Barnes & Noble Education reported revenue of $290.6 million for the first quarter of fiscal 2027, an increase of 0.8% from $288.2 million in the prior-year period. Gross comparable store sales increased $10.7 million, or 3.7%, year over year.
The education solutions company said revenue growth was primarily driven by its BNC First Day programs, partially offset by store closures, including exits from less profitable locations.
Revenue from BNC First Day programs increased 9% to $124.7 million. Barnes & Noble Education said First Day Complete, its institution-wide course-material access program, is expected to be available across 263 campuses during the Fall 2026 academic term and reach more than 1.43 million eligible students, approximately 26% more than in Fall 2025.
The company reported a first-quarter net loss of $12.9 million, improving 29.3% from a $18.3 million loss a year earlier. Adjusted EBITDA improved 18.9% to a loss of $9.3 million, compared with an $11.5 million loss in the prior-year quarter.
Total debt declined to $123.5 million from $170 million a year earlier, while positive net working capital stood at $236.8 million at quarter-end. The company also paid a quarterly dividend of $0.08 per share in July.
Barnes & Noble Education reiterated its fiscal 2027 outlook. The company expects continued revenue growth and is targeting adjusted EBITDA of $85 million to $92 million, along with additional improvements in net income profitability, debt, and interest expense. Capital expenditures are expected to total approximately $20 million.
The company noted that its business is highly seasonal, with most sales and operating profit typically generated during the second and third fiscal quarters around the fall and spring academic terms.
KEY QUOTES:
“We began fiscal 2027 on plan, with continued momentum across the business and year-over-year improvement across each of our key operating and financial measures. These results reflect the continued progress of our strategy and the disciplined execution of our teams. Importantly, the momentum in First Day Complete continues to build as more institutions recognize the value of improving the affordability, access and convenience of course materials for their students. We are excited about the continued growth of First Day Complete this fall and the opportunity to deepen our partnerships with colleges and universities and demonstrate our ability to deliver solutions that support their broader institutional priorities. As we enter the important fall semester, we are encouraged by the growth we are seeing in First Day Complete and remain confident in our outlook for fiscal 2027. We are focused on translating that momentum into continued growth in profitability, stronger cash generation and further improvements in our balance sheet.”
Jonathan Shar, Chief Executive Officer of Barnes & Noble Education
