Barnes & Noble shares stumble after Q3 miss, bleak outlook

Barnes & Noble Education

08/03/2022 15:22

** Shares in Barnes & Noble  BNED.N  down 13.2% at $4.16, lowest
levels since Dec 2020, after fiscal Q3 shortfall and warning
that adjusted EBITDA for fiscal year 2023 would be lower than
pre-COVID levels
    ** The book retailer's adjusted loss/shr of $0.71 compared
with Wall St expectations for a loss of $0.19/shr while its rev
of $402.80 missed consensus expectations for $433.8 mln,
according to IBES estimates from Refinitiv  urn:newsml:reuters.com:*:nBw91dD82a
    ** BNED https://investor.bned.com/investor-relations/news-and-events/news/press-release-details/2022/Barnes--Noble-Education-Reports-Third-Quarter-Fiscal-Year-2022-Financial-Results/default.aspx
 said its results were affected by the Omicron variant surge
which coincided with its 'seasonally important Spring Rush
period" 
    ** Trading volume was already 0.6 times 10-DMA
    ** While the co still expects positive non-GAAP Adjusted
EBITDA in fiscal year 2022 and sees non-GAAP Adjusted EBITDA
significantly improving in fiscal year 2023, it now expects
non-GAAP Adjusted EBITDA for fiscal 2023 lower than pre-COVID
levels, with problems including a continuation of wholesale
supply issues and inflationary pressures 

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com;))