BNED - Earnings call transcript Q4 2022 | Barnes & Noble Education, Inc.

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Operator

Good morning, and welcome to the Barnes & Noble Education Earnings Call. At this time, for opening remarks and introductions, I would like to turn the call over to Andy Milevoj, Vice President, Corporate Finance and Investor Relations. Please go ahead.

Andy Milevoj

Good morning, and welcome to our fiscal 2022 Fourth Quarter and Year-end Earnings Call.

Joining us today are Mike Huseby, CEO; Tom Donohue, CFO; Jonathan Shar, Executive Vice President, BNED Retail and President, Barnes & Noble College; David Henderson, President of MBS; and David Nenke, President of DSS.

contained call, we like are make the harbor the that remind covered begin release safe statements press the on disclaimer we I documents. to would you by and Before public our in today's call call rebroadcast Education. The for consent of Barnes are use of prior written by any Barnes the & contents are property Noble Education Noble of and without & this or not other party

may about to predictions, this events. call, and make will Securities are and company and during upon These during contained Commission. The future discussed the During and uncertainties, that to public the disclaims call. statements the based forward-looking statements Please update review will financial statements Exchange earnings release those projections assumptions slides made other with statements to our that risks we current be call. be including referring note or obligation with of press filings in that expectations are portion we and Tom's any any subject forward-looking

of the For of see slides should the via you webcast, part joining as webcast. you those

For Mike website investor.bned.com, the the those the and can you I'll Events now section. Huseby. to at Presentations And call under our on over joining turn phone, slides via corporate access

Michael Huseby

and morning, Thanks, Andy, good everyone.

highly student a to fall we the undergraduate of as ago. material also environment is trends, by and NACS spread pandemic. on-campus As Unfortunately, million to diminished their these we progress have strategic materials in declined expanding vaccination digital subscriber course now XXXX. to and or to we've X.X we Lids Clearinghouse against our most our business students, X.X XXXX, education sales our COVID Center, vaccine X.X% made a average, inclusive X.X this in encouraged experience smaller are footprint base by offerings. undergraduate events. activities more affecting year for X.X%, body Further curb virus. access fiscal traditional the our help with entered partnership due social enrollment of on than variants before faculty higher initiatives performance, were offerings, and through general adopted a the even the for our of Research report, a these that continued growing fewer enrollment that Student Further According nearly into startling key National that are And growing Despite recent the X.X to our exacerbating spring versus high been materials optimistic headwinds, disrupted include spring compared schools courses our materials declines. 'XX merchandise the On the strong solutions relatively both would and classes. fiscal for different rates, assigning based coupled student Fanatics and efficacy, course Faculty return Watch semesters for learning, with faculty

to continue journey. ways on institutional we success focus constantly meet on are to via As students they their supporting the best partnerships, our academic where examining we're student

in which they is improving initiatives they resonating through access, as why aligned strongly are student and achievement, Our key the outcomes are with are directly as affordability marketplace.

learning Day while BNC's X that that them course First material this representing Based bundled ensure or we've completely our and in our in by of and helped materials it before service. point comparable success, all of material XX% ensuring gaps We delivery Day time-saving sales by first Complete to declines impact over to prepared inflection on over innovative of materials years. the Day the transformation. class, on felt there models on long-term achieve course sales. their a is First and through validation had providing headwinds strategic are day material students in in schools style offsetting the course First and of better delivered convenience course access students have to Course first-time of the course through industry them concierge of are and conducted, to believe having significant all a solution their a that their contributed grades. significant helped the Additionally, XX% reverse fiscal positive In and X.X% increase academically Complete classroom that surveys with a them felt the and program First be Day it better no a Course 'XX, material have access provides course inclusive sales offerings

attractive our With access offerings these to not partners. inclusive perspectives in mind, surprising that campus are our it's very

