On Wednesday, Barnes & Noble Education, Inc. (NYSE: BNED), which is one of the largest textbook wholesalers and a leading provider of digital education services, announced its financial results for the fourth quarter of fiscal 2017, with earnings missing estimates but sales surpassing expectations.
According to the statement, for the fourth quarter of 2017, the company reported sales of $342.8 million, increasing 16.3% from $294.8 million the same period last year, beating estimates of $311.0 million. Comparable store sales rose 1.4%, compared to the same period last year. Net income of the company was $0.2 million, or $0.06 per share, compared to the net loss of $2.8 million in the prior year. The results missed estimate of $0.14 per share.
For the full year 2017, sales increased 3.7% to $1,874.4 million. Comparable store sales dropped 3.0%, excluding community colleges, it decreased by 1.8%. Net income was $5.4 million, compared to $0.1 million of last year.
“In fiscal 2017, we successfully executed upon our strategy to expand our distribution and content platform. As a result, we continue to improve our competitive position to deliver value for shareholders and partners with our comprehensive solution for education,” Max J. Roberts, the Chief Executive Officer of Barnes & Noble Education, said in the statement on Wednesday.
“Existing and prospective customers alike are responding positively to our enhanced offerings, and we expect new store contracts and digital business wins to make important contributions as we continue to navigate challenging near-term enrollment trends in an increasingly competitive market,” he said.