StockSelector.com
  Research, Select, & Monitor Thursday, February 22, 2018 11:22:37 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Barnes & Noble Education, Inc.$6.98$.142.05%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Barnes & Noble Education Reports Second Quarter 2018 Financial Results
   Tuesday, December 05, 2017 8:30:02 AM ET

--Net Income Increases $19.1 Million in the Second Quarter and $12.2 Million Year to Date

--Initial Benefits Recognized from Recent Acquisitions

Barnes & Noble Education, Inc. (BNED ), a leading provider of educational products and services solutions for higher education and K-12 institutions, today reported sales and earnings for the second quarter for fiscal year 2018. The Company has two reportable segments: Barnes & Noble College Booksellers, LLC ("BNC") and MBS Textbook Exchange, LLC ("MBS").

Financial highlights for the second quarter 2018 and fiscal year to date 2018:

-- Consolidated sales of $886.9 million increased 15.1%, as compared to the prior year period; year to date consolidated sales of $1,242.6 million increased 23.0% as compared to the prior year period.



-- Consolidated second quarter GAAP net income of $48.4 million, as compared to $29.3 million in the prior year period; year to date GAAP net income of $13.6 million, as compared to $1.4 million in the prior year period.

-- Consolidated second quarter non-GAAP Adjusted EBITDA of $102.4 million, an increase of $32.0 million, as compared to the prior year period; year to date non-GAAP Adjusted EBITDA of $70.0 million, an increase of $36.1 million, as compared to the prior year period.

-- Consolidated second quarter non-GAAP Adjusted Earnings of $49.9 million, as compared to $29.7 million in the prior year period; year to date non-GAAP Adjusted Earnings of $20.1 million, as compared to $3.8 million in the prior year period.

Operational highlights for the second quarter 2018:

-- Expanded reach of BNED Courseware, offering Open Educational Resources ("OER") content to approximately 13,000 students at community colleges, four-year public universities and four-year private universities.

-- Continued to recognize benefits from the MBS integration, as MBS contributed $134.9 million in sales and $19.2 million of Adjusted EBITDA in the second quarter of fiscal year 2018.

-- Completed the acquisition of Student Brands, LLC, a leading direct-to-student subscription-based writing services business, on August 3, 2017 for $57.4 million. Student Brands contributed $4.5 million in sales and $2.4 million of Adjusted EBITDA to BNC’s results in the second quarter of fiscal year 2018.

-- Renewed partnership with Target Corporation to promote its brand and college essentials to BNED customer base for the Fall of 2018.

"Our substantially increased financial results in the second quarter reflect the contributions of our recent acquisitions of MBS and Student Brands. While both of these teams continue to perform financially, we are even more encouraged by their respective potential contributions to BNED’s longer term competitive position," said Michael P. Huseby, Chairman and Chief Executive Officer, Barnes & Noble Education. "Given our evolving industry, we remain focused on transforming our business to become a leading aggregator and distributor of both physical and digital educational content, and on developing expanded direct-to-student digital services that we can offer both in and outside of our managed stores footprint. With the addition of Student Brands and our recently announced partnership with The Princeton Review, we are building what we plan to offer as a full suite of such services."

Second Quarter 2018 and Year to Date Results
Results for the 13 and 26 weeks of fiscal 2018 and fiscal 2017 are
as follows:
                            
   $ in millions                                                                                                                                                                                                                          13 and 26 Weeks Selected Data (unaudited)                                                                                                                                                    
                                                                                    -------------------- --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                              (13 Weeks)                   (13 Weeks)                   (26 Weeks)                   (26 Weeks)
                                                                                             Q2 2018                                                            Q2 2017                                                             2018                                                               2017          
                                                                                    -------------------- -------------------- --------------------                                           -------------------- -------------------- --------------------                                           -------------------- -------------------- --------------------                                           -------------------- -------------------- --------------------
   Total Sales                                                                                                         $886.9                                                                                                   $770.7                                                                                                 $1,242.6                                                                                                 $1,009.9
   Net Income                                                                                                           $48.4                                                                                                    $29.3                                                                                                    $13.6                                                                                                     $1.4
                                                                                                                                                                                                                                                                                                                                                                            
   Non-GAAP(1)
--------------------
   Adjusted EBITDA                                                                                                     $102.4                                                                                                    $70.4                                                                                                    $70.0                                                                                                    $33.9
   Adjusted Earnings                                                                                                    $49.9                                                                                                    $29.7                                                                                                    $20.1                                                                                                     $3.8
 
(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.
 

Consolidated second quarter sales of $886.9 million increased $116.2 million, or 15.1%, as compared to the prior year period. This increase was primarily attributable to the contributions from the MBS and Student Brands acquisitions, net new stores opened at BNC, partially offset by the impact from declining comparable store sales at BNC.

Comparable store sales at BNC decreased 4.4% for the quarter representing approximately $33.8 million in revenue. The decrease is primarily attributable to textbook sales, which were down 5.0% compared with a decrease of 3.7% in the prior year period and a decrease in general merchandise sales of 1.9% compared with a decrease of 1.3% in the prior year period.

Second quarter net income was $48.4 million, or $1.03 per diluted share, compared to net income of $29.3 million, or $0.63 per diluted share, in the prior year period. The current year’s fiscal quarter has 47.0 million diluted shares outstanding, while the prior year period had 46.6 million diluted shares outstanding. The Company reported non-GAAP Adjusted Earnings of $49.9 million during the quarter, compared with $29.7 million in the prior year period.