First undergraduate to XXX,XXX over year $XXX XX fiscal grew Day our 'XX, program to students growing with more revenue the prior million. approximately Complete During Xx stores, representing than

the our enrollment XXX representing approximately stores First of committed to Complete, fall term, For Day of campus are utilize students. upcoming XXX,XXX undergraduate

increase total highlight we schools. schools experienced As fiscal to in as compared material dollars Complete course Day the First for X% year-over-year non Complete an course that during Tom for at X% our increase less will material schools gross XX% margin XX% First 'XX, they further, when total than look program in Day non-SCC sales a utilized and versus

Fanatics access and stores see they significant progress with term new as of to our XXXX Beyond and this fall our partnership 'XX Lids. the to Lids. and our emblematic our within we grow and partnership offerings, and the a fiscal also assortment great year, logo emblematic academic sales inclusive our XXXX partnership with students We expanded for an experienced to opportunity throughout with benefiting logo from for product campus return made enhanced

significantly throughout and experience experience for For those emblematic logo integrated on shopping user website products. Fanatics we 'XX, online, online our enhancing the fiscal the

business intensely net these new was With and of year 'XX, year XX% sales included outstanding store inclusive and over merchandise increase wins. emblematic BNC's during the student our in that another XX%, on while brand of value gross level a the we profitable within business offerings, in our improved enhancing fiscal product comparable As increased We student access journey both in general our business our focused which academic encompasses third and offerings offerings. fiscal believe enhancing and of -- winning and economics, through been an and initiatives, million the the profitability 'XX new footprint gross store we increasing new sales and both wins. have Furthermore, which row drives our a institutions gross the $XXX product also serve. and result proposition supporting logo enhanced of outcomes compelling sales. that facilitates existing

to last to the lower Our activity overall buyback million 'XX course of demand continued fiscal as constraints basis, with Bartleby to Brands $XX growing revenue years as $X.X EBITDA CSS wholesale well to to impacted the growth XX%, to trajectory supply by available from in revenue disruption $XX.X million. the declined the while to book materials. by Revenue on-campus XX% enrollments due and the Fiscal million inventory continued a wholesale lack XXXX. business growing grew over resulting used for and its traditional revenue XX% sales, be XX% declining digital from transition year-on-year X declined million. on Student over $XX

their are insights College that capabilities fiscal product academic Bartleby continuing our differentiated We're driven institutional enable for are In our hyperpersonalized offerings academic We our and want and relationship hearing Community further year to business. encouraged Delgado leveraging and to programs and institutions and on investments data partner. or the provide institutional targeted that the feedback We're a laser-focused to early support institutional provide the very with students. unlocking the make success. we develop students' strengthen support and signed by user to we experience as our 'XX, first continuing opportunity launched are are to by institutional scale

out last do challenges look few significant years. business fiscal expect we As we while the XXXX, a to we expect to over our in improvement certain resist,

will our expected greater significantly Retail segment results in over Tom fiscal discuss detail, As the to improve XXXX. within are

elements and excited pressured last business made and say will investing rooted over future inventory grow date is our that's college to wholesale upside and by in-person extremely for years, see the to in of its schools. we've is core key by simultaneously remain the that a the to amount continue substantial pressures, experiences be value X revenue valuable much tremendous continue we while on its and confidence ahead. students DSS learning expected and occurred of initiatives growth. Our We're of with still change Despite progress in constraints where the to can education social inflationary

the performance And that with to within we sales beyond, material discussion shareholder As fiscal look to we it earnings key our I'll will as our access on experienced inclusive returns. through well Lids growing digital who now a partnership changes business drive review and growth business provide scaling Tom strategic our our retail 'XX and and expect offerings, Fanatics growing on to business our over we've turn as comprehensive our and initiatives through access a financial the course general offerings. merchandise of our and Fosie centered

