Consolidated fourth quarter GAAP sales of $260.8 million increased 17.1% as compared to the prior year period; consolidated fiscal year sales of $1,531.4 million increased 6.8% as compared to the prior year. Barnes & Noble Annual Membership Fee Waived if You Spend Enough: Being a Barnes & Noble member entitles you to free shipping on purchases at bn.com, as well as special discounts. In December 2020, we entered into merchandising partnership with Fanatics Retail Group Fulfillment, LLC, Inc. (Fanatics) and Fanatics Lids College, Inc. (FLC) (collectively referred to herein as the FLC Partnership). Then you can access your favorite statistics via the star in the header. Consolidated fourth quarter GAAP net loss was $(44.4) million, compared to a net loss of $(40.3) million in the prior year period. Even the Nook platform is down. "Barnes & Noble is excited to introduce valued customers to two new membership . . Barnes & Noble is the worlds largest retail bookseller and a leading retailer of content, digital media and educational products. BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES. Consolidated Non-GAAP Information (Unaudited), Merchandise inventory loss and write-off (b). Refer to Note 2. Barnes & Noble was founded in 1971 by bookseller Leonard Riggio when he acquired the Barnes & Noble trade name and bookstore on Fifth Avenue in New York City. Unallocated shared-service costs, which include various corporate level expenses and other governance functions, continue to be presented as Corporate Services. For additional information, see the Notes in the Non-GAAP disclosure information of this Press Release. 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. For the 13 and 52 weeks ended May 1, 2021, gross margin excludes a merchandise inventory loss and write-off of $14,960 in the Retail Segment, comprised of a loss of $10,262 related to the sale of our logo and emblematic general merchandise inventory below cost to FLC and an inventory write-off of $4,698 related to our initiative to exit certain product offerings and streamline/rationalize our overall non-logo general merchandise product assortment resulting from the centralization of our merchandising decision-making during the year. 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. Other includes inventory liquidation sales to third parties, marketplace sales and certain accounting adjusting items related to return reserves, and other deferred items. If you are an admin, please authenticate by logging in again. We ensured students had their course materials wherever they were studying, and our DSS offerings provided on-demand digital tutoring and learning services to students at a time when their traditional resources were not as readily available. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $27,630, $20,506 after-tax, comprised of $5,085, $13,328, $6,278 and $2,939 million of property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets, respectively. Selling and administrative expenses for Corporate Services, which includes unallocated shared-service costs, such as various corporate level expenses and other governance functions, were $4.8 million for the quarter and $22.1 million for the fiscal year. Vendor and Product Compliance Requirements. Fourth quarter Retail gross comparable store sales increased by 4.0% in course material sales and 63.2% in general merchandise sales. 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. June 29, 2022, Basking Ridge, NJ - 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. Barnes & Noble annual revenue for 2019 was $3.6B, a -2.99% growth from 2018. Belong anywhere with Airbnb. Most Recent Quarter Revenue. 908-991-2967 Comparable store sales includes sales from physical stores that have been open for an entire fiscal year period and virtual store sales for the period, does not include sales from closed stores for all periods presented. Prior to the pandemic, B&N's annual sales have steadily declined since 2012, dropping from $4.16 billion in 2016 to $3.55 in 2019. Commission File Number: 1-37499. For additional information, including a reconciliation to the most comparable financial measures presented in accordance with GAAP, see "Non-GAAP Information" and "Use of Non-GAAP Financial Information" in the Non-GAAP disclosure information of this Press Release. During the 52 weeks ended April 30, 2022, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Learn more about how Statista can support your business. Senior Vice President cbrown@bned.com, Investor Contact: Wholesale fourth quarter sales of $9.7 million decreased $9.2 million as compared to the prior year period. Currently, you are using a shared account. Vice President, Investor Relations For Retail Gross Comparable Store Sales details, see below. DSS non-GAAP Adjusted EBITDA was $4.5 million for fiscal year 2021, compared to $3.4 million in the prior year period, benefitting from the growth in bartleby subscriptions. