Barnes Noble Inc (BKS) SEC Filing 10-Q Quarterly report for the period ending Saturday, January 26, 2019

Exhibit 99.1

Barnes & Noble Reports Fiscal 2019 Third Quarter Results

Comparable Store Sales Increase 1.1%

Updates EBITDA Outlook

NEW YORK--(BUSINESS WIRE)--March 7, 2019--

Total sales for the third quarter were $1.2 billion, flat with the prior year period. Comparable store sales increased 1.1%, reflecting the Company’s best quarterly performance in several years.

The consolidated third quarter operating profit was $79.2 million, as compared to the prior year operating loss of $34.9 million. Third quarter results include asset impairment charges of $22.1 million, and non-recurring professional fees of $5.1 million. The prior year quarter included asset impairment charges of $135.4 million, and severance charges of $10.7 million. Excluding these charges, third quarter adjusted EBITDA was $133.0 million, as compared to $139.5 million last year. Adjusted EBITDA decreased $6.5 million due to the increased marketing and promotional spend.

Consolidated third quarter net earnings were $66.9 million, or $0.91 per share, as compared to a loss of $63.5 million, or $0.87 per share, in the prior year. Excluding the charges noted above, adjusted third quarter EPS was $1.21 in the current year.

“In fiscal 2019, we have been focused on growing the top line, which contributed to our best holiday in years,” said Len Riggio, Chairman of Barnes & Noble, Inc. “Sales benefitted from our new ad campaign, increased marketing and promotions, and an improved omni-channel experience for our customers. We believe these efforts are laying the foundation for sustained growth.”