barnes & noble inc (BKS) Key Developments
Barnes & Noble, Inc. Announces Executive Changes
Jul 20 15
Barnes & Noble, Inc. announced the appointment of Frederic (Fred) D. Argir as Vice President and Chief Digital Officer for the company, overseeing the E-Commerce and NOOK businesses, which are part of Retail. Mr. Argir joins the company from Toys “R” Us, Inc. where he also served as Chief Digital Officer. He will report to Jaime Carey, Chief Operating Officer. The company also announced that Mahesh Veerina, President of the NOOK Consumer business, will leave the company on February 1, 2016.
Barnes & Noble, Inc. Declares Dividend, Payable on August 17, 2015
Jul 14 15
Barnes & Noble, Inc. announced that its Board has declared a dividend equal to $0.15 per share of common stock of the company to the holders of record of the common stock of the company as of the close of business on August 7, 2015, with such dividend being payable on August 17, 2015.
Barnes & Noble, Inc. Announces Executive Changes
Jul 2 15
Barnes & Noble, Inc. announced that Ronald D. Boire has been named Chief Executive Officer of Barnes & Noble’s Retail business, effective September 8, 2015. Mr. Boire is currently President and Chief Executive Officer, and a member of the Board of Directors, Sears Canada. Prior to serving as President & Chief Executive Officer of Sears Canada, Inc., Mr. Boire had a broad range of experience in retail and technology. He held the position of Executive Vice President, Chief Merchandising Officer and President, Sears and Kmart Formats at Sears Holdings. Mr. Boire also served in other executive positions including President and CEO at Brookstone, Inc., where he led a turnaround of Brookstone’s performance through improved operations, product development and marketing. While at Toys “R” Us he served as President, North America from 2006 through 2009. The company also announced that Jaime M. Carey, Chief Merchandising Officer, has been promoted to Chief Operating Officer, effective immediately. Mr. Carey joined Barnes & Noble in May 2003 as Director of Newsstand, and was promoted to Vice President. Under his leadership, the Company dramatically increased magazine sales, consolidating its position as one of the top magazine retailers in the U.S. In May 2008, Mr. Carey was named Chief Merchandising Officer and has been responsible for the merchandise buying of all departments, including Book, Music, Toys & Games, DVD, Magazine and Gift. He also serves on the board of the National Book Foundation since being elected in 2008.
Barnes & Noble, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended May 2, 2015; Provides Earnings Guidance for the Fiscal Year 2016
Jun 25 15
Barnes & Noble, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended May 2, 2015. For the quarter, the company revenues decreased 10.4% to $1.2 billion versus the prior year. Consolidated fourth quarter earnings before interest, taxes, depreciation and amortization (EBITDA) improved to $33 million, as compared to $11 million in the prior year. Net loss was $19.4 million, or $0.37 per basic and diluted share, as compared to the prior year net loss of $36.7 million, or $0.72 per basic and diluted share a year ago. Operating loss was $13,990,000 compared to $42,565,000 a year ago. Loss before tax was $17,106,000 compared to $49,204,000 a year ago. Net loss available to common shareholders was $23,678,000 compared to $42,549,000 a year ago.
For fiscal year 2015, consolidated revenues decreased 4.9% to $6.1 billion versus the prior year. Fiscal 2015 consolidated EBITDA increased 30.4% to $327 million, as compared to $251 million a year ago. Net earnings were $36.6 million, or $0.21 per basic and diluted share, as compared to a net loss of $47.3 million, or $1.12 per basic and diluted share, in the prior year. Operating income was $133,173,000 compared to $34,192,000 a year ago. Income before tax was $115,283,000 compared to $4,685,000 a year ago. Net income available to common shareholders was $12,752,000 compared to net loss of $66,328,000 a year ago. Consolidated capital expenditures for the year were $143 million, as compared to $135 million in the prior year.
For fiscal year 2016, the company expects retail core comparable bookstore sales, which exclude sales of NOOK products, to increase approximately 1%, while college comparable store sales are also expected to increase approximately 1%. The company also expects full fiscal year EBITDA losses in the NOOK segment to decline versus the prior year. The company expects capital expenditures of approximately $150 million in fiscal 2016, which include approximately $85 million at Retail primarily for existing stores, approximately $55 million at College largely for new and existing stores, and approximately $10 million at NOOK in support of digital initiatives.
Barnes & Noble, Inc. Announces Board Appointments
Jun 18 15
Barnes & Noble, Inc. announced the appointment of two new independent directors to its board, ahead of the Company’s previously announced separation of its Retail and College businesses. The new board members are Ann-Marie Campbell, President, Southern Division, The Home Depot, and Paul B. Guenther, former President of PaineWebber Group, Inc., the parent company of Paine Webber, Incorporated. Ms. Campbell’s career at The Home Depot spans 30 years, where she rose from Associate to District Manager, prior to assuming VP and President roles for multiple store operations, merchandising, sales and marketing. Mr. Guenther is a Director of Guardian Life Insurance and Chairman of Community & Southern Holdings, based in Atlanta. He served as a Director and as President of PaineWebber Group, Inc. and has served as President of PaineWebber, Incorporated, where he was also Chief Administrative Officer responsible for administrative services, operations and systems. Mr. Guenther served for 13 years as Chairman of the New York Philharmonic and of Fordham University, where he is still a board member, and is the former Director of the Securities Industry Association and a former President and Director of Columbia’s Graduate School of Business alumni association.