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Build-A-Bear Workshop Reports Record Third Quarter Fiscal 2024 Results

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Build-A-Bear Workshop (NYSE: BBW) reported strong third quarter fiscal 2024 results with revenues of $119.4 million, up 11.0% year-over-year. The company achieved pre-tax income of $13.1 million, a 26.4% increase, and diluted earnings per share of $0.73, up 37.7%.

Key highlights include net retail sales growth of 9.1% to $109.5 million and commercial/international franchise revenue increase of 38.8% to $9.9 million. The company expanded its global presence with 17 new locations in Q3, bringing total global locations to 565. Build-A-Bear updated its fiscal 2024 guidance, projecting total revenue between $489-495 million and increasing its new unit growth target to at least 65 experience locations globally.

Build-A-Bear Workshop (NYSE: BBW) ha riportato risultati solidi per il terzo trimestre dell'esercizio fiscale 2024, con ricavi di $119,4 milioni, in aumento dell'11,0% rispetto all'anno precedente. L'azienda ha raggiunto un reddito pre-imposte di $13,1 milioni, con un incremento del 26,4%, e utili diluiti per azione di $0,73, in crescita del 37,7%.

Tra i punti salienti vi è stata una crescita delle vendite al dettaglio nette del 9,1%, pari a $109,5 milioni, e un aumento dei ricavi da franchise commerciali/internazionali del 38,8%, raggiungendo $9,9 milioni. L'azienda ha ampliato la sua presenza globale con 17 nuove sedi nel terzo trimestre, portando il totale delle sedi globali a 565. Build-A-Bear ha aggiornato le sue previsioni per l'esercizio fiscale 2024, prevedendo ricavi totali tra $489 e $495 milioni e aumentando l'obiettivo di crescita delle nuove unità ad almeno 65 location esperienziali a livello globale.

Build-A-Bear Workshop (NYSE: BBW) informó resultados sólidos para el tercer trimestre del ejercicio fiscal 2024, con ingresos de $119.4 millones, un aumento del 11.0% en comparación con el año anterior. La compañía logró un ingreso antes de impuestos de $13.1 millones, un incremento del 26.4%, y ganancias por acción diluidas de $0.73, un aumento del 37.7%.

Los puntos destacados incluyen un crecimiento de las ventas minoristas netas del 9.1%, alcanzando $109.5 millones, y un aumento de los ingresos por franquicias comerciales/internacionales del 38.8%, alcanzando $9.9 millones. La empresa amplió su presencia global con 17 nuevas ubicaciones en el tercer trimestre, llevando el total de ubicaciones globales a 565. Build-A-Bear actualizó su guía para el ejercicio fiscal 2024, proyectando ingresos totales entre $489 y $495 millones y aumentando su objetivo de crecimiento de nuevas unidades a al menos 65 ubicaciones experienciales a nivel global.

빌드어베어 워크샵 (NYSE: BBW)는 2024 회계연도 3분기 실적을 발표하며 매출 1억 1,940만 달러, 전년 대비 11.0% 증가했다고 알렸습니다. 이 회사는 세전 수익 1,310만 달러를 달성했으며, 이는 26.4% 증가한 수치이고, 희석 주당 순이익은 0.73달러로 37.7% 증가하였습니다.

주요 하이라이트로는 순 소매 판매가 9.1% 증가하여 1억 950만 달러에 달했으며 상업/국제 프랜차이즈 수익이 38.8% 증가하여 990만 달러에 도달했습니다. 회사는 3분기 동안 17개의 새로운 지점을 추가하여 글로벌 지점 수를 총 565개로 확대했습니다. 빌드어베어는 2024 회계연도 가이드를 업데이트하며 총 매출을 4억 8,900만에서 4억 9,500만 달러로 예상하고 새로운 유닛 성장 목표를 전 세계적으로 최소 65개의 체험 지점으로 증가시켰습니다.

Build-A-Bear Workshop (NYSE: BBW) a annoncé de solides résultats pour le troisième trimestre de l'exercice fiscal 2024 avec des revenus de 119,4 millions de dollars, en hausse de 11,0 % par rapport à l'année précédente. L'entreprise a réalisé un revenu avant impôt de 13,1 millions de dollars, soit une augmentation de 26,4 %, et un bénéfice dilué par action de 0,73 dollar, en hausse de 37,7 %.

