Barnes & Noble Education, Inc. (NYSE: BNED), a
leading solutions provider for the education industry, today
announced that the Company is rescheduling its third quarter Fiscal
Year 2023 earnings report previously scheduled for Tuesday, March
7, 2023 at 8:30 a.m. Eastern Time.
The rescheduling allows the Company adequate time to close on
its amended and extended asset-backed revolving and term loan
credit facilities, which the Company expects to close on or before
Thursday, March 9, 2023.
The Company intends to report Fiscal 2023 third quarter earnings
results on Thursday, March 9, 2023, after market close. The Company
will host an investor conference call at 4:30 p.m. Eastern Time on
Thursday, March 9, 2023, to review the Company’s financial results
and operations.
This call is being webcast and can be accessed at Barnes &
Noble Education’s corporate website at www.bned.com. The webcast of
this call will be archived and available for three months on Barnes
& Noble Education’s corporate website.
ABOUT BARNES & NOBLE EDUCATION, INC.
Barnes & Noble Education, Inc. (NYSE: BNED) is a
leading solutions provider for the education industry, driving
affordability, access and achievement at hundreds of academic
institutions nationwide and ensuring millions of students are
equipped for success in the classroom and beyond. Through its
family of brands, BNED offers campus retail services and academic
solutions, a digital direct-to-student learning ecosystem,
unparalleled best-in-class assortment of school apparel through a
strategic alliance with Fanatics and Lids, wholesale capabilities
and more. BNED is a company serving all who work to elevate their
lives through education, supporting students, faculty and
institutions as they make tomorrow a better, more inclusive and
smarter world. For more information, visit www.bned.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 and information relating to us and our business that are
based on the beliefs of our management as well as assumptions made
by and information currently available to our management. When used
in this communication, the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “plan,” “will,” “forecasts,”
“projections,” and similar expressions, as they relate to us or our
management, identify forward-looking statements. Moreover, we
operate in a very competitive and rapidly changing environment. New
risks emerge from time to time. It is not possible for our
management to predict all risks, nor can we assess the impact of
all factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements
we may make, including any statements made in regards to our
response to the COVID-19 pandemic. In light of these risks,
uncertainties and assumptions, the future events and trends
discussed in this press release may not occur and actual results
could differ materially and adversely from those anticipated or
implied in the forward-looking statements. Such statements reflect
our current views with respect to future events, the outcome of
which is subject to certain risks, including, among others: risks
associated with public health crises, epidemics, and pandemics,
such as the COVID-19 pandemic, including the duration, spread,
severity, and any recurrences thereof, and the impact such public
health crises have on the overall demand for BNED products and
services, our operations, the operations of our suppliers and other
business partners, and the effectiveness of our response to these
risks; general competitive conditions, including actions our
competitors and content providers may take to grow their
businesses; a decline in college enrollment or decreased funding
available for students; decisions by colleges and universities to
outsource their physical and/or online bookstore operations or
change the operation of their bookstores; implementation of our
digital strategy may not result in the expected growth in our
digital sales and/or profitability; risk that digital sales growth
does not exceed the rate of investment spend; the performance of
our online, digital and other initiatives, integration of and
deployment of, additional products and services including new
digital channels, and enhancements to higher education digital
products, and the inability to achieve the expected cost savings;
the risk of price reduction or change in format of course materials
by publishers, which could negatively impact revenues and margin;
the general economic environment and consumer spending patterns;
decreased consumer demand for our products, low growth or declining
sales; the strategic objectives, successful integration,
anticipated synergies, and/or other expected potential benefits of
various acquisitions may not be fully realized or may take longer
than expected; the integration of the operations of various
acquisitions into our own may also increase the risk of our
internal controls being found ineffective; changes to purchase or
rental terms, payment terms, return policies, the discount or
margin on products or other terms with our suppliers; our ability
to successfully implement our strategic initiatives including our
ability to identify, compete for and execute upon additional
acquisitions and strategic investments; risks associated with
operation or performance of MBS Textbook Exchange, LLC’s
point-of-sales systems that are sold to college bookstore
customers; technological changes; risks associated with counterfeit
and piracy of digital and print materials; our international
operations could result in additional risks; our ability to attract
and retain employees; risks associated with data privacy,
information security and intellectual property; trends and
challenges to our business and in the locations in which we have
stores; non-renewal of managed bookstore, physical and/or online
store contracts and higher-than-anticipated store closings;
disruptions to our information technology systems, infrastructure
and data due to computer malware, viruses, hacking and phishing
attacks, resulting in harm to our business and results of
operations; disruption of or interference with third party web
service providers and our own proprietary technology; work
stoppages or increases in labor costs; possible increases in
shipping rates or interruptions in shipping service; product
shortages, including decreases in the used textbook inventory
supply associated with the implementation of publishers’ digital
offerings and direct to student textbook consignment rental
programs, as well as the risks associated with the impacts that
public health crises may have on the ability of our suppliers to
manufacture or source products, particularly from outside of the
United States; changes in domestic and international laws or
regulations, including U.S. tax reform, changes in tax rates, laws
and regulations, as well as related guidance; enactment of laws or
changes in enforcement practices which may restrict or prohibit our
use of texts, emails, interest based online advertising, recurring
billing or similar marketing and sales activities; the amount of
our indebtedness and ability to comply with covenants applicable to
any future debt financing; our ability to satisfy future capital
and liquidity requirements; our ability to access the credit and
capital markets at the times and in the amounts needed and on
acceptable terms; adverse results from litigation, governmental
investigations, tax-related proceedings, or audits; changes in
accounting standards; and the other risks and uncertainties
detailed in the section titled “Risk Factors” in Part I - Item 1A
in our Annual Report on Form 10-K for the year ended April 30,
2022. 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 us or persons acting on our behalf are expressly qualified in
their entirety by the cautionary statements in this paragraph. We
undertake 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 press
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230306005808/en/
Media Contact: Carolyn J. Brown Senior Vice President,
Chief Communications Officer Barnes & Noble Education, Inc.
(908) 991-2967 cbrown@bned.com Investor Contact: Hunter
Blankenbaker Vice President, Investor Relations Barnes & Noble
Education, Inc. (908) 991-2776 hblankenbaker@bned.com
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