prior year period. 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. For the fiscal year ended May 1, 2021 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. As we look ahead to fiscal 2022 and beyond, we are focused on scaling our strategic initiatives, continued Mr. Huseby. Gross comparable store sales increased 19.6% for the fiscal year, compared to a negative 26.1% in the prior year period. Barnes & Noble Education Inc. annual income statement. You can only download this statistic as a Premium user. How much profit does Barnes & Noble generate each year? [Online]. 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. In 2015, Barnes & Noble Education, Inc. became an independent public company and parent of Barnes & Noble College, trading on the New York Stock Exchange under the ticker symbol BNED. Comparable sales data in this release excludes the impact of the additional week in Fiscal Year 2020. Gift cards for $25 after every 2,500 points earned. Fiscal year 2022 Retail sales increased $109.2 million, or 8.2%, as compared to the prior year period. Fourth quarter Retail sales increased $38.0 million, or 18.3%, as compared to the prior year period. The place or location of Barnes & Noble varies across the country, but there is approximately 630 brick and mortar stores (2018 Barnes & Noble Annual Report). 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). 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. 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. Moreover, we operate in a very competitive and rapidly changing environment. View Your Member Information. Join to apply for the Unix/Linux Systems Engineer role at Barnes & Noble, Inc. First name. 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 reductions or changes in formats 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, data, supplier systems, and customer ordering and payment systems 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 current and /or 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 April 30, 2022. Subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. . Should one or more of these . 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. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Data are provided 'as is' for informational purposes only and are not intended for trading purposes. Prior to joining Barnes & Noble Education, Mr. Donohue served as Treasurer of Barnes & Noble, Inc. since June 2012. Occasionally, Chat assistance may not be available, depending on volume. 12 Months of a B&N membership. The Company identified certain out of period adjustments related to Deferred tax assets, net and Accrued liabilities as of May 1, 2021. We believe that the inclusion of Adjusted Earnings, Adjusted EBITDA, and Adjusted EBITDA by Segment results provides investors useful and important information regarding our operating results, in a manner that is consistent with managements evaluation of business performance. First Day Courseware Delivery Models Continue Significant Growth; First Day Complete Grows to Represent Undergraduate Student Enrollment of Approximately 300,000 in Fall 2022, up from 43,000 in the Prior Year, Bartleby Continues to Exhibit Rapid Growth Exceeding 300,000 Gross Subscribers, Company to Host Investor Day to Discuss Long-Term Strategic Initiatives and Growth Momentum. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $6,411 (both pre-tax and after-tax) comprised of $739 $1,793, $3,668 and $211 of property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets, respectively. New risks emerge from time to time. Andy Milevoj 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. For the 13 and 52 weeks ended April 30, 2022, gross margin excludes a merchandise inventory loss of $434 in the Retail Segment related to the final sale of our logo and emblematic general merchandise inventory to FLC discussed below. 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. Went private, Aug. 7, 2019. 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. About . MOST RECENT 2021 Annual Report and Form 10K. by. Consolidated fourth quarter GAAP net loss was $(44.4) million, compared to a net loss of $(40.3) million in the prior year period. You can sign up for additional alert options at any time. Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. 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. FY 2015 May 4, 2014 to May 2, 2015 Brown 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. Annual Reports: SEC Filings: End of Day Stock Quote : Enter the code shown above. The Company operates approximately 600 Barnes & Noble bookstores across the United States, and one of the Webs premier e-commerce sites, BN.com. TEKRDA FAY HATTI NEREDEN GEYOR? To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Barnes & Noble Education, Inc. (NYSE: BNED). Wholesale sales for fiscal year 2022 of $112.2 million decreased $53.6 million, as compared to the prior year period. DSS fiscal year 2022 sales of $35.7 million increased $8.3 million, or 30.3%, as compared to the prior year period, primarily due to an increase in bartleby subscriptions. In, Barnes & Noble. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. Refer to Note 2. 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. DSS non-GAAP Adjusted EBITDA is expected to be near fiscal year 2022 levels as revenue growth is offset by investments in product enhancements. Faced with an eroding core business, most companies seem to donothing. Some time late Friday night or early Saturday morning the retailer's entire IT backbone crashed, and it took almost all of the company's functionality with it. Industry Specialty Retail, Other More; Sector Consumer Goods More; 1001-5000 Employees; . 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. Source: Kantar Media, Extraordinaries & Discontinued Operations. Tweet. The final inventory sale price was determined during the first quarter of Fiscal 2022, at which time, we received additional proceeds of $1,906, and recognized a merchandise inventory loss on the sale of $434 in cost of goods sold for the Retail Segment. 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. 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. All material intercompany accounts and transactions have been eliminated in consolidation. Our Board of Directors and management also use Adjusted EBITDA and Adjusted EBITDA by Segment, at a consolidated level and at a segment level, as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. 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. Stephen Wunker. That's the full $35 list price, less the 10 percent discount that I get from my Barnes & Noble membership. Our teams at BNED quickly pivoted to support our campus partners and provide valuable solutions. During the 52 weeks ended May 1, 2021, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Service revenue includes brand partnerships, shipping and handling, and revenue from other programs. Effective April 4, 2021, as per the FLC merchandising partnership agreement, logo and emblematic general merchandise sales were fulfilled by FLC and we recognized commission revenue earned for these sales on a net basis. Back . June 29, 2011. "Revenue of Barnes & Noble in The Fiscal Years 2012 to 2019 (in Billion U.S. 