Barnes & Noble Education, Inc. (BNED) Earnings
Barnes & Noble Education, Inc. is expected to report next earnings on September 3, 2026 (in NaN days), with a consensus EPS estimate of $-0.48. BNED has beaten EPS estimates in 4 of its last 10 reported quarters (average surprise +41.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 24, 2026 | $-0.16 | $0.10 | +165.6% | $268M | -9.5% |
| Mar 9, 2026 | — | $0.19 | — | $515M | — |
| May 2, 2025 | — | $-0.68 | — | $278M | — |
| Mar 10, 2025 | $0.12 | $0.12 | +0.0% | $466M | +90.6% |
| Dec 9, 2024 | $60.00 | $1.91 | -96.8% | $602M | -3.3% |
| Sep 10, 2024 | $-81.00 | $-3.07 | +96.2% | $263M | -1.8% |
| Mar 12, 2024 | $-0.10 | $-2.00 | -1900.0% | $457M | +80.0% |
| Dec 6, 2023 | $0.44 | $55.00 | +12400.0% | $610M | -1.0% |
| Sep 6, 2023 | $-0.73 | $-86.00 | -11680.8% | $264M | +3.2% |
| Mar 9, 2023 | $-0.07 | $-22.00 | -31328.6% | $438M | +64.5% |
| Dec 6, 2022 | $0.77 | $46.00 | +5874.0% | $609M | -9.8% |
| Aug 31, 2022 | $-0.57 | $-97.00 | -16917.5% | $264M | +5.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2024 · December 6, 2023
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Mike Huseby mentioned decisive actions to transition to the First Day Complete model and cost reduction initiatives, with second quarter results showing progress. - Jonathan Shar discussed Retail segment results, noting growth in First Day programs, impact on comparable store sales, and general merchandise trends. - Kevin Watson discussed consolidated financial results, adjusted EBITDA, balance sheet, and CapEx, highlighting the shift to a more profitable and predictable FDC model.
Guidance
- Kevin Watson stated they are maintaining the fiscal 2024 adjusted EBITDA from continuing operations expectation of approximately $40 million. - The year-over-year increase in consolidated adjusted EBITDA is expected to be driven by growth in the retail segment, primarily due to growth in First Day programs and the impact of cost reduction actions.
Segment performance
**Retail Segment**: Total Retail segment revenue increased by $700,000 or 0.1% to $599.3 million in the second quarter. Course material comparable store sales grew by 5.8%, driven by a 39% increase in First Day programs revenue to $199.2 million. General merchandise comparable store sales declined by 1.7%. Retail adjusted EBITDA increased by $8.9 million. **Wholesale Segment**: Sales were essentially flat at $21 million. Wholesale gross profit was $6.1 million (29% of sales) in the second quarter of fiscal 2024, up from $5.5 million (25.8%) in the prior year. Wholesale non-GAAP adjusted EBITDA increased by $1 million.
Risks & headwinds
- The Board of Directors continues to review a broad range of strategic alternatives including potential capital raises, asset divestitures, sales of business, and pursuit of standalone growth plans.
Analyst Q&A
Q: Thanks for the strong quarter. Any updates on additional campuses in the pipeline for spring '24 and fall 2024?
A: Jonathan Shar said the pipeline for spring is consistent with past trends and there's robust momentum for fall '24, with hundreds of conversations with institutions.
Q: You mentioned First Day Complete growth offsetting à la carte decline. Does this mean courseware revenue should grow going forward?
A: Mike Huseby said exactly, the year-to-date increase in First Day and First Day Complete combined programs vs decline indicates a turn, with courseware revenue expected to grow.
Q: Talk about cash collection dynamics given deferred collection after drop add dates?
A: Mike Huseby explained the transition to a B2B revenue model, aligning financial and operating models, and that they've improved receivables collection, moving from B2C to B2B.