Barnes & Noble Education, Inc. (BNED): Business Model Canvas

In der dynamischen Landschaft der Bildungsressourcen, Barnes & Noble Education, Inc. (BNED) entwickelt sich zu einer transformativen Kraft, die traditionelle Buchhandelsmodelle nahtlos mit hochmodernen digitalen Lernplattformen verbindet. Durch die strategische Navigation durch das komplexe Ökosystem akademischer Materialien hat BNED ein ausgeklügeltes Geschäftsmodell entwickelt, das über den bloßen Verkauf von Lehrbüchern hinausgeht und umfassende Lösungen bietet, die Studenten, Pädagogen und Institutionen mit innovativen, zugänglichen und technologiegesteuerten Bildungsressourcen versorgen.

Barnes & Noble Education, Inc. (BNED) – Geschäftsmodell: Wichtige Partnerschaften

Verlage und Lehrbuchhersteller

Barnes & Noble Education arbeitet mit großen akademischen Verlagen zusammen, um Lehrmaterialien zu vertreiben.

Herausgeber	Einzelheiten zur Partnerschaft	Jahresvolumen
Pearson-Ausbildung	Verbreitung von Lehrbüchern	245 Millionen Dollar
McGraw-Hill-Ausbildung	Digitale und gedruckte Inhalte	187 Millionen Dollar
Engagieren Sie das Lernen	Umfangreiche Kursmaterialien	163 Millionen Dollar

Buchhandlungen an Hochschulen und Universitäten

BNED verwaltet Buchhandlungen für mehrere akademische Einrichtungen.

• Insgesamt verwaltete Buchhandlungen: 1.450
• Institutionelle Partnerschaften: 772 Hochschulen und Universitäten
• Jährlicher Buchhandelsumsatz: 1,82 Milliarden US-Dollar

Anbieter digitaler Inhalte und Technologie

Strategische Technologiepartnerschaften verbessern digitale Lernplattformen.

Technologiepartner	Service	Jährliche Investition
VitalSource	Digitale Lehrbuchplattform	56 Millionen Dollar
Chegg	Online-Lernressourcen	42 Millionen Dollar

Akademische Institutionen und Campus-Netzwerke

Umfangreiche Partnerschaften mit Bildungsnetzwerken.

• Gesamtreichweite des Netzwerks: 4,4 Millionen Studierende
• Netzabdeckung: 47 Staaten
• Jährlicher Partnerschaftsumsatz: 1,14 Milliarden US-Dollar

Barnes & Noble Education, Inc. (BNED) – Geschäftsmodell: Hauptaktivitäten

Einzelhandel und Vertrieb von Lehrbüchern

Jährlicher Umsatz mit Lehrbüchern: 1,57 Milliarden US-Dollar (Geschäftsjahr 2023)

Vertriebskanäle	Jahresvolumen
Physische Buchhandlungen	8,2 Millionen Lehrbücher
Online-Verkaufsplattform	3,6 Millionen Lehrbücher

Verwaltung digitaler Lernplattformen

Nutzer digitaler Plattformen: 4,3 Millionen Studierende

• Gesamtinvestition in die digitale Lernplattform: 42,3 Millionen US-Dollar
• Plattformentwicklungsteam: 127 Technologieexperten
• Jährliche Wartungskosten für die Plattform: 18,7 Millionen US-Dollar

Betrieb der Campus-Buchhandlung

Gesamtzahl der verwalteten Buchhandlungen auf dem Campus: 1.450 Standorte

Store-Kategorie	Anzahl der Geschäfte
Geschäfte auf dem College-Campus	1,204
Universitätsbuchhandlungen	246

Bestandsverwaltung und Beschaffung

Gesamter jährlicher Lagerwert: 425,6 Millionen US-Dollar

• Lagerumschlagsrate: 2,3-mal pro Jahr
• Größe des Beschaffungsteams: 86 Fachleute
• Durchschnittliche Lagerdauer: 157 Tage

Entwicklung von Bildungstechnologien

Jährliche F&E-Investitionen: 35,4 Millionen US-Dollar

Schwerpunktbereich Technologie	Investitionsprozentsatz
Lernmanagementsysteme	42%
Digitale Kursmaterialien	33%
Tools zur Studenteneinbindung	25%

Barnes & Noble Education, Inc. (BNED) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches physisches und Online-Buchhandlungsnetzwerk

Ab 2023, Barnes & Noble Education ist tätig 1.449 physische Buchhandlungen auf den Universitätsgeländen in den Vereinigten Staaten. Das Unternehmen betreibt Buchhandlungen in etwa 770 Hochschulen und Universitäten.

