Barnes & Noble Reports Fiscal 2018 Year-End Financial Results

Barnes & Noble, Inc. (NYSE:BKS) today reported sales and earnings for its fiscal 2018 fourth quarter and full-year ended April 28, 2018.

Total sales were $786 million for the quarter and $3.7 billion for the full year, decreasing 4.3% and 6.0% over the prior year periods, respectively. Comparable store sales declined 4.1% for the fourth quarter and 5.4% for the full year.

The consolidated fourth quarter net loss was $21.1 million, or $0.29 per share, compared to a loss of $13.4 million, or $0.19 per share, in the prior year. Fourth quarter results include $7.7 million of non-recurring charges associated with the Company’s strategic initiatives.

The fiscal 2018 consolidated net loss was $125.5 million, or $1.73 per share, compared to net earnings of $22.0 million, or $0.30 per share, in the prior year. Fiscal 2018 results include non-cash asset impairment charges of $135.4 million, $16.2 million of severance charges and $15.3 million of strategic initiative costs.

Excluding non-recurring or unusual charges in both years, consolidated EBITDA was $6.7 million in the fourth quarter, as compared to $5.6 million a year ago, and $145.4 million in fiscal 2018, as compared to $187.2 million a year ago. The company reduced expenses by $15 million in the fourth quarter and $52 million for the full year, excluding non-recurring or unusual charges.

“In fiscal 2018 we developed a long-term strategic turnaround plan, which we continue to execute,” said Demos Parneros, Chief Executive Officer of Barnes & Noble, Inc. “Our plan, which includes sales improvements and cost reductions, is expected to yield immediate improvement in fiscal 2019, resulting in EBITDA of $175 million to $200 million, and further benefits in the following years. We also strengthened our leadership team in key areas of the business. They will be instrumental in overseeing the turnaround.”
more detail at: http://investors.barnesandnobleinc.com/news-releases/news-release-details/barnes-noble-reports-fiscal-2018-year-end-financial-results

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