Benzinga | Jun 30, 2021 09:07AM EDT

Barnes & Noble Q4 Earnings Impacted By Pandemic, Expects EBITDA Normalcy By 2023

* Barnes & Noble Education Inc (NYSE:BNED) reported fourth-quarter FY21 sales of $222.7 million, down 13.3% year-on-year, missing the consensus estimate of $230.46 million.

* Sales were impacted mainly by the COVID-19 pandemic as schools adjusted their learning model and restricted on-campus activities in response.

* Same-store sales fell 6.9%.

* Gross profit fell 9.4% Y/Y 16.1%.

* The operating loss was $26.6 million, up 30% Y/Y.

* Net loss was $44.4 million, with an Adjusted EBITDA loss of $31.4 million.

* EPS loss of $(0.86) missed the consensus estimate of $(0.57) loss.

* The company generated $32.9 million in operating cash flow and ended the quarter with cash and equivalents of $8 million.

* Guidance: The company expects non-GAAP Adjusted EBITDA to approach annual pre-COVID levels in the fiscal year 2023.

* Price action: BNED shares trading lower by 2.1% at $8.50 premarket on the last check Wednesday.