Barnes & Noble Education Stock Gains On Announcement Of Increased Net Income In Q2

(RTTNews) - Barnes & Noble Education, Inc. (BNED) on Monday reported its second quarter results, with overall net income increasing to $49.7 million from $24.9 million in the prior year, primarily due to improved operating income, lower interest expense, and reduced restructuring and other charges.

Adjusted EBITDA grew 29.1 percent to $66.0 million from $51.1 million last year.

However, total revenue declined 1.4 percent to $602.1 million, primarily due to a net decrease of 109 physical and virtual locations, many of which were closures of underperforming stores, which has helped to improve profitability.

Following the announcement, Barnes & Noble Education's stock is climbing 11.33 percent to $11.69 on the New York Stock Exchange.