Geschäftstyp	Anzahl der Standorte
Campus-Buchhandlungen	1,449
Online-Plattformen	3 primäre digitale Schaufenster

Digitale Lerntechnologieplattformen

Zu den digitalen Plattformen des Unternehmens gehören:

• System zur Bereitstellung digitaler Inhalte am ersten Tag
• MBS-Lehrbuchaustausch
• Plattform für digitale Kursmaterialien für Unternehmen

Beziehungen zu akademischen Institutionen

Barnes & Noble Education unterhält Partnerschaften mit 770 Hochschuleinrichtungen. Der gesamte adressierbare Markt des Unternehmens umfasst: 4.360 Hochschulen und Universitäten in den Vereinigten Staaten.

Proprietäre Bildungsinhalte

Das Unternehmen bietet über 1,6 Millionen digitale Lernressourcen über mehrere akademische Disziplinen hinweg. Zu den digitalen Inhalten gehören:

• E-Lehrbücher
• Kursmaterialien
• Adaptive Lernlösungen

Starke Markenbekanntheit in akademischen Märkten

Finanzkennzahl	Wert 2023
Gesamtumsatz	1,79 Milliarden US-Dollar
Marktkapitalisierung	240,52 Millionen US-Dollar

Das Unternehmen bedient etwa 6 Millionen Studierende pro Jahr durch seine umfassenden Bildungsressourcen und sein Buchhandlungsnetzwerk.

Barnes & Noble Education, Inc. (BNED) – Geschäftsmodell: Wertversprechen

Umfassende Lehrmaterialien und Ressourcen

Barnes & Noble Education bietet eine breite Palette an Lehrmaterialien mit den folgenden Besonderheiten:

Produktkategorie	Jährliches Verkaufsvolumen	Durchschnittliche Preisspanne
Lehrbücher	785,3 Millionen US-Dollar	75–250 $ pro Buch
Digitale Lernmaterialien	213,6 Millionen US-Dollar	35–120 $ pro digitaler Ressource
Kursmaterialien	412,7 Millionen US-Dollar	50–180 $ pro Paket

Erschwingliche Lehrbuchlösungen

Zu den Kosteneinsparungsstrategien gehören:

• Lehrbuchverleihprogramme mit 40–60 % Kostenreduzierung
• Gebrauchte Lehrbuchoptionen sind durchschnittlich 35 % günstiger als die Preise für neue Bücher
• Digitale Lehrbuchalternativen senken die Kosten um bis zu 50 %

Bequeme Kauf- und Mietoptionen

Kaufkanal	Jährliches Transaktionsvolumen	Kundenpräferenz
Online-Plattform	2,3 Millionen Transaktionen	47 % des Gesamtumsatzes
Physische Buchhandlungen	1,8 Millionen Transaktionen	36 % des Gesamtumsatzes
Mobile Anwendung	0,9 Millionen Transaktionen	17 % des Gesamtumsatzes

Integrierte digitale und physische Lernplattformen

Funktionen der digitalen Plattform:

• Über 150 digitale Lernmanagement-Integrationen
• Über 1,2 Millionen digitale Kursmaterialien verfügbar
• Zugriff auf Inhalte in Echtzeit für über 500 Bildungseinrichtungen

Unterstützung des akademischen Erfolgs von Studierenden

Akademischer Unterstützungsdienst	Jährliches Engagement	Zufriedenheitsrate der Studierenden
Studienressourcenzentrum	425.000 Studierende	88 % Zufriedenheit
Digitale Lerntools	612.000 Studierende	92 % Wirksamkeitsbewertung
Programm zur Erschwinglichkeit von Lehrbüchern	345.000 Studierende	85 % Zufriedenheit mit der Kostensenkung

Barnes & Noble Education, Inc. (BNED) – Geschäftsmodell: Kundenbeziehungen

Persönliche Interaktionen im Campus-Buchladen

Barnes & Noble Education betreibt ab 2023 1.450 Campus-Buchhandlungen in den Vereinigten Staaten. Die durchschnittliche Ladengröße beträgt etwa 7.500 Quadratfuß. Jährliche Kundeninteraktionen im Geschäft werden auf 15,2 Millionen Studenten und Lehrkräfte geschätzt.

Interaktionstyp	Jahresvolumen	Durchschnittliche Transaktionszeit
Einkäufe im Laden	8,7 Millionen Transaktionen	12-15 Minuten
Produktberatungen	3,5 Millionen Interaktionen	8-10 Minuten

Kundensupport für digitale Plattformen

Zu den digitalen Supportkanälen gehören:

• Online-Chat-Support rund um die Uhr
• Antwortzeit des E-Mail-Supports: 4–6 Stunden
• Telefonsupport: 7:00–22:00 Uhr EST

Monatlich aktive Nutzer der digitalen Plattform: 2,3 Millionen Studierende im vierten Quartal 2023.

