Barnes & Noble Education gains after rise in second-quarter net income, comparable sales

Barnes & Noble Education

09/12/2024 16:01

** Shares of college bookstore operator Barnes & Noble
Education  BNED.N  rise as much as 19.8% to $12.58 
    ** Co posts Q2 net income of $49.7 mln, double of $24.9 mln
in the prior year, on improved operating income, lower interest
expense, and reduced restructuring charges
    ** Gross comparable store sales increased by 3.8% YOY
    ** Co's total cost of sales declined 2% and selling and
administrative expenses fell 15.1% in the quarter
    ** However, Q2 total sales fell 1.4%, driven by a net
decrease of 109 physical and virtual locations
    ** Co on Friday had named Jason Snagusky as CFO, replacing
Kevin Watson effective from Jan. 4
    ** Stock has fallen 92.2% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))