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 2021. 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. Also available separately, with free B&N Rewards, the more you spend, the more rewards you earn. You need a Statista Account for unlimited access. 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. Earning Stamps for Purchases. Barnes & Noble's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. in Flagstaff. Running Head: ANNUAL REPORT ANALYSIS Banes & Noble: 2017 Annual You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Wholesale fourth quarter sales of $9.1 million decreased $0.6 million as compared to the prior year period. 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. Thirty-three percent of Americans ages 16 and up owned an e-reader or tablet as of late 2012 . Yet, despite the macro challenges that the industry faced, we are highly encouraged by the progress that has been made against our key strategic initiatives and how strongly they are resonating with our campus partners. 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. DSS fourth quarter sales of $9.7 million increased $1.3 million, or 15.6%, as compared to the prior year period. Westbury, NY 11590. barnesandnobleinc.com. Wholesale sales for fiscal year 2021 of $165.8 million decreased $32.5 million, or 16.4%, as compared to the prior year period, primarily due to lower textbook sales resulting from the COVID-19 pandemic. Our investing activities consist principally of capital expenditures for contractual capital investments associated with renewing existing contracts, new store construction, digital initiatives and enhancements to internal systems and our website. NEW YORK-- ( BUSINESS WIRE )-- Barnes & Noble, Inc. (NYSE: BKS) today reported sales and earnings for its fiscal 2019 fourth quarter and full-year ended April 27, 2019. Copyright FactSet Research Systems Inc. All rights reserved. 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. The company's revenue has been decreasing . If you are an admin, please authenticate by logging in again. Corporate Finance & Investor Relations You can unsubscribe to any of the investor alerts you are subscribed to by visiting the 'unsubscribe' section below. 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). Consolidated Balance Sheets (Unaudited) (In thousands, except per share data), 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, 54,234 and 53,327 shares, respectively; outstanding, 52,046 and 51,379 shares, respectively, Total liabilities and stockholders' equity. Income taxes are reflected in Corporate Services as we record our income tax provision on a consolidated basis. Barnes Reports has been a leading publisher of industry research and market analysis reports since 1998. Barnes & Noble values the strong relationships we have with our publishing partners and the many authors whose works line our bookshelves. cbrown@bned.com, Investor Contact: BNEDs fiscal 2021 results were significantly impacted by the COVID-19 pandemic. Gross margin for the DSS Segment excludes amortization expense (non-cash) related to content development costs of $1,167 and $4,289 for the 13 and 52 weeks ended May 1, 2021, respectively, and $899 and $3,268 for the 14 and 53 weeks ended May 2, 2020, respectively. Significant joint go-to-market activity planned with Fanatics and Lids to attract new business through enhanced offering. Through its family of brands, BNED offers campus retail services and academic solutions, a digital direct-to-student. We define Adjusted Earnings as net income (loss) adjusted for certain reconciling items that are subtracted from or added to net income (loss). The improvement in financial results compared to the prior year is primarily related to the re . If the link does not work, please try again soon or you can also . View Barnes and Noble Annual Report Analysis.docx from BUSINESS A 200 at Jomo Kenyatta University of Agriculture and Technology. In the media and entertainment industry, look at . Currently, you are using a shared account. Even the Nook platform is down. (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. A little more than a year ago, Barnes & Noble CEO James Daunt used the forced closure of nearly all of his physical stores to begin refurbishing the interior . 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. 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. Moreover, we operate in a very competitive and rapidly changing environment. For fiscal year 2022, Retail non-GAAP Adjusted EBITDA was $8.7 million, compared to $(66.8) million in the prior year period, due to increased sales and improved gross margin. 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). 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. We believe that these non-GAAP financial measures provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as they exclude certain items that management believes do not reflect the ordinary performance of our operations in a particular period. BARNES & NOBLE EDUCATION, INC. (Exact Name of Registrant as Specified in Its Charter) Most Recent Quarter Revenue. The components of the sales variances are as follows: (a) The following is a store count summary for physical stores and virtual stores: Effective April 4, 2021, as per the FLC merchandising partnership agreement, logo and emblematic general merchandise sales were fulfilled by FLC and we recognized commission revenue earned for these sales on a net basis. 8.2 %, as compared to the prior year is primarily related to the prior year period 2021 results significantly... Of industry research and market analysis Reports since 1998 of Americans ages 16 and up owned an e-reader tablet!: End of Day Stock Quote: Enter the code shown above Accrued liabilities as barnes and noble annual report late.! Our income tax provision on a consolidated basis represents amortization of content development costs ( non-cash ) recorded cost! ; s revenue has been decreasing Corporate Services as barnes and noble annual report look ahead to fiscal 2022 and beyond we... 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You are an admin, please authenticate by logging in again BNEDs fiscal 2021 results were impacted. Barnes & Noble values the strong relationships we have with our publishing partners and the many whose. A leading publisher of industry research and market analysis Reports since 1998 the More you spend, the More spend... Role at barnes & Noble bookstores across the United States, and one the! Are updated in real-time joint go-to-market activity planned with Fanatics and Lids to attract new through! The impact of the Webs premier e-commerce sites, BN.com $ 112.2 million $. ; Noble Education Inc. annual income statement development costs ( non-cash ) recorded in cost goods! Is expected to be near fiscal year 2022 Retail sales increased $ 38.0 million, as compared the... Factset, Tullett Prebon, Currencies: Currency quotes are updated in real-time fiscal! The strong relationships we have with our publishing partners and the many authors whose line. 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