Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Nov. 01, 2025 |
Oct. 26, 2024 |
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Sales: | ||||
| Product and Other Sales | $ 598,211 | $ 559,674 | $ 872,390 | $ 810,600 |
| Revenue from Contract with Customer, Product and Service [Extensible Enumeration] | Product [Member] | Product [Member] | Product [Member] | Product [Member] |
| Rental income | $ 46,203 | $ 42,448 | $ 60,184 | $ 54,953 |
| Total sales | 644,414 | 602,122 | 932,574 | 865,553 |
| Cost of sales (exclusive of depreciation and amortization expense): | ||||
| Product and other cost of sales | 488,986 | 451,026 | 714,349 | 662,411 |
| Rental cost of sales | 25,591 | 22,619 | 33,011 | 29,669 |
| Total cost of sales | 514,577 | 473,645 | 747,360 | 692,080 |
| Gross profit | 129,837 | 128,477 | 185,214 | 173,473 |
| Selling and administrative expenses | 77,302 | 72,940 | 145,163 | 139,963 |
| Depreciation and amortization expense | 7,625 | 8,542 | 16,810 | 21,613 |
| Other (income) expense | 4,114 | (150) | 5,611 | 3,468 |
| Operating income | 40,796 | 47,145 | 17,630 | 8,429 |
| Loss on extinguishment of debt | 0 | 0 | 0 | 55,233 |
| Interest expense, net | 3,885 | 5,463 | 7,630 | 13,081 |
| Income (loss) before income taxes | 36,911 | 41,682 | 10,000 | (59,885) |
| Income tax (benefit) expense | 11,907 | (1,480) | 3,267 | 878 |
| Net income (loss) | $ 25,004 | $ 43,162 | $ 6,733 | $ (60,763) |
| Basic: | ||||
| Total basic income (loss) per share (in dollars per share) | $ 0.73 | $ 1.63 | $ 0.20 | $ (3.04) |
| Weighted average common shares outstanding - Basic (in shares) | 34,053,847 | 26,527,174 | 34,053,847 | 20,018,920 |
| Diluted: | ||||
| Total diluted income (loss) per share (in dollars per share) | $ 0.72 | $ 1.63 | $ 0.19 | $ (3.04) |
| Weighted average common shares outstanding - Diluted (in shares) | 34,535,761 | 26,541,804 | 34,484,151 | 20,018,920 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Nov. 01, 2025 |
May 03, 2025 |
Sep. 18, 2024 |
Jun. 12, 2024 |
Jun. 10, 2024 |
Jun. 05, 2024 |
Apr. 27, 2024 |
|---|---|---|---|---|---|---|---|
| Statement of Financial Position [Abstract] | |||||||
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||
| Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |||||
| Preferred stock, shares issued (in shares) | 0 | 0 | |||||
| Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
| Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | 10,000,000,000 | 200,000,000 | ||
| Common stock, shares issued (in shares) | 34,081,114 | 34,081,114 | |||||
| Common stock, shares outstanding (in shares) | 34,053,847 | 34,053,847 | 26,204,956 | 2,620,495,552 |
Organization |
6 Months Ended |
|---|---|
Nov. 01, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Organization Description of Business Barnes & Noble Education, Inc. is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. The Company is also a textbook wholesaler, and bookstore management hardware and software provider. The Company operates 1,128 physical and virtual bookstores, delivering essential educational content and general merchandise within a dynamic omnichannel retail environment. The Company provides product and service offerings designed to address the most pressing issues in higher education, including affordable access, enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. The Company offers its BNC First Day® affordable access course material programs, consisting of First Day Complete and First Day, which provide faculty-required course materials to students on or before the first day of class. •First Day Complete is adopted by an institution and includes all or the majority of undergraduate classes (and on occasion graduate classes), providing students with both physical and digital materials. In addition to providing numerous benefits to students, faculty and administrators, the First Day Complete model drives substantially greater unit sales and sell-through for the bookstore. •First Day is adopted by a faculty member for a single course, and students receive primarily digital course materials through their school's learning management system (“LMS”). The Barnes & Noble brand (licensed from the Company's former parent) along with the Company's subsidiary brands, BNC and MBS, are synonymous with innovation in bookselling and campus retailing in the United States. The Company's large college footprint, reputation, and credibility in the marketplace not only support the Company's marketing efforts to universities, students, and faculty, but are also important to the Company's relationship with leading educational publishers who rely on the Company as one of their primary distribution channels.
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Basis of Presentation and Summary of Significant Accounting Policies |
6 Months Ended |
|---|---|
Nov. 01, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Consolidation The results of operations reflected in the Company's condensed consolidated financial statements are presented on a consolidated basis. The accompanying condensed consolidated financial statements reflect the Company's condensed consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to Securities and Exchange Commission ("SEC") rules. The Company had no other comprehensive income (loss) for the periods presented; accordingly, comprehensive income (loss) is equal to Net income (loss) on the Company's condensed consolidated statements of operations. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly its consolidated financial position and the results of its operations and cash flows for the periods reported. All material intercompany accounts and transactions have been eliminated in consolidation. The Company's fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. Due to the seasonal nature of the business, the results of operations for the 13 and 26 weeks ended November 1, 2025 are not indicative of the results expected for the 52 weeks ending May 2, 2026. Seasonality The Company's business is highly seasonal, particularly with respect to textbook sales and rentals, with the major portion of sales and operating profit realized during the second and third fiscal quarters when college students generally purchase and rent textbooks for the upcoming semesters and lowest in the first and fourth fiscal quarters. The Company's quarterly results also may fluctuate depending on the timing of the start of the various schools’ semesters, as well as shifts in its fiscal calendar dates. As the concentration of digital product sales increases, revenue will be recognized earlier during the academic term as digital textbook revenue is recognized when the digital content is made available to the customer compared to: (i) the rental of physical textbooks where revenue is recognized over the rental period, and (ii) a la carte courseware sales where revenue is recognized when the customer takes physical possession of the Company's products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of the Company's products by its customers for products ordered through the Company's websites and virtual bookstores. See Revenue Recognition and Deferred Revenue discussion below. These shifts in timing may affect the comparability of the Company's results across periods. Sales attributable to the Company's wholesale business are generally highest in the Company's first, second and third quarters, as it sells textbooks and other course materials for retail distribution. See Revenue Recognition and Deferred Revenue discussion below. Use of Estimates In preparing consolidated financial statements in conformity with GAAP, the Company is required to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents and Restricted Cash The Company considers all short-term, highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of November 1, 2025, and May 3, 2025, the Company had cash and cash equivalents of $11,720 and $9,058, respectively. As of November 1, 2025 and May 3, 2025, the Company had restricted cash of $24,709 and $19,665, respectively, comprised of $22,330 and $17,332, respectively, in the prepaid expenses and other current assets line item in the condensed Consolidated Balance Sheets related to segregated funds for commission due to Fanatics Lids College, Inc. D/B.A “Lids” for logo merchandise sales as per the Lids service provider merchandising agreement, and $2,379 and $2,333, respectively, in other noncurrent assets in the condensed Consolidated Balance Sheets related to amounts held in trust for future distributions related to employee benefit plans. Merchandise Inventories Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of the Company's inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory represent write-downs that reduce the cost basis of the asset. These write-downs are based on the Company's history of liquidating non-returnable inventory, which includes certain assumptions, including markdowns and inventory aging. Cost is determined primarily by the retail inventory method for the Company's retail business. Textbook and trade book inventories for retail and wholesale are valued using the LIFO method. The related LIFO reserve was $6,446 to the Company's inventory balance as of November 1, 2025 and May 3, 2025, respectively. For the Company's physical bookstores, the Company estimates and accrues inventory shortage for the period between the last physical count and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends. The physical bookstores fulfillment order is directed first to the Company's wholesale operations before other sources of inventory are utilized. The products that the Company sells originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers. Textbook Rental Inventories Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period with the amortization expense recognized in cost of goods sold. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost. Leases The Company recognizes lease assets and lease liabilities on the condensed Consolidated Balance Sheets for all operating lease arrangements based on the present value of future lease payments as required by Accounting Standards Codification (“ASC”) Topic 842, Leases. The Company does not recognize lease assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less). The Company recognizes lease expense for contracts with fixed lease payments on a straight-line basis over the contractual term. The Company recognizes variable lease payments as incurred. The Company recognizes lease expense related to its college and university contracts as cost of sales in the Company's Consolidated Statements of Operations and recognizes lease expense related to its various office spaces as selling and administrative expenses in the Company's Consolidated Statements of Operations. For additional information, see Note 11. Leases. Revenue Recognition and Deferred Revenue Product sales and rentals The majority of the Company's revenue is derived from the sale of products through its bookstore locations, including virtual bookstores, and its bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of the Company's products is recognized at the point in time when control of the products is transferred to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. For additional information, see Note 4. Revenue. Product revenue is recognized when the customer takes physical possession of the Company's products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of the Company's products by its customers for products ordered through the Company's websites and virtual bookstores. Wholesale product revenue is recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of goods sold. Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized upon delivery of the digital content as product revenue in the Company's consolidated financial statements. A software feature is embedded within the content of the Company's digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, the Company's performance obligation is complete. Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in the Company's consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. The Company offers a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. The Company records the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, the Company accelerates any remaining deferred rental revenue at the point of sale. Such buyouts have historically been, and continue to be, immaterial to the financial statements. Revenue recognized for the Company's BNC First Day® offerings is consistent with its policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day programs, the timing of cash collection from the Company's school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts the Company's BNC First Day® affordable access course material program offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in the Company's third quarter given the timing of the Spring Term and its quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor. The Company estimates returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded. For sales and rentals involving third-party products, the Company evaluates whether it is acting as a principal or an agent. The Company's determination is based on the evaluation of whether the Company controls the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether the Company controls the specified goods or services prior to transferring them to the customer including whether it has the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where the Company is the principal, the Company recognizes revenue on a gross basis; for transactions in which the Company is an agent to a third-party, the Company recognizes revenue on a net basis. The Company's logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics, and the Company recognizes commission revenue earned for these sales on a net basis in its consolidated financial statements. The Company does not have gift card or customer loyalty programs, however, it does accept Barnes & Noble Booksellers ("B&N") gift cards, and sells third-party gift cards, including B&N gift cards in its stores. The Company will be launching a gift card program in fiscal 2026. The Company does not treat any promotional offers as expenses. Sales tax collected from its customers is excluded from reported revenues. The Company's payment terms are generally 30 days and do not extend beyond one year. Service and other revenue Service and other revenue is primarily derived from brand marketing services which includes promotional activities and advertisements within the Company's physical bookstores and web properties performed on behalf of third-party customers, shipping and handling, and revenue from other programs. Brand marketing agreements often include multiple performance obligations which are individually negotiated with the Company's customers. For these arrangements that contain distinct performance obligations, the Company allocates the transaction price based on the relative standalone selling price method by comparing the standalone selling price (“SSP”) of each distinct performance obligation to the total value of the contract. The revenue is recognized as each performance obligation is satisfied, typically at a point in time for brand marketing service and over time for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions. Cost of Sales The Company's cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to the Company's college and university contracts and other facility related expenses. Selling and Administrative Expenses The Company's selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, and professional services. Income Taxes The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. The Company regularly reviews deferred tax assets for recoverability and establishes a valuation allowance, if determined to be necessary. For additional information, see Note 15. Income Taxes. Accounting Pronouncements Recently Issued Accounting Pronouncements There were no new accounting pronouncements issued during the quarter ended November 1, 2025, that are expected to have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements Adopted In September 2025, Financial Accounting Standards Board (the "FASB") issued ASU No. 2025-07 (“ASU 2025-07”), "Derivatives and Hedging (Topic 815): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract." The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 related to share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The Company elected to early adopt ASU 2025-07 effective May 4, 2025, the first day of fiscal 2026. The adoption did not have a material impact on the Company’s condensed consolidated financial statements. See Note 9. Derivative for further discussion.
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Restatement of Previously Issued Financial Statements |
6 Months Ended |
|---|---|
Nov. 01, 2025 | |
| Accounting Changes and Error Corrections [Abstract] | |
| Restatement of Previously Issued Financial Statements | Restatement of Previously Issued Financial Statements As previously disclosed in the Company’s annual financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended May 3, 2025 filed with the SEC on December 23, 2025 (the "Annual Report"), the Audit Committee of the Board of Directors, with the assistance of independent advisors, conducted an investigation into certain accounting matters (the "Investigation"). As a result of the Investigation and additional accounting matters identified during the preparation of the Company’s consolidated financial statements for the fiscal year ended May 3, 2025, management concluded that the Company’s previously issued audited consolidated financial statements for the fiscal year ended April 27, 2024, and the unaudited interim consolidated financial statements for the quarterly and year-to-date periods within fiscal years ended May 3, 2025 and April 27, 2024 should no longer be relied upon. The restatement corrects errors related to (i) the recording of cost of digital sales, (ii) the accounting for certain store operating agreements in accordance with Accounting Standards Codification 842, Leases, and (iii) the write-off of aged textbook rental inventory, as well as certain other immaterial errors identified in the course of the fiscal year 2025 audit. These errors resulted in misstatements to cost of sales, depreciation and amortization expense, other (income) expense, income tax expense, operating lease right-of-use assets and liabilities, deferred income taxes, property, and equipment, other long-term liabilities, additional paid-in capital, accumulated deficit, and certain working capital balances. The quantitative impact of the restatement on the Company’s consolidated statements of operations, balance sheets, and cash flows for the fiscal year ended April 27, 2024 is presented in Note 3, Restatement of Previously Issued Audited Consolidated Financial Statements, in the Annual Report. The quantitative impact of the restatement on the unaudited interim quarterly and year-to-date periods within fiscal years ended May 3, 2025 and April 27, 2024 are presented in Note 21, Restatement of Quarterly Financial Information (Unaudited), in the Annual Report. The restatement did not result in any changes to the classification of cash flows among operating, investing, or financing activities. The accompanying condensed consolidated financial statements included in this Quarterly Report on Form 10-Q reflect the restated amounts for all applicable prior periods presented and are prepared on a basis consistent with the restated consolidated financial statements included in the Annual Report.
