Barnes & Noble, Inc. (NYSE: BKS) today reported
holiday sales for the nine-week holiday period ending December 30,
2017.
Total sales for the holiday period were $953 million, declining
6.4% as compared to the prior year. Comparable store sales also
declined 6.4% for the holiday period, while online sales declined
4.5%.
Entering December, the Company was encouraged by the comparable
store sales improvements throughout the second quarter and into
November. However, sales trends softened in December, primarily due
to lower traffic. The Company’s book business declined 4.5%,
outperforming the overall comparable store sales performance.
Declines in the gift, music and DVD categories accounted for nearly
half of the comparable store sales decrease.
The Company said it remains focused on executing its strategic
turnaround plan, which includes an aggressive expense management
program.
Based on the holiday sales results, the Company expects
comparable store sales to decline in the mid-single digits and
consolidated EBITDA to be in a range of $140 million to $160
million for fiscal 2018, excluding any unusual or non-recurring
items.
Barnes & Noble, Inc. will report fiscal 2018 third quarter
results on or about March 1, 2018.
About Barnes & Noble, Inc.
Barnes & Noble, Inc. (NYSE: BKS) is the nation’s largest
retail bookseller, and a leading retailer of content, digital media
and educational products. The Company operates 632 Barnes &
Noble bookstores in 50 states, and one of the Web’s premier
e-commerce sites, BN.com (www.bn.com). The Nook Digital business
offers a lineup of popular NOOK® tablets and eReaders and an
expansive collection of digital reading and entertainment content
through the NOOK Store®. The NOOK Store features more than 4.5
million digital books in the US (www.nook.com), plus periodicals
and comics, and offers the ability to enjoy content across a wide
array of popular devices through Free NOOK Reading Apps™ available
for Android™, iOS® and Windows®.
General information on Barnes & Noble, Inc. can be obtained
by visiting the Company's corporate website at
www.barnesandnobleinc.com.
BKS – Financial
Forward-Looking Statements
This press release contains certain forward-looking statements
(within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended) and information relating to Barnes & Noble that are
based on the beliefs of the management of Barnes & Noble as
well as assumptions made by and information currently available to
the management of Barnes & Noble. When used in this
communication, the words “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “will,” “forecasts,” “projections,” and
similar expressions, as they relate to Barnes & Noble or the
management of Barnes & Noble, identify forward-looking
statements.
Such statements reflect the current views of Barnes & Noble
with respect to future events, the outcome of which is subject to
certain risks, including, among others, the general economic
environment and consumer spending patterns, decreased consumer
demand for Barnes & Noble’s products, low growth or declining
sales and net income due to various factors, including store
closings, higher-than-anticipated or increasing costs, including
with respect to store closings, relocation, occupancy (including in
connection with lease renewals) and labor costs, the effects of
competition, the risk of insufficient access to financing to
implement future business initiatives, risks associated with data
privacy and information security, risks associated with Barnes
& Noble’s supply chain, including possible delays and
disruptions and increases in shipping rates, various risks
associated with the digital business, including the possible loss
of customers, declines in digital content sales, risks and costs
associated with ongoing efforts to rationalize the digital
business, risks associated with the eCommerce business, including
the possible loss of eCommerce customers and declines in eCommerce
sales, the risk that financial and operational forecasts and
projections are not achieved, the performance of Barnes &
Noble’s initiatives including but not limited to new store concepts
and eCommerce initiatives, unanticipated adverse litigation results
or effects, potential infringement of Barnes & Noble’s
intellectual property by third parties or by Barnes & Noble of
the intellectual property of third parties, and other factors,
including those factors discussed in detail in Item 1A, “Risk
Factors,” in Barnes & Noble’s Annual Report on Form 10-K for
the fiscal year ended April 29, 2017, and in Barnes & Noble’s
other filings made hereafter from time to time with the SEC.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those described as anticipated,
believed, estimated, expected, intended or planned. Subsequent
written and oral forward-looking statements attributable to Barnes
& Noble or persons acting on its behalf are expressly qualified
in their entirety by the cautionary statements in this paragraph.
Barnes & Noble undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise after the date of this
communication.
BARNES & NOBLE, INC. AND SUBSIDIARIES Non-GAAP
Reconciliation & Forward-Looking Statement (In
millions) (Unaudited)
Forward-Looking Fiscal 2018 EBITDA $ 140 $ 160
Depreciation and amortization (100 ) (100 ) Operating
income $ 40 $ 60
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version on businesswire.com: http://www.businesswire.com/news/home/20180104006430/en/
Barnes & Noble, Inc.Media:Mary Ellen Keating,
212-633-3323Senior Vice PresidentCorporate
Communicationsmkeating@bn.comInvestors:Andy Milevoj, 212-633-3489Vice
PresidentInvestor Relations and Corporate
Financeamilevoj@bn.com
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