Why Barnes & Noble Education Stock Nosedived at the Open Today
Shares of college-based book retailer Barnes & Noble Education (NYSE: BNED) fell sharply at the start of trading on Nov. 30, dropping as much as 22% at one point in early trading. The big news was the company's fiscal second-quarter 2022 earnings release, which hit the Street before Wall Street opened this morning. Investors were clearly unhappy with what they saw.
It may seem obvious, but running a bookstore on a college campus is highly seasonal. The start of the new school year is, as you might expect, the peak selling point of the year. That period is encompassed in Barnes & Noble Education's fiscal second-quarter results. On the top line the company posted sales of $627 million, up 5.3% from the prior year. On the bottom line, earnings came in at $0.41 per share, up from just $0.15 during the fiscal second quarter of 2021.
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Source Fool.com