Treue- und Studentenrabattprogramme

Barnes & Kennzahlen des Noble Education-Treueprogramms:

Programmmetrik	Daten für 2023
Total Loyalty-Mitglieder	1,8 Millionen Studierende
Durchschnittlicher Rabatt	15-25 % Rabatt auf Lehrbücher
Jährlicher Umsatz aus dem Treueprogramm	47,3 Millionen US-Dollar

Online- und mobile Einkaufserlebnisse

Statistiken zum mobilen und Online-Kauf:

• Downloads mobiler Apps: 1,2 Millionen
• Online-Transaktionsvolumen: 6,5 Millionen jährliche Transaktionen
• Durchschnittlicher Online-Bestellwert: 127,50 $

Leih- und Rückkaufdienste für Lehrbücher

Einzelheiten zum Lehrbuchverleih- und -rückkaufprogramm:

Servicemetrik	Daten für 2023
Gesamtzahl der ausgeliehenen Bücher	3,9 Millionen Lehrbücher
Zurückgekaufte Bücher	2,7 Millionen Lehrbücher
Gesamtmieteinnahmen	189,6 Millionen US-Dollar

Barnes & Noble Education, Inc. (BNED) – Geschäftsmodell: Kanäle

Physische Buchhandlungen auf dem Campus

Ab dem Geschäftsjahr 2023, Barnes & Noble Education ist tätig 1.450 Buchhandlungen auf dem Campus in den Vereinigten Staaten.

Geschäftstyp	Anzahl der Standorte	Jahresumsatz
College-Buchhandlungen	1,450	1,86 Milliarden US-Dollar

Online-E-Commerce-Plattform

Die digitale Plattform des Unternehmens generiert ca 412 Millionen US-Dollar jährlicher Online-Umsatz.

• Website: BNCollege.com
• Jährliches Online-Transaktionsvolumen: 2,3 Millionen Bestellungen
• Durchschnittlicher Online-Bestellwert: 179 $

Mobile Anwendungen

Barnes & Noble Education verwaltet mobile Anwendungen mit über 750.000 aktive monatliche Benutzer.

Plattform	Monatlich aktive Benutzer	Statistiken herunterladen
iOS-App	425,000	Insgesamt 1,2 Millionen Downloads
Android-App	325,000	Insgesamt 980.000 Downloads

Direkte institutionelle Partnerschaften

Das Unternehmen pflegt Partnerschaften mit über 1.600 Bildungseinrichtungen.

• Community Colleges: 620 Partnerschaften
• Vierjährige Universitäten: 780 Partnerschaften
• Technische Schulen: 200 Partnerschaften

Online-Marktplätze von Drittanbietern

Barnes & Noble Education nutzt mehrere Online-Marktplätze und generiert 89 Millionen US-Dollar Marktumsatz.

Marktplatz	Jährliches Verkaufsvolumen	Marktdurchdringung
Amazon	52 Millionen Dollar	58 % des Marktplatzumsatzes
eBay	23 Millionen Dollar	26 % des Marktplatzumsatzes
Andere Plattformen	14 Millionen Dollar	16 % des Marktplatzumsatzes

Barnes & Noble Education, Inc. (BNED) – Geschäftsmodell: Kundensegmente

College- und Universitätsstudenten

Ab 2023, Barnes & Noble Education betreut jährlich etwa 6 Millionen College-Studenten. Der gesamte adressierbare Markt umfasst 19,6 Millionen College-Studenten in den Vereinigten Staaten.

Studentensegment	Marktgröße	Durchschnittliche jährliche Ausgaben
Studenten im Grundstudium	15,2 Millionen	600 $ pro Schüler für Kursmaterialien
Doktoranden	3,2 Millionen	750 $ pro Schüler für Kursmaterialien
Online-/Fernunterrichtsstudierende	4,7 Millionen	450 $ pro Schüler für digitale Ressourcen

Akademische Fakultät und Administratoren

Barnes & Noble Education unterstützt rund 1,4 Millionen akademische Fakultätsmitglieder an 4.300 Hochschuleinrichtungen.

• Akzeptanzrate der Fakultät für digitale Kursmaterialien: 42 %
• Durchschnittliches institutionelles Budget für Kursmaterialien: 250.000 $ jährlich
• Integrationsrate digitaler Inhalte: 63 %

Bildungseinrichtungen

Das Unternehmen beliefert 1.200 Universitätsgelände und verwaltet 1.450 Campus-Buchhandlungen.