Thomas Donohue

Mike. And Thanks, everyone. morning, good

Andy that on the our then course to by Day our As Complete. with we earlier, and within This brief a overview review offerings, in First experienced are 'XX inclusive we've the I corporate mentioned please and results will First I'll our and on access be available share of note transformation our why our business are with insights morning, excited financial material results start which so Day presentation, slides website. fiscal referring

identified $X.X of that XXXX the the our out It Before EBITDA XX important approximately adjustments out-of-period or and certain to want an other net to financial year any our related income to cash to approximately weeks recognition dive very and tax restatement we flows. our not allowance, million deferred into did we this X, point restructuring related $X.X for the of results valuation $X May to costs the we note restated review, of and non-GAAP recording million related impact is as figures severance by totaling benefit XX I tax charges that an review XXXX. typically ended additional million totaling we primarily fiscal

financial let's the Now review. begin

XX basis, fiscal sales our XX.X% the million the comprised were Our increase sales be to with in prior weeks $XXX.X XXXX period, Sales year-end in quarter of a from and $XXX.X a as XX.X% Xth fiscal material general and will the periods of year. Total increased X% million store respective in unless On comparisons All the on period. Retail business. benefited weeks, April consist otherwise comparable increase significant sales compared course ended retail segment our respectively, a gross XXXX. and to XX XX, merchandise XXXX in year for quarter improvement prior the noted.

nearly Day benefited Selling period. flat EBITDA from Fanatics prior First were to million. sales and and with due $XX.X benefited were returning offerings our non-GAAP during our business Lids. and million million merchandise higher to campus increased with the year prior year, while closed while in COVID-XX year, social the with the from wholesale textbook investments XXX% payroll million, students general which $X.X from our DSS the growing Our Consolidated adjusted loss $X.X more million reopenings year grew primarily in due to to XX.X% the the store of sales activities improved over prior to store in business. collectively DSS rapidly resumption over partnership $XX.X quarter, of our to which administrative increased expenses higher by a as associated well as current $X.X sales temporarily

Now a at 'XX fiscal let's look whole. as

to access For activities. the again, students of benefiting total our social resumption greater rapid inclusive returning more and sales million, coupled increased year, with models, growth from $XX.X the full on-campus of the campus

of effect million. Day them and $XXX.X Benefiting while offsetting Day our increased XX% Day from grew fourth XX.X% for Much non-GAAP to $X.X growing general and course Consolidated million apart, $XXX EBITDA higher $XX.X to payroll lower XX.X%. business. by revenue million, the Day enrollments expenses increased $XXX.X adopted. million. primarily a selling higher First DSS merchandise comparable gross comparable investments revenue increased $XX.X associated XX% million. in of by sales to textbook the and Course this First sales and Further million, with growth, our being our store administrative First macro breaking Complete store comparable and First the to quarter, fewer Complete X.X% increased with Course retail gross improved store due to growing adjusted negative revenue loss materials and XX% sales year, like reopenings

expect we business to improvement As our Day implementations, greater our growth business new merchandise in First driven Complete within on-campus new by retail general business to 'XX, wins. we significant benefiting from fiscal and a see traffic being look

used less wages We business pressures expect higher wholesale book within and including challenges the and inflationary freight. persist, our to inventory on

'XX. a we not any As significant do over result, see improvement fiscal

basis, in $XX to and We be expect to the we range $XX product invest a EBITDA as expect 'XX to in million. DSS be million revenue enhancements. EBITDA On of near the to consolidated fiscal we adjusted fiscal levels continue grow 'XX

