Barnes & Noble Education, the provider of educational products and services for higher education and K12, reported a net loss of $44.3 million for the first quarter of its 2022 fiscal year, ending 31 July 2021, compared to net loss of $46.7 million reported for the first quarter of fiscal year 2021.
The total sales figure for the first quarter for the Basking Ridge, New Jersey-based company was $227.8 million, up from $193.2 million reported for the first quarter of its 2021 fiscal year.
Barnes & Noble Education (BNED) chairmen and chief executive Michael P Huseby said: “Our people, together with our campus partners, are excited to welcome students back to campus for the 2021-2022 academic year, while recognising the need to continue our joint focus on the health and safety of all we serve. We are excited to provide many more students our enhanced offerings, including advanced course material delivery solutions across student choice and inclusive access models designed to support improved student outcomes through access, convenience and affordability, coupled with a significantly improved general merchandise offering for all the schools we serve resulting from our strategic partnership with Fanatics and Lids. This partnership combines the power of BNED’s academic solutions and our established retail expertise with Fanatics’ and Lids’ new and innovative in-store and e-commerce retail solutions, which led to our new long-term partnership with the University of Notre Dame to manage their retail stores and online operations effective after this academic year. We expect our innovative academic solutions offerings, unparalleled merchandise assortment and our new best-in-class omnichannel customer experience, to provide an unparalleled customer value proposition for the institutions we serve and to accelerate market share growth.”
Date published: 6 September 2021