Barnes & Noble Education (BNED) Misses Q1 EPS by 10c, Miss on Revenues; FY18 EPS Mid-Point Outlook Above Consensus

Barnes & Noble Education (NYSE: BNED) reported Q1 EPS of ($0.75), $0.10 worse than the analyst estimate of ($0.65). Revenue for the quarter came in at $355.7 million versus the consensus estimate of $406.22 million.

Outlook

For fiscal year 2018, the Company expects sales at BNC to be relatively flat, while BNC comparable store sales are projected to decline in the low- to mid-single digit percentage point range year over year. In addition, the Company expects consolidated sales to be in the range of $2.25 billion to $2.35 billion before intercompany eliminations. Capital expenditures are expected to be approximately $50 million, an increase from fiscal 2017 due to new store growth at BNC.

Financial highlights for the first quarter 2018:

• Consolidated sales of $355.7 million increased by $116.5 million, or 48.7%, as compared to prior year period.
• BNC comparable store sales decreased 2.5% in the quarter, as compared with a decrease of 2.8% in the prior year period.
• Consolidated net loss of $(34.8) million, as compared with a net loss of $(27.9) million in the prior year period.
• Non-GAAP Adjusted EBITDA improved by $4.1 million to $(32.4) million, from $(36.5) million in the prior year period.
• Non-GAAP Adjusted Earnings of $(29.8) million, as compared to $(25.9) million in the prior year period.

GUIDANCE:

Barnes & Noble Education sees FY2018 revenue of $2.25-2.35 billion, versus the consensus of $2.28 billion.

For earnings history and earnings-related data on Barnes & Noble Education (BNED) click here.

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