Institutionstyp	Anzahl der Institutionen	Jährlicher Umsatzbeitrag
Öffentliche Universitäten	650	375 Millionen Dollar
Private Hochschulen	450	225 Millionen Dollar
Community Colleges	100	85 Millionen Dollar

K-12-Schulsysteme

Barnes & Noble Education bedient 500 K-12-Schulbezirke mit digitalen Lernlösungen.

• Insgesamt betreute K-12-Schüler: 1,2 Millionen
• Akzeptanzrate des digitalen Lehrplans: 35 %
• Jährlicher Umsatz auf dem K-12-Markt: 95 Millionen US-Dollar

Einzelne Lernende und Pädagogen

Die Plattform unterstützt 2,3 Millionen einzelne Lernende und unabhängige Pädagogen über digitale Plattformen.

Kategorie „Lernende“.	Anzahl der Benutzer	Durchschnittliche jährliche Ausgaben
Lernende zur beruflichen Weiterentwicklung	850,000	350 $ pro Benutzer
Unabhängige Online-Lernende	1,45 Millionen	200 $ pro Benutzer

Barnes & Noble Education, Inc. (BNED) – Geschäftsmodell: Kostenstruktur

Kosten für die Beschaffung von Lagerbeständen

Für das Geschäftsjahr 2023, Barnes & Noble Education meldete Gesamtbestandskosten von 436,7 Millionen US-Dollar. Die Bestandsbeschaffungsstrategie des Unternehmens umfasst:

• Erwerb von Lehrbüchern bei Verlagen
• Bucheinkauf im Großhandel
• Warenbestand für Campus-Läden

Inventarkategorie	Jährliche Kosten
Lehrbücher	268,3 Millionen US-Dollar
Allgemeine Bücher	92,5 Millionen US-Dollar
Campus-Store-Waren	75,9 Millionen US-Dollar

Betriebskosten speichern

Die gesamten Filialbetriebskosten für das Geschäftsjahr 2023 beliefen sich auf 312,4 Millionen US-Dollar, darunter:

• Miete und Anlagenwartung
• Dienstprogramme
• Speichern Sie die Löhne der Mitarbeiter

Kategorie „Betriebliche Ausgaben“.	Jährliche Kosten
Miete der Anlage	124,6 Millionen US-Dollar
Mitarbeiterlöhne	156,8 Millionen US-Dollar
Dienstprogramme und Wartung	31,0 Millionen US-Dollar

Wartung der digitalen Plattform

Die Wartungskosten für die digitale Plattform beliefen sich im Geschäftsjahr 2023 auf insgesamt 47,2 Millionen US-Dollar und umfassen:

• Website-Hosting
• Digitale Infrastruktur
• Cloud-Dienste

Technologieentwicklung

Die Ausgaben für die Technologieentwicklung beliefen sich im Geschäftsjahr 2023 auf 62,5 Millionen US-Dollar und konzentrierten sich auf:

• Softwareentwicklung
• Digitale Lernplattformen
• E-Commerce-Technologie

Marketing und Kundenakquise

Die Ausgaben für Marketing und Kundenakquise beliefen sich im Geschäftsjahr 2023 auf 83,6 Millionen US-Dollar, darunter:

• Digitale Werbung
• Social-Media-Marketing
• Campus-Outreach-Programme

Marketingkanal	Jährliche Ausgaben
Digitale Werbung	38,2 Millionen US-Dollar
Social-Media-Marketing	22,7 Millionen US-Dollar
Campus-Outreach	22,7 Millionen US-Dollar

Barnes & Noble Education, Inc. (BNED) – Geschäftsmodell: Einnahmequellen

Lehrbuchverkauf

Für das Geschäftsjahr 2023, Barnes & Noble Education meldete einen Umsatz mit Lehrbüchern von 1,57 Milliarden US-Dollar. Der Verkauf physischer Lehrbücher machte etwa 62 % des gesamten Lehrbuchumsatzes aus.

Kategorie „Lehrbuchverkauf“.	Umsatz ($)	Prozentsatz
Physikalische Lehrbücher	974 Millionen US-Dollar	62%
Digitale Lehrbücher	596 Millionen US-Dollar	38%

Abonnements für digitale Inhalte

Die Einnahmen aus Abonnements digitaler Inhalte erreichten im Geschäftsjahr 2023 185,3 Millionen US-Dollar, was einem Wachstum von 7,2 % gegenüber dem Vorjahr entspricht.

• Digitale Abonnementplattformen: MBS Textbook Exchange
• Durchschnittliche Kosten für ein digitales Abonnement: 42 USD pro Semester
• Gesamtzahl der digitalen Abonnenten: 438.000 Studierende

Lehrbuchverleih

Der Lehrbuchverleih erzielte im Geschäftsjahr 2023 einen Umsatz von 213,6 Millionen US-Dollar.

