ST. LOUIS--(BUSINESS WIRE)--Nov. 29, 2018--
Build-A-Bear Workshop, Inc. (NYSE: BBW) today reported results for the
fiscal 2018 third quarter and 39 weeks ended November 3, 2018. Given the
Company’s previously announced fiscal year-end change, references to the
prior year are based on the unaudited recast results for the fiscal year
ended February 3, 2018.
Sharon Price John, Build-A-Bear Workshop President and Chief Executive
Officer, commented, “In a seasonably small third quarter in which we had
forecasted a loss, we ultimately delivered sales and profitability below
expectations. The majority of the shortfall was driven by three
circumstances. First, we chose to strategically deemphasize our
historically successful National Teddy Bear Day promotion to avoid the
potential of long lines and frustrated guests on the heels of the Pay
Your Age Day events. Second, our U.K. business continued to decline
beyond expectations due to a challenging retail environment brought on
by Brexit and the implementation of new privacy laws that have
significantly inhibited our ability to build our contact database and
market directly to our guests. And finally, organic family traffic to
traditional malls continued to struggle which we believe was exacerbated
by the comparative lack of high impact animated films that tend to bring
our target demographic to malls with co-located theaters. Historically,
we have seen increased traffic and sales associated with child-friendly
film releases.
“In response, we have plans in place to recoup a portion of the lost
sales from National Teddy Bear Day with a like promotion planned later
this fiscal year. We are actively working to rebuild our U.K. consumer
loyalty base and communication plans within the parameters of the new
privacy laws. We are also intently focused on managing expenses through
what we believe to be a temporary market disruption pending the
resolution of Brexit and related issues. While we look forward to a
strong and continuous 2019 family movie slate to help buoy traditional
mall traffic with co-located theaters with expected benefits starting in
January, we recognize that macro shopping habits have fundamentally
changed in our core markets. We expect the strategies we have been
implementing with our long-range real estate and e-commerce plans to
ultimately lead to profitable growth.
Ms. John continued, “We believe we are taking the necessary steps to
address the current business while our long-term focus remains on
driving the strategies intended to transform the company to better
monetize the equity of the Build-A-Bear brand. We have laid substantial
groundwork and are beginning to see results on a number of fronts such
as outbound licensing and the evolution and diversification of our real
estate portfolio to include more tourist, seasonal, and shop-in-shop
venues designed to broaden our consumer reach beyond traditional malls.
Examples range from the recently opened location inside FAO Schwarz in
New York City to six new pilot locations inside of a large national
retailer. Additionally, our e-commerce business has consistently
delivered double-digit quarterly growth following the upgrade of our
website last October as we continue to add capabilities. In fact, even
with a number of changes and disruptions in market dynamics, we believe
many of the puzzle pieces of our overarching strategy from retail
diversification to international franchising to out-bound licensing, are
beginning to fall into place. With that in mind, we continue to
systematically work toward our goal of a being a company that can
consistently and profitably monetize the power of one of the most
trusted, recognized and beloved kids’ brands today,” concluded Ms. John.
Third Quarter 2018 Highlights (13 weeks ended November 3, 2018,
compared to the 13 weeks ended October 28, 2017):
-
Consolidated revenues were $68.7 million compared to $76.2 million in
the fiscal 2017 third quarter, a decrease of $7.5 million;
-
Consolidated revenues decreased 9.8%, including a 7.4% decrease in
North America and a 23.1% decrease in Europe, and also inclusive of a
17.8% increase in consolidated e-commerce sales. European results
continue to reflect the impact of the ongoing uncertainty surrounding
Brexit, as well as the May 2018 implementation of new privacy laws,
which severely inhibited the Company’s ability to directly market to
guests;
-
Consolidated net retail sales were $65.3 million, a decline of 12.3%,
compared to $74.4 million in the fiscal 2017 third quarter;
-
Retail gross margin dollars decreased $8.0 million to $23.2 million
compared to the fiscal 2017 third quarter. The retail gross margin
rate declined 640 basis points to 35.5% including approximately 150
basis points related to non-cash store impairment charges outside of
the U.S. and the adoption of the new revenue recognition standard as
well as approximately 370 basis points related to the deleverage of
fixed occupancy costs. The remaining decline was driven primarily by
higher promotional activity related to the residual effects of Pay
Your Age Day as well as the deleverage of distribution costs in the
quarter. Notably, total occupancy and distribution costs were flat
even with a higher store count resulting in a lower average cost per
store;
-
Selling, general and administrative expenses were $35.1 million, a
decline of $1.1 million compared to the fiscal 2017 third quarter. The
decrease was primarily driven by lower payroll and advertising costs;
-
Pre-tax loss was $10.0 million compared to $3.9 million in the fiscal
2017 third quarter;
-
Income tax benefit was $3.9 million with an effective tax rate of
39.3% compared to $1.4 million in the fiscal 2017 third quarter. The
2018 effective tax rate differed from the statutory rate of 21%
primarily due to the jurisdictional mix of earnings; and
-
Net loss was $6.1 million, or $0.42 per share, compared to a net loss
of $2.5 million, or $0.16 per share, in the fiscal 2017 third quarter.
