What happened?Barnes & Noble Education shares (NYSE:BNED), fell as high as 20% during early trading on June 30, Around noon EDT, shares had fallen 18% and were unable to recover from the initial price drop. After trading closed on June 29, the retailer, which manages bookstores for schools, reported its fiscal fourth-quarter 2021 earnings. Investors clearly weren't happy with what they saw.What are you waiting for?Barnes & Noble Education did not waste time with its fiscal fourth quarter earnings release. It stated right away that the COVID-19 pandemic had a significant impact on fiscal 2021 results. It stated that schools it serves had changed their teaching methods, including by moving away from campus and limiting sports activities. The company's fiscal fourth quarter sales fell by 13.3% and fiscal full-year sales dropped 22.5%. Although the fiscal fourth-quarter result was better than the full year result, it is clear that the coronavirus continues its negative impact on the company's performance.The bottom line is that Barnes & Noble Education lost $0.86 per shares in its fourth quarter. This was slightly less than the $0.84 per-share loss suffered in the same quarter in fiscal 2020. The retailer lost $2.65 per shares in fiscal 2021 compared to a loss $0.80 per share for fiscal 2020. Although it's obvious that investors are disappointed, the reality is that the retailer's results won't return to pre-pandemic levels before fiscal 2023.What now?The weak results and bleak outlook make today's drop not surprising. Although things are improving, it seems like there is still a long, difficult road ahead before the bookseller's business returns to normal.
