BNED delays Q1 filing, gives prelim results; restating prior periods due to investigation

Barnes & Noble Education, Inc.

Preliminary Q1 FY2026 total sales $288.6M (+9.5% YoY); BNC First Day revenue $114.3M (+40.5%).
Total net debt $162.7M, down $51M YoY; expects compliance with credit covenants.
Internal investigation into digital sales cost recording; prior financials from FY2024-Q3 FY2025 are unreliable.
Company expects to restate financials for Non-Reliance Periods; 10-Q filing delayed pending restatement.
Investigation will not impact total sales, cash, or debt; Q1 results are seasonal and not indicative of full year.

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