Investors Put Barnes and Noble Education in Detention

It’s not easy to sell notoriously expensive college textbooks in the Amazon era, and investors are losing faith in college bookstore operator Barnes & Noble Education, which reported quarterly financial results on Wednesday morning Though the company’s results for its latest quarter were fine — its sales beat expectations but earnings missed — investors are spooked that the company declined to provide an earnings outlook for its current fiscal year, which ends in April.

Management also discussed a number of challenging industry trends. For one, college enrollment has been falling, and the company says that community college enrollment could continue to decline in the next year.

Shares of Barnes & Noble Education were down 11% in midday trading. The stock is down more than 20% so far this year.

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