Les faits marquants comprennent une croissance des ventes au détail nettes de 9,1 % pour atteindre 109,5 millions de dollars et une augmentation des revenus des franchises commerciales/internationales de 38,8 % pour atteindre 9,9 millions de dollars. L'entreprise a élargi sa présence mondiale avec 17 nouveaux emplacements au troisième trimestre, portant le total des emplacements mondiaux à 565. Build-A-Bear a mis à jour ses prévisions pour l'exercice 2024, projetant un chiffre d'affaires total entre 489 et 495 millions de dollars et augmentant son objectif de croissance des nouvelles unités à au moins 65 emplacements expérientiels dans le monde.

Build-A-Bear Workshop (NYSE: BBW) berichtete über starke Ergebnisse im dritten Quartal des Geschäftsjahres 2024 mit Umsätzen von 119,4 Millionen US-Dollar, was einem Anstieg von 11,0% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte ein Vorsteuerergebnis von 13,1 Millionen US-Dollar, was einer Steigerung von 26,4% entspricht, und verwässerte Gewinne pro Aktie von 0,73 US-Dollar, ein Anstieg von 37,7%.

Zu den wichtigsten Highlights gehören ein Netto-Einzelhandelsumsatzwachstum von 9,1% auf 109,5 Millionen US-Dollar und ein Anstieg der Einnahmen aus kommerziellen/internationalen Franchises um 38,8% auf 9,9 Millionen US-Dollar. Das Unternehmen hat seine globale Präsenz mit 17 neuen Standorten im dritten Quartal erweitert, sodass sich die Gesamtzahl der Standorte weltweit auf 565 erhöht. Build-A-Bear hat seine Prognose für das Geschäftsjahr 2024 aktualisiert und erwartet Gesamtumsätze zwischen 489 und 495 Millionen US-Dollar und hat das Ziel für das Wachstum neuer Standorte auf mindestens 65 Erfahrungslokale weltweit angehoben.

Positive
  • Revenue increased 11.0% to $119.4 million in Q3
  • Pre-tax income grew 26.4% to $13.1 million
  • Diluted EPS increased 37.7% to $0.73
  • Commercial and franchise revenues up 38.8%
  • Gross margin expanded by 140 basis points
  • Added 17 new global locations in Q3
Negative
  • E-commerce demand continues to perform below expectations
  • Web demand decreased 11.8% for the nine-month period
  • SG&A expenses increased 120 basis points due to higher marketing, wages, and inflationary pressures
  • Nine-month pre-tax income declined 1.3% to $39.7 million

Insights

Build-A-Bear Workshop delivered an impressive Q3 FY2024 with record-breaking results. Revenue increased by 11.0% to $119.4 million, while diluted EPS grew 37.7% to $0.73. The company's retail performance remains strong, with net retail sales up 9.1% to $109.5 million.

Notable financial highlights include a robust 26.4% increase in pre-tax income to $13.1 million and improved gross margins. The company's aggressive capital return strategy, including share repurchases of over 6% of outstanding shares and consistent dividend payments, demonstrates strong cash flow generation and management confidence.

The updated guidance suggests continued momentum, with projected full-year revenue of $489-495 million. However, investors should note the underperformance in e-commerce demand and potential impact of ongoing inflationary pressures.

Build-A-Bear's strategic expansion initiatives are delivering strong results, particularly in international markets. The company's presence has grown to over 20 countries, with significant acceleration in new store openings - now targeting at least 65 new experience locations globally, up from the previous target of 50.

The retail footprint now includes 565 global locations across different operating models: 362 corporately-managed stores, 123 partner-operated stores and 80 franchise stores. The 38.8% increase in commercial and international franchise revenues indicates successful market penetration and brand strength globally.

While physical retail shows strength, the lagging e-commerce performance suggests a need to strengthen digital channels. This mixed channel performance reflects evolving consumer preferences and highlights areas for potential improvement in the company's omnichannel strategy.

