By Kailyn Rhone
Shares of Barnes & Noble Education were higher after the company reported that net second-quarter income doubled amid increased sales from its BNC First Day programs.
The company's stock rose 12% to $11.75 in morning trading Monday. For the year, shares are down 90%.
The provider of higher education and K-12 educational products and solutions on Monday posted a second-quarter net profit of $49.7 million, compared with $24.9 million a year earlier. The company said profit doubled due to improved operating income, lower interest expense, and reduced restructuring and other charges.
Revenue dropped 1.4% to $602.1 million, while comparable store sales increased 3.8% and sales from BNC First Day programs rose 18%.
Barnes & Noble Education said a total of 183 campus stores utilize First Day Complete in the fall 2024 term with an enrollment of 925,000 undergraduate and graduate students, up from 800,000 a year ago.
The company completed a $40 million sales agreement with global financial services firm BTIG. The company said the proceeds will reduce annual interest expense by nearly $4 million a year.
"We are confident in our improving momentum and the opportunities ahead, " said Chief Executive Jonathan Shar.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 09, 2024 11:17 ET (16:17 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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