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Revenue |
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| Revenue | Revenue Revenue from sales of the Company's products and services is recognized either at the point in time when control of the products is transferred to its customers or over time as services are provided in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products or services. See Note 2. Basis of Presentation and Summary of Significant Accounting Policies for additional information related to the Company's revenue recognition policies. Disaggregation of Revenue The following table disaggregates the revenue associated with the Company's major product and service offerings:
(a)Logo general merchandise sales are recognized on a net basis as commission revenue in the condensed consolidated financial statements. (b)Service and other revenue primarily relates to brand partnership marketing and other service revenues. Contract Assets and Contract Liabilities Contract assets represent the sale of goods or services to a customer before the Company has the right to obtain consideration from the customer. Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract assets (unbilled receivables) were $0.5 million and $0.6 million and for November 1, 2025 and May 3, 2025, respectively, on the Company's condensed Consolidated Balance Sheets. Contract liabilities represent an obligation to transfer goods or services to a customer for which the Company has received consideration and consists of its deferred revenue liability (deferred revenue). Deferred revenue consists of the following: •advanced payments from customers related to textbook rental performance obligations, which are recognized ratably over the terms of the related rental period; •unsatisfied performance obligations associated with partnership marketing services, which are recognized when the contracted services are provided to the Company's partnership marketing customers; and •unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the merchandising contracts for Fanatics and Lids as discussed in Note 6. Equity. The following table presents changes in deferred revenue associated with the Company's contract liabilities:
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Segment Reporting |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | Segment Reporting The Company identifies its segments in accordance with the way its business is managed. During the 26 weeks ended October 26, 2024, management determined that a realignment of the Company's operating and reporting segments was necessary to better reflect the operations of the organization. Following the change in Chief Executive Officer and financing transactions in June 2024, the Company streamlined operations to focus on a centralized management structure to support company-wide procurement, marketing and selling, delivery and customer service. Given the change in how the overall business is managed and how the current Chief Executive Officer (the current Chief Operating Decision Maker ("CODM")) assesses performance and allocates resources, the Company combined the operating results of the prior two segments, Retail and Wholesale, into one operating and reporting segment. Prior period disclosures have been restated to reflect the change to one segment. The CODM reviews financial information on a consolidated basis to evaluate operational performance, allocate resources, and assess trends over time. The CODM uses Net income (loss) as the primary measure of segment profit or loss. In evaluating performance, the CODM also reviews significant expense categories, including adjusted cost of sales, payroll expense, contract payments, direct and indirect expenses, which are considered material to understanding the segment’s financial results. This measure provides a consistent basis for strategic decision-making, budgeting, and performance evaluation, reflecting the segment’s contribution to the Company’s overall financial results. Segment assets are not used by the CODM for evaluating performance as presented on the Company's Consolidated Balance Sheet. The following table presents sales, profitability, and significant expense information about the Company's segment.
(a) Adjusted Cost of sales includes all cost of sales presented in the Statement of Operations, adjusted for contract payments and other various expenses. (b) Other segment expenses, net, represents GAAP income statement line items that are not considered to be significant segment expenses. These items primarily include stock-based compensation, depreciation and amortization, impairment, other (income) expense, loss on extinguishment of debt, interest income and expense, and income tax expense (benefit).
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Equity |
6 Months Ended |
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Nov. 01, 2025 | |
| Stockholders' Equity Note [Abstract] | |
| Equity | Equity Stock Authorization As of November 1, 2025, the Company's authorized capital stock consists of 200,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. As of November 1, 2025, 34,081,114 shares of the Company's common stock were issued, of which 34,053,847 shares were outstanding, and 0 shares of the Company's preferred stock were both issued and outstanding. The Company's common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “BNED”. On October 5, 2023, the Company's stockholders approved an amendment and restatement of the Equity Incentive Plan to increase the number of shares available for issuance by an additional 4,500,000 of the Company's Common Stock. The Company has reserved an aggregate of 2,179,093 shares of common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. On June 5, 2024, the Company's stockholders approved an amendment to its Amended and Restated Certificate of Incorporation, as amended, to increase the aggregate number of authorized shares of Common Stock from 200,000,000 shares to 10,000,000,000 shares. On June 10, 2024, the Company completed various transactions (the "Transactions"), including an equity rights offering (the "Rights Offering"), private equity investment (the "Private Investment"), a term loan debt conversion (the "Term Loan Debt Conversion"), and credit facility refinancing (the "A&R Credit Facility Refinancing"), to substantially deleverage the Company's Consolidated Balance Sheet. These transactions raised additional capital for repayment of indebtedness and provide additional flexibility for working capital needs. On September 18, 2024, the Company's stockholders (1) approved the Company’s Amended and Restated Certificate of Incorporation to decrease the aggregate number of authorized shares of the Company's Common Stock from 10,000,000,000 shares to 200,000,000 shares; and (2) approved an amendment to the Equity Incentive Plan to increase the number of shares available for issuance by an additional 2,000,000 shares of the Company's Common Stock, for an aggregate total of 2,179,093 shares (post-Reverse Stock split as described below). At-the-Market Equity Offerings On September 19, 2024, the Company entered into an at-the market ("ATM") sales agreement (the "September ATM Sales Agreement") with BTIG, LLC ("BTIG") under which it sold the maximum of $40.0 million of the Company's Common Stock. from time to time at a weighted-average price of $10.06 per share and received $39.2 million in proceeds, net of commissions. BTIG, as the sales agent, sold the shares based upon the Company's instructions (including as to price, time or size limits or other customary parameters or conditions). The Company paid BTIG a commission of 2% of the gross sales proceeds of the Common Stock sold under the September ATM Sales Agreement. The Company was not obligated to make any sales of Common Stock under the September ATM Sales Agreement. On December 20, 2024, the Company entered into an additional ATM sales agreement with BTIG (the "December ATM Sales Agreement"), under which it sold the maximum of $40.0 million of the Company's Common Stock from time to time at a weighted-average price of $10.42 per share and received $39.2 million in proceeds, net of commissions. BTIG, as the sales agent, sold the shares based upon the Company's instructions (including as to price, time or size limits or other customary parameters or conditions). The Company paid BTIG a commission of 2% of the gross sales proceeds of the Common Stock sold under the December ATM Sales Agreement. The Company was not obligated to make any sales of Common Stock under the December ATM Sales Agreement. Reverse Stock Split On June 11, 2024, the Company completed a reverse stock split of the Company’s outstanding shares of Common Stock at a ratio of 1-for-100 (the “Reverse Stock Split”), which was previously approved by stockholders at a special meeting held on June 5, 2024. In connection with the Reverse Stock Split, every 100 shares of the Common Stock issued and outstanding was converted into one share of the Company’s Common Stock. No change was made to the trading symbol for the Company’s shares of Common Stock, “BNED,” in connection with the Reverse Stock Split. The Reverse Stock Split was part of the Company’s plan to regain compliance with the minimum bid price requirement of $1.00 per share required to maintain continued listing on the NYSE. The Reverse Stock Split reduced the number of shares of the Company’s outstanding Common Stock from approximately 2,620,495,552 shares (as of the date June 11, 2024, when including issuances pursuant to the transactions) to approximately 26,204,956 shares, subject to adjustment for rounding. The Reverse Stock Split affected all issued and outstanding shares of Common Stock. All outstanding options and restricted stock units, and other securities entitling their holders to purchase or otherwise receive shares of Common Stock were adjusted as a result of the Reverse Stock Split, as required by the terms of each security. The number of shares available to be awarded under the Company’s equity compensation plans was also appropriately adjusted. Following the Reverse Stock Split, the par value of the Common Stock remained unchanged at $0.01 per share. The Reverse Stock Split did not change the authorized number of shares of Common Stock or preferred stock. No fractional shares were issued in connection with the reverse split; instead any fractional shares as a result of the Reverse Stock Split were rounded up to the next whole number of post-split shares of Common Stock. Repurchase of Shares On December 14, 2015, the Board of Directors authorized a stock repurchase program of up to $50,000 in the aggregate, of the Company's outstanding common stock. The stock repurchase program is carried out at the direction of management (which may include a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. As of November 1, 2025, the Company did not purchase shares under the stock repurchase program. As of November 1, 2025, approximately $26,669 remains available under the stock repurchase program.
