Consolidated fourth quarter non-GAAP Adjusted EBITDA loss was $(31.4) million, compared to a non-GAAP Adjusted EBITDA loss of $(20.7) million in the prior year; consolidated fiscal year non-GAAP Adjusted EBITDA loss was $(65.6) million, as compared to non-GAAP Adjusted EBITDA of $42.2 million in the prior year. Data may be intentionally delayed pursuant to supplier requirements. The challenges within its wholesale business, including constrained used book inventory and higher inflationary pressures on wages and freight, are expected to persist. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the 'unsubscribe' section below. DSS non-GAAP Adjusted EBITDA is expected to be near fiscal year 2022 levels as revenue growth is offset by investments in product enhancements. [Online]. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). The Company has three reportable segments: Retail, Wholesale and Digital Student Solutions (DSS). Results for the 13 weeks and 52 weeks of fiscal year 2021 and the 14 weeks and 53 weeks of fiscal year 2020 are as follows: (1) These non-GAAP financial measures have been reconciled in the attached schedules to the most directly comparable GAAP measure as required under SEC rules regarding the use of non-GAAP financial measures. Financial results for the fourth quarter and fiscal year 2022: * Please create an employee account to be able to mark statistics as favorites. The place or location of Barnes & Noble varies across the country, but there is approximately 630 brick and mortar stores (2018 Barnes & Noble Annual Report). Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, among others: risks associated with COVID-19 and the governmental responses to it, including its impacts across our businesses on demand and operations, as well as on the operations of our suppliers and other business partners, and the effectiveness of our actions taken in response to these risks; general competitive conditions, including actions our competitors and content providers may take to grow their businesses; a decline in college enrollment or decreased funding available for students; decisions by colleges and universities to outsource their physical and/or online bookstore operations or change the operation of their bookstores; implementation of our digital strategy may not result in the expected growth in our digital sales and/or profitability; risk that digital sales growth does not exceed the rate of investment spend; the performance of our online, digital and other initiatives, integration of and deployment of, additional products and services including new digital channels, and enhancements to higher education digital products, and the inability to achieve the expected cost savings; the risk of price reductions or changes in formats of course materials by publishers, which could negatively impact revenues and margin; the general economic environment and consumer spending patterns; decreased consumer demand for our products, low growth or declining sales; the strategic objectives, successful integration, anticipated synergies, and/or other expected potential benefits of various acquisitions may not be fully realized or may take longer than expected; the integration of the operations of various acquisitions into our own may also increase the risk of our internal controls being found ineffective; changes to purchase or rental terms, payment terms, return policies, the discount or margin on products or other terms with our suppliers; our ability to successfully implement our strategic initiatives including our ability to identify, compete for and execute upon additional acquisitions and strategic investments; risks associated with operation or performance of MBS Textbook Exchange, LLCs point-of-sales systems that are sold to college bookstore customers; technological changes; risks associated with counterfeit and piracy of digital and print materials; our international operations could result in additional risks; our ability to attract and retain employees; risks associated with data privacy, information security and intellectual property; trends and challenges to our business and in the locations in which we have stores; non-renewal of managed bookstore, physical and/or online store contracts and higher-than-anticipated store closings; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks, resulting in harm to our business and results of operations; disruption of or interference with third party web service providers and our own proprietary technology; work stoppages or increases in labor costs; possible increases in shipping rates or interruptions in shipping service; product shortages, including decreases in the used textbook inventory supply associated with the implementation of publishers digital offerings and direct to student textbook consignment rental programs, as well as the risks associated with the impacts that public health crises may have on the ability of our suppliers to manufacture or source products, particularly from outside of the United States; changes in domestic and international laws or regulations, including U.S. tax reform, changes in tax rates, laws and regulations, as well as related guidance; enactment of laws or changes in enforcement practices which may restrict or prohibit our use of texts, emails, interest based online advertising, recurring billing or similar marketing and sales activities; the amount of our indebtedness and ability to comply with covenants applicable to current and /or any future debt financing; our ability to satisfy future capital and liquidity requirements; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; adverse results from litigation, governmental investigations, tax-related proceedings, or audits; changes in accounting standards; and the other risks and uncertainties detailed in the section titled Risk Factors in Part I - Item 