I'd review business of on experienced that years the the access the impacting and few are models to a in course broader negative some the of Now the changes how trends take some significant inclusive time enrollment our last turning to materials we've over like our power tide industry. long-term

priced all at Let's enrollment, XX% lower the course of share significantly which of hybrid models, further materials, look material challenges on students. digital have COVID-XX. of and on first their margin adopted sales to the The accelerated on to our lower addition fiscal XXXX, materials those decline, campuses To lower begin day 'XX. significantly by were over material the our developed the also digital we a student fewer to offset material course a due class, last course implementation adoption material are grew few sales Since sales and course sales by the a remote in being the overall courses transition basis by on-campus of digital course which traffic sales learning XXXX, all Since access for greater from and declining course dollar ensuring affected exacerbated broader our equipped materials. of models our course industry increases capturing course by of in students XX% taking material years. in to the inclusive materials been

when another altogether. the both X/X form, course approximately important depending which on materials program the our and perspective, how campus all Day students third elsewhere materials for increase For course, rate adopted the year. schools, to their It's provide Complete access includes note, materials to our rate believe program studies, inclusive students, begun cases, course from in an institution, physical a approximately includes last the which students First approximately despite benefits our single certain is faculty member is by Under option opt-out in We've Day, their model, to of to and forgo materials of course the digital sell-through increases see our their implemented sell-through excluded programs an some First by is that our our already XX%. an the a we adopted material When most classes traditional enrollments all the purchase XX%. under offerings, buy in are course certain for offering. at Based the bookstore. which X/X and through and digital in drove increases with academic sales recent are required on materials their

X.X% Our sales total 'XX, fiscal models. our inclusive of benefiting material access growth course increased in from the

'XX, X of as inclusive years to fiscal sales course access for ago. XX% of just account compared As material models our just X% our

program. First partners in the stores we expect grew from Since continue number these our Complete the Day Many We XX. the the led continue to to of and which gain utilizing stores programs of of rapid to growth program ahead. traction rapid our offering, their the XX of institutional to of adoption the years has benefit recognize fall

Complete revenue grew million $XX million to Day over period. $XXX from the First Xx same over

XXX have Mike approximately enrollment semester. campus XXX,XXX First for Complete total to Day of we As highlighted, utilize commitments stores from the with upcoming fall undergraduate

agreement our the hours credit loan As and actual and VitalSource based school credit we a with support Day on Complete capital per basis term further Complete growth June First First $XX shift To minus X. initiative students on million into the entered the a we on Lids out. term finance our feet of working needs, for in credit student program, the a opt Day hour who a reminder, build under the

experienced their the of growth increase than of partners also by centered offering to material year strategic a $XX Stores access XX the our our DSS gross from an gross margin materials In Day X% textbook isolating 'XX, increase and schools, the access outlined fiscal proposition addition we inclusive utilizing At massive course supporting result through grow $XXX and rates. of accelerating course significant still sales cohort support 'XX total business during material profit compared model, business this year-over-year strategic that inclusive our the as highlight models of our from believe Complete within X% impact year-over-year variance as stores subscribers that demonstrates of and sell-through our material we from we profit that offerings, our and fiscal to on the gross our rapid total adopted our to of program stores the course for Fanatics $XX Complete million utilize these tremendous Lids adoptions to in course a for number the fiscal in schools. driven are FTC growing a First increase growing dollars those key sales, serve. to Comparing that To schools in higher there's Day merchandise our Investor revenue that initiatives. XX% 'XX more Day traditional have and XX% to value First that revenue presentation, further are campus a our ago, initiatives the adopted than their million. grow less partnership, doubled general non-FTC partners, for non-FTC million initiatives in $XX XX% increased versus million and our and our

course Day have that the We can sales. have Complete demonstrated on power offering our material First

quarter company's history, count and were DSS emblematic the over fourth the subscriber to logo their in XXX,XXX. sales and Our grew highest

highlight you are impact these that initiatives share to early excited are these business. our We on with points having the proof that

forward within And challenges our now open of questions. expect broader to for keeping please wholesale headwinds help instructions provide will grow business. continue those impact for asking call to we and interested Operator, the apprised in progress. and the a question. look We you their to industry We our mitigate

Operator

[Operator Our Ryan question Needham. from first today Instructions] with comes MacDonald

Ryan MacDonald

additional data Day appreciate the with offerings. Maybe color I well. And as starting on that the Day First question and those product First Complete around

