Barnes & Noble Education, Inc. (BNED) has reported 12.31 percent fall in profit for the quarter ended Oct. 29, 2016. The company has earned $29.29 million, or $0.63 a share in the quarter, compared with $33.40 million, or $0.69 a share for the same period last year. On an adjusted basis, net profit for the quarter was $29.68 million, when compared with $33.40 million in the last year period.
Revenue during the quarter went up marginally by 1.96 percent to $770.67 million from $755.86 million in the previous year period. Gross margin for the quarter contracted 91 basis points over the previous year period to 22.26 percent. Total expenses were 92.63 percent of quarterly revenues, up from 92.13 percent for the same period last year. That has resulted in a contraction of 51 basis points in operating margin to 7.37 percent.
Operating income for the quarter was $56.76 million, compared with $59.51 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $70.39 million compared with $72.68 million in the prior year period. At the same time, adjusted EBITDA margin contracted 48 basis points in the quarter to 9.13 percent from 9.62 percent in the last year period.
"Though our new business wins enabled us to grow total sales, comparable store sales declined as a result of lower enrollments and a softer retail environment," said Max J. Roberts, chief executive officer, Barnes & Noble Education.
For the fiscal year 2017, Barnes & Noble Education forecasts revenue to grow in the range of 3 percent to 4 percent.
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