ST. LOUIS--(BUSINESS WIRE)-- Build-A-Bear Workshop, Inc. (NYSE: BBW) today announced results for the third quarter of fiscal year 2024 ended November 2, 2024.

  • Third quarter revenues were $119.4 million, an increase of 11.0%, pre-tax income was $13.1 million, an increase of 26.4%, and diluted earnings per share was $0.73, an increase of 37.7%
  • The Company updates its fiscal 2024 guidance, including increasing net new unit growth to at least 65 experience locations globally, up from 50 locations
  • Through the first nine months of fiscal 2024, the Company returned $31.3 million to shareholders through share repurchases and quarterly dividends

“Our best-ever third-quarter performance brings us one step closer to a fourth consecutive year of record revenues, reflecting the evolution of the business model and the power of the Build-A-Bear brand,” commented Sharon Price John, President and Chief Executive Officer of Build-A-Bear Workshop. “The company continues to prioritize its long-term strategic initiatives, particularly expanding its global retail presence. Since reigniting this initiative, Build-A-Bear has broadened its international footprint to over 20 countries, opening experience locations in six new markets this past quarter,” concluded Ms. John.

Voin Todorovic, Chief Financial Officer of Build-A-Bear Workshop, added, “The Company’s strong retail and third-party sales have contributed to the most profitable third quarter in our history, although web demand continues to perform below expectations. In conjunction with Build-A-Bear’s solid cash flow generation and our confidence in the company's strategy, we have repurchased more than 6% of our shares outstanding over the past year."

Third Quarter Fiscal 2024 Results

(13 weeks ended November 2, 2024, compared to the 13 weeks ended October 28, 2023)

  • Total revenues were $119.4 million and increased 11.0%
    • Net retail sales were $109.5 million and increased 9.1%
    • Consolidated e-commerce demand (online orders fulfilled from either the Company’s warehouse or its stores) increased 1.3%
    • Commercial and international franchise revenues were a combined $9.9 million and increased 38.8%
  • Pre-tax income grew 26.4% year over year to $13.1 million, or 11.0% of total revenues, an increase of 140 basis points, driven by a 140-basis-point increase in gross margin from an expansion in Retail and Commercial gross margins.
  • Diluted earnings per share (“EPS”) was $0.73, an increase of 37.7%, reflecting higher pretax income, a reduced share count, and a lower tax rate.
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $16.7 million, an increase of 25.3%, representing 14.0% of total revenues.

Nine-Month Fiscal 2024 Results

(39 weeks ended November 2, 2024, compared to the 39 weeks ended October 28, 2023)

  • Total revenues were $346.0 million and increased 2.7%
    • Net retail sales were $320.8 million and increased 1.5%
    • Consolidated e-commerce demand (online orders fulfilled from either the Company’s warehouse or its stores) decreased 11.8%
    • Commercial and international franchise revenues were a combined $25.2 million and increased 20.5%
  • Pre-tax income declined 1.3% to $39.7 million, or 11.5% of total revenues, a decrease of 40 basis points, driven by a 120-basis point increase in SG&A expense, mainly from marketing, higher wage rates, and general inflationary pressures, partially offset by an 80-basis-point benefit between gross margin expansion, from an increase in Retail and Commercial gross margin, and an increase in interest income.
  • Diluted EPS was $2.20, an increase of 4.8%, reflecting a reduced share count, slightly offset by lower pretax income and a higher tax rate.
  • EBITDA was $49.9 million, an increase of 1.5%, representing 14.4% of total revenues.

Store Activity

For the quarter, the Company had net new unit growth of 17 global experience locations, comprised of 1 corporately-managed location and 16 partner-operated locations. At the end of the third quarter, Build-A-Bear had 565 global locations through a combination of its corporately-managed, partner-operated, and franchise models. Globally, this reflects 362 corporately-managed stores, 123 partner-operated stores, and 80 franchise stores.

Balance Sheet

At the third-quarter end, cash and cash equivalents totaled $29.0 million, an increase of $4.2 million, or 16.8%, compared to $24.8 million at the third quarter-end last year. The Company finished the quarter with no borrowings under its revolving credit facility.