$XXX incremental million how do When First First Day Complete Courseware. you of opportunity campus or reported be time? million Day the over to look converted revenue of think can Complete you add $XXX of over $XXX million First You Day much that universities time, this and at stores to

Jonathan Shar

by for convert Course had it's that campuses all. at we have then that Jonathan. that But no the Day robust Thanks question. we had Ryan, Day We programs. Day Yes. First First had to also First some do Complete

continue think in over of we'll First number trend the to fall, we're Complete see commitments I up So for as of that XXX,XXX have undergraduate enrollment. that implementations represent this approximately -- we which, time stores scaling and XXX for Day

And have have that that by first people that to course see to seen over continue programs we've but see and that so the in stores time, trend we'll stores like past. transition, going robust have we're day

Ryan MacDonald

variables the And also when the think complete about sounding then that calculation, rates opt-in into revenue go of you first obviously sort strong. day very

you think And and credit on hour. for the terms around said in on Analyst one, two, then students; at pricing. XX%. what seeing the I I hour talked credit $XX about think of, per trends you But you are side originally Day,

your I universities are number $XX, and the I credit you're mix hours of digital. students to we've by that's credit shift hour But terms would seeing think driven of that in of love comment maybe the seen some on price per what taking. thoughts just

Jonathan Shar

Yes.

the what weighted the based little the And overall pricing, is time. and hour We credit list. do to individually was a we very price on the book a like of direction give sort support one-to-one we bit mix actually illustrative, provided institutions it a we of we of different. terms do and on average on at institution how each In our just

our does and it's widely. with And think where relates it vary expectations really the I But in So that we're cost. at. also pricing the pretty line to

modeling. So X are the things when -- lockstep in looking those we're at

the what is, seen pricing a enrollments. just we're think national the hour to with aligned we our standpoint, reported credit -- -- see cost looks of from pricing with and reporting list pricing, the with the we've credit is. hour of the the So and of enrollments Ryan, aligned we from that consistency thing annually overall the other the what customized, expectations. what on on book at but that content I pulling like, And our it's is partners with each and it's what certainly of I mix what what the look kind it's their think And

course So change customized. often it year work each individual partner right faculty the average and sure And overall the that in for of for so price can and list gets and year, locked that, book the a do we because making that of -- list, selects set. student that each right change the weighted that is that's is per lot mix does and it every

the both with adjusting and adjusts that of books at sort it used individual are cost mix So campus. an of

Ryan MacDonald

working Maybe really the lot investment think appreciate Jonathan. adjusted the levels and just more your you one, Mike, last of color, trajectory a back and maybe broadly, you. Yes, focus stepping prepandemic on EBITDA. back about community then of has And this sort discussion when towards the been for I know

look fully you we're the fall those the and mix sort experiencing the supply that more of gating what what sort the broadly headwinds to of into well? are seeing you we're chain maybe fiscal say versus when in enrollments about would more factors towards into getting think you levels as of back -- As into 'XX, broadly

Michael Huseby

that's we Yes, time. about the think something all

getting comments. that back it to think quite Tom touched I on pretty in of in bit But terms his cold. a

look like land presentation, the like that. you number to $XX would the I If million is million, Investor $XX Day you at think at something

also to books adjusted fiscal demand purposes, million $XX in compared factors they our change is really that in big for driving EBITDA fiscal the by as business. digital, wholesale the occurred greater because the in day first EBITDA which supply wholesale of million is lack XXXX of that's 'XX. of of of generated in $X.X One used in prospective

our levels. that those 'XX, outlook, be EBITDA approaching you adjusted to we were generated 'XX see fiscal in we'd in wholesale pre-COVID if can fiscal comparable So already what

this to of pre-COVID, has wholesale when So do to of has lot with you're to comparing drop. it a do with a the lot

that does couple that -- it So a means what is of things.