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. We define Adjusted Earnings as net income (loss) adjusted for certain reconciling items that are subtracted from or added to net income (loss). It is classified as operating in the Book Stores industry. Besides the discounted books, another pro to being a B&N member is all the extra coupons and invites to special events. Purchases of property and equipment are also referred to as capital expenditures. During the 53 weeks ended May 2, 2020, we recorded an impairment loss (non-cash) of $433 in the Retail Segment related to net capitalized development costs for a project which are not recoverable. The following is Adjusted EBITDA by Segment for the 13 and 52 week periods: 13 weeks ended May 1, 2021 - Restated (b), 52 weeks ended May 1, 2021 - Restated (b). 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). Continued to attract new clients and generate new business growth, signing 92 new physical and virtual bookstores for estimated first year annual sales of approximately $128 million, or $102 million on a net basis. Results for the 13 weeks and 52 weeks of fiscal year 2022 and fiscal year 2021 are as follows: (1) 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. Despite a slow December due to the omicron surge, 2021 was "another year of solid growth" at Barnes & Noble, according to CEO James Daunt, who spoke with PW from a hotel . Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. This button displays the currently selected search type. Author Harlan Coben to Hold a Ribbon-Cutting Ceremony and Book Signing at the Grand Opening on Wednesday March 8, 2023 at 9 AM, Moomin Characters announces nationwide partnership with Barnes & Noble and a new podcast series narrated by actresses Jennifer Saunders and Lily Collins, Author Michael Connelly to Hold a Ribbon-Cutting Ceremony and Book Signing at the Grand Opening on Wednesday, March 1, at 10 AM, Barnes & Noble serves over 600 communities in all 50 states as well as on BN.com.. Barnes & Noble Education expects to report fiscal year 2023 first quarter results in September 2022. Get the detailed quarterly/annual income statement for Barnes & Noble Education, Inc. (BNED). 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. Refund and Return Policies. Net cash flows provided by operating activities. June 29, 2011. The Companys senior management will host a virtual investor conference beginning at 9:00 am ET on Wednesday, June 30, 2021 to discuss the Company's financial results and long-term strategic initiatives. 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. The Company believes that Free Cash Flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements and assists investors in their understanding of the Companys operating profitability and liquidity as the Company manages to the business to maximize margin and cash flow. Summary of Significant Accounting Policies to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended April 30, 2022, which is expected to be filed on or about June 29, 2022, for further information. BARNES & NOBLE ANNUAL REPORT - Barnes & Noble, Inc. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown During the 52 weeks ended May 1, 2021, we recognized a merchandise inventory write-off of $4,698 for the Retail Segment related to our initiative to exit certain product offerings and streamline/rationalize our overall non-logo general merchandise product assortment resulting from the centralization of our merchandising decision-making during the year. Data may be intentionally delayed pursuant to supplier requirements. Nook sales, which . DSS non-GAAP Adjusted EBITDA was $1.5 million for the quarter, compared to $1.1 million in the prior year period. 2020 Annual Report View Annual Report Download. Barnes, a publicly held company trading on the New York Stock Exchange, maintains a comprehensive set of policies and procedures to enable effective corporate governance. FY 2017: May 1, 2016 to April 29, 2017 For stocks, the Probability Of Bankruptcy is the normalized value of Z-Score. Reached agreements for 64 campus stores to support the, Gained over 300,000 gross subscribers for the. Results for the 13 weeks and 52 weeks of fiscal year 2021 and the 14 weeks and 53 weeks of fiscal year 2020 are as follows: (1) 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. The Organization's Mission To operate the best omni-channel specialty retail business in america, helping both our customers and booksellers reach their aspirations, while being a credit to the communities we serve. Income taxes are reflected in Corporate Services as we record our income tax provision on a consolidated basis. Institutions implemented remote and hybrid learning models, seemingly overnight. 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. 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). Updated: Feb 19, 2023 / 10:50 AM EST. 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. to incorporate the statistic into your presentation at any time. 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.