On Wednesday, Barnes & Noble Education, Inc. (NYSE: BNED) announced its first-quarter financial results. With both revenue and earnings missing estimates, shares of the company dropped 5.84% at $5.74 in morning trading Wednesday after the announcement.
The company reported net loss of around $34.8 million, or negative $0.75 per share, which is more than estimates of $25.97 million, or negative $0.59 per share by S&P Capital IQ. In the same period last year, the company reported a narrower net loss of $27.9 million.
Revenue for the first quarter increased 48.7% to $355.7 million, compared with the number for the same period last year. However, it also missed estimates of $406.22 million.
For fiscal year 2018, the company expected sales to be between $2.25 billion and $2.35 billion before intercompany eliminations, and capital expenditures are expected to be around $50 million.
“For the first time, our results include a full quarter of MBS' leading position in the wholesale and direct markets, providing $16.1 million of segment Adjusted EBITDA,” Michael P. Huseby, the Executive Chairman of Barnes & Noble Education, said in the statement on Wednesday.
“We are well positioned to broaden and deepen our partnerships with schools to support student success. In addition, our agreement with the major publishers to enhance and formalize procedures to combat counterfeits and assure authentic content has placed us in a better position to negotiate expanded and mutually-beneficial commercial relationships with them,” he said.