For the third quarter and first nine months of fiscal 2024, capital expenditures totaled $3.9 million and $9.6 million, respectively.

Inventory at quarter end was $70.8 million, reflecting an increase of $6.4 million, or 9.8%, much of which is an accelerated purchase of 2025 core products, compared to $64.5 million at the third quarter-end last year. The Company remains comfortable with the level and composition of its inventory.

Return of Capital to Shareholders

For the third quarter, the Company utilized $4.8 million in cash to repurchase 147,917 shares of its common stock and paid a $2.7 million quarterly cash dividend to shareholders. For the first nine months of fiscal 2024, the Company utilized $23.0 million in cash to repurchase 832,944 shares of its common stock and paid $8.3 million in quarterly cash dividends to shareholders.

Since the end of the third quarter, through December 4, the Company has used approximately $200,000 in cash to repurchase an additional 5,288 shares of its common stock, with $97.0 million remaining under the board-authorized $100.0 million stock repurchase program adopted on September 11, 2024.

2024 Outlook

The Company updates its fiscal 2024 outlook:

  • Now expecting total revenue in the range of $489 million to $495 million, representing growth on a low-single-digit percentage basis at the midpoint
  • Now expecting pretax income in the range of $65 million to $67 million, in line with the prior year at the midpoint

For comparative purposes, the company notes that the additional week in fiscal 2023 was approximately $7 million in total revenues with an estimated 35% flow-through to EBITDA.

For fiscal 2024, as compared to the 2023 non-GAAP 52-week year, the Company expects:

  • Total revenue in the range of $489 million to $495 million, representing growth on a low-single-digit percentage basis at the midpoint
  • Pretax income in the range of $65 million to $67 million, representing growth on a low-single-digit percentage basis at the midpoint

In addition, for fiscal 2024, the Company updates its expectations as follows:

  • Net new unit growth of at least 65 experience locations through a combination of corporately-managed, partner-operated, and franchised business models
  • Capital expenditures in the range of $18 million to $20 million
  • Depreciation and amortization in the range of $15 million to $16 million
  • Tax rate of approximately 24.5%, excluding discrete items

The Company’s guidance considers various factors, including anticipated ongoing inflationary pressures and increased freight costs. Additionally, the Company’s outlook assumes no further material changes in the macroeconomic or geopolitical environment or relevant foreign currency exchange rates.

Note Regarding Non-GAAP Financial Measures

In this press release, the Company’s financial results are provided both in accordance with generally accepted accounting principles (GAAP) and using certain non-GAAP financial measures. In particular, the Company provides historic income adjusted to exclude certain costs, which are non-GAAP financial measures. These results are included as a complement to results provided in accordance with GAAP because management believes these non-GAAP financial measures help identify underlying trends in the Company’s business and provide useful information to both management and investors by excluding certain items that may not be indicative of the Company’s core operating results. These measures should not be considered a substitute for or superior to GAAP results. These non-GAAP financial measures are defined and reconciled to the most comparable GAAP measure later in this document.

Webcast and Conference Call Information

At 9:00 AM ET today, Build-A-Bear Workshop will host a conference call with investors and financial analysts to discuss its financial results. The conference call will be webcast on Build-Bear’s Investor Relations website, https://ir.buildabear.com.

The dial-in number for the live conference call is (877) 407-3982 or (201) 493-6780 for international callers. The access code is Build-A-Bear. The call is expected to conclude by 10 AM ET.

A replay of the conference call webcast will be available in the investor relations website for one year. A telephone replay will be available beginning at approximately 1:00 p.m. ET on Thursday, December 5, 2024, until 11:59 p.m. ET on Thursday, December 12, 2024. The telephone replay is available by calling (412) 317-6671 (toll/international) or (844) 512-2921 (toll free). The access code is 13749231.

