Barnes & Noble Education Q1 consolidated net loss $34.8 million
As a result of the acquisition of MBS Textbook Exchange (MBS) on February 27, 2017, the condensed consolidated financial statements for the 13 weeks ended July 29, 2017 is the first reporting period to include the financial results of MBS for a full reporting period.
All material intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements for the 13 weeks ended July 30, 2016 exclude the financial results of MBS.
The first quarter results of company's two segments, Barnes & Noble College Booksellers (BNC) and MBS are consistent with the historical seasonality trends and the Company's expectations.
Consolidated sales of $355.7 million increased by $116.5 million, or 48.7%, as compared to prior year period.
BNC comparable store sales decreased 2.5% in the quarter, as compared with a decrease of 2.8% in the prior year period.
Consolidated net loss was $34.8 million, as compared with a net loss of $27.9 million in the prior year period.
Non-GAAP Adjusted EBITDA improved by $4.1 million to $(32.4) million, from $(36.5) million in the prior year period.
Non-GAAP Adjusted Earnings of $(29.8) million, as compared to $(25.9) million in the prior year period. ■
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