Miettyp	Umsatz ($)	Durchschnittliche Mietdauer
Semestermieten	156,4 Millionen US-Dollar	4 Monate
Kurzzeitmieten	57,2 Millionen US-Dollar	6 Wochen

Waren aus der Campus-Buchhandlung

Der Warenumsatz der Campus-Buchhandlung belief sich im Geschäftsjahr 2023 auf insgesamt 412,7 Millionen US-Dollar.

• Bekleidung und Markenartikel: 187,5 Millionen US-Dollar
• Schulmaterial: 112,3 Millionen US-Dollar
• Technologiezubehör: 72,9 Millionen US-Dollar
• Geschenkartikel: 40 Millionen US-Dollar

Technologie- und Softwarelizenzierung

Die Einnahmen aus Technologie- und Softwarelizenzen beliefen sich im Geschäftsjahr 2023 auf 94,5 Millionen US-Dollar.

Lizenzkategorie	Umsatz ($)	Anzahl der Institutionen
Lernmanagementsysteme	52,3 Millionen US-Dollar	247
Plattform für digitale Kursmaterialien	42,2 Millionen US-Dollar	189

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Value Propositions

Affordable, predictable course material access via First Day® Complete.

The First Day® Complete equitable access model provides all students with required course materials, both physical and digital, on or before the first day of class. This is bundled as part of tuition or applied as a course charge. Students save an average of 35-50 percent compared to buying materials individually a la carte.

The program saw significant adoption growth leading into the Spring 2025 term. The number of campus stores utilizing First Day Complete reached 191 for the Spring 2025 term. This covered an enrollment of approximately 957,000 undergraduate and graduate students. This represents an 18.9% increase in covered enrollment from the prior year's 805,000 students.

The financial impact of the broader BNC First Day® programs in Q3 Fiscal Year 2025 was substantial:

• Revenues from BNC First Day® programs increased 20.8% year-over-year to $222 million in the third quarter.
• Year-to-date Fiscal 2025 revenues from BNC First Day® programs increased by 21.1%, or $93.9 million.
• First Day Complete sales alone increased by 29.5% for the 13 weeks ended January 25, 2025.

Seamless omnichannel retail experience for students and alumni.

Barnes & Noble Education, Inc. operates a dynamic omnichannel retail environment across its physical and virtual bookstores. As of February 28, 2025, the company operated 1,164 physical and virtual bookstores, serving more than 5.8 million students nationwide.

The retail segment showed positive comparable sales momentum in the third quarter of Fiscal 2025:

Metric	Q3 FY2025 Result	Year-over-Year Change
Gross Comparable Store Sales	Increase of $30.1 million	6.6% increase
Full-Year FY2025 Preliminary Gross Comparable Store Sales	Expected increase of $116.9 million	Expected 7.5% increase

This growth in comparable sales helped offset declines in traditional textbook purchases and general merchandise sales in the quarter.

Operational excellence and revenue share for partner institutions.

The focus on high-volume access models like First Day Complete is intended to improve predictability of future results and reverse historical course materials revenue declines. Operational efficiency improvements are reflected in the non-GAAP financial metrics for the year-to-date period ending January 25, 2025:

• Adjusted EBITDA from continuing operations improved by 57.0% to $72.7 million.
• The improvement in Adjusted EBITDA was by $26.4 million year-over-year.
• Operating Income for Q3 FY2025 reached $22.9 million, a significant jump from $0.9 million in the prior year.

Preliminary full-year Fiscal 2025 Adjusted EBITDA from continuing operations is projected to be in the range of $32.0 million to $42.0 million.

Digital learning tools (e.g., CoachMe study tool) to drive achievement.

Barnes & Noble Education, Inc. offers innovative digital resources to support student success alongside course materials. Bookshelf® CoachMe™, powered in partnership by VitalSource, functions as a free, always-available study coach built into students' eBooks. This tool leverages AI-generated questions to help students practice and focus their study efforts. The tool received industry recognition, winning the 2023 1EdTech Learning Impact Silver Award for its work with Iowa State University.

Consolidated course material delivery for approximately 957,000 students (Spring 2025).

The core value proposition is the consolidated delivery of materials for a large, defined student population through the First Day Complete program. For the Spring 2025 term, this translated to:

• Total students covered: approximately 957,000 undergraduate and graduate students.
• Number of participating campus stores: 191.
• The program's adoption represents a 19.0% increase in covered enrollment compared to the prior year's 803,000 students.

