Barnes & Noble Education IncBNED 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.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok