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Income (Loss) Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income (Loss) Per Share | Income (Loss) Per Share Basic EPS is computed based upon the weighted average number of shares of Common Stock outstanding for the period. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the period plus the dilutive effect of Common Stock equivalents using the treasury stock method and the average market price of the Company's Common Stock for the period. The Company includes participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. The Company's participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted Common Stock. The two-class method of computing net income (loss) per share is an allocation method that calculates net income (loss) per share for Common Stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company. On June 10, 2024, we completed various Transactions to substantially deleverage the Company's Consolidated Balance Sheet. Because the rights issuance was offered to all existing stockholders at an exercise price that was less than the fair value of the Company's Common Stock, as of such time, the weighted average shares outstanding and basic and diluted net income (loss) per share were adjusted retroactively to reflect the bonus element of the Rights Offering for all periods presented by a factor of 5.03. On June 11, 2024, we completed a Reverse Stock Split of the Company’s outstanding shares of common stock at a ratio of 1-for-100 (the “Reverse Stock Split”), which was approved by stockholders at a special meeting held on June 5, 2024. In connection with the Reverse Stock Split, every 100 shares of the common stock issued and outstanding was converted into one share of the Company’s Common Stock. Weighted average shares of Common Stock for both basic and diluted, prior to giving effect to the bonus element of the Rights Offering, and the Reverse Stock Split was 34,053,847, and 26,527,174, respectively, for the 13 weeks ended November 1, 2025 and 13 weeks ended October 26, 2024. The weighted average common shares and net income (loss) per common share reflect the bonus element resulting from the Rights Offering and the Reverse Stock Split for all periods presented on the consolidated statements of operations. The following is a reconciliation of the basic and diluted net income (loss) per share calculation:
(a) During the 13 weeks ended November 1, 2025 and October 26, 2024, weighted-average shares of 3,821 and 59,329, respectively, were excluded from the diluted net income (loss) per share calculation as their inclusion would have been antidilutive. During the 26 weeks ended November 1, 2025 and October 26, 2024, weighted-average shares of 4,058 and 68,832, respectively, were excluded from the diluted net income (loss) per share calculation as their inclusion would have been antidilutive.
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Fair Value Measurements |
6 Months Ended |
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Nov. 01, 2025 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | Fair Value Measurements In accordance with ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1—Observable inputs that reflect quoted prices in active markets Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable Level 3—Unobservable inputs in which little or no market data exists, therefore requiring the Company to develop its own assumptions The Company's financial instruments include cash and cash equivalents, receivables, accrued liabilities, accounts payable, and long-term debt. The fair values of cash and cash equivalents, receivables, accrued liabilities, and accounts payable approximate their carrying values because of the short-term nature of these instruments, which are all considered Level 1 within the fair value hierarchy. The fair value of the Company's long-term debt approximates its carrying value and is classified as Level 2, as it is estimated using observable market inputs such as current interest rates and credit spreads for similar instruments. See Note 9. Derivative, for fair value information about the derivative instrument that is fair valued using Level 3 inputs. Non-Financial Assets The Company measures certain non-financial assets and liabilities at fair value on a nonrecurring basis in accordance with ASC 820. These assets are subject to fair value remeasurement only when specific triggering events occur, such as indicators of impairment or classification as held for sale. The Company's non-financial assets include property and equipment, operating lease right-of-use assets, and intangible assets. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. Non-Financial Liabilities We granted phantom share units as long-term incentive awards which are settled in cash based on the fair market value of a share of common stock of the Company at each vesting date. The fair value of the liability for the cash-settled phantom share unit awards is remeasured at the end of each reporting period through settlement using a Black-Scholes option-pricing model, which incorporates significant inputs including the risk-free interest rate, expected volatility, expected dividend yield, and expected term or vesting period. As of May 3, 2025, all phantom share units have been settled or forfeited. For additional information, see Note 13. Long-Term Incentive Compensation Expense.
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Derivative |
6 Months Ended |
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Nov. 01, 2025 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative | Derivative In April 2025, the Company entered into a Participation Interest Purchase Agreement (the “Agreement”) with Jefferies Leveraged Credit Products LLC (“Jefferies”), under which Jefferies paid the Company $12,625 in exchange for a participation interest in the proceeds of a specified litigation claim. The Agreement is non-recourse to the Company with respect to financial risk, and Jefferies’ entitlement to payment is limited to proceeds, if any, received from the litigation. The Company has continuing contractual obligations under the Agreement, including remaining the plaintiff of record, cooperating with Jefferies and its counsel, providing access to litigation-related documents, and complying with certain settlement-related provisions. These obligations are protective in nature and are intended to preserve Jefferies’ contractual rights; however, they do not require the Company to repay amounts received, provide services, or otherwise create a debt obligation. Effective May 4, 2025, the first day of the Company’s fiscal year 2026, the Company early adopted ASU No. 2025-07, Derivatives and Hedging (Topic 815): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. Upon adoption, the Agreement no longer met the definition of a derivative under ASC 815, as the arrangement qualifies for the scope exception for litigation funding arrangements that do not create or modify debt. Accordingly, upon adoption, the previously recognized derivative liability was reclassified to deferred income within other long-term liabilities, and the Agreement is accounted for under ASC 470, Debt, as deferred income. The deferred income will be recognized in earnings when the related litigation is resolved and proceeds, if any, are distributed. The guidance was applied using a modified retrospective approach, resulting in the reclassification of the derivative liability to deferred income as of the adoption date. The cumulative-effect adjustment to retained earnings upon adoption was immaterial. No amounts related to this arrangement are subject to recurring fair-value measurement subsequent to adoption.
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Debt |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt
Transactions On June 10, 2024, the Company completed a series of Transactions, which together substantially deleveraged the Company’s Consolidated Balance Sheet. In connection with the Transactions, the Company received gross proceeds of $95,000 of new equity capital, consisting of a $50,000 private investment led by Immersion Corporation and a $45,000 fully backstopped equity rights offering, resulting in approximately $85,500 of net cash proceeds after transaction costs. In addition, approximately $34,000 of outstanding principal and accrued interest under the Company’s term loan was converted into common stock. The Company also refinanced its revolving credit facility, providing access to a $325 million facility maturing in 2028. Credit Facility In connection with the timing of the Company’s financial statement filings, the Company entered into a series of limited consent and waiver agreements with the lenders under its asset-based revolving credit facility (the “Credit Facility”) to extend certain financial reporting deadlines. These waivers related solely to the timing of the Company’s filings and did not arise from noncompliance with any financial covenants. The Investigation and related restatement of the Company’s previously issued financial statements have been completed. On August 8, 2025, the Company and the administrative agent entered into a limited consent and waiver providing a 75-day extension of the applicable reporting deadlines to October 22, 2025, in exchange for a fee equal to 0.10% of the aggregate revolving commitments. On October 21, 2025, the Company exercised an additional 45-day extension option under the waiver, extending the reporting deadline to December 6, 2025, in exchange for an additional fee equal to 0.10% of the revolving commitments. On December 5, 2025, the Company entered into a Second Limited Consent and Waiver, further extending the reporting deadlines to January 20, 2026, in exchange for an additional fee equal to 0.10% of each consenting lender’s revolving commitment. During the applicable extension periods, the Company was subject to certain customary conditions, including enhanced reporting requirements, periodic update calls with lenders, and a minimum excess availability requirement of $30,000. Failure to comply with these conditions would have constituted an event of default. On June 10, 2024 (the “Closing Date”), the Company amended, restated and extended the maturity of its existing asset-based revolving credit facility with Bank of America, N.A., as administrative agent, collateral agent and swing line lender, and the other lenders party thereto and restated, the A&R Credit Agreement. Pursuant to the A&R Credit Agreement, the lenders committed to provide the Company with a four-year asset-based revolving credit facility with aggregate revolving commitments of up to $325 million and a maturity date of June 9, 2028 (the “Credit Facility”). Borrowings under the Credit Facility may be used for general corporate purposes, including seasonal working capital needs. The Company has interest-only obligations under the Credit Facility until maturity, at which time all outstanding principal is due and payable. Interest accrues, at the Company’s election, either (i) at a rate based on the Secured Overnight Financing Rate (“SOFR”), subject to a floor of 2.50%, plus an applicable margin of 3.50%, or (ii) at an alternate base rate, subject to a floor of 3.50%, plus an applicable margin of 2.50%. The applicable margins may be reduced by 0.25% upon achievement of certain financial performance thresholds, as defined in the A&R Credit Agreement. The A&R Credit Agreement contains customary negative covenants and financial maintenance covenants, including minimum availability, a consolidated fixed charge coverage ratio, and a consolidated EBITDA requirement, each as defined in the agreement. The Credit Facility is secured by substantially all of the Company’s inventory, accounts receivable and related assets, constituting an all-assets lien, subject to customary exclusions. As of November 1, 2025, and as of the issuance date of the Company’s most recent Form 10-Q, the Company was in compliance with all covenants under the Credit Facility. Term Loan On June 10, 2024, the Company’s existing Term Loan Credit Agreement (the "Term Loan"), dated June 7, 2022, with TopLids LendCo, LLC and Vital Fundco, LLC (the “Term Loan”), was terminated in connection with the conversion of approximately $34,000 of outstanding principal and accrued and unpaid interest into shares of the Company’s Common Stock (the “Term Loan Debt Conversion”). As a result of the conversion, the Term Loan and all related agreements were extinguished. The Company recognized a loss on extinguishment of debt of $55,233 in connection with the Term Loan Debt Conversion, representing the excess of the fair value of the Common Stock issued over the net carrying amount of the Term Loan, including unamortized deferred financing costs. The conversion resulted in financing noncash activity totaling $86,755. See Note 6. Equity. The Term Loan had an original principal amount of $30,000 and was scheduled to mature on April 7, 2025. Proceeds from the Term Loan were used for working capital and related fees and expenses. Deferred Financing Costs The debt issuance costs have been deferred and are presented as noted below in the condensed Consolidated Balance Sheets, and are subsequently amortized ratably over the term of the respective debt.
Interest The following table disaggregates interest expense:
Cash interest paid during the 13 weeks ended November 1, 2025 and October 26, 2024 was $2,728 and $5,134, respectively, and for the 26 weeks ended November 1, 2025 and October 26, 2024 was $5,655 and $9,866 respectively.
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases Lease assets and lease liabilities are recognized on the condensed Consolidated Balance Sheets for substantially all lease arrangements based on the present value of future lease payments as required by ASC 842, Leases. The lease portfolio consists of operating leases comprised of operating agreements which grant the Company the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. There is one immaterial finance lease and no short-term leases (i.e., those with a term of twelve months or less). A right of use (“ROU”) asset and lease liability are recognized in the condensed Consolidated Balance Sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year. Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, lease expense is recognized on a straight-line basis over the lease term. For variable commissions, lease expense is recognized as incurred. The Company's lease agreements do not contain any material residual value guarantees, material restrictions or covenants. Incremental borrowing rates are used to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. An estimated collateralized incremental borrowing rate is applied as of the effective date or the commencement date of the lease, whichever is later. The following tables summarize lease expenses:
The following table summarizes the Company's minimum fixed lease obligations, excluding variable commissions:
Future lease payment obligations related to leases that were entered into, but did not commence as of November 1, 2025, were not material. The following summarizes additional information related to the Company's operating leases:
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Supplementary Information |
6 Months Ended |
|---|---|
Nov. 01, 2025 | |
| Other Income and Expenses [Abstract] | |
| Supplementary Information | Supplementary Information Other (Income) Expense During the 13 and 26 weeks ended November 1, 2025, the Company recognized other (income) expense totaling $4.1 million and $5.6 million, respectively, comprised of Investigation related costs. During the 13 and 26 weeks ended October 26, 2024, the Company recognized other (income) expense totaling $0.2 million and $3.5 million, respectively, comprised primarily of $1.0 million and $2.1 million, respectively, related to severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction initiatives, $0 and $2.0 million, respectively, of severance primarily related to the resignation of the former Chief Executive Officer on June 11, 2024, ($1.8 million is included in accrued liabilities in the condensed Consolidated Balance Sheet as of October 26, 2024), $0.3 million and $0.8 million, respectively, for legal and advisory professional service costs for restructuring and process improvements and other charges, and ($1.4 million) for both periods related to the termination of liabilities related to a frozen retirement benefit plan (non-cash). We recognized an increase to additional paid in capital on the condensed Consolidated Balance Sheet for the reimbursement of the former Chief Executive Officer severance from VitalSource (a principal stockholder) as part of the June 10, 2024 financing transactions.
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Long-Term Incentive Plan Compensation Expense |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Incentive Plan Compensation Expense | Long-Term Incentive Compensation Expense During the 13 and 26 weeks ended November 1, 2025, the Company did not grant any long-term incentive plan awards. The Company recognizes compensation expense for long-term incentive plan awards in selling and administrative expenses as follows:
(a) The long-term incentive plan for the 13 and 26 weeks ended October 26, 2024 was impacted due to forfeitures of $1,562 resulting from the resignation of the Company's former Chief Executive Officer on June 11, 2024. Total unrecognized compensation cost related to unvested awards as of November 1, 2025 was $6,630 and is expected to be recognized over a weighted-average period of 1.84 years.
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Employees Benefit Plan |
6 Months Ended |
|---|---|
Nov. 01, 2025 | |
| Retirement Benefits [Abstract] | |
| Employees Benefit Plans | Employee Benefit Plans The Company sponsors defined contribution plans for the benefit of substantially all of the employees of BNC. The Company is responsible to fund the employer contributions directly. The 401(k)-retirement savings plan provides an annual end of plan year discretionary match, in lieu of the current pay period match. Total employee benefit expense for these plans was $0 for the 13 and 26 weeks ended November 1, 2025 and October 26, 2024, respectively.
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Income Taxes |
6 Months Ended |
|---|---|
Nov. 01, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company recorded an income tax expense of $11,907 on pre-tax income of $36,911 during the 13 weeks ended November 1, 2025, which represented an effective income tax rate of 32.3% and an income tax benefit of $(1,480) on pre -tax income of $41,682 during the 13 weeks ended October 26, 2024, which represented an effective income tax rate of (3.6)%. The Company recorded an income tax expense of $3,267 on pre-tax income of $10,000 during the 26 weeks ended November 1, 2025, which represented an effective income tax rate of 32.7% and an income tax expense of $878 on pre-tax loss of $(59,885) during the 26 weeks ended October 26, 2024, which represented an effective income tax rate of (1.5)%. The effective tax rate for the 13 and 26 weeks ended November 1, 2025 is higher than the prior year comparable period due to the Internal Revenue Code (IRC) 382 limitation on attribute utilization, increased projections of taxable income, and decrease in the valuation allowance. In assessing the realizability of the deferred tax assets, management considered whether it is more likely than not that some or all of the deferred tax assets would be realized. As of November 1, 2025, the Company determined that it was more likely than not that it would not realize all deferred tax assets and the Company's tax rate for the current fiscal year reflects this determination. The Company will continue to evaluate this position. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), if a corporation undergoes an “ownership change” (generally defined as a cumulative change in the Company's ownership by “5-percent shareholders” that exceeds 50 percentage points over a rolling three-year period), the corporation’s ability to use its pre-change net operating losses and certain other pre-change tax attributes to offset its post-change income and taxes may be limited. Similar rules may apply under state tax laws. As a result of the Rights Offering, Backstop Commitment, Private Investment, and Term Loan Debt Conversion completed on June 10, 2024, we may have experienced an ownership change as defined by Sections 382 and 383. The Company conducted a study to determine if an ownership change occurred. It was determined that an ownership change occurred under Section 382 and 383, and the corresponding annual limitations materially impacts the utilization of the Company's tax attributes including its $211,913 NOL carryforwards, $60,195 disallowed interest expense carryforwards, and $1,071 tax credit carryforwards as of May 3, 2025. The Company anticipates that $63,092 of these tax attributes may be made available during the first five years following the ownership change on June 10, 2024, which would be able to offset future taxable income.