1A in our Annual Report on Form 10-K for the year ended April 30, 2022. While the report noted Daunt has been forced to cut costs these past few months by laying off employees and trimming the number of open Barnes & Noble stores, he expressed confidence in the . Institutions implemented remote and hybrid learning models, seemingly overnight. Normally, the . Next month, 24th March, 03:00 pm, Easter Bunny Here at Flagstaff Mall! For Retail Gross Comparable Store Sales, sales for logo and emblematic general merchandise fulfilled by FLC, Fanatics and digital agency sales are included on a gross basis for consistent year-over-year comparison. Moreover, we operate in a very competitive and rapidly changing environment. Sales have been in free fall ever since. In-store and online logo and emblematic general merchandise sales fulfilled by FLC and Fanatics, respectively, and are recognized on a net commission revenue basis, as compared to the recognition of logo and emblematic sales on a gross basis in the prior year period. Wholesale non-GAAP Adjusted EBITDA for the quarter was $(8.0) million, as compared to $(7.3) million in the prior year period. Weighted average common shares outstanding: (a) For additional information, see Note (a) - (d) in the Non-GAAP disclosure information of this Press Release. Comparable store sales variances by category are as follows: The results of operations for the fourth quarter and full-year ended May 1, 2021 and consisted of 13 weeks and 52 weeks, respectively, as compared to 14 weeks and 53 weeks in the prior year. Purchases of property and equipment are also referred to as capital expenditures. Significant joint go-to-market activity planned with Fanatics and Lids to attract new business through enhanced offering. Probability Of Bankruptcy is a relative measure of the likelihood of financial distress. . Yet, despite the macro challenges that the industry faced, we are highly encouraged by the progress that has been made against our key strategic initiatives and how strongly they are resonating with our campus partners. The Company believes that Free Cash Flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements and assists investors in their understanding of the Companys operating profitability and liquidity as the Company manages to the business to maximize margin and cash flow. Fourth quarter Retail sales increased $38.0 million, or 18.3%, as compared to the prior year period. Barnes & Noble CEO James Daunt is altering the company's strategy to keep the business of traditional bookselling alive in today's current world, . Barnes & Noble. Our Nook Digital business offers a lineup of NOOK tablets and e-Readers . Some time late Friday night or early Saturday morning the retailer's entire IT backbone crashed, and it took almost all of the company's functionality with it. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Total fiscal year 2021 borrowings increased by only $2.9 million to $177.6 million as compared to the prior year period, led by working capital improvements, the sale of logo and emblematic merchandise inventory to Lids, and the strategic equity investment in BNED by Fanatics and Lids. The components of the sales variances for the 13 and 52 week periods are as follows: (a) The following is a store count summary for physical stores and virtual stores: In December 2020, we entered into merchandising partnership with Fanatics Retail Group Fulfillment, LLC, Inc. (Fanatics) and Fanatics Lids College, Inc. (FLC) (collectively referred to herein as the FLC Partnership). The Company expects significant improvement in its Retail business being driven by new First Day Complete implementations, growth within its general merchandise business and new business wins. Corporate Communications & Public Affairs Tweet. We expect these initiatives to make our offerings for our campus partners even more relevant and to generate new business growth as more schools look to implement our valuable solutions. BASKING RIDGE, N.J.--(BUSINESS WIRE)-- Their efforts have been remarkable, and I could not be prouder, said Michael P. Huseby, Chairman and CEO, BNED. During the 52 weeks ended May 1, 2021, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Barnes & Noble Annual Membership Fee Waived if You Spend Enough: Being a Barnes & Noble member entitles you to free shipping on purchases at bn.com, as well as special discounts. BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES, Consolidated Statements of Operations (Unaudited). DSS fiscal year 2022 sales of $35.7 million increased $8.3 million, or 30.3%, as compared to the prior year period, primarily due to an increase in bartleby subscriptions. Copyright FactSet Research Systems Inc. All rights reserved. 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. Register or Buy Tickets, Price information. Fiscal 2022 proved to be more challenging than we anticipated both the Fall and Spring academic terms were disrupted by new COVID strains, said Michael P. Huseby, Chief Executive Officer and Chairman, BNED. Our investing activities consist principally of capital expenditures for contractual capital investments associated with renewing existing contracts, new store construction, digital initiatives and enhancements to internal systems and our website. We have three reportable segments: Retail, Wholesale and DSS as follows: Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources. CHOOSE ONE. Prepaid expenses and other current assets, Preferred stock, $0.01 par value; authorized, 5,000 shares; issued and outstanding, none, Common stock, $0.01 par value; authorized, 200,000 shares; issued, 53,327 and 52,140 shares, respectively; outstanding, 51,379 and 48,298 shares, respectively, Total liabilities and stockholders' equity, Consolidated Statements of Cash Flow (Unaudited). 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