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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.
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Q3 2025 earnings summary10 Mar, 2025

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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Frequently asked questions

Barnes & Noble Education, Inc., together with its subsidiaries, provides educational products, services, and solutions to college and university campus bookstores. The company offers new, used, digital, and rental textbook options; general merchandise and trade items, including school supplies, memorabilia and collegiate clothing, electronics, backpacks and totes, graduation products, scholastic reference texts, study aides, and custom-published materials; dollar merchandise program; professional development training course and sale of resources for educators; off-campus access to digital courseware product resources through a fixed fee per registered student program that allows students to have access to the courseware product for the entire semester or term for one flat fee; and other technology-based educational services.

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