Barnes & Nobles (NYSE:BKS) Reports Year-End Results for Fiscal 2017

Barnes & Nobles (NYSE:BKS) reported their fiscal Q4 2017 results this morning for the year ended April 29, 2017. The company reduced their costs by $137 million, helping offset a challenging 2017 fiscal year.

Barnes & Nobles (NYSE:BKS)

The company’s full year sales decreased by 6.5%, falling to $3.9 billion, with total sales in the final quarter falling 6.3% to $821 million. Online sales helped support falling comparable store sales, with online sales increasing 2.9% on the quarter and 3.7% for the fiscal 2017 year. The company’s comparable store sales fell 6.3% for both the quarter and the year.

Barnes & Nobles (NYSE:BKS) in Net Loss

 

The company’s net loss for the year hit $13.4 million, or $0.19 per share. An improvement from $30.6 million, or $0.42 per share, during the same period a year prior. Total operating losses on the quarter hit $23.8 million, with NOOK’s operating losses reaching $7.9 million and retail operating losses reaching $15.9 million.

Consolidated EBITDA was $187.2 million in 2017, rising from $185.7 million a year prior. The figure is in line with the company’s guidance of an EBITDA of $180 million to $190 million. Consolidated net earnings for continuing operations was $22.0 million, or $0.30 per share. This was a rise from $14.7 million and $0.05 per share a year prior.

The company’s 2018 outlook has a full year consolidated EBITDA of $180 million, with full year comparable bookstore sales declining in the low single digits. The company ended the year with $64.9 million in debt, with the company maintaining a $750 million credit facility. Shareholders received $67 million in cash returns in 2017 from share repurchases and dividends.

The company’s stock is up 6.15% on the news and down over 21% in the trailing 90-day period. Barnes & Nobles (NYSE:BKS) stock has suffered from increased competition and loss in market share to Amazon (AMZN). The company’s stock is down over 37% in the past year and 55% in the past 5-year period.