$BNED reports 11.4% YoY revenue growth in Q3 FY2023.
Mar 9th 2023, 9:04 pm
Analyst Summary: Noble Education, a leading solutions provider for the education industry, reported sales and earnings for the third quarter of fiscal year 2023 that ended on January 28, 2023. Consolidated revenue increased by 11.4% to $447.1 million as compared to the prior year period. GAAP gross margin increased to 23%, compared to 21% in the prior year period. For comparable store sales, total Retail segment gross comparable store sales increased by 5.9% YoY, which was driven by the First Day Complete offering and higher digital course materials. CEO Michael P. Huseby said, "We delivered solid results in the third quarter, with strong topline growth, increased profitability, and continued progress on our strategic initiatives." The company is in active dialogues with hundreds of institutional partners regarding First Day Complete and is encouraged by the progress made. Looking ahead, the company expects the Retail segment to be the primary driver of non-GAAP Adjusted EBITDA growth, driven by new and ongoing First Day Complete course material model implementations, growth within its general merchandise business, new business margin, and cost reductions. Noble expects to report fiscal 2023 fourth quarter results in late June 2023.