The Company’s Adjusted EBITDA was $102.4 million for the quarter, as compared to $70.4 million in the prior year period, an increase due primarily to the contributions from the MBS and Student Brands acquisitions, partially offset by the impact from lower comparable store sales at BNC.

As a result of the acquisition of MBS on February 27, 2017 and the acquisition of Student Brands on August 3, 2017, the condensed consolidated financial statements for the 13 weeks and 26 weeks ended October 28, 2017 include the financial results of MBS and Student Brands. All material intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements for the 13 weeks and 26 weeks ended October 28, 2016 do not include any financial results of MBS and Student Brands.

Outlook

For fiscal year 2018, the Company expects sales at BNC to be relatively flat, while BNC comparable store sales are projected to decline in the low-to mid-single digit percentage point range year over year. In addition, the Company expects consolidated sales to be in the range of $2.25 billion to $2.35 billion before intercompany eliminations. The Company expects BNED’s consolidated Adjusted EBITDA to be in a range of $105 million to $120 million. Capital expenditures are expected to be approximately $50 million, an increase from fiscal 2017 due to new store growth at BNC.

Conference Call

A conference call with Barnes & Noble Education, Inc. senior management will be webcast at 10:00 a.m. Eastern Time on Tuesday, December 5, 2017 and can be accessed at the Barnes & Noble Education corporate website at www.bned.com.

Barnes & Noble Education expects to report fiscal 2018 third quarter results on or about March 6, 2018.

ABOUT BARNES & NOBLE EDUCATION, INC.

Barnes & Noble Education, Inc. (BNED ), a leading provider of educational products and services solutions for higher education and K-12 institutions, enhances the academic and social purpose of educational institutions. Through its Barnes & Noble College and MBS subsidiaries, Barnes & Noble Education operates 1,483 physical and virtual bookstores and serves more than 6 million students and faculty, and offers a suite of digital software, content and services including direct-to-student study tools. The Company also operates one of the largest textbook wholesale distribution channels in the United States. Barnes & Noble Education acts as a strategic partner to drive student success, provide value and support to students and faculty, and create loyalty and improve retention, while supporting the financial goals of our college and university partners.

BNED companies include: Barnes & Noble College Booksellers, LLC, MBS Textbook Exchange, LLC, BNED LoudCloud, LLC, Student Brands, LLC, and Promoversity, LLC. General information on Barnes & Noble Education may be obtained by visiting the Company’s corporate website: www.bned.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. 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. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. 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. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, among others: 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; the general economic environment and consumer spending patterns; decreased consumer demand for our products, low growth or declining sales; our ability to continue to successfully integrate the operations of MBS Textbook Exchange, LLC into our Company; the strategic objectives, 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 MBS Textbook Exchange, LLC’s operations into our own may also increase the risk of our internal controls being found ineffective; risks associated with operation or performance of MBS Textbook Exchange, LLC’s point-of-sales systems that are sold to college bookstore customers; 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 higher education digital products, and the inability to achieve the expected cost savings; our ability to successfully implement our strategic initiatives including our ability to identify, compete for and execute upon additional acquisitions and strategic investments; 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; the risk of price reduction or change in format of course materials by publishers, which could negatively impact revenues and margin; changes to purchase or rental general terms, payment terms, return policies, the discount or margin on products or other terms with our suppliers; 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, obsolete or excessive inventory; product shortages, including risks associated with merchandise sourced indirectly from outside the United States; changes in law or regulation; enactment of laws which may restrict or prohibit our use of emails or similar marketing 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 or 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 April 29, 2017. 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. Subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release.

EXPLANATORY NOTE

Effective with the acquisition of MBS Textbook Exchange, LLC ("MBS") on February 27, 2017, we determined that we have two reportable segments: Barnes & Noble College Booksellers, LLC ("BNC") and MBS, whereas BNC was previously our only reportable segment prior to the acquisition. The condensed consolidated financial statements for the 13 and 26 weeks ended October 28, 2017 include the financial results of MBS and all material intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements for the 13 and 26 weeks ended October 29, 2016 exclude the financial results of MBS.

-- BNC operates 777 physical campus bookstores, the majority of which also have school-branded e-commerce sites operated by BNC, and BNC also includes our digital operations.

-- MBS operates 706 virtual bookstores and is the largest contract operator of virtual bookstores for college and university campuses, and private/parochial K-12 schools. MBS is also one of the largest textbook wholesalers in the country. MBS’s wholesale business centrally sources and sells new and used textbooks to more than 3,700 physical college bookstores, including BNC’s 777 campus bookstores.

On August 3, 2017, we acquired Student Brands, LLC ("Student Brands"), a leading direct-to-student subscription-based writing services business. The condensed consolidated financial statements for the 13 and 26 weeks ended October 28, 2017 include the financial results of Student Brands in the BNC segment from the date of acquisition and all material intercompany accounts and transactions have been eliminated in consolidation, The condensed consolidated financial statements for the 13 and 26 weeks ended October 29, 2016 exclude the financial results of Student Brands.