Store Activity:
In the third quarter of fiscal 2018, the Company opened 12 locations and
reformatted one store into a Discovery format, ending the quarter with
37% of its store base in an updated Discovery design. As of November 3,
2018, the Company operated 371 corporately-managed locations, including
312 in North America and 59 outside of North America. The Company’s
international franchisees ended the quarter with 94 stores in 11
countries.
Balance Sheet:
As of November 3, 2018, cash and cash equivalents totaled $8.6 million.
The Company ended the quarter with $7.3 million in borrowings under its
revolving credit facility. Total inventory at quarter-end was $57.3
million compared to $62.9 million at the end of the third quarter of
2017, a decrease of 8.8%. In the third quarter of fiscal 2018, capital
expenditures were $1.7 million, and depreciation and amortization
totaled $4.0 million.
Share Repurchase:
The Company repurchased nearly 60,000 shares of its common stock for
$0.5 million during the third quarter of fiscal 2018. As of November 3,
2018, the Company had $8.8 million remaining of the share repurchase
authorization that was adopted in August 2017.
Fiscal Year Change:
As previously disclosed, the Company's Board of Directors approved a
change in the Company’s fiscal year-end, which previously ended on the
Saturday closest to December 31, to the Saturday closest to January 31.
This change was effective following the end of the Company’s 2017 fiscal
year.
Accounting Changes Impacting Revenue Recognition:
On December 31, 2017, the Company adopted “Revenue from Contracts with
Customers” (Accounting Standard Codification “Topic 606”), as required.
While the majority of the Company’s revenues were not impacted by Topic
606, the timing of the recognition of breakage revenue for certain gift
cards changed. Upon adoption, the Company recorded a pre-tax cumulative
effect increase to retained earnings of approximately $12.3 million
representing gift card breakage revenue not previously recognized that
was accelerated due to the adoption of Topic 606. The change will
negatively impact the Company’s fiscal 2018 total revenue and pre-tax
income by an estimated $3.9 million with the remaining balance of the
cumulative effect adjustment predominantly impacting fiscal years 2019
and 2020.
2018 Expectations (52 weeks ending February 2, 2019, compared to the
53 weeks ended February 3, 2018):
The Company is revising its guidance for fiscal year 2018 and currently
expects:
-
Total GAAP revenue in the fourth quarter to be in the range of $105 to
$110 million and $340 to $345 million for the full fiscal year;
-
SG&A in the fourth quarter to be about 10% lower compared to the prior
year’s recast 14-week fourth quarter partially driven by one less week
of operating expenses;
-
Pre-tax results in the fourth quarter to be in the range of $9 to $13
million income and for the fiscal year 2018, to be in the range of a
$3 million loss to $1 million income, not inclusive of any additional
or unforeseen accounting charges;
-
Tax expense for the fourth quarter to be in the range of $4 to $5.5
million;
-
Capital expenditures for fiscal year 2018 to be in the range of $14 to
$15 million with depreciation and amortization to be approximately $16
million; and
-
Cash and cash equivalents to be approximately $25 million as of fiscal
year-end.
Today’s Conference Call Webcast:
Build-A-Bear Workshop will host a live internet webcast of its quarterly
investor conference call at 9 a.m. ET today. The audio broadcast may be
accessed at the Company’s investor relations website, http://IR.buildabear.com.
The call is expected to conclude by 10 a.m. 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 noon ET today until midnight ET on
December 6, 2018. The telephone replay is available by calling (844)
512-2921. The access code is 13684751.
About Build-A-Bear
Build-A-Bear is a global brand kids love and parents trust that seeks to
add a little more heart to life. Build-A-Bear Workshop has over 400
stores worldwide where guests can create customizable furry friends,
including corporately-managed stores in the United States, Canada,
China, Denmark, Ireland, Puerto Rico, and the United Kingdom, and
franchise stores in Africa, Asia, Australia, Europe, Mexico and the
Middle East. In 2018, Build-A-Bear was named to the FORTUNE 100 Best
Companies to Work For® list for the 10th year in a row.
Build-A-Bear Workshop, Inc. (NYSE:BBW) posted total revenue of $357.9
million in fiscal 2017. 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 of 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 March 15, 2018 and other periodic
reports filed with the SEC which are incorporated herein.
