Barnes & Noble Education Q2 Net Income Decreases - Quick Facts

(RTTNews) - Barnes & Noble Education, Inc. (BNED) reported second quarter net income of $33.4 million, or $0.69 per share, compared to $37.0 million, or $0.95 per share, prior year. EBITDA was $72.7 million for the quarter, compared to $77.9 million in the prior year, due primarily to reduced earnings from lower comparable store sales, increased expenses in technology and store support programs, separation expenses, and continued investments in digital education.

Second-quarter sales of $755.9 million increased 0.6%, as compared to the prior year. Comparable sales decreased 3.0% during the quarter. Comparable store sales, excluding two year community colleges, decreased by 1.3% for the quarter.

"This second quarter of fiscal 2016 was the company's first stand-alone period as an independent public company, and we are proud of our booksellers' performance," said Max Roberts, CEO, Barnes & Noble Education, Inc.

For fiscal year 2016, the company revised its comparable store sales expectations from increasing approximately 1% to be flat to down 2.0%. Also, the company expects capital expenditures to be approximately $50 million, a decrease from the $55 million previously disclosed.