                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                      
                                                                                                                                                                           BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
                                                                                                                                                                           Condensed Consolidated Statements of Operations
                                                                                                                                                                                (In thousands, except per share data)
                                                                                                                                                                                             (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                             
                                                                                                                                                  13 weeks ended                                                                                                                                                              26 weeks ended
                                                                                      ---------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------
                                                                                                             October 28,                                                                   October 29,                                                                                      October 28,                                                              October 29,
                                                                                                                2017                                                                          2016                                                                                             2017                                                                     2016
                                                                                      ------------------------------------------------------                        ------------------------------------------------------                                             -------------------------------------------------                        -------------------------------------------------
Sales:
      Product sales and other                                                                            $        817,825                                                              $        697,927                                                                                   $ 1,152,327                                                              $   915,663
      Rental income                                                                             69,036                                  72,744                                                  90,245                             94,245  
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
   Total sales                                                                                 886,861                                 770,671                                               1,242,572                          1,009,908  
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
Cost of sales: (a)
      Product and other cost of sales                                                                             628,839                                                                       554,498                                                                                       906,580                                                                  732,492
      Rental cost of sales                                                                      41,464                                  44,659                                                  54,721                             58,489  
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
   Total cost of sales                                                                         670,303                                 599,157                                                 961,301                            790,981  
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
Gross profit                                                                                   216,558                                 171,514                                                 281,271                            218,927  
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
Selling and administrative expenses                                                                               115,148                                                                       101,123                                                                                       214,558                                                                  185,060
Depreciation and amortization expense                                                                              16,704                                                                        12,987                                                                                        31,721                                                                   25,908
Restructuring and other charges (a)                                                                                   193                                                                --                                                                                         5,429                                                                    1,790
Transaction costs (a)                                                                            1,257                                     644                                                   1,846                              2,171  
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
      Operating income                                                                                             83,256                                                                        56,760                                                                                        27,717                                                                    3,998
Interest expense, net                                                                            1,836                                     630                                                   4,874                              1,296  
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
      Income before income taxes                                                                                   81,420                                                                        56,130                                                                                        22,843                                                                    2,702
Income tax expense                                                                              33,025                                  26,841                                                   9,231                              1,329  
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
      Net income                                                                                         $         48,395                                           $         29,289                                                                $    13,612                                           $     1,373  
                                                                                      ==================== ============== ====================                      ==================== ============== ====================                                           ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                     
Earnings per common share:
   Basic                                                                                                 $           1.04                                                              $           0.63                                                                                   $      0.29                                                              $      0.03
   Diluted                                                                                               $           1.03                                                              $           0.63                                                                                   $      0.29                                                              $      0.03
Weighted average common shares outstanding:
   Basic                                                                                                           46,705                                                                        46,170                                                                                        46,611                                                                   46,259
   Diluted                                                                                                         47,006                                                                        46,593                                                                                        47,144                                                                   46,652
                                                                                                                                                                                                                                                                                                                                                                                                     
(a) For additional information, see Note (a) - (c) in the Non-GAAP
disclosure information of this Press Release.
                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                  13 weeks ended                                                                                                                                                              26 weeks ended
                                                                                      ---------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------
                                                                                                             October 28,                                                                   October 29,                                                                                      October 28,                                                              October 29,
                                                                                                                2017                                                                          2016                                                                                             2017                                                                     2016
                                                                                      ------------------------------------------------------                        ------------------------------------------------------                                             -------------------------------------------------                        -------------------------------------------------
Percentage of sales:
Sales:
      Product sales and other                                                                                        92.2 %                                                                        90.6 %                                                                                        92.7 %                                                                   90.7 %
      Rental income                                                                                7.8 %                                                      9.4 %                                                                      7.3 %                                                 9.3 %
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
   Total sales                                                                                   100.0 %                                                    100.0 %                                                                    100.0 %                                               100.0 %
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
Cost of sales:
      Product and other cost of sales (a)                                                                            76.9 %                                                                        79.4 %                                                                                        78.7 %                                                                   80.0 %
      Rental cost of sales (a)                                                                    60.1 %                                                     61.4 %                                                                     60.6 %                                                62.1 %
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
   Total cost of sales                                                                            75.6 %                                                     77.7 %                                                                     77.4 %                                                78.3 %
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
Gross profit                                                                                      24.4 %                                                     22.3 %                                                                     22.6 %                                                21.7 %
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
Selling and administrative expenses                                                                                  13.0 %                                                                        13.1 %                                                                                        17.3 %                                                                   18.3 %
Depreciation and amortization expense                                                                                 1.9 %                                                                         1.7 %                                                                                         2.6 %                                                                    2.6 %
Restructuring and other charges                                                                            -- %                                                              -- %                                                                                         0.4 %                                                                    0.2 %
Transaction costs                                                                                  0.1 %                                                      0.1 %                                                                      0.1 %                                                 0.2 %
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
      Operating income                                                                                                9.4 %                                                                         7.4 %                                                                                         2.2 %                                                                    0.4 %
Interest expense, net                                                                              0.2 %                                                      0.1 %                                                                      0.4 %                                                 0.1 %
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
      Income before income taxes                                                                                      9.2 %                                                                         7.3 %                                                                                         1.8 %                                                                    0.3 %
Income tax expense                                                                                 3.7 %                                                      3.5 %                                                                      0.7 %                                                 0.1 %
                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
      Net income                                                                                   5.5 %                                                      3.8 %                                                                      1.1 %                                                 0.2 %
                                                                                      ==================== ============== ====================                      ==================== ============== ====================                                           ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                     
(a) Represents the percentage these costs bear to the related sales,
instead of total sales.
 
