Barnes & Noble Education announced results for the third quarter ended January 31, with sales up 11.3 percent to $515.1 million due to increases in the company’s BNC First Day course material bundles and an increase in physical and virtual stores. Operating income fell 2.7 percent to $14.6 million. Net income was down 62.9 percent to $6.7 million, due to a restructuring gain and tax benefit in the comparable period. Adjusted EBITDA fell 4.6 percent to $23.6 million due to “timing differences in revenue recognition” that led to lower gross margins, plus costs of investigating previous accounting errors. Comparable store […]
