Barnes & Noble Inc  BKS - equity, debt and subsidiaries

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Barnes & Noble Inc  BKS

Summary (from 2016 annual report, Fiscal year ends in April)

  • Total equity  : 587 million USD
  • Market Cap is 623 million USD ( last price of the stock is 8.60 USD)
  • Barnes & Noble Inc is a booksellers and a content, commerce and technology company providing customers access to trade books, textbooks, magazines, newspapers and other content across its multi-channel distribution platform
  • Equity of total company decreased from 1.18 billion USD in 2015 to 587 million in 2017
  • Company has 12 million USD in cash on account
  • Total equity – cash on account = 587 million USD – 12 million USD = 575 million USD
  • Company has 1.13 billion USD treasury stock
  •  In 2017 total debt is 18 million USD (from latest quarterly report )           
  •  (In 2014 total debt was 120 million USD)
  • In latest quarterly report - total equity decreased to 587 million  USD from 1.18 billion USD in 2015, total debt is 18 million USD in 2017)
  • Company's revenue decreased in 2016 (latest annual report) to 4.16 billion USD from 6.06 billion in 2015
  • Net loss in 2016 was 24 million USD, Net income in 2015 was 37 million USD
  • In 2016 company paid 50 million USD dividend to its shareholders


Barnes & Noble, Inc. (Barnes & Noble or the Company), one of the nation’s largest booksellers, is a leading content and commerce company providing customers easy and convenient access to trade books and other content across its multi-channel distribution platform. As of April 30, 2016, the Company operates 640 bookstores in 50 states, maintains an eCommerce site, develops digital reading products and operates one of the largest digital bookstores. Barnes & Noble is utilizing the strength of its retail footprint in combination with its online and digital businesses to provide an omni-channel experience for its customers, fulfilling its commitment to offer customers any book, anytime, anywhere and in any format.

Barnes & Noble Retail (B&N Retail) operates 640 retail bookstores, primarily under the Barnes & Noble Booksellers® trade name, and includes the Company’s eCommerce site. B&N Retail also includes Sterling Publishing Co., Inc. (Sterling or Sterling Publishing), a leader in general trade book publishing. The NOOK segment represents the Company’s digital business, offering digital books and magazines for sale and consumption online, NOOK®2 reading devices, co-branded NOOK® tablets and reading software for iOS, Android and Windows 8. The Company employed approximately 28,000 full- and part-time employees as of April 30, 2016. Including seasonal and temporary employees, the Company employed approximately 29,000 employees as of April 30, 2016.

  • Barnes & Noble Retail represents 95% of total revenues
  • NOOK represents 5% of total revenues

The Company’s principal business is the sale of trade books (generally hardcover and paperback consumer titles), mass market paperbacks (such as mystery, romance, science fiction and other popular fiction), children’s books, eBooks and other digital content, NOOK® and related accessories, bargain books, magazines, gifts, café products and services, educational toys & games, music and movies direct to customers through its bookstores or on The Company also offers a textbook rental option to its customers through The Company offers its customers a full suite of textbook options—new, used, digital and rental.

In recent years, B&N Retail has experienced declining sales trends due to secular industry challenges, leading to lower comparable store sales, decreased online sales and store closures. The Company also experienced expense deleverage due to the declining sales trends. More recently, the Company has benefited from favorable book industry trends, including a plateauing of the growth of the digital book market. In addition, the Company implemented successful merchandising initiatives, which improved traffic and sales trends, especially in its non-book businesses. The Company has also increased the size and scope of its in-store events, which now include nationwide campaigns, such as Get Pop-Cultured and Maker Faire that increase traffic and sales and further reinforce Barnes & Noble as a community center. The Company is also improving the navigation and discovery of titles that takes place in its stores to make books easier to find amongst its vast selection, which it believes will improve performance. The Company launched a new eCommerce platform in June 2015 and expected certain challenges that generally accompany any new site launch. However, the challenges were greater than anticipated and reduced website traffic, as well as conversion. The Company has been and continues to implement website fixes to increase traffic and conversion on the site, as well as improve the overall user experience. is an important component of the Company’s omni-channel strategy, and it believes that in the long term the new platform will enable it to be more competitive in the marketplace.


