Barnes & Noble falls on weak quarterly results

Barnes & Noble Education

06/12/2022 14:51

** Shares of educational services provider Barnes & Noble
 BNED.N  fall 4.5% to $2.6 premarket 
    ** Q2 sales down 1.6% at $617.1 mln from a year earlier
    ** Q2 net income falls to $22.1 mln from $22.5 mln a year
earlier
    ** Sales hurt as consumers shift to digital course materials
within retail segment, supply constraints and lower than
expected traffic across digital offerings  
    ** Co has begun cutting costs and expects to realize $30 mln
to $35 mln of annualized cost savings
    ** YTD, BNED shares down 62.6%
 (Reporting by Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com;))