 
                                                                                          BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
                                                                                                         Condensed Consolidated Balance Sheets
                                                                                                         (In thousands, except per share data)
                                                                                                             (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
                                                                                                                                             October 28,                                                                      October 29,
                                                                                                                                                2017                                                                             2016
                                                                                                                               ------------------------------------                                             ------------------------------------
                                       ASSETS
Current assets:
   Cash and cash equivalents                                                                                                         $    17,494                                                                      $   176,578
   Receivables, net                                                                                                                      153,646                                                                           93,250
   Merchandise inventories, net                                                                                                          515,574                                                                          401,338
   Textbook rental inventories                                                                                                            78,062                                                                           86,704
   Prepaid expenses and other current assets                                                                                              13,352                                                         8,083  
                                                                                                                               --------------------------------------                                           --------------------------------------
         Total current assets                                                                                                            778,128                                                       765,953  
                                                                                                                               --------------------------------------                                           --------------------------------------
Property and equipment, net                                                                                                              115,318                                                                          108,499
Intangible assets, net                                                                                                                   229,498                                                                          194,562
Goodwill                                                                                                                                 362,412                                                                          281,350
Other noncurrent assets                                                                                                                   41,885                                                        38,226  
                                                                                                                               --------------------------------------                                           --------------------------------------
         Total assets                                                                                                                $ 1,527,241                                                   $ 1,388,590  
                                                                                                                               ======= ========= ====================                                           ======= ========= ====================
                        LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
   Accounts payable                                                                                                                  $   458,833                                                                      $   439,746
   Accrued liabilities                                                                                                                   184,283                                                       140,779  
                                                                                                                               --------------------------------------                                           --------------------------------------
         Total current liabilities                                                                                                       643,116                                                       580,525  
                                                                                                                               --------------------------------------                                           --------------------------------------
Long-term deferred taxes, net                                                                                                             16,187                                                                           25,743
Other long-term liabilities                                                                                                               96,294                                                                           75,962
Long-term borrowings                                                                                                                      41,800                                                --  
                                                                                                                               --------------------------------------                                           --------------------------------------
         Total liabilities                                                                                                               797,397                                                       682,230  
                                                                                                                               --------------------------------------                                           --------------------------------------
Commitments and contingencies                                                                                                     --                                                                   --
Stockholders’ equity:
   Preferred stock, $0.01 par value; authorized, 5,000 shares; issued                                                             --                                                                   --
   and outstanding, none
                                                                                                                                             500                                                                              490
   Common stock, $0.01 par value; authorized, 200,000 shares; issued,
   50,028 and 48,972
     shares, respectively; outstanding, 46,914
   and 46,276 shares, respectively
   Additional paid-in-capital                                                                                                            713,018                                                                          703,966
   Retained earnings                                                                                                                      45,975                                                                           28,375
   Treasury stock, at cost                                                                                                               (29,649 )                                                                        (26,471 )
                                                                                                                               --------------------------------------                                           --------------------------------------
         Total stockholders’ equity                                                                                                      729,844                                                       706,360  
                                                                                                                               --------------------------------------                                           --------------------------------------
         Total liabilities and stockholders’ equity                                                                                  $ 1,527,241                                                   $ 1,388,590  
                                                                                                                               ======= ========= ====================                                           ======= ========= ====================
 
 
                                                                                                                                     BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
                                                                                                                                                             Earnings Per Share
                                                                                                                                                    (In thousands, except per share data)
                                                                                                                                                                 (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                 
                                                                                                                                             13 weeks ended                                                                                                                           26 weeks ended
                                                                                                     -----------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------
                                                                                                                  October 28,                            October 29,                                                                    October 28,                            October 29,
                                                                                                                     2017                                                      2016                                                                           2017                                                      2016
                                                                                                     ----------------------------------                        ----------------------------------                                             ----------------------------------                        ----------------------------------
Numerator for basic earnings per share:
Net income                                                                                                 $  48,395                                                 $  29,289                                                                      $  13,612                                                 $   1,373
   Less allocation of earnings to participating securities                                                       (16 )                                                     (19 )                                                                           (4 )                                                      (1 )
                                                                                                     ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
Net income available to common shareholders                                                                $  48,379                              $  29,270                                                   $  13,608                              $   1,372  
                                                                                                     ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                         
Numerator for diluted earnings per share:
Net income                                                                                                 $  48,379                                                 $  29,270                                                                      $  13,608                                                 $   1,372
   Allocation of earnings to participating securities                                                             16                                                        19                                                                              4                                                         1
   Less allocation of earnings to participating securities                                                       (16 )                                                     (19 )                                                                           (4 )                                                      (1 )
                                                                                                     ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
Net income available to common shareholders                                                                $  48,379                              $  29,270                                                   $  13,608                              $   1,372  
                                                                                                     ======= ======= ====================                      ======= ======= ====================                                           ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                         
Denominator for basic earnings per share:
Basic weighted average common shares                                                                          46,705                                 46,170                                                      46,611                                 46,259  
                                                                                                     ====================================                      ====================================                                           ====================================                      ====================================
                                                                                                                                                                                                                                                                                                         
Denominator for diluted earnings per share:
Basic weighted average common shares                                                                          46,705                                                    46,170                                                                         46,611                                                    46,259
   Average dilutive restricted stock units                                                                       162                                                       364                                                                            389                                                       339
   Average dilutive performance shares                                                                           113                                                        35                                                                            127                                                        24
   Average dilutive restricted shares                                                                              7                                                        24                                                                              8                                                        30
   Average dilutive performance share units                                                                       19                                            --                                                                              9                                            --
   Average dilutive options                                                                           --                         --                                              --                         --  
                                                                                                     ------------------------------------                      ------------------------------------                                           ------------------------------------                      ------------------------------------
Diluted weighted average common shares                                                                        47,006                                 46,593                                                      47,144                                 46,652  
                                                                                                     ====================================                      ====================================                                           ====================================                      ====================================
                                                                                                                                                                                                                                                                                                         
