Barnes & Noble Plunges As Co. Says Performance Continues To Be Affected By Pandemic

(RTTNews) - Shares of Barnes & Noble Education, Inc. (BNED), a leading solutions provider for the education industry, are down more than 21% on Monday morning despite improved second-quarter results. The company, which is a highly seasonal business, said its performance is continuing to be affected by the pandemic.

It said, "...the Company's performance continues to be affected by the ongoing COVID-19 environment, including overall enrollment declines, many community colleges continuing to offer virtual classes, in conjunction with broader macro issues including labor challenges, inflationary pressures and supply chain issues."

The company reported net income of $22.53 million or $0.41 per share in the second quarter, higher than $7.52 million or $0.15 per share in the same period a year ago.

Excluding one-time items, earnings were $25 million.

Sales for the quarter increased to $626.98 million from $595.49 million last year.

BNED is at $7.01 currently. It has traded in the range of $3.33- $12.01 in the last one year.