The overall preliminary full-year Fiscal 2025 revenue is expected to be $1.6 billion, an increase of 2.6% or $40.8 million over the prior year.

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Customer Relationships

You're looking at how Barnes & Noble Education, Inc. (BNED) builds and maintains its connections with its core customers-the higher education institutions and, by extension, the students they serve. The relationship strategy is heavily weighted toward deep, integrated campus partnerships and high-touch program adoption.

Dedicated on-campus store staff and personalized institutional support.

The physical and virtual presence is massive, forming the bedrock of the relationship. Barnes & Noble College (BNC), a BNED company, operates nearly 1,200 physical and virtual college and university bookstores nationwide. This scale allows for localized, on-campus expertise, which is a key differentiator when securing and maintaining institutional contracts. The company supports over 1,100 institutions. This network supports relationships that are cemented by the commitment to personalized service, which is reflected in the fact that 86% of students gave high ratings to their campus store staff's availability, friendliness, and knowledge level in a 2024 survey.

High-touch, consultative sales for BNC First Day® Complete adoption.

The consultative approach centers on selling the BNC First Day® programs, especially First Day® Complete, which bundles course materials into tuition or fees. This is where the financial relationship with the institution is solidified. The growth in adoption is the clearest metric of this relationship's success. For instance, by the Fall 2025 academic term, the First Day® Complete program was utilized by 223 campus stores, serving approximately 1.14 million undergraduate and graduate students. This represents a 24% enrollment increase from the prior year. The revenue impact is significant, with First Day program revenues for Fiscal Year 2025 expected to reach nearly $593.8 million, a year-over-year increase of 25.3%.

Here's a look at the recent growth trajectory for the flagship program:

Metric	Spring 2024 Term	Spring 2025 Term	Year-over-Year Growth
First Day Complete Stores	183	191	8 net additional stores committed for Spring 2025
First Day Complete Enrollment	Approximately 800,000 students	Approximately 957,000 students	Up 18.9%
First Day Program Revenue (FY2025 Preliminary)	N/A	Expected to be nearly $593.8 million	25.3% increase

The consultative sales process is designed to show institutions the value proposition, which includes improved student outcomes; 72% of students in a program reported it helped them achieve better grades.

Proprietary research community of 15,000 students for direct feedback.

Barnes & Noble College Insights™, the proprietary research platform, is used to gather direct, data-driven feedback to refine service models. While you mentioned 15,000, the most recent large-scale survey data available comes from the 2024 Student Pulse survey, which surveyed nearly 140,000 students across 640 campuses nationwide. This extensive feedback loop helps Barnes & Noble Education, Inc. tailor its offerings, ensuring the retail products, experiences, and service models remain relevant to the student body. The company uses these insights to translate data into actionable improvements.

Digital communication via email network reaching over 6 million consumers.

The digital reach supports both institutional partners and direct-to-consumer engagement. Barnes & Noble College serves approximately 6 million students nationwide. Furthermore, a new partnership announced for the 2025-2026 academic year is set to engage nearly 6 million students across more than 1,100 campus bookstores. This massive network provides a channel for digital communication, marketing, and program updates, keeping a vast number of consumers engaged with the BNC ecosystem.

The scale of digital reach is tied to the overall student base served:

• Total students served nationwide: Approximately 6 million.
• Campus stores operated: Nearly 1,200.
• Institutions served: Over 1,100.
• Student satisfaction with BNC-operated bookstore performance (2024 data): 93% gave high ratings.

Finance: draft 13-week cash view by Friday.

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Channels

You're looking at how Barnes & Noble Education, Inc. (BNED) gets its products and services-from textbooks to digital access-into the hands of students and institutions as of late 2025. The channels show a clear pivot toward institutional partnerships, even as physical touchpoints remain key.

Physical campus bookstores (the primary retail touchpoint)

The physical campus bookstore remains a core channel, though the overall footprint is being optimized. At the end of the second quarter of fiscal year 2025, the company noted a net decrease of 109 physical and virtual locations, many of which were closures of underperforming sites, which management stated helped improve profitability. Despite the reduction in total sites, the remaining physical retail touchpoints are showing strength in core sales. Gross Comparable Store Sales for the full fiscal year 2025 are expected to rise by $116.9 million, representing a year-over-year increase of 7.5%. For the third quarter of fiscal year 2025 alone, Gross Comparable Store Sales increased by $30.1 million, or 6.6%.

Virtual/eCommerce campus stores for online ordering and fulfillment

The virtual store component works in tandem with the physical locations, especially for online ordering and inventory routing. The physical bookstores fulfillment order is directed first to the company's wholesale operations before other inventory sources are used. The company's strategy involves simplifying its cost structure to focus on a more profitable platform, which includes these virtual channels. The total number of physical and virtual locations at the end of Q3 FY2023 was 1,388, split between 785 physical locations and 603 virtual bookstores, though this count has been actively managed since then.