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Nov. 01, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
|---|---|
Nov. 01, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation and Consolidation The results of operations reflected in the Company's condensed consolidated financial statements are presented on a consolidated basis. The accompanying condensed consolidated financial statements reflect the Company's condensed consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to Securities and Exchange Commission ("SEC") rules. The Company had no other comprehensive income (loss) for the periods presented; accordingly, comprehensive income (loss) is equal to Net income (loss) on the Company's condensed consolidated statements of operations.
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| Consolidation | In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly its consolidated financial position and the results of its operations and cash flows for the periods reported. All material intercompany accounts and transactions have been eliminated in consolidation. |
| Use of Estimates | Use of Estimates In preparing consolidated financial statements in conformity with GAAP, the Company is required to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
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| Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all short-term, highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of November 1, 2025, and May 3, 2025, the Company had cash and cash equivalents of $11,720 and $9,058, respectively. As of November 1, 2025 and May 3, 2025, the Company had restricted cash of $24,709 and $19,665, respectively, comprised of $22,330 and $17,332, respectively, in the prepaid expenses and other current assets line item in the condensed Consolidated Balance Sheets related to segregated funds for commission due to Fanatics Lids College, Inc. D/B.A “Lids” for logo merchandise sales as per the Lids service provider merchandising agreement, and $2,379 and $2,333, respectively, in other noncurrent assets in the condensed Consolidated Balance Sheets related to amounts held in trust for future distributions related to employee benefit plans.
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| Merchandise Inventories | Merchandise Inventories Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of the Company's inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory represent write-downs that reduce the cost basis of the asset. These write-downs are based on the Company's history of liquidating non-returnable inventory, which includes certain assumptions, including markdowns and inventory aging. Cost is determined primarily by the retail inventory method for the Company's retail business. Textbook and trade book inventories for retail and wholesale are valued using the LIFO method. The related LIFO reserve was $6,446 to the Company's inventory balance as of November 1, 2025 and May 3, 2025, respectively. For the Company's physical bookstores, the Company estimates and accrues inventory shortage for the period between the last physical count and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends. The physical bookstores fulfillment order is directed first to the Company's wholesale operations before other sources of inventory are utilized. The products that the Company sells originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers.
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| Textbook Rentals Inventories | Textbook Rental Inventories Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period with the amortization expense recognized in cost of goods sold. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
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| Leases | Leases The Company recognizes lease assets and lease liabilities on the condensed Consolidated Balance Sheets for all operating lease arrangements based on the present value of future lease payments as required by Accounting Standards Codification (“ASC”) Topic 842, Leases. The Company does not recognize lease assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less). The Company recognizes lease expense for contracts with fixed lease payments on a straight-line basis over the contractual term. The Company recognizes variable lease payments as incurred. The Company recognizes lease expense related to its college and university contracts as cost of sales in the Company's Consolidated Statements of Operations and recognizes lease expense related to its various office spaces as selling and administrative expenses in the Company's Consolidated Statements of Operations.Lease assets and lease liabilities are recognized on the condensed Consolidated Balance Sheets for substantially all lease arrangements based on the present value of future lease payments as required by ASC 842, Leases. The lease portfolio consists of operating leases comprised of operating agreements which grant the Company the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. There is one immaterial finance lease and no short-term leases (i.e., those with a term of twelve months or less). A right of use (“ROU”) asset and lease liability are recognized in the condensed Consolidated Balance Sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year. Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, lease expense is recognized on a straight-line basis over the lease term. For variable commissions, lease expense is recognized as incurred. The Company's lease agreements do not contain any material residual value guarantees, material restrictions or covenants. Incremental borrowing rates are used to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. An estimated collateralized incremental borrowing rate is applied as of the effective date or the commencement date of the lease, whichever is later.
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| Revenue Recognition and Deferred Revenue | Revenue Recognition and Deferred Revenue Product sales and rentals The majority of the Company's revenue is derived from the sale of products through its bookstore locations, including virtual bookstores, and its bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of the Company's products is recognized at the point in time when control of the products is transferred to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products. For additional information, see Note 4. Revenue. Product revenue is recognized when the customer takes physical possession of the Company's products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of the Company's products by its customers for products ordered through the Company's websites and virtual bookstores. Wholesale product revenue is recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of goods sold. Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized upon delivery of the digital content as product revenue in the Company's consolidated financial statements. A software feature is embedded within the content of the Company's digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, the Company's performance obligation is complete. Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in the Company's consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. The Company offers a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. The Company records the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, the Company accelerates any remaining deferred rental revenue at the point of sale. Such buyouts have historically been, and continue to be, immaterial to the financial statements. Revenue recognized for the Company's BNC First Day® offerings is consistent with its policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day programs, the timing of cash collection from the Company's school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts the Company's BNC First Day® affordable access course material program offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in the Company's third quarter given the timing of the Spring Term and its quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor. The Company estimates returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded. For sales and rentals involving third-party products, the Company evaluates whether it is acting as a principal or an agent. The Company's determination is based on the evaluation of whether the Company controls the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether the Company controls the specified goods or services prior to transferring them to the customer including whether it has the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where the Company is the principal, the Company recognizes revenue on a gross basis; for transactions in which the Company is an agent to a third-party, the Company recognizes revenue on a net basis. The Company's logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics, and the Company recognizes commission revenue earned for these sales on a net basis in its consolidated financial statements. The Company does not have gift card or customer loyalty programs, however, it does accept Barnes & Noble Booksellers ("B&N") gift cards, and sells third-party gift cards, including B&N gift cards in its stores. The Company will be launching a gift card program in fiscal 2026. The Company does not treat any promotional offers as expenses. Sales tax collected from its customers is excluded from reported revenues. The Company's payment terms are generally 30 days and do not extend beyond one year. Service and other revenue Service and other revenue is primarily derived from brand marketing services which includes promotional activities and advertisements within the Company's physical bookstores and web properties performed on behalf of third-party customers, shipping and handling, and revenue from other programs. Brand marketing agreements often include multiple performance obligations which are individually negotiated with the Company's customers. For these arrangements that contain distinct performance obligations, the Company allocates the transaction price based on the relative standalone selling price method by comparing the standalone selling price (“SSP”) of each distinct performance obligation to the total value of the contract. The revenue is recognized as each performance obligation is satisfied, typically at a point in time for brand marketing service and over time for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions. Revenue from sales of the Company's products and services is recognized either at the point in time when control of the products is transferred to its customers or over time as services are provided in an amount that reflects the consideration the Company expects to be entitled to in exchange for the products or services.Contract assets represent the sale of goods or services to a customer before the Company has the right to obtain consideration from the customer. Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract assets (unbilled receivables) were $0.5 million and $0.6 million and for November 1, 2025 and May 3, 2025, respectively, on the Company's condensed Consolidated Balance Sheets. Contract liabilities represent an obligation to transfer goods or services to a customer for which the Company has received consideration and consists of its deferred revenue liability (deferred revenue). Deferred revenue consists of the following: •advanced payments from customers related to textbook rental performance obligations, which are recognized ratably over the terms of the related rental period; •unsatisfied performance obligations associated with partnership marketing services, which are recognized when the contracted services are provided to the Company's partnership marketing customers; and •unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the merchandising contracts for Fanatics and Lids as discussed in Note 6. Equity.
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| Cost of Sales | Cost of Sales The Company's cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to the Company's college and university contracts and other facility related expenses.
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| Selling, General and Administrative Expenses | Selling and Administrative Expenses The Company's selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support,
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| Income Taxes | Income Taxes The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. The Company regularly reviews deferred tax assets for recoverability and establishes a valuation allowance, if determined to be necessary. For additional information, see Note 15. Income Taxes.