Earnings per common share:
   Basic                                                                                                   $    1.04                                                 $    0.63                                                                      $    0.29                                                 $    0.03
   Diluted                                                                                                 $    1.03                                                 $    0.63                                                                      $    0.29                                                 $    0.03
 
 
                                                                                                                           BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
                                                                                                                                                   Segment Information
                                                                                                                                           (In thousands, except percentages)
                                                                                                                                                       (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                            
Segment Information (a)                                                                                                   13 weeks ended                                                                                                                         26 weeks ended
-----------------------------------------                                           ------------------------------------------------------------------------------------                                                 ----------------------------------------------------------------------------------------
                                                                                               October 28,                          October 29,                                                                   October 28,                            October 29,
                                                                                                  2017                                                    2016                                                                          2017                                                      2016
                                                                                    ------------------------------                        ----------------------------------                                             --------------------------------                        ------------------------------------
Sales
   BNC                                                                                $ 761,787                                                 $ 770,671                                                                  $ 1,011,764                                                 $ 1,009,908
   MBS                                                                                  134,851                                            --                                                                      274,652                                              --
   Elimination                                                                           (9,777 )                                          --                                                   (43,844 )                                            --  
                                                                                    --------------------------------                      ------------------------------------                                           ----------------------------------                      --------------------------------------
Total                                                                                 $ 886,861                              $ 770,671                                               $ 1,242,572                              $ 1,009,908  
                                                                                    === ======= ====================                      ======= ======= ====================                                           === ========= ====================                      ======= ========= ====================
                                                                                                                                                                                                                                                                                  
Gross profit
   BNC                                                                                $ 171,725                                                   171,514                                                                  $   220,462                                                 $   218,927
   MBS (b)                                                                               34,200                                            --                                                                       64,037                                              --
   Elimination                                                                           11,658                         --                                                        45                           --  
                                                                                    --------------------------------                      ------------------------------------                                           ----------------------------------                      --------------------------------------
Total                                                                                 $ 217,583                              $ 171,514                                               $   284,544                              $   218,927  
                                                                                    === ======= ====================                      ======= ======= ====================                                           === ========= ====================                      ======= ========= ====================
                                                                                                                                                                                                                                                                                  
Selling and administrative expenses
   BNC                                                                                $ 100,127                                                 $ 101,123                                                                  $   185,769                                                 $   185,060
   MBS                                                                                   15,021                         --                                                    28,789                           --  
                                                                                    --------------------------------                      ------------------------------------                                           ----------------------------------                      --------------------------------------
Total                                                                                 $ 115,148                              $ 101,123                                               $   214,558                              $   185,060  
                                                                                    === ======= ====================                      ======= ======= ====================                                           === ========= ====================                      ======= ========= ====================
                                                                                                                                                                                                                                                                                  
Adjusted EBITDA (c) (Non-GAAP)
   BNC                                                                                $  71,598                                                 $  70,391                                                                  $    34,693                                                 $    33,867
   MBS (b)                                                                               19,179                                            --                                                                       35,248                                              --
   Elimination                                                                           11,658                         --                                                        45                           --  
                                                                                    --------------------------------                      ------------------------------------                                           ----------------------------------                      --------------------------------------
Total                                                                                 $ 102,435                              $  70,391                                               $    69,986                              $    33,867  
                                                                                    === ======= ====================                      ======= ======= ====================                                           === ========= ====================                      ======= ========= ====================
                                                                                                                                                                                                                          
Percentage of Segment Sales                                                                                               13 weeks ended                                                                                                                         26 weeks ended
-----------------------------------------                                           ------------------------------------------------------------------------------------                                                 ----------------------------------------------------------------------------------------
                                                                                               October 28,                                             October 29,                                                                   October 28,                                               October 29,
                                                                                                  2017                                                    2016                                                                          2017                                                      2016
                                                                                    ------------------------------                        ----------------------------------                                             --------------------------------                        ------------------------------------
Gross margin
   BNC                                                                                     22.5                    %                                 22.3                    %                                                    21.8                    %                                   21.7                    %
   MBS (b)                                                                                 25.4                    %                       --                    %                                                    23.3                    %                         --                    %
   Elimination                                                                           (119.2                   )%                       --                    %                                                    (0.1                   )%                         --                    %
Total gross margin                                                                         24.5                    %                                 22.3                    %                                                    22.9                    %                                   21.7                    %
                                                                                                                                                                                                                                                                                  
Selling and administrative expenses
   BNC                                                                                     13.1                    %                                 13.1                    %                                                    18.4                    %                                   18.3                    %
   MBS                                                                                     11.1                    %                       --                    %                                                    10.5                    %                         --                    %
Total selling and administrative expenses                                                  13.0                    %                                 13.1                    %                                                    17.3                    %                                   18.3                    %
     
(a)                      Effective with the acquisition of MBS Textbook Exchange, LLC
                         ("MBS") on February 27, 2017, we determined that we have two
                         reportable segments: Barnes & Noble College Booksellers, LLC
                         ("BNC") and MBS, whereas BNC was previously our only reportable
                         segment prior the acquisition. For more information, see the
                         Explanatory Note.
                          