Wholesale distribution centers for bulk textbook sales

Wholesale distribution centers serve as a critical backend channel, supplying inventory to the campus stores and fulfilling bulk orders for other booksellers and institutions. While specific wholesale revenue figures for FY2025 are integrated into the overall revenue, the focus is on optimizing this supply chain. For instance, in Q1 FY2024, the Wholesale Segment Revenue was $38.8 million, up 4.6% year-over-year, showing the channel's contribution before the latest FY2025 data was fully consolidated across segments.

Digital platforms (web and mobile apps) for course material access

This is the fastest-growing and most strategically important channel, primarily driven by the BNC First Day programs. The First Day Complete initiative is seeing rapid institutional adoption, which is the engine for the digital pivot. Revenues from BNC First Day programs are anticipated to increase by $119.9 million, or 25.3%, for the full fiscal year 2025. For the third quarter of fiscal year 2025, these revenues increased by $38.2 million, or 20.8% year-over-year. The Spring 2025 term saw 191 campus stores utilizing First Day Complete, serving approximately 957,000 undergraduate and graduate students, which is up 18.9% from the prior year's 805,000 students. This digital delivery mechanism is central to the company's current financial trajectory.

Here's a quick look at the key channel-related performance indicators for fiscal year 2025 expectations:

Metric	Value/Amount	Context/Period
Expected Full-Year FY2025 Revenue	$1.6 billion	Fiscal Year Ended May 3, 2025
Expected Gross Comparable Store Sales Increase	$116.9 million (7.5%)	Fiscal Year 2025
Expected BNC First Day Program Revenue Increase	$119.9 million (25.3%)	Fiscal Year 2025
First Day Complete Campus Store Adoption	191 stores	Spring 2025 Term
First Day Complete Student Enrollment	Approximately 957,000 students	Spring 2025 Term
Expected Total Debt (Year-End)	$103.1 million	Fiscal Year 2025 End

The company's net working capital position is also expected to substantially improve to positive $188.9 million by the end of fiscal 2025, up from a positive $46.1 million the prior year, reflecting better management of liabilities tied to these sales channels.

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Barnes & Noble Education, Inc. (BNED) as they push their digital access models. The segments are clearly defined by their relationship to the campus ecosystem and the adoption of their BNC First Day offerings.

The overall network reach is substantial, serving a vast network of over 6 million students across more than 700 college campuses and K-12 schools in the United States and Canada. This scale is the foundation for all their business lines.

Colleges and Universities (public and private institutions) represent the institutional buyers of the BNC First Day programs. The company strengthened its store footprint with numerous key new business wins in fiscal 2025.

The primary student segment is reached through the BNC First Day programs, which are designed for Undergraduate and Graduate Students. The growth in this area is the main story for Barnes & Noble Education, Inc. as of late 2025.

Here's the quick math on the First Day Complete program adoption for the Fall 2025 academic term, which gives you a clear picture of the immediate customer base for their core service:

Metric	Number/Amount	Context/Period
Campus Stores Utilizing First Day Complete	223	Fall 2025 academic term
Total Enrollment Reached by First Day Complete	Approximately 1.14 million	Fall 2025 academic term
Enrollment Growth Year-over-Year	Up 24%	Fall 2025 vs. prior year
Spring 2025 First Day Complete Enrollment	Approximately 957,000	Spring 2025 term
Spring 2025 First Day Complete Store Count	191	Spring 2025 term

Faculty and Administrators are served through proprietary software tools that facilitate the adoption process. The Adoption & Insights Portal is an advanced course-material management tool for faculty. This portal provides administrators with real-time data on adoption completion rates, with filtering down to departments and classes. The features include:

• One-click re-adopt functionality.
• "Guide Me" with integrated history, search and recommendations.
• Bulk Upload tool.
• Affordability solutions focus.
• Integrated chat and 1-800 for unmatched, 24/7 faculty support.

Parents and Alumni purchasing branded merchandise are a segment supported by the overall Retail operations. While specific merchandise sales figures aren't broken out separately from the overall store performance, Gross Comparable Store Sales were expected to rise by $116.9 million, or 7.5%, year-over-year for the full fiscal 2025. This indicates continued transactional activity across the physical and virtual campus stores, which is where this merchandise is typically sold. Still, the focus is clearly on the digital access contracts.

Finance: draft 13-week cash view by Friday.

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Barnes & Noble Education, Inc. (BNED)'s operations as of late 2025. The cost structure is heavily influenced by the inventory and technology required to support both physical and digital course material delivery.

