While Barnes & Noble Education awaits final approval of a refinancing package that representatives said will restore the company's financial health, B&NE has released preliminary, unaudited financial results indicating that company revenue rose 1.5% in the fiscal year ended April 27, 2024, with its net loss falling to $63 million, from $90 million a year ago. Total sales were $1.57 billion.

In its announcement, B&NE said it would not provide any more financial information until its auditors had completed their audit of the company. The college store operator is required to have its final audit and 10-K filing with the Securities and Exchange Commission completed by July 26.

Fiscal 2024 has been an eventful one for B&NE, as the company scrambled to find new financing while also seeing marginal sales improvement. That improvement comes from the company's inclusive/equitable access program, called First Day, which began to pick up traction with college students last year. (Students enrolled in the program pay for their course materials as part of tuition or another fee rather than paying for individual items.)

The inclusive/equitable program is becoming widely used in all parts of the college instructional materials landscape, to the point where it is likely dramatically affecting the U.S. Census Bureau's bookstore sales estimates. The program could undergo a significant shift if the Department of Education is successful in its efforts to make the program opt-in for students rather than opt-out.

B&NE also saw its stock price go for a wild ride last week, as it appeared to have become a target for stock traders who were buying, and then selling, the company's shares in large numbers. On May 22, when nearly 310 million shares were traded, B&NE's share price hit $1.13. On May 24, the share price was down to $0.58, on a volume of about 20 million shares.

B&NE expects final approval of its refinancing package to come sometime in June, after which it will receive gross proceeds of $95 million. The new financing, B&NE says, will give it more financial flexibility and reduce its annual interest expense.