About Build-A-Bear

Since its beginning in 1997, Build-A-Bear has evolved to become a beloved multi-generational brand focused on its mission to “add a little more heart to life” where guests of all ages make their own “furry friends” in celebration and commemoration of life moments. Guests create their own stuffed animals by participating in the stuffing, dressing, accessorizing, and naming of their own teddy bears and other plush toys based on the Company’s own intellectual property and in conjunction with a variety of best-in-class licenses. The hands-on and interactive nature of our more than 500 company-owned, partner-operated and franchise experience locations around the world, combined with Build-A-Bear’s pop-culture appeal, often fosters a lasting and emotional brand connection with consumers, and has enabled the Company to expand beyond its retail stores to include e-commerce sales on www.buildabear.com and non-plush branded consumer categories via out-bound licensing agreements with leading manufacturers, as well as the creation of engaging content via Build-A-Bear Entertainment (a subsidiary of Build-A-Bear Workshop, Inc.). The brand’s newest communications campaign, "The Stuff You Love," commemorates more than a quarter-century of creating cherished memories worldwide. Build-A-Bear Workshop, Inc. (NYSE: BBW) posted consolidated total revenues of $486.1 million for fiscal 2023. For more information, visit the Investor Relations section of buildabear.com.

Forward-Looking Statements

This press release contains certain statements that are, or may be considered to be, “forward-looking statements” for the purpose of federal securities laws, including, but not limited to, statements that reflect our current views with respect to future events and financial performance. We generally identify these statements by words or phrases such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “intend,” “predict,” “future,” “potential” or “continue,” the negative or any derivative of these terms and other comparable terminology. All the information concerning our future liquidity, future revenues, margins and other future financial performance and results, achievement of operating of financial plans or forecasts for future periods, sources and availability of credit and liquidity, future cash flows and cash needs, success and results of strategic initiatives and other future financial performance or financial position, as well as our assumptions underlying such information, constitute forward-looking information.

These statements are based only on our current expectations and projections about future events. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements, including those factors discussed under the caption entitled “Risks Related to Our Business” and “Forward-Looking Statements” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on April 18, 2024 and other periodic reports filed with the SEC which are incorporated herein.

All our forward-looking statements are as of the date of this Press Release only. In each case, actual results may differ materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of or any material adverse change in one or more of the risk factors or other risks and uncertainties referred to in this Press Release or included in our other public disclosures or our other periodic reports or other documents or filings filed with or furnished to the SEC could materially and adversely affect our continuing operations and our future financial results, cash flows, available credit, prospects, and liquidity. Except as required by law, the Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

All other brand names, product names, or trademarks belong to their respective holders. 

BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(dollars in thousands, except share and per share data)
 
13 Weeks 13 Weeks
Ended Ended
November 2, % of Total October 28, % of Total

2024

Revenues (1)

2023

Revenues (1)
Revenues:
Net retail sales $

109,503

 

91.7

 

$

100,411

 

93.4

 

Commercial revenue

8,580

 

7.2

 

6,020

 

5.6

 

International franchising

1,347

 

1.2

 

1,131

 

1.0

 

Total revenues

119,430

 

100.1

 

107,562

 

100.0

 

Cost of merchandise sold:
Cost of merchandise sold - retail (1)

50,116

 

45.8

 

47,551

 

47.4

 

Cost of merchandise sold - commercial (1)

3,669

 

42.8

 

2,675

 

44.4

 

Cost of merchandise sold - international franchising (1)

1,005

 

74.6

 

703

 

62.2

 

Total cost of merchandise sold

54,790

 

45.9

 

50,929

 

47.3

 

Consolidated gross profit

64,640

 

54.1

 

56,633

 

52.7

 

 
Selling, general and administrative expense

51,668

 

43.3

 

46,566

 

43.3

 

Interest (income) expense, net

(109

)

(0

)

(281

)

(0.3

)

Income before income taxes

13,081

 

11.0

 

10,348

 

9.6

 

Income tax expense

3,211

 

2.7

 

2,762

 

2.6

 

Net income $

9,870

 

8.3

 

$

7,586

 

7.1

 

 
Income per common share:
Basic $

0.74

 

$

0.53

 

Diluted $

0.73

 

$

0.53

 

Shares used in computing common per share amounts:
Basic

13,425,332

 

14,362,702

 

Diluted

13,461,983

 

14,438,795

 

 

(1)

Selected statement of operations data expressed as a percentage of total revenues, except cost of merchandise sold - retail, cost of merchandise sold - commercial and cost of merchandise sold - international franchising that are expressed as a percentage of net retail sales, commercial revenue and international franchising, respectively. Percentages will not total due to cost of merchandise sold being expressed as a percentage of net retail sales, commercial revenue or international franchising and immaterial rounding.
 
