Shares of Barnes & Noble Education, Inc. (BNED) are rising more than 20% Wednesday morning at $2.72, after reporting improved sales in the first quarter.
Quarterly sales increased 9.6% to $263.86 million from $240.79 million last year. Barnes & Noble said its retail gross comparable-store sales rose 15% for the quarter.
The company, however, reported a net loss of $52.71 million or $1.01 per share for the first quarter, wider than $43.63 million or $0.85 per share loss in the prior year period, on higher expenses.
"One hundred eleven of our campus stores have implemented First Day Complete for the Fall term, representing undergraduate enrollment of approximately 545,000 students, representing an 85% growth rate over Fall 2021 based on undergraduate student enrollment. Additionally, we expect our general merchandise business to continue to grow, benefitting from our partnership with Fanatics and Lids and increased on campus traffic, including an increase in the number of activities and events as schools approach a more traditional learning experience," said Michael Huseby, Chief Executive Officer, BNED.
BNED has traded in the range of $1.9000-$12.0090 in the past 52 weeks.
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