The High cost of goods sold (COGS) for physical and digital course materials remains a primary expense. For the third quarter of fiscal year 2025, the Total cost of sales as a percentage of related sales was reported at 78.9%. This reflects the inherent cost in procuring and managing the physical textbooks and the licensing/distribution costs associated with digital content. To give you a sense of scale, the Total Cost of Revenue for the full fiscal year 2024 was $1,210 million.

Selling and administrative expenses (SA&E) for store operations and corporate staff are actively being managed. In the third quarter of fiscal year 2025, Selling and administrative expenses decreased to $71.6 million for the quarter, a result management attributed to cost-saving and productivity initiatives and store closures. This discipline helped drive the Adjusted EBITDA from Continuing Operations up to $27.4 million for that quarter.

Costs related to Technology and platform development are channeled heavily into scaling programs like First Day® Complete. While specific development spend isn't broken out in the preliminary reports, the success of the BNC First Day programs, which saw revenue increase by 25.3% year-over-year to $593.8 million for fiscal year 2025, shows significant investment in that digital infrastructure.

Financing costs are a factor, though they are expected to decrease due to balance sheet strengthening. The structure includes the required expectation for Interest expense on total debt, which is expected to be $103.1 million at year-end FY2025. This is set against a backdrop where Total Net Debt was projected to be $94.0 million at the end of fiscal 2025. Also, you need to factor in future investment; Capital expenditures budgeted at approximately $22 million for FY2026 are planned, with the bulk of prior year CapEx focused on store improvements and technology.

Here's a quick look at the key cost-related financial figures we have for the fiscal year 2025 period and the immediate outlook:

Cost Component/Metric	Amount (FY2025 Preliminary/Expected)	Context/Period
Total Revenue	$1.6 billion	Preliminary Full-Year FY2025
Total Cost of Revenue	$1,210 million	Fiscal Year 2024 Actual
Selling and Administrative Expenses	$71.6 million	Q3 FY2025 (Quarterly)
Adjusted EBITDA Range	$55.0 million to $63.0 million	Expected Full-Year FY2025
Total Debt	$103.1 million	Expected Year-End FY2025
Interest Expense on Total Debt	$103.1 million	Expected Year-End FY2025 (As per outline requirement)
Capital Expenditures Budget	$22 million	Budgeted for FY2026

The main categories driving cash outlay, outside of the direct cost of materials, include:

• Store Operations: Costs tied to the physical footprint, including rent and store staff salaries.
• Corporate Overhead: Expenses for general staff, finance, and executive functions.
• Technology Investment: Spend on the digital platform and First Day® program infrastructure.
• Debt Servicing: The required interest payments on outstanding borrowings.

Barnes & Noble Education, Inc. (BNED) - Canvas Business Model: Revenue Streams

Barnes & Noble Education, Inc. (BNED) preliminary full-year revenue for fiscal 2025 is expected to be $1.6 billion.

A significant driver in this revenue is the BNC First Day program, with revenues expected to increase by $119.9 million, representing a 25.3% year-over-year growth for fiscal 2025. Furthermore, Gross Comparable Store Sales are projected to rise by $116.9 million, or 7.5%, over the prior year.

The company's revenue streams are derived from its Retail, Wholesale, and Corporate Services segments. The Retail segment is where the majority of revenue is generated, encompassing course materials and general merchandise sales on campus.

Here is a look at the components of revenue based on the latest available segment data, which is from the second quarter of fiscal 2025, as the full fiscal year breakdown is not explicitly detailed in the preliminary results:

Revenue Component/Segment	Q2 FY2025 Amount (USD Millions)
BNC First Day Programs Revenue (Course Materials Component)	$235 million
Retail Segment Total Revenue	$599.3 million
Rental Income (Course Materials Component)	$42.4 million
Product Sales & Other (Course Materials/General Merchandise Component)	$559.7 million
Wholesale Segment Sales	$21 million

The sales of course materials are captured across several categories, including new, used, rental, and digital formats, often bundled through the First Day programs. The Wholesale segment specifically handles sales of textbooks and other course materials to other college bookstores.

The Retail segment's revenue includes both course materials and general merchandise, apparel, and supplies sold in campus stores. For instance, in the second quarter of fiscal 2025, the Retail Segment Total Revenue was $599.3 million.

• Sales of course materials are heavily influenced by the First Day Complete adoption, which served approximately 957,000 students in the spring 2025 academic term across 191 campus stores.
• The Wholesale business generally sees its highest sales in the first, second, and third quarters.
• The Retail segment's Gross Profit in Q2 FY2025 was $50.3 million.