(b)                      Excludes $1,025 and $3,273 of incremental cost of sales related to
                         inventory fair value amortization for the 13 and 26 weeks ended
                         October 28, 2017, respectively.
                          
(c)                      For additional information, see Note (a) in the Non-GAAP
                         disclosure information of this Press Release.
 
 
                                                                                                                              BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
                                                                                                                                               Consolidated Non-GAAP Information
                                                                                                                                                        (In thousands)
                                                                                                                                                          (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                  
Adjusted Earnings                                                                                                                            13 weeks ended                                                                                                                    26 weeks ended
                                                                                                   --------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------
                                                                                                              October 28,                              October 29,                                                                     October 28,                    October 29,
                                                                                                                 2017                                                        2016                                                                            2017                                              2016
                                                                                                   ------------------------------                        -----------------------------------------                                             -----------------------------                        ------------------------
Net income                                                                                           $  48,395                                                 $         29,289                                                                  $ 13,612                                                    $          1,373
Reconciling items, after-tax (below)                                                                     1,519                                           394                                                  6,525                                            2,425
                                                                                                   --------------------------------                      -------------------------------------------                                           -------------------------------                      --------------------------
Adjusted Earnings (Non-GAAP)                                                                         $  49,914                              $         29,683                                               $ 20,137                                 $          3,798
                                                                                                   === ======= ====================                      ======= ============== ====================                                           === ====== ====================                      ========== ==============
                                                                                                                                                                                                                                                                                                     
Reconciling items, pre-tax
   Inventory valuation amortization (MBS) (non-cash) (a)                                             $   1,025                                                 $ --                                                                  $  3,273                                                    $ --
   Restructuring and other charges (b)                                                                     193                                                   --                                                                     5,429                                                               1,790
   Transaction costs (c)                                                                                 1,257                                           644                                                  1,846                                            2,171
                                                                                                   --------------------------------                      -------------------------------------------                                           -------------------------------                      --------------------------
Reconciling items, pre-tax                                                                               2,475                                                              644                                                                    10,548                                                               3,961
       Less: Pro forma income tax impact (d)                                                               956                                           250                                                  4,023                                            1,536
                                                                                                   --------------------------------                      -------------------------------------------                                           -------------------------------                      --------------------------
Reconciling items, after-tax                                                                         $   1,519                              $            394                                               $  6,525                                 $          2,425
                                                                                                   === ======= ====================                      ======= ============== ====================                                           === ====== ====================                      ========== ==============
                                                                                                                                                                                                                                                                                                     
Adjusted EBITDA                                                                                                                              13 weeks ended                                                                                                                    26 weeks ended
                                                                                                   --------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------
                                                                                                              October 28,                                                 October 29,                                                                     October 28,                                       October 29,
                                                                                                                 2017                                                        2016                                                                            2017                                              2016
                                                                                                   ------------------------------                        -----------------------------------------                                             -----------------------------                        ------------------------
Net income                                                                                           $  48,395                                                 $         29,289                                                                  $ 13,612                                                    $          1,373
Add:
   Depreciation and amortization expense                                                                16,704                                                           12,987                                                                    31,721                                                              25,908
   Interest expense, net                                                                                 1,836                                                              630                                                                     4,874                                                               1,296
   Income tax expense                                                                                   33,025                                                           26,841                                                                     9,231                                                               1,329
   Inventory valuation amortization (MBS) (non-cash) (a)                                                 1,025                                                   --                                                                     3,273                                                      --
   Restructuring and other charges (b)                                                                     193                                                   --                                                                     5,429                                                               1,790
   Transaction costs (c)                                                                                 1,257                                           644                                                  1,846                                            2,171
                                                                                                   --------------------------------                      -------------------------------------------                                           -------------------------------                      --------------------------
Adjusted EBITDA (Non-GAAP)                                                                           $ 102,435                              $         70,391                                               $ 69,986                                 $         33,867
                                                                                                   === ======= ====================                      ======= ============== ====================                                           === ====== ====================                      ========== ==============
     
(a)                      For the 13 and 26 weeks ended October 28, 2017, gross margin
                         includes $1.0 million and $3.3 million of incremental cost of
                         sales related to amortization of the MBS inventory fair value
                         adjustment of $3.7 million recorded as of the acquisition date,
                         February 27, 2017. The non-cash fair value inventory adjustment
                         for MBS was recognized over six months from the date of
                         acquisition and was allocated based on monthly sales.
                          
(b)                      On July 19, 2017, Mr. Max J. Roberts resigned as Chief Executive
                         Officer of the Company and Mr. Michael P. Huseby was appointed to
                         the position of Chief Executive Officer and Chairman of the Board,
                         both effective as of September 19, 2017. Pursuant to the terms of
                         the Retirement Letter Agreement, Mr. Roberts received an aggregate
                         payment of approximately $4.4 million, comprised of salary, bonus
                         and benefits. In addition, the Company paid Mr. Roberts and Mr.
                         Huseby a one-time cash transition payment of approximately $0.5
                         million and $0.3 million, respectively, at the time of the
                         transition. During the 26 weeks ended October 28, 2017, we
                         recognized restructuring and other charges of approximately $5.4
                         million, which is comprised of the termination and transition
                         payments. For additional information, see Form 8-K dated July 19,
                         2017, filed with the SEC on July 20, 2017.
                                                            
                         In Fiscal 2016, we implemented a plan to restructure our digital
                         operations which was completed in the first quarter of Fiscal 2017,
                         and was primarily comprised of costs related to employee matters.
                                                            
(c)                      Transaction costs are costs incurred for business development and
                         acquisitions.
                                                            
(d)                      Represents the income tax effects of the non-GAAP items.
 
