Barnes & Noble Education, Inc. BNED reported its first-quarter financial results after Tuesday’s closing bell. Here’s a look at the details from the report. 

The Details: Barnes & Noble Education reported quarterly sales of $263.4 million, which missed the analyst consensus estimate of $268.321 million by 1.83% and is a 0.29% from the same period last year. The company said it is a highly seasonal business, and the first quarter is historically a period of low sales activity for the company.

The decrease in quarterly revenue was primarily driven by a net decrease in physical locations, many of which were closures of underperforming stores, the company said. Revenues from BNC First Day programs increased approximately $19.6 million, or 32%, helping to offset much of the decline.

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“It was a very busy quarter as we completed our milestone equity and refinancing transactions and worked hard to prepare for the upcoming Fall Rush with our store teams, vendors and other business partners. We are excited by the momentum and fresh energy as we enter the new academic year,” said Jonathan Shar, CEO of Barnes & Noble Education.

Outlook: The company anticipates spending approximately $20 million on capital expenditures in fiscal year 2025, with the bulk of those investments focused on store improvements and technology. Barnes & Noble Education did not provide formal guidance, but said “management’s budget goals target a material improvement in fiscal year 2025 GAAP operating results and Adjusted EBITDA versus last year.”

BNED Price Action: According to Benzinga Pro, Barnes & Noble Education shares are down 5.13% after-hours at $10.27 after dropping 5% in regular trading Tuesday.

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Photo: Mediamodifier from Pixabay