Source: Kantar Media, Extraordinaries & Discontinued Operations. View PDF View Form 10K (HTML) View 2021 Environmental, Social & Governance Report. Retail Gross Comparable Store Sales are also referred to as "same-store" sales by others within the retail industry and the method of calculating comparable store sales varies across the retail industry. You can sign up for additional alert options at any time. Senior Vice President Effective April 4, 2021, as per the FLC merchandising partnership agreement, logo and emblematic general merchandise sales were fulfilled by FLC and we recognized commission revenue earned for these sales on a net basis. While it is difficult to predict the ongoing effects of the COVID-19 virus with any certainty, based on its current views, the Company expects to generate positive non-GAAP Adjusted EBITDA in fiscal year 2022, as most schools return to a traditional on-campus environment for learning and sporting activities. The challenges within its wholesale business, including constrained used book inventory and higher inflationary pressures on wages and freight, are expected to persist. by. During the 52 weeks ended May 1, 2021, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. MOST RECENT 2021 Annual Report and Form 10K. Management also uses Adjusted EBITDA by Segment to determine segment capital allocations. We believe the current comparable store sales calculation method reflects the manner in which management views comparable sales, as well as the seasonal nature of our business. 12 Months of a B&N membership. We review these non-GAAP financial measures as internal measures to evaluate our performance at a consolidated level and at a segment level and manage our operations. A little more than a year ago, Barnes & Noble CEO James Daunt used the forced closure of nearly all of his physical stores to begin refurbishing the interior . amilevoj@bned.com, Barnes & Noble Education Reports Fourth Quarter and Fiscal Year 2022 Financial Results. Retail non-GAAP Adjusted EBITDA was $(66.8) million for fiscal year 2021, compared to $36.2 million in the prior year period. Despite a slow December due to the omicron surge, 2021 was "another year of solid growth" at Barnes & Noble, according to CEO James Daunt, who spoke with PW from a hotel . As contemplated by the FLC Partnership's merchandising agreement, we sold our logo and emblematic general merchandise inventory to FLC and received proceeds of $41,773, and recognized a merchandise inventory loss on the sale of $10,262 in cost of goods sold during the 52 weeks ended May 1, 2021 for the Retail Segment. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. 31, 2020. Consolidated Statements of Cash Flow (Unaudited). We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense and (3) income taxes, (4) as adjusted for items that are subtracted from or added to net income (loss). Effective April 4, 2021, as contemplated by the FLC Partnership's merchandising agreement and e-commerce agreement, we began to transition the fulfillment of logo and emblematic general merchandise sales to FLC and Fanatics. View PDF View Form 10K (HTML) Older/Archived Annual Reports. Comparable sales data in this release exclude the impact of the additional week for fiscal 2020. Wholesale sales for fiscal year 2021 of $165.8 million decreased $32.5 million, or 16.4%, as compared to the prior year period, primarily due to lower textbook sales resulting from the COVID-19 pandemic. View Your Member Information. 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. Find unique places to stay with local hosts in 191 countries. DSS non-GAAP Adjusted EBITDA was $4.5 million for fiscal year 2021, compared to $3.4 million in the prior year period, benefitting from the growth in bartleby subscriptions. Fiscal year 2022 Retail sales increased $109.2 million, or 8.2%, as compared to the prior year period. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. A paid subscription is required for full access. We believe that these non-GAAP financial measures provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as they exclude certain items that management believes do not reflect the ordinary performance of our operations in a particular period. The stores range from 3,000 square feet to 60,000 square feet, with the average square feet around 26,000 square feet (2018 Barnes & Noble Annual Report). Refer to Note 2. 1 point for all your other non-Barnes & Noble purchases. Summary of Significant Accounting Policies to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended April 30, 2022, which is expected to be filed on or about June 29, 2022, for further information. By 2022, total sales at Barnes & Noble were 3% higher than pre-pandemic levels, with book sales up by 14%. We ensured students had their course materials wherever they were studying, and our DSS offerings provided on-demand digital tutoring and learning services to students at a time when their traditional resources were not as readily available. Depreciation and Amortization Expense Depreciation and amortization expense decreased by $8.9 million, or 14.4%, to $53.0 million during the 52 weeks ended May 1, 2021 from $61.9 million during the 53 weeks ended May 2, 2020. An employee in this position can expect an annual starting rate between $125 . Dollars). Comparable sales data in this release excludes the impact of the additional week in Fiscal Year 2020. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $27,630. The webcast of this investor conference can be accessed on BNEDs corporate website at investor.bned.com. We have three reportable segments: Retail, Wholesale and DSS as follows: Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources. During the 52 weeks ended May 1, 2021, we recognized restructuring and other charges totaling $9,960 comprised primarily of severance and other employee termination and benefit costs associated with the elimination of various positions as part of cost reduction objectives, and professional service costs for restructuring, process improvements, an actuarial gain related to a frozen retirement benefit plan (non-cash), shareholder activist activities, and costs related to development and integration associated with Fanatics and FLC partnership agreements. Purchases of property and equipment are also referred to as capital expenditures. During the 53 weeks ended May 2, 2020, we recognized restructuring and other charges totaling $18,567 comprised primarily of severance and other employee termination and benefit costs associated with several management changes and the elimination of various positions as part of cost reduction objectives, an actuarial loss related to a frozen retirement benefit plan (non-cash), store impairment loss, and professional service costs for restructuring, process improvements, and shareholder activist activities. Andy Milevoj For additional information, see "Use of Non-GAAP Financial Information" in the Non-GAAP disclosure information of this Press Release. This statistic presents the sales figures of Barnes and Noble's e-reading device, NOOK, from the fiscal year 2010 to the fiscal year 2019. NEW YORK-- ( BUSINESS WIRE )-- Barnes & Noble, Inc. (NYSE: BKS) today reported sales and earnings for its fiscal 2019 fourth quarter and full-year ended April 27, 2019. For the 13 and 52 weeks ended April 30, 2022, gross margin excludes a merchandise inventory loss of $434 in the Retail Segment related to the final sale of our logo and emblematic general merchandise inventory to FLC discussed below. BARNES & NOBLE ANNUAL REPORT - Barnes & Noble, Inc. EN English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk Unknown Selling and administrative expenses for Corporate Services, which includes unallocated shared-service costs, such as various corporate level expenses and other governance functions, were $4.8 million for the quarter and $22.1 million for the fiscal year. The fourth quarter and full year ended May 1, 2021, consisted of 13 weeks and 52 weeks, respectively, as compared to 14 weeks and 53 weeks in the prior year. The place or location of Barnes & Noble varies across the country, but there is approximately 630 brick and mortar stores (2018 Barnes & Noble Annual Report). DSS fourth quarter sales of $8.3 million increased $1.7 million, or 25.8%, as compared to the prior year period. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. FY 2016: May 3, 2015 to April 30, 2016 The Companys senior management will host a virtual investor conference beginning at 9:00 am ET on Wednesday, June 30, 2021 to discuss the Company's financial results and long-term strategic initiatives. Commission File Number: 1-37499. BASKING RIDGE, N.J.--(BUSINESS WIRE)-- Barnes & Noble Education, Inc. (NYSE: BNED), a leading solutions provider for the education industry, today reported sales and earnings for the fourth quarter and fiscal year 2022, which ended on April 30, 2022. learning ecosystem, wholesale capabilities and more. We define Adjusted Earnings as net income (loss) adjusted for certain reconciling items that are subtracted from or added to net income (loss). The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Reports and Publications; SEC and Markets Data; Securities Laws; Upcoming Events; What We Do; Other. Corporate Finance & Investor Relations x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. To supplement the Total Sales table presented above, the Company uses Retail Gross Comparable Store Sales as a key performance indicator. Service revenue includes brand partnerships, shipping and handling, and revenue from other programs. Institutions implemented remote and hybrid learning models, seemingly overnight. Course material sales benefitted from the growth of the Companys inclusive access models, which collectively grew 91% on a full year basis to $234.2 million, despite overall undergraduate enrollment declines in higher education. 1400 Old Country Road. The adjustments increased our fiscal year 2021 reported net loss by $8.0 million but did not have an impact on our non-GAAP Adjusted EBITDA, cash flows or liquidity. BNEDs fiscal 2021 results were significantly impacted by the COVID-19 pandemic. BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES, Consolidated Statements of Operations (Unaudited). In August 2015, Barnes & Noble announced the completion of its College business. Use Ask Statista Research Service. Pros Of A Barnes And Noble Membership: If you shop at Barnes and Noble three or more times per year, then the $25 membership will easily pay for itself. DSS non-GAAP Adjusted EBITDA was $1.5 million for the quarter, compared to $1.1 million in the prior year period. As we look ahead to fiscal 2022 and beyond, we are focused on scaling our strategic initiatives, continued Mr. Huseby. Please see a more detailed definition in the Results table and Retail segment discussion below. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. 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