- Newly released student survey underscores the significant
benefits of First Day® Complete equitable access model on student
academic success
- 83% of survey participants said the program had a positive
impact on their classroom success and 86% of students said they
were better prepared for the academic term
- First Day Complete equitable access model will be offered
through 157 campus stores in the Fall of 2023, up from 111 in the
Fall of 2022, representing nearly 800,000 undergraduate and
postgraduate students
- An additional seven campus stores have already committed to
transitioning to First Day Complete in the Spring 2024 semester and
others are working towards this transition date given the positive
impact on student outcomes
Barnes & Noble Education, Inc. (NYSE: BNED), a
leading solutions provider for the education industry, today
announced results from its recent Student Success Survey which
revealed the significant impact that First Day® Complete (FDC),
Barnes & Noble College’s (BNC) innovative equitable access
course material model, is having on students’ academic success.
Additionally, BNC continues to see strong institutional adoption of
First Day Complete based on the positive student feedback and
client endorsement of the model.
Through its First Day Complete program, BNC partners with
colleges and universities to provide all students with all course
materials needed for the term in one convenient bundle on or before
the first day of class. Course material costs are included as part
of tuition or applied as a course charge, saving students an
average of 35-50%.
Survey Highlights First Day Complete’s Positive
Impact
In May 2023, through its proprietary research platform, Barnes
& Noble College Insights, Barnes & Noble College conducted
an online survey for all students who participated in the First Day
Complete program during the Spring 2023 semester. Based on
responses across more than 100 campus stores representing students
from community colleges, four-year public and four-year private
institutions, students provided strong positive feedback on First
Day Complete and its impact on their academic success:
- 86% stated they were better prepared for the academic term
- 83% stated Equitable Access/First Day Complete had a positive
impact on their success this term
- 75% stated Equitable Access/First Day Complete helped them
achieve better grades this term
- 91% stated that they found it convenient to have their course
materials bundled
- 78% stated that Equitable Access/First Day Complete increases
the likelihood they will continue their education at the
school
For students who felt that First Day Complete enabled them to
achieve better grades, they noted the convenience, access, and
stress reduction of the program.
- “I believe that this program helped me to achieve better grades
because it ensured that I had the correct books and versions of the
books that I needed for each of my classes. The program helped to
ensure that I had access to all the information needed for my
course, which set me up for success and in turn achieve better
grades.” (Student, University of North Carolina at Greensboro)
- “The idea that I didn't have to worry about getting the right
books and they were substantially cheaper helped my stress which
helped me focus on school.” (Student, Onondaga Community
College)
Students also showed a strong likelihood to recommend and
participate in First Day Complete again. 89% of students said they
would recommend the course material program and 90% said they would
participate in the program again. Students cited affordability,
convenience, and preparedness for the semester as the primary
reasons for lauding the equitable access model.
- “Textbooks are expensive. Having a discounted bundle is
helpful. Not only does it save you money, but it also gives you
materials needed to excel in class.” (Student, Hawaii Pacific
University)
- “It helped me achieve better grades because I had the materials
from the very beginning. If I didn't have them, I would be behind.”
(Student, Ocean County Community College)
- “I’m very thankful that my school offers this program because
if not then I would have really struggled with making sure that I
purchased all of the correct materials for each of my classes.”
(Student, Spartanburg Methodist College)
Feedback from schools has been equally strong:
- “As important as textbooks are, most students delay purchasing
them because of cost, and many avoid purchasing them altogether.
That can have a serious impact on their chances of success. We want
to give students every advantage, so we’re excited to launch the
Eagle Advantage program.” (Dr. Scott Ralls, Wake Tech
President)
“Higher education institutions are increasingly recognizing the
benefits of First Day Complete as they look to achieve their
highest priority goals including, lowering the cost of education,
improving student outcomes and reducing stress,” said Jonathan
Shar, President of Barnes & Noble College. “These benefits are
underscored by the positive feedback we received from students in
our May 2023 First Day Complete Student Survey. We’re thrilled to
partner with institutions of all sizes to help their students
improve their preparation for the academic term, enhance their
overall experience and ultimately achieve better academic
results.”
Student Impact Driving Rapid Growth of the First Day Complete
Program
First Day Complete continues to see rapid growth in
institutional adoption, with a total of 157 campus stores
implementing First Day Complete in the Fall of 2023, compared to
111 campus stores in the Fall of 2022. Additionally, based on the
consistently positive feedback from their undergraduate students, a
number of postgraduate programs will also have access to First Day
Complete during the 2023 Fall Rush. As a result, total enrollment
at the 157 campus stores offering First Day Complete this Fall is
expected to be nearly 800,000 students. An additional seven campus
stores have already committed to transitioning to First Day
Complete in the Spring 2024 semester and others are working towards
this transition date given the positive impact on student
outcomes.
“We are excited to welcome a record number of new institutions
to the First Day Complete program,” Mr. Shar continued. “We are
seeing tremendous demand for First Day Complete across all types
and sizes of institutions, and, with a strong pipeline of
institutions that are currently evaluating how to best implement
the program, we expect this momentum to continue.”
The 157 campus stores are distributed across 34 states, of which
29% are four-year state Colleges or Universities, 42% are four-year
private Colleges or Universities, and 29% are two-year State
Community Colleges or Technical Colleges. Additionally, the range
of student enrollment at these institutions include:
- 29% have less than 2,000 students
- 30% have between 2,000 and 3,999 students
- 24% have between 4,000 and 9,999 students
- 17% have greater than 10,000 students
To hear more about what students, faculty and administrators had
to say about their experiences using First Day Complete and how it
has made a positive impact at their institutions. Watch the video,
view.
