Barnes & Noble Education (BNED) announced a new partnership with the University of California, Berkeley that will take effect on January 20 2026. Under the agreement, BNED will assume full responsibility for retail, course‑material, and e‑commerce operations at the Cal Student Store, the Anchor House, and the newly opened Cal Memorial Stadium Store.
The deal positions BNED to manage all on‑campus retail and digital course‑material delivery for one of the nation’s largest public universities. It also gives BNED a platform to deploy its First Day Complete subscription model and other technology solutions across Berkeley, potentially increasing enrollment in BNED’s bundled course‑material programs and creating a modern, student‑centric retail experience.
BNED’s recent financial performance underscores the strategic value of the partnership. The company reported a net loss for fiscal 2025 but achieved a 2.7% revenue increase to $1.6 billion, driven largely by a 25.3% rise in First Day revenue. Adjusted EBITDA climbed to $59.4 million from $36.7 million, reflecting improved profitability as BNED scales its digital and subscription offerings. The new Berkeley contract adds a revenue stream that is expected to accelerate BNED’s top‑line growth and support its shift toward high‑margin digital products.
Management highlighted the partnership’s importance. Vice Chancellor Stephen C. Sutton said the collaboration will modernize Berkeley’s campus store and improve student access to materials, while BNED CEO Jonathan Shar emphasized the deal as a key milestone in expanding First Day Complete and strengthening BNED’s market position.
Analysts view the partnership as a positive reference point for future contracts. Although the announcement did not trigger an immediate market reaction, it complements BNED’s recent earnings momentum and could enhance investor confidence in the company’s growth strategy.
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