Barnes & Noble Education, Inc. (NYSE:BNED) Q4 2023 Earnings Call Transcript

Mike Miller: Yes, sure. So there were adjustments from both the e-commerce and in-store revenue share arrangements for the next year as the business continues to mature and the rather the strategic partnership continues to mature. So there were adjustments to the revenue percentages that were made, and they will refer after 12 months.

Jonathan Shar: Yes. And then from a business trajectory standpoint, as we said in for fiscal ’23, our general merchandise gross comparable store sales increased almost 9%. And really that was aided and that strong performance aided by emblematic general merchandise and some of the other non-emblematic businesses, but we’re really excited about the growth that we saw, the impact of the product assortment, differentiated product assortment, really unmatched customer experience, both in-store and online. and I think there will be really significant growth in that business as we go forward for fiscal ’24 and beyond. So we’re very excited from a business trajectory standpoint, from a how the assortment is reflecting the local sort of demands of each store and also national trends, and that combination is really powerful and proving to be really powerful, exciting new brands we’re introducing into the mix.

And so we expect that to continue to be a growth driver and really continue to be a strategic advantage for us with our stores as they help sort of to help build their brands and create an exciting destination on campus for visitors to come and really have a must-visit place on campus and you’re on campus and online. So we’re really excited, and we think that it’s going to continue to see growth, and it’s a very strategic initiative for us to leverage the power of the partnership.

Jason Snagusky: And before we leave that point, I just wanted to say that both Fanatics and Lids and our partners at Vital stores really we’re true partners with BNED through the amend and extend process and really helped get that done through various amendments to our current agreements with them. So on behalf of the management and the Board, we are very thankful for their continued support and partnership.

Operator: I will now turn the call back over to Mr. Hunter Blankenbaker, Vice President of Investor Relations, for closing remarks.

Hunter Blankenbaker: Great. Thanks, Maria. That completes our call today. We’re going to go focus on our fall rush and we look forward to having our first quarter earnings call in early September. Thanks, everybody.

Operator: Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.