- Barnes & Noble Education Inc (NYSE: BNED) reported first-quarter FY23 sales growth of 9.6% year-on-year to $263.86 million, beating the consensus of $250.84 million.
- Retail segment gross comparable store sales increased 15%. Retail sales rose 12.4%, and wholesale sales decreased 16.6%.
- Gross profit rose 5.8% Y/Y to $63.5 million with a margin of 24%.
- Operating loss for the quarter expanded to $(47.9) million.
- EPS loss was $(1.01) versus $(0.85) a year ago.
- Barnes & Noble Education held $16.64 million in cash and equivalents as of July 30, 2022. Net cash used in operating activities totaled $(28.9) million.
- Adjusted EBITDA loss expanded to $(33.4) million from $(24.5) million last year.
- Outlook: Barnes & Noble sees FY23 adjusted EBITDA of $30 million - $40 million.
- BNED expects the challenges within its wholesale business, including constrained used book inventory and higher inflationary pressures on wages and freight, to persist.
- Price Action: BNED shares traded higher by 13.2% at $2.56 on the last check Wednesday.
- Photo Via Company
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