Build-A-Bear Workshop Reports Record Third Quarter Fiscal 2024 Results
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.
- 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
- 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
Notable financial highlights include a robust
The updated guidance suggests continued momentum, with projected full-year revenue of
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
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.
-
Third quarter revenues were
, an increase of$119.4 million 11.0% , pre-tax income was , an increase of$13.1 million 26.4% , and diluted earnings per share was , an increase of$0.73 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
to shareholders through share repurchases and quarterly dividends$31.3 million
“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
Third Quarter Fiscal 2024 Results
(13 weeks ended November 2, 2024, compared to the 13 weeks ended October 28, 2023)
-
Total revenues were
and increased$119.4 million 11.0% -
Net retail sales were
and increased$109.5 million 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
and increased$9.9 million 38.8%
-
Net retail sales were
-
Pre-tax income grew
26.4% year over year to , or$13.1 million 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
, an increase of$0.73 37.7% , reflecting higher pretax income, a reduced share count, and a lower tax rate. -
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was
, an increase of$16.7 million 25.3% , representing14.0% 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
and increased$346.0 million 2.7% -
Net retail sales were
and increased$320.8 million 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
and increased$25.2 million 20.5%
-
Net retail sales were
-
Pre-tax income declined
1.3% to , or$39.7 million 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
, an increase of$2.20 4.8% , reflecting a reduced share count, slightly offset by lower pretax income and a higher tax rate. -
EBITDA was
, an increase of$49.9 million 1.5% , representing14.4% 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
For the third quarter and first nine months of fiscal 2024, capital expenditures totaled
Inventory at quarter end was
Return of Capital to Shareholders
For the third quarter, the Company utilized
Since the end of the third quarter, through December 4, the Company has used approximately
2024 Outlook
The Company updates its fiscal 2024 outlook:
-
Now expecting total revenue in the range of
to$489 million , representing growth on a low-single-digit percentage basis at the midpoint$495 million -
Now expecting pretax income in the range of
to$65 million , in line with the prior year at the midpoint$67 million
For comparative purposes, the company notes that the additional week in fiscal 2023 was approximately
For fiscal 2024, as compared to the 2023 non-GAAP 52-week year, the Company expects:
-
Total revenue in the range of
to$489 million , representing growth on a low-single-digit percentage basis at the midpoint$495 million -
Pretax income in the range of
to$65 million , representing growth on a low-single-digit percentage basis at the midpoint$67 million
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
to$18 million $20 million -
Depreciation and amortization in the range of
to$15 million $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
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 |
|
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 | |||||||||||||||
324 |
|
318 |
|
||||||||||||
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) | |||||||||||||||
730,855 |
|
728,658 |
|
||||||||||||
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 |
||||||||||||||
(4) |
Square footage for stores located in |
* 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 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241205164231/en/
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
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