Barnes & Noble Education, Inc. (BNED) announced its second-quarter results on Monday, revealing a significant increase in net income to $49.7 million, up from $24.9 million in the previous year. This growth is largely attributed to enhanced operating income, decreased interest expenses, and a reduction in restructuring and other charges.
The company's adjusted EBITDA saw a 29.1% rise, reaching $66.0 million compared to $51.1 million last year.
Despite these gains, total revenue experienced a slight decline of 1.4%, settling at $602.1 million. This decrease was mainly attributed to the net closure of 109 brick-and-mortar and virtual locations, many of which were underperforming stores, contributing positively to profitability.
Following these developments, Barnes & Noble Education's stock has surged by 11.33%, reaching $11.69 on the New York Stock Exchange.
