Barnes & Noble Education (NYSE: BNED) reported Q3 EPS of ($0.96), $0.58 worse than the analyst estimate of ($0.38). Revenue for the quarter came in at $411.6 million versus the consensus estimate of $397.48 million.

“As our campus partners and students nationwide navigate and adapt to the pandemic’s impacts on education, BNED continues to innovate and expand its capabilities and solutions to be their partner of choice, both now and in the future,” said Michael P. Huseby, CEO, BNED. “Traditional learning routines have been upended resulting in increased demand for both our bartleby digital self-study offerings, and our First Day courseware delivery models resulting in the strong growth of these responsive solutions this quarter. We look forward to further growing our bartleby suite of solutions through the new math solver tool we are developing with Wolfram|Alpha, ensuring that students have on-demand access to all the learning support they need. For our campus partners, we continue to support their efforts to drive affordability, access and an improved student experience through our rapidly expanding First Day and First Day Complete inclusive access models, which have provided substantial savings and convenience this Spring. Our recently announced partnership with Fanatics Lids College will help us to further enhance the campus experience for our partners, offering an expanded product selection, a world-class online and mobile experience and a progressive direct-to-consumer platform. The benefits to our customers and BNED of the FLC alliance should turbo charge the expected recovery of Retail’s general merchandise sales beginning in our upcoming fiscal year ’22 as we currently expect a significant shift to on campus activities to return.”

“As expected, our Spring Rush period saw lower sales due to the pandemic, particularly in our high-margin general merchandise business,” said Thomas Donohue, Chief Financial Officer, BNED. “We continue to manage expenses prudently to offset the sales disruption and our current liquidity position remains strong despite the challenging climate.”

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