in business, wholesale, what that year. this we've we our don't about really, on improve year showing said. think I which is we we analysis and spent our time puts why our more can it cohort First more We it in have it that to First show first today. said financials. we the through expect on year, where off, basically outlook, that's are also we be the can much now the Day -- year and close improvement and we so in the to core business, business, impact to expect in scale it's talking It retail think is 'XX, we think obviously largest to going we weighting prior in the we fiscal the show Complete essence, compare next year coming that the of

margin GAAP If X.X% margin, up XX% in up million, $XX you or at the million. look the GAAP are GAAP increase gross sales in revenue GAAP look increase or you and is but at $XXX

we -- lot demonstrate more is the which nicely that improve contribute around and is because DSS more with generate David the that First we it to to student and Complete. complete going And partnership with merchant the hone the a first turn to growing will products, of some are and of of slide you'll but the growth. that have as do DSS, that FLC's And they revenues, -- up -- that and brands of over the obviously, and vest substantially that kudos do EBITDA netting and with growth margin dollars our to the the those time has really Day penetrate fact will growth then FLC

think sure. of levels. sure I that sight EBITDA of when are impact our pre- all the But it businesses they lot. in it hard front the from COVID lose to months for wholesale of a working biggest perspective. compare make to challenge got optimal But XX an the wholesale we're over next has that's So people And

Operator

with Alex Craig-Hallum. from Our next question Fuhrman comes

Alex Fuhrman

I to the more. little wanted a guidance unpack bit

we're partnership. levels from? very about and now level. to Day bit You've First Fanatics of pre-COVID significantly a merchandise yet starting Lids at by bucket and sounds talk -- the And where got that's Complete kind generate you nicely. share a it record revenue pretty growing general for little performing to now, down bucket Can be still given like And from coming about is of meaningful looking right numerically pretty EBITDA to Is enrollments to be there your expectations continue increase an talk going enrollment magnitude the least that in pre-COVID in shortfall up I little bit driving of about baked pressure for decline a try you this majority Can wholesale us of to then size is to or you there? expectation can at the are the under that's the EBITDA? year? really what's levels? And in mean, not that for relative

Michael Huseby

wholesale fiscal million last XXXX the EBITDA pre-pandemic number $X.X with just speaking to the full consolidated of really which is prior this generated our and wholesale in contributed decline when versus is to that the to million EBITDA and address tried I question year. $XX year

million do at guiding to we million the that [indiscernible] and $XX were we're XXXX, wholesale the pre-COVID year be If decline EBITDA $XX math. can So a you in to we're in level wholesale level. this EBITDA, we'd million. essentially as same at That's $XX a

Now on in comments, said our in said obviously we outlook. we -- his also said and the we're counting in that, Tom as not

expect wholesale significantly. We improve not to

and product our pretty grow because where product itself. improve new that We much product expect to it was invest institutional we're the DSS and this itself the to continuing in business be year

a pre-pandemic XXXX, between think said. to I and describe like number the growth down of So to difference of students of come -- I we the I is headwinds, think even what the enrollment lot from we've figures undergraduate students expect that retail said tried are I X.X%, -- the -- something in terms X% the when

-- have that So think the manage it drive takes or Day out Day put what and John the in than to we which XX% XX% processes. should to in between beauty in words, and it of like Complete drive We've new should what down, be out Complete of some in First XX%. we're other we rate leaving and our was opt more that's Tom is the ourselves demonstrating seeing sell-through, the XX%, to opt get slides, schools, can team rate, closer as something it off the First What today. help from the sell-through the retail

is as at year been you EBITDA on throw So that's going positive years. retail But over DSS. services, fairly what has last they really is still corporate this we're services corporate several we are invest EBITDA when did while to focused But look in flat the they driving the wholesale. off as

services to corporate that business. function Most into that's -- load expect the retail a because large We who to would continue. of

