Barnes & Noble Education, the provider of educational products and services for higher education and K12, reported a net loss of $131.8 million for its fiscal year 2021, ending 1 May 2021, compared to net loss of $38.3 million reported for fiscal year 2020.
The total sales figure for the year was $1.43 billion, down from $1.85 billion reported for fiscal year 2020.
The Basking Ridge, New Jersey-based company also reported results for the fourth quarter of its 2021 fiscal year. Its net loss was $44.4 million, compared to a net loss of $40.3 million reported for Q4 2020. The total sales figure for the quarter was $222.8 million, down from £256.9 million reported for the fourth quarter of fiscal year 2020.
Barnes & Noble Education (BNED) chairmen and chief executive Michael P Huseby said: “Covid-19 had a profound impact on the world over the past 16 months and presented many challenges for the education industry. Institutions implemented remote and hybrid learning models, seemingly overnight. Our teams at BNED quickly pivoted to support our campus partners and provide valuable solutions.
“The education industry has been evolving rapidly – and while the Covid-19 pandemic shut down campuses nationwide and upended the traditional learning model, it did not stop the industry’s evolution. Rather, we believe the pandemic has further accelerated higher education’s transformation. As we look ahead to fiscal 2022 and beyond, we are focused on scaling our strategic initiatives. We expect these initiatives to make our offerings for our campus partners even more relevant and to generate new business growth as more schools look to implement our valuable solutions.”
Date published: 1 July 2021