Are you interested in testing our business solutions? About . In addition to providing uninterrupted service, we also continued to execute and make significant progress on our strategic initiatives, including the expansion of our footprint through new school contracts, growing the number of schools and students served through our First Day inclusive access models, significantly growing our gross bartleby subscriber count to over 300,000, and forging a partnership with Fanatics and Lids (FLC), which will both bolster our logo and emblematic offerings and, as we have already started to experience, provide us with a significant advantage in competing for new business and renewing existing contracts. Pros Of A Barnes And Noble Membership: If you shop at Barnes and Noble three or more times per year, then the $25 membership will easily pay for itself. 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. Prior to joining Barnes & Noble Education, Mr. Donohue served as Treasurer of Barnes & Noble, Inc. since June 2012. View PDF View Form 10K (HTML) View 2021 Environmental, Social & Governance Report. The improvement in financial results compared to the prior year is primarily related to the re-opening of stores that had temporarily closed due . Retail Gross Comparable Store Sales includes sales from physical and virtual stores that have been open for an entire fiscal year period and does not include sales from permanently closed stores for all periods presented. The Company operates approximately 600 Barnes & Noble bookstores across the United States, and one of the Webs premier e-commerce sites, BN.com. All material intercompany accounts and transactions have been eliminated in consolidation. All of the items included in the reconciliations are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance. Item 1A in our Annual Report on Form 10-K for the year ended May 1, 2021. The Company's management believes that the inclusion of Adjusted EBITDA and Adjusted Earnings results provides investors useful and important information regarding the Company's operating results. Wholesale non-GAAP Adjusted EBITDA for fiscal year 2022 was $3.8 million, compared to $18.6 million in the prior year period, primarily due to lower sales. Vice President, Investor Relations Effective April 4, 2021, as contemplated by the FLC Partnership's merchandising agreement and e-commerce agreement, we began to transition the fulfillment of logo and emblematic general merchandise sales to FLC and Fanatics. 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. Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Other includes inventory liquidation sales to third parties, marketplace sales and certain accounting adjusting items related to return reserves, and other deferred items. Barnes & Noble Education expects to report fiscal year 2022 first quarter results in early September 2021. Visit Barnes & Noble, Inc. for company information, consumer and financial news, and info for publishers, authors and vendors. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, among others: risks associated with COVID-19 and the governmental responses to it, including its impacts across our businesses on demand and operations, as well as on the operations of our suppliers and other business partners, and the effectiveness of our actions taken in response to these risks; general competitive conditions, including actions our competitors and content providers may take to grow their businesses; a decline in college enrollment or decreased funding available for students; decisions by colleges and universities to outsource their physical and/or online bookstore operations or change the operation of their bookstores; implementation of our digital strategy may not result in the expected growth in our digital sales and/or profitability; risk that digital sales growth does not exceed the rate of investment spend; the performance of our online, digital and other initiatives, integration of and deployment of, additional products and services including new digital channels, and enhancements to higher education digital products, and the inability to achieve the expected cost savings; the risk of price reduction or change in format of course materials by publishers, which could negatively impact revenues and margin; the general economic environment and consumer spending patterns; decreased consumer demand for our products, low growth or declining sales; the strategic objectives, successful integration, anticipated synergies, and/or other expected potential benefits of various acquisitions may not be fully realized or may take longer than expected; the integration of the operations of various acquisitions into our own may also increase the risk of our internal controls being found ineffective; changes to purchase or rental terms, payment terms, return policies, the discount or margin on products or other terms with our suppliers; our ability to successfully implement our strategic initiatives including our ability to identify, compete for and execute upon additional acquisitions and strategic investments; risks associated with operation or performance of MBS Textbook Exchange, LLCs point-of-sales systems that are sold to college bookstore customers; technological changes; risks associated with counterfeit and piracy of digital and print materials; our international operations could result in additional risks; our ability to attract and retain employees; risks associated with data privacy, information security and intellectual property; trends and challenges to our business and in the locations in which we have stores; non-renewal of managed bookstore, physical and/or online store contracts and higher-than-anticipated store closings; disruptions to our information technology systems, infrastructure and data due to computer malware, viruses, hacking and phishing attacks, resulting in harm to our business and results of operations; disruption of or interference with third party web service providers and our own proprietary technology; work stoppages or increases in labor costs; possible increases in shipping rates or interruptions in shipping service; product shortages, including decreases in the used textbook inventory supply associated with the implementation of publishers digital offerings and direct to student textbook consignment rental programs, as well as the risks associated with the impacts that public health crises may have on the ability of our suppliers to manufacture or source products, particularly from outside of the United States; changes in domestic and international laws or regulations, including U.S. tax reform, changes in tax rates, laws and regulations, as well as related guidance; enactment of laws or changes in enforcement practices which may restrict or prohibit our use of texts, emails, interest based online advertising, recurring billing or similar marketing and sales activities; the amount of our indebtedness and ability to comply with covenants applicable to any future debt financing; our ability to satisfy future capital and liquidity requirements; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; adverse results from litigation, governmental investigations, tax-related proceedings, or audits; changes in accounting standards; and the other risks and uncertainties detailed in the section titled Risk Factors in Part I - Item 1A in our Annual Report on Form 10-K for the year ended May 1, 2021. Timing for Receiving Stamps. amilevoj@bned.com, Barnes & Noble Education Reports Fourth Quarter and Fiscal Year 2022 Financial Results. A paid subscription is required for full access. All of the items included in the reconciliations below are either (i) non-cash items or (ii) items that management does not consider in assessing the Company's on-going operating performance. Barnes Group Inc. (NYSE: B) is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. The results of operations for the fourth quarter and full-year ended May 1, 2021 consisted of 13 weeks and 52 weeks, respectively, as compared to 14 weeks and 53 weeks in the prior year. 