- Barnes & Noble Education Inc BNED reported fourth-quarter FY22 sales growth of 17.1% year-on-year to $260.83 million, beating the consensus of $229.21 million.
- Retail segment gross comparable store sales increased 32.6%. Retail sales rose 18.3%, and wholesale sales decreased 6.5%.
- Gross profit rose 123.4% Y/Y to $80.2 million with a margin of 30.7%.
- The operating loss for the quarter narrowed sharply to $(18.1) million.
- EPS loss of $(0.21) missed the consensus of $(0.17).
- Also Read: Barnes & Noble Separates Chairman & CEO Roles; Renews Cooperation Agreement With Outerbridge
- Barnes & Noble Education held $21.9 million in cash and equivalents as of April 30, 2022. Net cash provided by operating activities for the year totaled $2.1 million.
- "Fiscal 2022 proved to be more challenging than we anticipated – both the Fall and Spring academic terms were disrupted by new COVID strains," said CEO Michael P. Huseby.
- "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..," Huseby added.
- Price Action: BNED shares traded lower by 5.30% at $2.81 on the last check Wednesday.
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