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| Accounting Pronouncements | Accounting Pronouncements Recently Issued Accounting Pronouncements There were no new accounting pronouncements issued during the quarter ended November 1, 2025, that are expected to have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements Adopted In September 2025, Financial Accounting Standards Board (the "FASB") issued ASU No. 2025-07 (“ASU 2025-07”), "Derivatives and Hedging (Topic 815): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract." The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 related to share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The Company elected to early adopt ASU 2025-07 effective May 4, 2025, the first day of fiscal 2026. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.
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| Segment Reporting | The Company identifies its segments in accordance with the way its business is managed. During the 26 weeks ended October 26, 2024, management determined that a realignment of the Company's operating and reporting segments was necessary to better reflect the operations of the organization. Following the change in Chief Executive Officer and financing transactions in June 2024, the Company streamlined operations to focus on a centralized management structure to support company-wide procurement, marketing and selling, delivery and customer service. Given the change in how the overall business is managed and how the current Chief Executive Officer (the current Chief Operating Decision Maker ("CODM")) assesses performance and allocates resources, the Company combined the operating results of the prior two segments, Retail and Wholesale, into one operating and reporting segment. Prior period disclosures have been restated to reflect the change to one segment. The CODM reviews financial information on a consolidated basis to evaluate operational performance, allocate resources, and assess trends over time. The CODM uses Net income (loss) as the primary measure of segment profit or loss. In evaluating performance, the CODM also reviews significant expense categories, including adjusted cost of sales, payroll expense, contract payments, direct and indirect expenses, which are considered material to understanding the segment’s financial results. This measure provides a consistent basis for strategic decision-making, budgeting, and performance evaluation, reflecting the segment’s contribution to the Company’s overall financial results. Segment assets are not used by the CODM for evaluating performance as presented on the Company's Consolidated Balance Sheet.
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| Earnings (Loss) Per Share | Basic EPS is computed based upon the weighted average number of shares of Common Stock outstanding for the period. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the period plus the dilutive effect of Common Stock equivalents using the treasury stock method and the average market price of the Company's Common Stock for the period. The Company includes participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. The Company's participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted Common Stock. The two-class method of computing net income (loss) per share is an allocation method that calculates net income (loss) per share for Common Stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company. |
| Fair Value Measurements | In accordance with ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1—Observable inputs that reflect quoted prices in active markets Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable Level 3—Unobservable inputs in which little or no market data exists, therefore requiring the Company to develop its own assumptions The Company's financial instruments include cash and cash equivalents, receivables, accrued liabilities, accounts payable, and long-term debt. The fair values of cash and cash equivalents, receivables, accrued liabilities, and accounts payable approximate their carrying values because of the short-term nature of these instruments, which are all considered Level 1 within the fair value hierarchy. The fair value of the Company's long-term debt approximates its carrying value and is classified as Level 2, as it is estimated using observable market inputs such as current interest rates and credit spreads for similar instruments. See Note 9. Derivative, for fair value information about the derivative instrument that is fair valued using Level 3 inputs.
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Revenue (Tables) |
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| Schedule of Disaggregation of Revenue | The following table disaggregates the revenue associated with the Company's major product and service offerings:
(a)Logo general merchandise sales are recognized on a net basis as commission revenue in the condensed consolidated financial statements. (b)Service and other revenue primarily relates to brand partnership marketing and other service revenues.
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| Schedule of Deferred Revenue | The following table presents changes in deferred revenue associated with the Company's contract liabilities:
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Segment Reporting (Tables) |
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| Schedule of Segment Reporting Information | The following table presents sales, profitability, and significant expense information about the Company's segment.
(a) Adjusted Cost of sales includes all cost of sales presented in the Statement of Operations, adjusted for contract payments and other various expenses. (b) Other segment expenses, net, represents GAAP income statement line items that are not considered to be significant segment expenses. These items primarily include stock-based compensation, depreciation and amortization, impairment, other (income) expense, loss on extinguishment of debt, interest income and expense, and income tax expense (benefit).
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Income (Loss) Per Share (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Basic and Diluted Loss Per Share | The following is a reconciliation of the basic and diluted net income (loss) per share calculation:
(a) During the 13 weeks ended November 1, 2025 and October 26, 2024, weighted-average shares of 3,821 and 59,329, respectively, were excluded from the diluted net income (loss) per share calculation as their inclusion would have been antidilutive. During the 26 weeks ended November 1, 2025 and October 26, 2024, weighted-average shares of 4,058 and 68,832, respectively, were excluded from the diluted net income (loss) per share calculation as their inclusion would have been antidilutive.
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Debt (Tables) |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt |
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| Schedule of Deferred Financing Costs | The debt issuance costs have been deferred and are presented as noted below in the condensed Consolidated Balance Sheets, and are subsequently amortized ratably over the term of the respective debt.
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| Schedule of Interest Expense | The following table disaggregates interest expense:
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 01, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Lease Expense | The following tables summarize lease expenses:
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| Schedule of Minimum Fixed Lease Obligations | The following table summarizes the Company's minimum fixed lease obligations, excluding variable commissions:
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| Schedule of Additional Information Related to Operating Leases | The following summarizes additional information related to the Company's operating leases:
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Long-Term Incentive Plan Compensation Expense (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 01, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Incentive Awards Compensation Expense | The Company recognizes compensation expense for long-term incentive plan awards in selling and administrative expenses as follows:
(a) The long-term incentive plan for the 13 and 26 weeks ended October 26, 2024 was impacted due to forfeitures of $1,562 resulting from the resignation of the Company's former Chief Executive Officer on June 11, 2024.
