From Shelf Awareness:
Consolidated sales at Barnes & Noble Education in the first quarter ended July 29 rose 48.7%, to $355.7 million, while the consolidated net loss rose to $34.8 million from $27.9 million in the same period last year. The sales jump comes from the inclusion of revenue from MBS Textbook Exchange, which B&N Education bought earlier this year.
Wall Street didn’t like the loss, which was larger than anticipated: yesterday, B&N Education’s stock fell 17.7%, closing at $5.61 a share, in higher than usual volume on a day most stocks rose.
In the quarter, sales at B&N College stores open at least a year fell 2.5%, representing some $5.5 million in revenue. The company attributed the decrease primarily to textbook sales, which were down 8.5%, partially offset by an increase in general merchandise sales of 3.3%, especially by branded apparel and gift sales. General merchandise represented about half of all sales in the quarter for B&N College.
During the quarter, B&N College opened 24 new physical stores, bringing its total to 781.
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The company predicted that B&N College sales will decline during the fiscal year in the “low- to mid-single digit percentage point range year over year.”
Link to the rest at Shelf Awareness