Exhibit 99.1
Barnes & Noble Consolidated
$ in millions
| | | | | | | | |
| | | 2010 Actual(1) | | | 2011E | |
Total Sales | | $ | 5,810 | | | $ | 7,050 - $7,170 | |
Sales Increase | | | | | | | 21% - 23 | % |
| | |
Gross Margin | | $ | 1,677 | | | $ | 1,835 - $1,885 | |
% of Sales | | | 28.9 | % | | | 26.0% - 26.3 | % |
| | |
SG&A | | $ | 1,395 | | | $ | 1,600 - $1,610 | |
% of Sales | | | 24.0 | % | | | 22.7% - 22.5 | % |
| | |
EBITDA | | $ | 281 | | | $ | 235 - $275 | |
| (1) | Includes College results since acquisition date |
| | | | |
| | 80 | |  |
Barnes & Noble.com
$ in millions
| | | | | | | | |
| | | 2010 Actual | | | 2011E | |
Total Sales | | $ | 572 | | | $ | 880 | |
Comp Sales | | | 24 | % | | | 75 | % |
| | |
Gross Margin | | $ | 70 | | | $ | 125 | |
% of Sales | | | 12.3 | % | | | 14.2 | % |
| | |
SG&A | | $ | 151 | | | $ | 240 | |
% of Sales | | | 26.4 | % | | | 27.2 | % |
| | |
EBITDA | | ($ | 81 | ) | | ($ | 115 | ) |
| | | | |
| | 79 | | |
Barnes & Noble College
$ in millions
| | | | | | | | |
| | | 2010 Actual(1) | | | 2011E | |
Total Sales | | $ | 836 | | | $ | 1,830 | |
Comp Store Sales | | | (0.3 | %) | | | Flat | |
| | |
Gross Margin | | $ | 177 | | | $ | 382 | |
% of Sales | | | 21.2 | % | | | 20.8 | % |
| | |
SG&A | | $ | 152 | | | $ | 270 | |
% of Sales | | | 18.2 | % | | | 14.8 | % |
| | |
EBITDA | | $ | 25 | | | $ | 112 | |
| (1) | Since acquisition date |
| | | | |
| | 76 | | |
Barnes & Noble Bookstores
$ in millions
| | | | | | | | |
| | | 2010 Actual | | | 2011E | |
Total Sales | | $ | 4,402 | | | $ | 4,340 - $4,460 | |
Comp Store Sales | | | (4.8 | %) | | | Flat to 3 | % |
| | |
Gross Margin | | $ | 1,429 | | | $ | 1,330 - $1,375 | |
% of Sales | | | 32.5 | % | | | 30.6% - 30.8 | % |
| | |
SG&A | | $ | 1,093 | | | $ | 1,090 - $1,100 | |
% of Sales | | | 24.8 | % | | | 25.1% - 24.7 | % |
| | |
EBITDA | | $ | 337 | | | $ | 240 - $280 | |
| | | | |
| | 74 | | |
Barnes & Noble, Inc.
EBITDA Reconciliation (1)
| | | | | | | | | | | | |
$ in millions | | Barnes &
Noble
Booksellers | | Barnes &
Noble
College | | | Barnes &
Noble.com | | | Barnes &
Noble, Inc.
Consolidated |
| | | | |
Net income | | $ | 105 | | (3 | ) | | (65 | ) | | $ | 37 |
Interest | | | 20 | | 6 | | | 3 | | | | 28 |
Income Taxes | | | 54 | | (2 | ) | | (44 | ) | | | 8 |
Depreciation and amortization | | | 158 | | 25 | | | 25 | | | | 208 |
| | | | | | | | | | | | |
EBITDA | | $ | 337 | | 25 | | | (81 | ) | | $ | 281 |
| | | | | | | | | | | | |
| (1) | To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the non-GAAP financial measure of EBITDA. The Company’s management reviews this non-GAAP measure internally to evaluate the Company’s performance and manage its operations. Given the recent changes in the Company’s business and their impact on the full year, the Company believes that the inclusion of EBITDA results provides investors useful and important information regarding the Company’s operating results. |
