Barnes & Noble Education (NYSE: BNED) reported Q1 EPS of ($0.82), $0.16 worse than the analyst estimate of ($0.66). Revenue for the quarter came in at $337.5 million versus the consensus estimate of $355.24 million.

Financial highlights for the first quarter 2019:

• Consolidated first quarter sales of $337.5 million decreased 5.1%, as compared to the prior year period.
• Consolidated first quarter GAAP net loss of $(38.6) million, as compared to net loss of $(34.8) million in the prior year period. Consolidated first quarter non-GAAP Adjusted Earnings of $(38.6) million, as compared to $(29.8) million in the prior year period.
• Consolidated first quarter non-GAAP Adjusted EBITDA of $(32.5) million, flat as compared to the prior year period.

Michael P. Huseby, Chairman and Chief Executive Officer, Barnes & Noble Education said:

“We are pleased with the strides that have been made across all areas of Barnes & Noble Education this quarter, especially within our DSS segment. In addition to leveraging our large store footprint to directly offer student access to StudyMode, we also took an important first step in the internal development of digital solutions for our DSS segment with the launch of Bartleby, our student success hub. Our teams have worked relentlessly throughout this quarter to develop Bartleby Textbook Solutions, the centerpiece of Bartleby, and we are pleased to deliver a new pathway for learning that is available to students anytime, anywhere.

We are making the appropriate investments and taking the necessary actions for BNED to effectively compete and deliver on our company purpose—serving all who work to elevate their lives through education. Our strategy to transform BNC and MBS to better serve the changing needs of our partners while innovating scalable, high margin DSS offerings is well underway. Our MBS and Student Brands acquisitions continue to provide us with substantial operating cash flow to help fund this transformation. We remain focused on the strong execution of our strategy and leveraging our new digital platform and product offerings to deliver substantial value for our customers, employees and shareholders.”

GUIDANCE:

Barnes & Noble Education sees FY2019 revenue of $2.2-2.3 billion, versus the consensus of $2.15 billion.

For earnings history and earnings-related data on Barnes & Noble Education (BNED) click here.