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Barnes & Noble Education (BNED) investor relations material
Barnes & Noble Education Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for the quarter ended January 25, 2025 increased 2.1% year-over-year to $466.3 million, driven by BNC First Day® program growth and offset by store closures.
Net income improved by $17 million to $7.1 million, including a $7.6 million restructuring gain and a $10.7 million tax provision.
Adjusted EBITDA for the quarter rose 29.8% to $27.4 million, reflecting cost-saving initiatives and higher sales from First Day® programs.
The company completed major deleveraging transactions, including a $95 million equity raise, term loan conversion, and credit facility refinancing.
Opened new campus stores at Syracuse University and N.C. A&T, with additional commitments secured.
Financial highlights
Total sales for the quarter were $466.3 million, up $9.7 million year-over-year; year-to-date sales were $1,331.9 million, up $0.7 million.
Gross Comparable Store Sales grew 6.6% year-over-year, up $30.1 million.
Gross margin for the quarter was 20.7% of sales, down from 21.9% last year, mainly due to higher markdowns and inventory reserves.
Adjusted EBITDA year-to-date rose 57% to $72.7 million.
Year-to-date net loss was $42.6 million, impacted by a $55.2 million non-cash debt extinguishment loss.
Outlook and guidance
Management expects continued growth in BNC First Day® programs, with plans to scale First Day Complete adoption in fiscal 2025 and beyond.
The company anticipates improved financial flexibility and reduced interest expense following recent capital and refinancing transactions.
Gross comparable store general merchandise sales are expected to increase long-term as product assortments evolve and e-commerce expands.
Management expects improved free cash flow in the next fiscal year after a transitory adjustment period.
Focus remains on expense discipline, revenue growth, and balance sheet improvements.
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