Property and equipment

  • Property and equipment are worth around 400 million USD  (At April 30, 2016, the Company had $298.6 million of property and equipment, net of accumulated depreciation, and $1.6 million of amortizable intangible assets, net of amortization, accounting for approximately 14.9% of the Company’s total assets - from annual report)
  • In 1989, Barnes and Noble had purchased the 22-store chain Bookstop for 40 million USD
  • All but one of the active Barnes & Noble stores are leased. The leases typically provide for an initial term of 10 or 15 years with one or more renewal options. Most stores are currently in renewal periods
  • In addition to the bookstores, the Company leases two distribution centers for its B&N Retail operations: one in Monroe Township, New Jersey, under a lease expiring in 2020, and the other in Reno, Nevada, under a lease expiring in 2020. The Company’s B&N Retail distribution centers total 1,745,000 square feet
  • The Company’s principal administrative facilities are situated in New York, New York, and are covered by two leases: 184,000 square feet under a lease expiring in 2023 and 9,500 square feet under a lease expiring soon
  • The Company leases two additional locations in New York, New York for office space: approximately 40,000 square feet under a lease expiring in 2020, for eCommerce and NOOK administrative offices, and approximately 40,000 square feet under a lease expiring in 2020, for Sterling Publishing administrative offices
  • The Company also leases approximately 79,000 square feet of office space in Westbury, New York under a lease expiring in 2022, approximately 56,000 square feet of office space in Santa Clara, California under a lease expiring in 2019 and approximately 8,000 square feet internationally under a lease expiring in July 2016
  • In 2016, Barnes & Noble announced plans during an investor conference to open four concept stores featuring restaurants twice the size of their cafés that would offer better food, wine, and beer


BKS standalone subsidiaries and acquisitions :

  • Barnes & Noble Retail (B&N Retail) subsidiary is worth around 700 million USD
  • NOOK subsidiary is worth around 50 million USD
  • Barnes & Noble has invested 100 million USD in several startups
  • In 1989, Barnes and Noble had purchased the 22-store chain Bookstop for 40 million USD


Total = 890 million USD


  • On April 30, 2012, Microsoft invested $300 million for a 17.6% stake in Nook, which valued the business at about $1.7 billion. In December 2014, Barnes & Noble announced that it had ended its Nook partnership with Microsoft by buying back its stake. In September 2015, Samsung and Barnes & Noble introduced the Samsung Galaxy Tab S2 NOOK
  • On February 26, 2015, Barnes & Noble announced plans for the legal and structural separation of Barnes & Noble Education, Inc. (Barnes & Noble Education or B&N Education) (formerly known as NOOK Media Inc.) from Barnes & Noble into an independent public company (the Spin-Off).
  • On July 14, 2015, the Barnes & Noble board of directors (the Board) approved the final distribution ratio and declared a pro rata dividend of the outstanding shares of B&N Education common stock, which resulted in the complete legal and structural separation of the two companies. The distribution was subject to the satisfaction or waiver of certain conditions as set forth in B&N Education’s Registration Statement on Form S-1, which was filed with the SEC on February 26, 2015 and was amended on April 29, 2015, June 4, 2015, June 29, 2015, July 13, 2015, July 14, 2015 and July 15, 2015.
  • On August 2, 2015, Barnes & Noble completed the Spin-Off of Barnes & Noble Education and distributed, on a pro rata basis, all of the shares of B&N Education common stock to the Company’s stockholders of record as of July 27, 2015. These Barnes & Noble stockholders of record as of July 27, 2015 received a distribution of 0.632 shares of B&N Education common stock for each share of Barnes & Noble common stock held as of the record date. Immediately following the completion of the Spin-Off, the Company’s stockholders owned 100% of the outstanding shares of common stock of B&N Education. Following the Spin-Off, B&N Education operates as an independent public company and as the parent of Barnes & Noble College, trading on New York Stock Exchange under the ticker symbol “BNED”.


  • On October 20, 2015, the Company’s Board of Directors authorized a new stock repurchase program for the purchase of up to $50.0 million of its common shares. Stock repurchases under this program may be made through open market and privately negotiated transactions from time to time and in such amounts as management deems appropriate. The repurchase program has no expiration date and may be suspended or discontinued at any time. The Company’s repurchase plan is intended to comply with the requirements of Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company had remaining capacity of approximately $23.3 million under this program as of April 30, 2016. As of April 30, 2016, the Company has repurchased 37,941,321 shares at a cost of approximately $1.08 billion since the inception of the Company’s stock repurchase programs. The repurchased shares are held in treasury


Opinion about the company

Fundamentally it is a not bad company and in the future we can expect its growth (Total debt is 18 million USD, company has 12 million USD in cash on account, ROE is around 1%).





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