in but company So used value, retail, is forward we just product. we're to really year, expect as do less. And engine retail, to complete real expecting over wholesale really, as the as a that's last strategic significant wholesale's the years fulfillment better, growth wholesale next going before, of first our book substantive day this they're couple we've of kind not said

advantage. strategic a is that So

is put You've digital, seen conversion Tom the about figures over to of the still physical there's but in up that physical format. Courseware of XX%

virtual and like and a demand on very play of our things retail product managing also business manages forecasting with a and physical retail on and forecasting for important fulfillment. delivery other also does -- is care book wholesale book our lot MBS and the function. So closely retail demand customer working MBS

it's of the are we hitting X range all guidance. impacts guidance we to like the rest to inflation, can. It steps And charge can. inflation of of to anticipate as shipping about be and we're but the actually impact of that inflation unpack and guidance expenses, smart the some our But will things gets I So it. I think all how we and trying his trying the trying have team John and into and a that in that freight, taking we for in reasons really our as frame to in everybody, are adjust think, anticipated

Alex Fuhrman

compare priorities keep for new you then just business? priority time stores. and mean years? And to of going terms new next Okay. new that That's a over invest opportunity much on bookstore could are How that rank Complete the we for the really First wins the how for contract new your and business growing opportunities digital in after few capital helpful. in if does and book of to touch I Day

Michael Huseby

really really, question. a that's And great

and very We're in careful in of for we're looking And If stores. capital not which allocate sense, Many not that maintenance of into new year, if in we're deploying the a many Fanatics hand stores go -- stores allocation the new some Complete Day and a is of we're because there just stores. on our that on. great X. working the to makes have And in team DSS. his capital really Complete, add of a a and that, offering. those that capital growing new of the co-funded It's to new opened on are our partnership we other costs with in of retail John it's self-study Notre interested capital then that's we're First We -- allocate Lids. March. the than our suite David perspective, Day Day model, being at to partners from thing. of how just We that strategy, warrant Dame how to important first keep our strategy. being were to to the they lot from services on type in as stores think complete competitive we by capital. allocate is X really focused and Complete that with lot the because then capital careful But bundling not and and the shift But something Courseware DSS that return in perspective, capital. focused we're And GM cases, First new we our we very our do very, not Lids invested want very digital year adding capital Fanatics I go considering at glove to First into we're of think

probably 'XX. our of head stores, so out that on going that 'XX I and the we And to bottom part big speak, pairing kind are of that we're into pruning increase what fact, store in the would there. as of FTC be portfolio see we should stores end In we'll call a think not

Jonathan Shar

Fanatics Day have of we user offerings that in-store and and experience, First because work to and mean, for demand product the the emblematic through thing as is add the assortment that and Lids that with Complete both I we is significant online, and clothing as well enhanced Yes. have, don't there differentiated the schools us. we gifts serve I that that through to only and would product offerings product

successful stores to very those other by -- us. we have been stores so vendors self-operated and in operated transitioning And

to work a differentiation business I new us, and we're a gross because us, third in Mike lot We're the partnership a we really to in for way us that it's we're $XXX a key of do. as campuses their there's but sales have to demonstrate of adding. on. that going row to digitally our key think work support campus, of campuses going and we've new while the with and million I responsible continue objectives still product over And which priorities said, can to do to think it demand And very in want and wins. year the with in especially value offering with been able goals their bring to

of lot on business think I in and So schools, out there, had exciting a new just be different working slightly are to we're but way. a there's

Operator

At questions. no Instructions] [Operator this we time, further have

Andy, to So you to hand back I'll conclude.

Andy Milevoj

everyone. next on XXXX our and today's and interest thank be call continued note September. scheduled quarter us Have release joining a for good in Emily, day, Please in fiscal financial BNED. all release will Thanks, our you Great. first earnings your

Operator

and may today. concludes your event, our for today's you Thank now lines. joining you This call disconnect

Barnes & Noble Education (BNED) 29 Jun 222022 Q4 Earnings call transcript