 
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(dollars in thousands, except share and per share data)
 
39 Weeks 39 Weeks
Ended Ended
November 2, % of Total October 28, % of Total

2024

Revenues (1)

2023

Revenues (1)
Revenues:
Net retail sales

$

320,826

 

92.8

 

$

315,972

 

93.8

 

Commercial revenue

21,858

 

6.3

 

17,685

 

5.3

 

International franchising

3,274

 

0.9

 

3,180

 

0.9

 

Total revenues

345,958

 

100.0

 

336,837

 

100.0

 

Costs and expenses:
Cost of merchandise sold - retail (1)

147,138

 

45.9

 

146,165

 

46.3

 

Cost of merchandise sold - commercial (1)

9,210

 

42.1

 

8,458

 

47.8

 

Cost of merchandise sold - international franchising (1)

2,236

 

68.3

 

2,042

 

64.2

 

Total cost of merchandise sold

158,584

 

45.8

 

156,665

 

46.5

 

Consolidated gross profit

187,374

 

54.2

 

180,172

 

53.5

 

 
Selling, general and administrative expense

148,442

 

42.9

 

140,516

 

41.7

 

Interest expense (income), net

(723

)

(0.2

)

(524

)

(0.2

)

Income before income taxes

39,655

 

11.5

 

40,180

 

11.9

 

Income tax expense

9,548

 

2.8

 

9,648

 

2.9

 

Net income

$

30,107

 

8.7

 

$

30,532

 

9.1

 

 
Income per common share:
Basic

$

2.20

 

$

2.12

 

Diluted

$

2.20

 

$

2.10

 

Shares used in computing common per share amounts:
Basic

13,672,416

 

14,413,308

 

Diluted

13,712,461

 

14,563,974

 

 

(1)

Selected statement of operations data expressed as a percentage of total revenues, except cost of merchandise sold - retail, cost of merchandise sold - commercial and cost of merchandise sold - international franchising that are expressed as a percentage of net retail sales, commercial revenue and international franchising, respectively. Percentages will not total due to cost of merchandise sold being expressed as a percentage of net retail sales, commercial revenue or international franchising and immaterial rounding.
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands, except per share data)
 
November 2, February 3, October 28,

 

2024

 

 

2024

 

 

2023

 

ASSETS
Current assets:
Cash, cash equivalents and restricted cash

$

28,955

 

$

44,327

 

$

24,800

 

Inventories, net

 

70,774

 

 

63,499

 

 

64,466

 

Receivables, net

 

13,461

 

 

8,569

 

 

13,908

 

Prepaid expenses and other current assets

 

11,982

 

 

11,377

 

 

13,592

 

Total current assets

 

125,172

 

 

127,772

 

 

116,766

 

 
Operating lease right-of-use asset

 

91,268

 

 

73,443

 

 

67,768

 

Property and equipment, net

 

54,498

 

 

55,262

 

 

51,914

 

Deferred tax assets

 

8,638

 

 

8,682

 

 

6,822

 

Other assets, net

 

6,286

 

 

7,166

 

 

7,273

 

Total Assets

$

285,862

 

$

272,325

 

$

250,543

 

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable

$

18,403

 

$

16,170

 

$

11,961

 

Accrued expenses

 

19,994

 

 

19,954

 

 

25,319

 

Operating lease liability short term

 

28,832

 

 

25,961

 

 

26,002

 

Gift cards and customer deposits

 

15,697

 

 

18,134

 

 

18,366

 

Deferred revenue and other

 

3,498

 

 

3,514

 

 

3,665

 

Total current liabilities

 

86,424

 

 

83,733

 

 

85,313

 

 
Operating lease liability long term

 

69,518

 

 

57,609

 

 

52,423

 

Other long-term liabilities

 

1,347

 

 

1,321

 

 

1,159

 