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. Dollars). TEKRDA FAY HATTI NEREDEN GEYOR? FY 2013: April 29, 2012 to April 27, 2013 Barnes & Noble is going through the mother of all system crashes right now. Refer to Note 2. FY 2018: May 1, 2017 to April 28, 2018 Institutions implemented remote and hybrid learning models, seemingly overnight. In August 2015, Barnes & Noble announced the completion of its College business. BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES, Consolidated Statements of Operations (Unaudited). The Company's management reviews these non-GAAP financial measures as internal measures to evaluate the Company's performance and manage the Company's operations. Effective April 4, 2021, as contemplated by the FLC Partnership's merchandising agreement and e-commerce agreement, we began to transition the fulfillment of logo and emblematic general merchandise sales to FLC and Fanatics. Corporate Communications & Public Affairs Fiscal year 2022 Retail sales increased $109.2 million, or 8.2%, as compared to the prior year period. Barnes & Noble is owned by Elliott Advisors (UK) Limited and run by CEO and bookseller James Daunt, who is also Managing Director of Waterstones bookstores in the U.K. and founder and owner of Daunt Books. Sales for logo and emblematic general merchandise fulfilled by FLC and digital agency sales are included on a gross basis. Many schools adjusted their learning model and restricted on-campus activities in response to the pandemic, including the implementation of virtual/remote learning models to curtail on-campus classes and activities due to health and safety concerns. 31, 2020. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described as anticipated, believed, estimated, expected, intended or planned. The all-cash transaction valued Barnes & Noble stock at $6.50 a share, a premium of nearly 42 percent over the retailer's stock price on Wednesday, before a report by The Wall Street Journal . In addition, the Company's use of these non-GAAP financial measures may be different from similarly named measures used by other companies, limiting their usefulness for comparison purposes. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better, more inclusive and smarter world. Our Nook Digital business offers a lineup of NOOK tablets and e-Readers and an expansive collection of digital reading content and an audiobook subscription service. Find unique places to stay with local hosts in 191 countries. Represents amortization of content development costs (non-cash) recorded in cost of goods sold in the consolidated financial statements. Media: Wholesale fourth quarter sales of $9.1 million decreased $0.6 million as compared to the prior year period. Sales have been in free fall ever since. ir@BGInc.com. Represents the income tax effects of the non-GAAP items. 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. Tweet. New risks emerge from time to time. Eliminates Wholesale sales and service fees to Retail and Retail commissions earned from Wholesale. Moreover, we operate in a very competitive and rapidly changing environment. BKS has generated $0.00 earnings per share over the last four quarters. Retail segment gross comparable store sales for the quarter increased by 32.6%, as compared to a 6.9% decline in the prior year; Retail segment gross comparable store sales for the year increased by 19.6%, as compared to a 26.1% decline in the prior year. During the 52 weeks ended May 1, 2021, we recognized restructuring and other charges totaling $9,960 comprised primarily of severance and other employee termination and benefit costs associated with the elimination of various positions as part of cost reduction objectives, and professional service costs for restructuring, process improvements, an actuarial gain related to a frozen retirement benefit plan (non-cash), shareholder activist activities, and costs related to development and integration associated with Fanatics and FLC partnership agreements. Fiscal 2022 proved to be more challenging than we anticipated both the Fall and Spring academic terms were disrupted by new COVID strains, said Michael P. Huseby, Chief Executive Officer and Chairman, BNED. (a) Represents the percentage these costs bear to the related sales, instead of total sales. amilevoj@bned.com, Barnes & Noble Education Reports Fourth Quarter and Fiscal Year 2021 Financial Results, Courseware Delivery Models Continue Significant Growth; First Day, Complete Grows to Represent Undergraduate Student Enrollment of Approximately 300,000 in Fall 2022, up from 43,000 in the Prior Year, Continues to Exhibit Rapid Growth Exceeding 300,000 Gross Subscribers, Internet Explorer presents a security risk. 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. Corporate Finance & Investor Relations The final inventory sale price was determined during the first quarter of Fiscal 2022, at which time, we received additional proceeds of $1,906, and recognized a merchandise inventory loss on the sale of $434 in cost of goods sold for the Retail Segment. 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. All rights reserved. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better, more inclusive and smarter world. 1-860-583-7070 The components of the sales variances are as follows: (a) The following is a store count summary for physical stores and virtual stores: Effective April 4, 2021, as per the FLC merchandising partnership agreement, logo and emblematic general merchandise sales were fulfilled by FLC and we recognized commission revenue earned for these sales on a net basis. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. You can sign up for additional alert options at any time. Currently, you are using a shared account. Weighted average common shares outstanding: (a) For additional information, see Note (a) - (d) in the Non-GAAP disclosure information of this Press Release. 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. The webcast will contain investor materials that can also be accessed at investor.bned.com or www.bned.com. In 2002, Barnes & Noble Booksellers and The Borders Group were leaders in the bookseller market. If the link does not work, please try again soon or you can also . Barnes & Nobles mission is 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. Running Head: ANNUAL REPORT ANALYSIS Banes & Noble: 2017 Annual Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. 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