US: Barnes & Noble Education’s losses shorten
Barnes & Noble Education, the provider of educational products and services for higher education and K12, reported a net loss of $68.9 million for its 2022 fiscal year ending 30 April 2022, compared to a net loss of $139.8 million reported for its 2021 fiscal year.
The total sales figure for fiscal year 2022 was $1.53 billion, up from $1.43 billion reported for the 2021 fiscal year.
The Basking Ridge, New Jersey-based company also reported results for the fourth quarter of its 2022 fiscal year ending 30 April 2022. Its net loss for the period was $11 million, an improvement on the net loss of $52.4 million reported for Q4 2021.
The total sales figure for the quarter was $260.8 million, up from $222.8 million reported for the fourth quarter of fiscal year 2021.
Barnes & Noble Education’s chairmen and chief executive Michael P Huseby said: “Entering into fiscal 2022 we expected certain challenges to persist, including declining enrolments, fewer international students, ongoing remote and virtual class offerings, and fewer on campus activities. Fiscal 2022 proved to be more challenging than we anticipated – both the fall and spring academic terms were disrupted by new Covid strains. 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.
“Many of our campus partners see the value in ensuring their students have all of their required course materials on or before the first day of class with BNC’s First Day Complete revenue growing more than five-times over the prior year, while our First Day by Course offering simultaneously grew 24%. For the upcoming fall term, 112 of our campus stores are committed to utilise First Day Complete, representing undergraduate enrolment of approximately 547,000 students, an 85% growth rate over fall 2021 based on undergraduate student enrolment. Our partnership with FLC and Fanatics, which was in start-up mode for much of fiscal year 2022, propelled our general merchandise business growth of 76% on a comparable sales basis. Our high-margin DSS business continued to help tutor students, gaining 400,000 gross subscribers while posting 40% annual revenue growth for bartleby’s digital offerings.”
“As we look out to fiscal 2023, while we expect certain challenges to persist, especially those continuing to impact our wholesale business, we expect our results to improve significantly over fiscal 2022, benefitting from the continued growth of our strategic initiatives and the return to a more traditional on-campus learning and events environment.”