Barnes & Noble Education reported third quarter earnings for the period ended January 29, with sales of $403 million, down 2 percent from $412 million last year. Net loss was $(36.8) million, down from $(48.3) million last year, and adjusted EBITDA was $(13.1) million, compared to $(20.8) million last year. The Omicron surge caused campuses to delay the start of spring semester classes and/or hold them virtually, leading to lost or delayed sales in the quarter. That led to a reduction in guidance as well: For fiscal 2023 the company expects adjusted EBITDA “to be lower than pre-COVID levels, as […]
Booksellers
Barnes & Noble Education Sees A Glimmer of Reopening
Barnes & Noble Education reported results for the fiscal first quarter, ending July 31, “historically a period of low sales” and seasonal losses. With “the reopening of a majority of its campus stores,” revenues were a little less disastrous than a year ago, when they fell 35 percent. Sales were $241 million for the quarter, recovering $36 million but still well below normal, with a net loss of $(44.3) million, slightly better than the $(46.7) million loss a year ago. That was a little ahead of expectations and shares jumped over 15 percent in the first hour of trading Thursday […]
WH Smith Says Travel Store Sales Are A Little Less Terrible
On the initial close of their fiscal year, UK retailer WH Smith is “encouraged by the improving trends” at their travel stores, which operated at 55 percent of fiscal 2019’s sales in the second half of the year. At their High Street bookstores, results have been flat or slightly declining during the fiscal year: The first quarter was up to 88 percent of pre-pandemic 2019 sales; Q2 was at 84 percent; and the second half was at 85 percent, but the most recent 8 weeks were are 84 percent. The company says, “We continue to focus on the return on […]
BookTok, Store Pick-Up Drive Indigo Gains in Q1
On Friday, Indigo announced results for the first quarter of fiscal year 2022 ended July 3, with sales of CA$172 million, up from $135 million last year, an increase of 27.4 percent. The net loss for the quarter was $21.9 million, compared to a $31.6 million loss last year. Print sales for the quarter were $104.6 million, up from $84.1 last year, driven by BookTok’s influence on backlist sales, particularly for teens, bringing a younger audience to their online business. Retail revenue increased 114.8 percent to $90.2 million, driven by store pick-up, which was up almost five times over last […]
BookTok, Store Pick-Up Drive Indigo Gains
On Friday, Indigo announced results for the first quarter of fiscal year 2022 ended July 3, with sales of CA$172 million, up from $135 million last year, an increase of 27.4 percent. Print sales for the quarter were $104.6 million, up from $84.1 last year, driven by BookTok’s influence on backlist sales, particularly for teens, bringing a younger audience to their online business. Retail revenue increased 114.8 percent to $90.2 million, driven by store pick-up, which was up almost five times over last year. Online sales were more than three times that of pre-COVID levels. During the quarter, Indigo reopened […]
Sales Remain Down at WH Smith
UK retailed WH Smith issued a brief trading update, covering the awkward period of the 18 weeks ending July 1 (e.g. roughly a third of the year). High street bookstore sales were down 14 percent compared to the norm in fiscal 2019 — or, as they like to put it, 86 percent of the previous level. Second quarter sales were down 16 percent, and first quarter sales were down 12 percent on the same comparison basis. “This performance reflects high street footfall which remains below pre-pandemic levels.” Their travel stores are recovering a little, though still suffering badly, at 48 […]