 
Use of Non-GAAP Financial Information - Adjusted Earnings and
Adjusted EBITDA
 
To supplement the Company’s condensed consolidated financial
statements presented in accordance with generally accepted
accounting principles ("GAAP"), in the Press Release attached hereto
as Exhibit 99.1, the Company uses the non-GAAP financial measures of
Adjusted Earnings (defined as Net Income adjusted for certain
reconciling items) and Adjusted EBITDA (defined by the Company as
earnings before interest, taxes, depreciation and amortization, as
adjusted for additional items subtracted from or added to net
income).
                                                              
These non-GAAP financial measures are not intended as substitutes
for and should not be considered superior to measures of financial
performance prepared in accordance with GAAP. 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. These non-GAAP financial
measures should not be considered as alternatives to net income as
an indicator of the Company’s performance or any other measures of
performance derived in accordance with GAAP.
                                                              
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. The Company’s management believes
that these measures are useful performance measures which are used
by the Company to facilitate a comparison of on-going operating
performance on a consistent basis from period-to-period. The
Company’s management believes that these Non-GAAP financial measures
provide for a more complete understanding of factors and trends
affecting the Company’s business than measures under GAAP can
provide alone, as it excludes certain items that do not reflect the
ordinary earnings of its operations. The Company’s Board of
Directors and management also use Adjusted EBITDA as one of the
primary methods for planning and forecasting overall expected
performance, for evaluating on a quarterly and annual basis actual
results against such expectations, and as a measure for performance
incentive plans. 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.
                                                              
The non-GAAP measures included in the Press Release attached hereto
as Exhibit 99.1 has been reconciled to the comparable GAAP measures
as required under Securities and Exchange Commission (the "SEC")
rules regarding the use of non-GAAP financial measures. 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. The Company urges
investors to carefully review the GAAP financial information
included as part of the Company’s Form 10-K dated April 29, 2017
filed with the SEC on July 12, 2017, which includes consolidated
financial statements for each of the three years for the period
ended April 29, 2017 (Fiscal 2017, Fiscal 2016, and Fiscal 2015) and
the Company’s Quarterly Report on Form 10-Q for the period ended
July 29, 2017 filed with the SEC on August 30, 2017.
 
 
                                                                                                                                                                                                                                     BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
                                                                                                                                                                                                                                     Sales Information
                                                                                                                                                                                                                                     (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                         
Total Sales
The components of the sales variances for the 13 and 26 week
periods are as follows:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Dollars in millions                                                                                                                                                                                                                                                                                                                                                                                                                                                       13 weeks ended                                                                                                                            26 weeks ended
                                                                                                                                                                                                                                                                                                                                                                                                              ------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                        October 28,                             October 29,                                                                    October 28,                             October 29,
                                                                                                                                                                                                                                                                                                                                                                                                                           2017                                                       2016                                                                           2017                                                       2016
                                                                                                                                                                                                                                                                                                                                                                                                              ----------------------------                        -----------------------------------------                                             ----------------------------                        -----------------------------------------
MBS Sales (a)
   Wholesale                                                                                                                                                                                                                                                                                                                                                                                                                $  47.5                                                 $ --                                                                  $ 140.0                                                 $ --
   Direct                                                                                                                                                                                                                                                                                                                                                                                                                   87.4                                --                                                 134.7                                --  
                                                                                                                                                                                                                                                                                                                                                                                                              ------------------------------                      -------------------------------------------                                           ------------------------------                      -------------------------------------------
                                                                                                                                                                                                                                           MBS total sales subtotal:                                             $ 134.9                                                 $ --                                                                  $ 274.7                                                 $ --
BNC Sales
   New stores (b)                                                                                                                                                                                                                                                                                                                                                                                                                $  26.3                                                 $           50.0                                                                  $  41.7                                                 $           58.5
   Closed stores (b)                                                                                                                                                                                                                                                                                                                                                                                                                   (5.2 )                                                          (10.7 )                                                                   (7.5 )                                                          (12.5 )
   Comparable stores (c)                                                                                                                                                                                                                                                                                                                                                                                                                  (33.8 )                                                          (24.5 )                                                                  (38.6 )                                                          (32.6 )
                                                                                                                                                                                                                                                                                                                                                                                                                       2.2                                                             (3.6 )                                                                    3.6                                                             (2.2 )
   Textbook rental deferral                    
   Service revenue (d)                                                                                                                                                                                                                                                                                                                                                                                                                    4.5                                                              2.3                                                                      6.4                                                              2.4
   Other (e)                                                                                                                                                                                                                                                                                                                                                                                                                   (2.9 )                                                            1.3                                                  (3.7 )                                                            1.5  
                                                                                                                                                                                                                                                                                                                                                                                                              ------------------------------                      -------------------------------------------                                           ------------------------------                      -------------------------------------------
                                                                                                                                                                                                                                           BNC total sales subtotal:                                             $  (8.9 )                                               $           14.8                                                                  $   1.9                                                 $           15.1
Eliminations (f)                                                                                                                                                                                                                                                                                                                                                                                                                $  (9.8 )                                               $ --                                               $ (43.9 )                                               $ --  
                                                                                                                                                                                                                                                                                                                                                                                                              --- ----- --------------------                      ------- -------------- --------------------                                           --- ----- --------------------                      ------- -------------- --------------------
                                                                                                                                                                                                                                           Total sales variance                                             $ 116.2                              $           14.8                                               $ 232.7                              $           15.1  
                                                                                                                                                                                                                                                                                                                                                                                                              === ===== ====================                      ======= ============== ====================                                           === ===== ====================                      ======= ============== ====================
     
(a)                      On February 27, 2017, we acquired MBS Textbook Exchange, LLC
                         ("MBS"). The condensed consolidated financial statements for the 13
                         and 26 weeks ended October 28, 2017 include the financial results of
                         MBS and all material intercompany accounts and transactions have
                         been eliminated in consolidation. The condensed consolidated
                         financial statements for the 13 and 26 weeks ended October 29, 2016
                         exclude the financial results of MBS.
                          