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Organization - Additional Information (Details) |
Nov. 01, 2025
store
|
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of stores | 1,128 |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
|---|---|---|
Nov. 01, 2025 |
May 03, 2025 |
|
| Accounting Policies [Abstract] | ||
| Cash and cash equivalents | $ 11,720 | $ 9,058 |
| Restricted cash | 24,709 | 19,665 |
| Restricted cash, current | 22,330 | 17,332 |
| Restricted cash, noncurrent | 2,379 | 2,333 |
| LIFO reserve change | $ 6,446 | $ 6,446 |
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Nov. 01, 2025 |
Oct. 26, 2024 |
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Disaggregation of Revenue [Line Items] | ||||
| Product and Other Sales | $ 598,211 | $ 559,674 | $ 872,390 | $ 810,600 |
| Course Materials Rental Income | 46,203 | 42,448 | 60,184 | 54,953 |
| Total sales | 644,414 | 602,122 | 932,574 | 865,553 |
| Product and Other Sales | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total sales | 598,211 | 559,674 | 872,390 | 810,600 |
| Course Materials Product | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Product and Other Sales | 459,267 | 421,999 | 616,865 | 553,427 |
| General Merchandise Product | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Product and Other Sales | 112,873 | 109,911 | 210,580 | 207,948 |
| Service and Other Revenue | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Product and Other Sales | $ 26,071 | $ 27,764 | $ 44,945 | $ 49,225 |
Revenue - Narrative (Details) - USD ($) $ in Millions |
Nov. 01, 2025 |
May 03, 2025 |
|---|---|---|
| Revenue from Contract with Customer [Abstract] | ||
| Contract assets (unbilled receivables) | $ 0.5 | $ 0.6 |
Revenue - Deferred Revenue (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Movement In Contract With Customer Liability [Roll Forward] | ||
| Deferred revenue at the beginning of period | $ 13,565 | $ 14,892 |
| Additions to deferred revenue during the period | 99,624 | 180,174 |
| Reductions to deferred revenue for revenue recognized during the period | (78,346) | (181,501) |
| Deferred revenue balance at the end of period: | 34,843 | 13,565 |
| Balance Sheet classification: | ||
| Accrued liabilities | 31,889 | 10,410 |
| Other long-term liabilities | 2,954 | 3,155 |
| Deferred revenue balance at the end of period | $ 34,843 | $ 13,565 |
Segment Reporting - Narrative (Details) - segment |
6 Months Ended | |
|---|---|---|
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Segment Reporting [Abstract] | ||
| Number of reportable segments | 1 | 2 |
| Number of operating segments | 1 | 2 |
Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Nov. 01, 2025 |
Aug. 02, 2025 |
Oct. 26, 2024 |
Jul. 27, 2024 |
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Segment Reporting Information [Line Items] | ||||||
| Sales | $ 644,414 | $ 602,122 | $ 932,574 | $ 865,553 | ||
| Net income (loss) | 25,004 | $ (18,271) | 43,162 | $ (103,925) | 6,733 | (60,763) |
| Reportable Segment | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Sales | 644,414 | 602,122 | 932,574 | 865,553 | ||
| Adjusted Cost of sales | 437,369 | 400,356 | 623,132 | 575,554 | ||
| Payroll expense | 54,167 | 51,550 | 103,800 | 100,945 | ||
| Contract payments | 67,200 | 66,838 | 106,072 | 104,918 | ||
| Direct expenses | 31,244 | 26,608 | 54,289 | 49,676 | ||
| Indirect (income) expense | 118 | (23) | 913 | 557 | ||
| Other segment expenses, net | 29,312 | 13,631 | 37,635 | 94,666 | ||
| Net income (loss) | $ 25,004 | $ 43,162 | $ 6,733 | $ (60,763) | ||
Income (Loss) Per Share - Narrative (Details) |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 11, 2024 |
Nov. 01, 2025
shares
|
Oct. 26, 2024
shares
|
Nov. 01, 2025
shares
|
Oct. 26, 2024
shares
|
Jun. 10, 2024
shares
|
|
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||
| Rights offering bonus element (in shares) | 5.03 | |||||
| Stock split conversion ratio | 0.01 | |||||
| Weighted average common shares outstanding - Basic (in shares) | 34,053,847 | 26,527,174 | 34,053,847 | 20,018,920 | ||
| Diluted weighted average shares of Common Stock (in shares) | 34,535,761 | 26,541,804 | 34,484,151 | 20,018,920 | ||
| Previously Reported | Pro Forma | ||||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||
| Weighted average common shares outstanding - Basic (in shares) | 34,053,847 | 26,527,174 | ||||
| Diluted weighted average shares of Common Stock (in shares) | 34,053,847 | 26,527,174 | ||||
Derivative (Details) $ in Thousands |
1 Months Ended |
|---|---|
|
Apr. 30, 2025
USD ($)
| |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Proceeds form exchange of participation interest for litigation claim | $ 12,625 |
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Nov. 01, 2025 |
May 03, 2025 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total debt | $ 122,500 | $ 103,100 |
| Balance Sheet classification: | ||
| Long-term borrowings | 122,500 | 103,100 |
| New Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Credit Facility | $ 122,500 | $ 103,100 |
Debt - Schedule of Deferred Financing Costs (Details) - USD ($) $ in Thousands |
Nov. 01, 2025 |
May 03, 2025 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total deferred financing costs | $ 9,766 | $ 11,597 |
| Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Total deferred financing costs | $ 9,766 | $ 11,597 |
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Nov. 01, 2025 |
Oct. 26, 2024 |
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Debt Instrument [Line Items] | ||||
| Interest expense, net | $ 3,885 | $ 5,463 | $ 7,630 | $ 13,081 |
| Total Interest Incurred | 2,983 | 4,834 | 5,822 | 10,071 |
| Amortization of deferred financing costs | 915 | 916 | 1,831 | 3,333 |
| Interest income | (13) | (287) | (23) | (323) |
| Term Loan | ||||
| Debt Instrument [Line Items] | ||||
| Interest expense, net | 0 | 0 | 0 | 453 |
| Amortization of deferred financing costs | 0 | 0 | 0 | 150 |
| New Credit Facility | ||||
| Debt Instrument [Line Items] | ||||
| Interest expense, net | 2,983 | 4,834 | 5,822 | 9,618 |
| Amortization of deferred financing costs | $ 915 | $ 916 | $ 1,831 | $ 3,183 |
Leases - Narrative (Details) |
Nov. 01, 2025 |
|---|---|
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Operating lease term | 1 year |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Operating lease term | 15 years |
Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Nov. 01, 2025 |
Oct. 26, 2024 |
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Leases [Abstract] | ||||
| Variable lease expense | $ 53,315 | $ 51,719 | $ 78,527 | $ 72,444 |
| Operating lease expense | 13,025 | 14,313 | 25,760 | 30,592 |
| Net lease expense | $ 66,340 | $ 66,032 | $ 104,287 | $ 103,036 |
Leases - Schedule of Minimum Fixed Lease Obligations (Details) $ in Thousands |
Nov. 01, 2025
USD ($)
|
|---|---|
| Leases [Abstract] | |
| Remainder of Fiscal 2026 | $ 57,708 |
| Fiscal 2027 | 40,740 |
| Fiscal 2028 | 33,708 |
| Fiscal 2029 | 30,481 |
| Fiscal 2030 | 24,126 |
| Thereafter | 25,141 |
| Total lease payments | 211,904 |
| Less: imputed interest | (22,455) |
| Operating lease liabilities at period end | $ 189,449 |
Leases - Schedule of Additional Information Related to Operating Leases (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Leases [Abstract] | ||
| Weighted average remaining lease term (in years) | 4 years 4 months 24 days | 4 years 1 month 6 days |
| Weighted average discount rate | 5.70% | 4.50% |
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows from operating leases | $ 30,044 | $ 34,551 |
| Operating cash flows from financing leases | 23 | 4 |
| Financing cash flows from financing leases | 379 | 398 |
| ROU assets obtained in exchange for lease obligations: | ||
| Operating leases | 0 | 1,128 |
| Financing leases | $ 34,679 | $ 19,848 |
Supplementary Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Nov. 01, 2025 |
Oct. 26, 2024 |
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Restructuring Cost and Reserve [Line Items] | ||||
| Other (income) expense | $ 4,114 | $ (150) | $ 5,611 | $ 3,468 |
| Severance and other employee termination benefit costs | 1,000 | 2,100 | ||
| Severance costs | $ 0 | $ 2,000 | ||
| Professional fees | 300 | 800 | ||
| Termination of frozen retirement benefit plan | 1,400 | 1,400 | ||
| Employee Severance | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Accrued liabilities | $ 1,800 | $ 1,800 | ||
Long-Term Incentive Plan Compensation Expense - Narrative (Details) $ in Thousands |
6 Months Ended |
|---|---|
|
Nov. 01, 2025
USD ($)
| |
| Share-Based Payment Arrangement [Abstract] | |
| Unrecognized compensation costs | $ 6,630 |
| Period of recognition for unrecognized stock compensation costs | 1 year 10 months 2 days |
Employees Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Nov. 01, 2025 |
Oct. 26, 2024 |
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Retirement Benefits [Abstract] | ||||
| Total employee benefit expense | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Nov. 01, 2025 |
Oct. 26, 2024 |
Nov. 01, 2025 |
Oct. 26, 2024 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income tax (benefit) expense | $ 11,907 | $ (1,480) | $ 3,267 | $ 878 |
| Pre-tax income (loss) | $ 36,911 | $ 41,682 | $ 10,000 | $ (59,885) |
| Effective tax rate (as a percent) | 32.30% | (3.60%) | 32.70% | (1.50%) |
| Net operating loss carryforwards | $ 211,913 | $ 211,913 | ||
| Disallowed interest expense carryforwards | 60,195 | 60,195 | ||
| Tax credit carryforwards | $ 1,071 | 1,071 | ||
| Operating loss carryforwards and credits potentially available in the future | $ 63,092 | |||