BNED restates multiple FY2024-2025 periods; employee misconduct; FY2025 sales $1.61B

Barnes & Noble Education, Inc.

Board concludes FY2024 and Q1-Q3 FY2025 financials cannot be relied upon; restatement expected.
Erroneous cost of sales from employee actions: FY2024 cost increase $5.7M; FY2025 Q3 cost decrease $1.9M, nine-month increase $10.5M.
Identified $3.5M of Q3 FY2025 sales not meeting revenue recognition criteria; will reduce sales and accounts receivable.
Preliminary FY2025: total sales $1.61B (excluding $3.5M), BNC First Day revenue $593.8M, total net debt $94.0M.
Material weaknesses in internal controls expected; SEC notified of ongoing investigation.

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