                         Our retail business (BNC and MBS Direct) is highly seasonal, with
                         sales generally highest in the second and third fiscal quarters,
                         when college students generally purchase textbooks for the upcoming
                         semesters, and lowest in the first and fourth fiscal quarters. Sales
                         attributable to our MBS wholesale business are generally highest in
                         our first, second and third quarter, as it sells textbooks for
                         retail distribution, which somewhat offsets the decreased first
                         quarter sales attributable to our retail business.
                          
(b)                      The following is a store count summary for BNC physical stores and
                         MBS virtual stores:
                                                                                                    
                                                                                             13 weeks ended October 28, 2017                                                      13 weeks ended October 29, 2016
                                                                                 ------------------------------------------------------                                          -------------------------------
                                                                                   BNC Stores      MBS Direct Stores                                                     BNC Stores
                                                                                 --------------                      -----------------                                           -------------------------------
Stores opened                                                                    --                                      4                                                                         1
Stores closed                                                                                 4                                     12                                                            --
Number of stores open at end of period                                                      777                                    706                                                                       771
                                                                                                                                                                                                                  
                                                                                             26 weeks ended October 28, 2017                                                      26 weeks ended October 29, 2016
                                                                                 ------------------------------------------------------                                          -------------------------------
                                                                                   BNC Stores                         MBS Direct Stores                                                     BNC Stores
                                                                                 --------------                      -----------------                                           -------------------------------
Stores opened                                                                                24                                     14                                                                        34
Stores closed                                                                                16                                     20                                                                        14
Number of stores open at end of period                                                      777                                    706                                                                       771
     
(c)                      See below.
                          
(d)                      Service revenue includes Student Brands, brand partnerships,
                         Promoversity, LoudCloud, shipping and handling and revenue from
                         other programs.
                          
(e)                      Other includes certain adjusting items related to return reserves
                         and other deferred items.
                          
(f)                      Eliminate MBS sales to BNED and BNED commissions earned from MBS.
 
 
Comparable Sales - Barnes & Noble College
 
Comparable store sales variances by category for the 13 and 26 and
week periods are as follows:
                                                                                                                                                                                                        
                                                                                                                                                    13 weeks ended                                                                                                                                                                                    26 weeks ended
                                                                           ----------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         October 28, 2017                                               October 29, 2016                                                                    October 28, 2017                                       October 29, 2016
                                                                           ----------------------------------------------------------------------------                                          ------------------------------------------                                          ------------------------------------------                                          ------------------------------------------------------------
Textbooks                                                                        $   (28.9 )                                (5.0 )%                                            $ (21.2 )     (3.7 )%                                            $ (36.5 )     (5.5 )%                                            $ (30.0 )     (4.4                   )%
General Merchandise                                                                   (3.4 )                                                   (1.9 )%                                               (2.3 )                        (1.3 )%                                                0.2                           0.1  %                                               (0.7 )                        (0.2                   )%
Trade Books                                                                           (1.5 )                                                  (11.2 )%                                               (0.8 )                        (5.6 )%                                               (2.2 )                        (8.3 )%                                               (1.5 )                        (5.2                   )%
Other                                                                       --                        --  %                                               (0.2 )                       (88.0 )%                                               (0.1 )                       (88.2 )%                                               (0.4 )                       (88.7                   )%
                                                                           ------------------------------------                                                                                  -----------                                                                         -----------                                                                         -----------
    Total Comparable Store Sales                                                 $   (33.8 )                                                   (4.4 )%                                            $ (24.5 )                        (3.2 )%                                            $ (38.6 )                        (3.9 )%                                            $ (32.6 )                        (3.3                   )%
                                                                           ======= ======= ====================                                                                                  == ===== ==                                                                         == ===== ==                                                                         == ===== ==
                                                                                                                                                                                                                                                                                                                                                                                                                 

Effective for the first quarter of Fiscal 2017, comparable store sales includes sales from stores that have been open for an entire fiscal year period, does not include sales from closed stores for all periods presented, and digital agency sales are included on a gross basis. We believe the current comparable store sales calculation method better reflects the manner in which management views comparable sales, as well as the seasonal nature of our business. Prior year comparable store sales have been updated to exclude store inventory sales to MBS, which are reflected as intercompany inventory transfers since the acquisition.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20171205005366r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20171205005366/en/

SOURCE: Barnes & Noble Education, Inc.

Barnes & Noble Education, Inc. 
Media: 
Carolyn J. Brown, 908-991-2967 
Vice President 
Corporate Communications 
cbrown@bned.com 
or 
Investors: 
Thomas Donohue, 908-991-2966 
Vice President 
Treasurer and Investor Relations 
tdonohue@bned.com


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.