Barnes & Noble Education Inc BNED shares are trading lower by 29.41% to $1.80 Tuesday afternoon after the company reported worse-than-expected second-quarter adjusted EPS and sales results.
What Happened?
Barnes & Noble reported quarterly earnings of 45 cents per share which missed the analyst consensus estimate of 76 cents. The company reported quarterly sales of $617.10 million which missed the analyst consensus estimate of $675.01 million by 9%. This sales figure represents a roughly 2% decrease over sales of $626.98 million in the same period last year.
See Also: Why Bed Bath & Beyond Shares Are Nosediving
The company has three reportable segments: Retail, Wholesale and Digital Student Solutions.
Barnes & Noble says retail sales decreased by $10.3 million, or 1.7%, as compared to the prior year period. Wholesale second quarter sales of $21.1 million decreased by $0.6 million, or 2.5%, as compared to the prior year period. Digital Student Solutions second quarter sales of $8.5 million increased by 2.3%, as compared to the prior year period.
According to data from Benzinga Pro, Barnes & Noble has a 52-week high of $7.74 and a 52-week low of $1.51.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.