 
Stockholders' equity:
Common stock, par value $0.01 per share

 

135

 

 

142

 

 

144

 

Additional paid-in capital

 

62,511

 

 

66,330

 

 

66,641

 

Accumulated other comprehensive loss

 

(11,811

)

 

(12,082

)

 

(12,319

)

Retained earnings

 

77,738

 

 

75,272

 

 

57,182

 

Total stockholders' equity

 

128,573

 

 

129,662

 

 

111,648

 

Total Liabilities and Stockholders' Equity

$

285,862

 

$

272,325

 

$

250,543

 

BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Unaudited Selected Financial and Store Data
(dollars in thousands)
 
13 Weeks 13 Weeks 39 Weeks 39 Weeks
Ended Ended Ended Ended
November 2, October 28, November 2, October 28,

2024

2023

2024

2023

 

Other financial data:
 
Retail gross margin ($) (1)

$

59,387

 

$

52,860

 

$

173,688

 

$

169,807

 

Retail gross margin (%) (1)

54.2

%

52.6

%

54.1

%

53.7

%

Capital expenditures (2)

$

3,871

 

$

4,986

 

$

9,571

 

$

11,124

 

Depreciation and amortization

$

3,688

 

$

3,231

 

$

10,983

 

$

9,540

 

 
Store data (3):
Number of corporately-managed retail locations at end of period
North America

324

 

318

 

Europe

38

 

38

 

Total corporately-managed retail locations

362

 

356

 

 
Number of franchised stores at end of period

80

 

70

 

 
Number of third-party retail locations at end of period

123

 

85

 

 
Corporately-managed store square footage at end of period (4)
North America

730,855

 

728,658

 

Europe

53,443

 

53,675

 

Total square footage

784,298

 

782,333

 

 
 

(1)

Retail gross margin represents net retail sales less cost of merchandise sold - retail. Retail gross margin percentage represents retail gross margin divided by net retail sales. Store impairment is excluded from retail gross margin.

(2)

Capital expenditures represents cash paid for property, equipment, and other assets.

(3)

Excludes e-commerce. North American stores are located in the United States and Canada. In Europe, stores are located in the United Kingdom and Ireland. Seasonal locations not included in store count.

(4)

Square footage for stores located in North America is leased square footage. Square footage for stores located in Europe is estimated selling square footage. Seasonal locations not included in the store count.
* Non-GAAP Financial Measures
 
 
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP figures
(dollars in thousands)
 
 
13 Weeks 13 Weeks 39 Weeks 39 Weeks
Ended Ended Ended Ended
November 2, October 28, November 2, October 28,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Income before income taxes (pre-tax)

$

13,081

 

$

10,348

 

$

39,655

 

$

40,180

 

Interest (income) expense, net

 

(109

)

 

(281

)

 

(723

)

 

(524

)

Depreciation and amortization expense

 

3,688

 

 

3,231

 

 

10,983

 

 

9,540

 

Earnings before interest, taxes, depreciation and amortization (EBITDA)

$

16,660

 

$

13,298

 

$

49,915

 

$

49,196

 

 

Investor Relations Contact

Gary Schnierow, Vice President, Investor Relations & Corporate Finance

garys@buildabear.com



Media Relations Contact

pr@buildabear.com

Source: Build-A-Bear Workshop, Inc.

FAQ

What was Build-A-Bear's (BBW) revenue growth in Q3 2024?

Build-A-Bear Workshop reported Q3 2024 revenue growth of 11.0%, reaching $119.4 million.

How many new stores did Build-A-Bear (BBW) open in Q3 2024?

Build-A-Bear added 17 new global experience locations in Q3 2024, including 1 corporately-managed and 16 partner-operated locations.

What is Build-A-Bear's (BBW) revenue guidance for fiscal 2024?

Build-A-Bear expects total revenue between $489 million to $495 million for fiscal 2024, representing low-single-digit percentage growth.

How much did Build-A-Bear (BBW) return to shareholders in the first nine months of 2024?

Build-A-Bear returned $31.3 million to shareholders through $23.0 million in share repurchases and $8.3 million in quarterly dividends.

Build-A-Bear Workshop, Inc.

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