EX-99.1 2 dex991.htm INVESTOR PRESENTATION SLIDES Investor Presentation Slides

Exhibit 99.1

Barnes & Noble Consolidated

$ in millions

 

     2010 Actual(1)     2011E  

Total Sales

    $ 5,810      $ 7,050 - $7,170   

Sales Increase

        21% - 23 % 

Gross Margin

    $ 1,677      $ 1,835 - $1,885   

% of Sales

      28.9 %      26.0% - 26.3 % 

SG&A

    $ 1,395      $ 1,600 - $1,610   

% of Sales

      24.0 %      22.7% - 22.5 % 

EBITDA

    $ 281      $ 235 - $275   

 

(1) Includes College results since acquisition date

 

  80   LOGO

Barnes & Noble.com

$ in millions

 

     2010 Actual     2011E  

Total Sales

    $ 572      $ 880   

Comp Sales

      24 %      75 % 

Gross Margin

    $ 70      $ 125   

% of Sales

      12.3 %      14.2 % 

SG&A

    $ 151      $ 240   

% of Sales

      26.4 %      27.2 % 

EBITDA

    ($ 81 )    ($ 115 ) 

 

  79   LOGO

Barnes & Noble College

$ in millions

 

     2010 Actual(1)     2011E  

Total Sales

    $ 836      $ 1,830   

Comp Store Sales

      (0.3 %)      Flat   

Gross Margin

    $ 177      $ 382   

% of Sales

      21.2 %      20.8 % 

SG&A

    $ 152      $ 270   

% of Sales

      18.2 %      14.8 % 

EBITDA

    $ 25      $ 112   

 

(1) Since acquisition date

 

  76   LOGO

Barnes & Noble Bookstores

$ in millions

 

     2010 Actual     2011E  

Total Sales

    $ 4,402      $ 4,340 - $4,460   

Comp Store Sales

      (4.8 %)      Flat to 3 % 

Gross Margin

    $ 1,429      $ 1,330 - $1,375   

% of Sales

      32.5 %      30.6% - 30.8 % 

SG&A

    $ 1,093      $ 1,090 - $1,100   

% of Sales

      24.8 %      25.1% - 24.7 % 

EBITDA

    $ 337      $ 240 - $280   

 

  74   LOGO

Barnes & Noble, Inc.

EBITDA Reconciliation (1)

 

$ in millions

    Barnes &
Noble
Booksellers		    Barnes &
Noble
College		     Barnes &
Noble.com		     Barnes &
Noble, Inc.
Consolidated

Net income

    $ 105    (3 )    (65 )    $ 37

Interest

      20    6      3        28

Income Taxes

      54    (2 )    (44 )      8

Depreciation and amortization

      158    25      25        208
                         

EBITDA

    $ 337    25      (81 )    $ 281
                         

 

(1) To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the non-GAAP financial measure of EBITDA. The Company’s management reviews this non-GAAP measure internally to evaluate the Company’s performance and manage its operations. Given the recent changes in the Company’s business and their impact on the full year, the Company believes that the inclusion of EBITDA results provides investors useful and important information regarding the Company’s operating results.