Discover how colleges and universities are finding success with
BNC’s First Day Complete by visiting our collection of equitable
access case studies.
For more information about BNC’s First Day Complete, visit,
www.bncollege.com/academic-solutions/first-day-complete/.
ABOUT BARNES & NOBLE EDUCATION, INC.
Barnes & Noble Education, Inc. (NYSE: BNED) is a
leading solutions provider for the education industry, driving
affordability, access and achievement at hundreds of academic
institutions nationwide and ensuring millions of students are
equipped for success in the classroom and beyond. Through its
family of brands, BNED offers campus retail services and academic
solutions, wholesale capabilities and more. BNED is a company
serving all who work to elevate their lives through education,
supporting students, faculty and institutions as they make tomorrow
a better, more inclusive and smarter world. For more information,
visit www.bned.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 and information relating to us and our business that are
based on the beliefs of our management as well as assumptions made
by and information currently available to our management. When used
in this communication, the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “plan,” “will,” “forecasts,”
“projections,” and similar expressions, as they relate to us or our
management, identify forward-looking statements. Moreover, we
operate in a very competitive and rapidly changing environment. New
risks emerge from time to time. It is not possible for our
management to predict all risks, nor can we assess the impact of
all factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements
we may make, including any statements made in regards to our
response to the COVID-19 pandemic. In light of these risks,
uncertainties and assumptions, the future events and trends
discussed in this press release may not occur and actual results
could differ materially and adversely from those anticipated or
implied in the forward-looking statements. Such statements reflect
our current views with respect to future events, the outcome of
which is subject to certain risks, including, among others: risks
associated with our ongoing efforts to refinance our debt and
whether such efforts will be successful; risks associated with
public health crises, epidemics, and pandemics, such as the
COVID-19 pandemic, including the duration, spread, severity, and
any recurrences thereof, and the impact such public health crises
have on the overall demand for BNED products and services, our
operations, the operations of our suppliers and other business
partners, and the effectiveness of our response to these risks;
general competitive conditions, including actions our competitors
and content providers may take to grow their businesses; a decline
in college enrollment or decreased funding available for students;
decisions by colleges and universities to outsource their physical
and/or online bookstore operations or change the operation of their
bookstores; implementation of our digital strategy may not result
in the expected growth in our digital sales and/or profitability;
risk that digital sales growth does not exceed the rate of
investment spend; the performance of our online, digital and other
initiatives, integration of and deployment of, additional products
and services including new digital channels, and enhancements to
higher education digital products, the inability to achieve the
expected cost savings during the anticipated time frame, and the
inability to implement our cost saving initiatives in a timely and
efficient manner; the risk of price reduction or change in format
of course materials by publishers, which could negatively impact
revenues and margin; the general economic environment and consumer
spending patterns; decreased consumer demand for our products, low
growth or declining sales; the strategic objectives, successful
integration, anticipated synergies, and/or other expected potential
benefits of various acquisitions may not be fully realized or may
take longer than expected; the integration of the operations of
various acquisitions into our own may also increase the risk of our
internal controls being found ineffective; changes to purchase or
rental terms, payment terms, return policies, the discount or
margin on products or other terms with our suppliers; our ability
to successfully implement our strategic initiatives including our
ability to identify, compete for and execute upon additional
acquisitions and strategic investments; risks associated with
operation or performance of MBS Textbook Exchange, LLC’s
point-of-sales systems that are sold to college bookstore
customers; technological changes; risks associated with counterfeit
and piracy of digital and print materials; our international
operations could result in additional risks; our ability to attract
and retain employees; risks associated with data privacy,
information security and intellectual property; trends and
challenges to our business and in the locations in which we have
stores; non-renewal of managed bookstore, physical and/or online
store contracts and higher-than-anticipated store closings;
disruptions to our information technology systems, infrastructure
and data due to computer malware, viruses, hacking and phishing
attacks, resulting in harm to our business and results of
operations; disruption of or interference with third party web
service providers and our own proprietary technology; work
stoppages or increases in labor costs; possible increases in
shipping rates or interruptions in shipping service; product
shortages, including decreases in the used textbook inventory
supply associated with the implementation of publishers’ digital
offerings and direct to student textbook consignment rental
programs, as well as the risks associated with the impacts that
public health crises may have on the ability of our suppliers to
manufacture or source products, particularly from outside of the
United States; changes in domestic and international laws or
regulations, including U.S. tax reform, changes in tax rates, laws
and regulations, as well as related guidance; enactment of laws or
changes in enforcement practices which may restrict or prohibit our
use of texts, emails, interest based online advertising, recurring
billing or similar marketing and sales activities; the amount of
our indebtedness and ability to comply with covenants applicable to
any future debt financing; our ability to satisfy future capital
and liquidity requirements; our ability to access the credit and
capital markets at the times and in the amounts needed and on
acceptable terms; adverse results from litigation, governmental
investigations, tax-related proceedings, or audits; changes in
accounting standards; and the other risks and uncertainties
detailed in the section titled “Risk Factors” in Part I - Item 1A
in our Annual Report on Form 10-K for the year ended April 30,
2022. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results or outcomes may vary materially from those described
as anticipated, believed, estimated, expected, intended or planned.
Subsequent written and oral forward-looking statements attributable
to us or persons acting on our behalf are expressly qualified in
their entirety by the cautionary statements in this paragraph. We
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date of this press
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230705409803/en/
Media and Investor Contact:
Hunter Blankenbaker Vice President Corporate Communications and
Investor Relations 908-991-2776 hblankenbaker@bned.com
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