All of 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.
|
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|
|
|
|
|
|
|
|
|
|
|
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES |
Unaudited Condensed Consolidated Statements of Income |
(dollars in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks |
|
|
|
|
|
|
13 Weeks |
|
|
|
|
|
|
|
|
Ended |
|
|
|
|
|
|
Ended |
|
|
|
|
|
|
|
|
November 3, |
|
|
% of Total |
|
|
|
October 28, |
|
|
% of Total |
|
|
|
|
|
2018 |
|
|
Revenues (1) |
|
|
|
2017 |
|
|
Revenues (1) |
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net retail sales
|
|
|
|
$
|
65,298
|
|
|
95.0
|
|
|
$
|
74,441
|
|
|
97.7
|
Commercial revenue
|
|
|
|
|
2,171
|
|
|
3.2
|
|
|
|
1,196
|
|
|
1.6
|
International franchising
|
|
|
|
|
1,225
|
|
|
1.8
|
|
|
|
514
|
|
|
0.7
|
Total revenues
|
|
|
|
|
68,694
|
|
|
100.0
|
|
|
|
76,151
|
|
|
100.0
|
Cost of merchandise sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of merchandise sold - retail (1) |
|
|
|
|
42,129
|
|
|
64.5
|
|
|
|
43,267
|
|
|
58.1
|
Cost of merchandise sold - commercial (1) |
|
|
|
|
773
|
|
|
35.6
|
|
|
|
502
|
|
|
42.0
|
Cost of merchandise sold - international franchising (1) |
|
|
|
|
731
|
|
|
59.7
|
|
|
|
56
|
|
|
10.9
|
Total cost of merchandise sold
|
|
|
|
|
43,633
|
|
|
63.5
|
|
|
|
43,825
|
|
|
57.6
|
Consolidated gross profit
|
|
|
|
|
25,061
|
|
|
36.5
|
|
|
|
32,326
|
|
|
42.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expense
|
|
|
|
|
35,069
|
|
|
51.1
|
|
|
|
36,196
|
|
|
47.5
|
Interest expense (income), net
|
|
|
|
|
(16)
|
|
|
(0.0)
|
|
|
|
7
|
|
|
0.0
|
Loss before income taxes
|
|
|
|
|
(9,992)
|
|
|
(14.5)
|
|
|
|
(3,877)
|
|
|
(5.1)
|
Income tax benefit
|
|
|
|
|
(3,928)
|
|
|
(5.7)
|
|
|
|
(1,350)
|
|
|
(1.8)
|
Net income (loss)
|
|
|
|
$
|
(6,064)
|
|
|
(8.8)
|
|
|
$
|
(2,527)
|
|
|
(3.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
(0.42)
|
|
|
|
|
|
$
|
(0.16)
|
|
|
|
Diluted
|
|
|
|
$
|
(0.42)
|
|
|
|
|
|
$
|
(0.16)
|
|
|
|
Shares used in computing common per share amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
14,590,614
|
|
|
|
|
|
|
15,599,675
|
|
|
|
Diluted
|
|
|
|
|
14,590,614
|
|
|
|
|
|
|
15,599,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Selected statement of income 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 Income |
(dollars in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 Weeks |
|
|
|
|
|
|
39 Weeks |
|
|
|
|
|
|
|
|
Ended |
|
|
|
|
|
|
Ended |
|
|
|
|
|
|
|
|
November 3, |
|
|
% of Total |
|
|
|
October 28, |
|
|
% of Total |
|
|
|
|
|
2018 |
|
|
Revenues (1) |
|
|
|
2017 |
|
|
Revenues (1) |
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net retail sales
|
|
|
|
$
|
227,760
|
|
|
96.9
|
|
|
$
|
239,567
|
|
|
97.2
|
Commercial revenue
|
|
|
|
|
4,245
|
|
|
1.8
|
|
|
|
5,320
|
|
|
2.1
|
International franchising
|
|
|
|
|
3,051
|
|
|
1.3
|
|
|
|
1,647
|
|
|
0.7
|
Total revenues
|
|
|
|
|
235,056
|
|
|
100.0
|
|
|
|
246,534
|
|
|
100.0
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of merchandise sold - retail (1) |
|
|
|
|
134,115
|
|
|
58.9
|
|
|
|
132,062
|
|
|
55.1
|
Cost of merchandise sold - commercial (1) |
|
|
|
|
1,843
|
|
|
43.4
|
|
|
|
2,581
|
|
|
48.5
|
Cost of merchandise sold - international franchising (1) |
|
|
|
|
1,650
|
|
|
54.1
|
|
|
|
313
|
|
|
19.0
|
Total cost of merchandise sold
|
|
|
|
|
137,608
|
|
|
58.5
|
|
|
|
134,956
|
|
|
54.7
|
Consolidated gross profit
|
|
|
|
|
97,448
|
|
|
41.5
|
|
|
|
111,578
|
|
|
45.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expense
|
|
|
|
|
109,334
|
|
|
46.5
|
|
|
|
111,204
|
|
|
45.1
|
Interest expense (income), net
|
|
|
|
|
5
|
|
|
0.0
|
|
|
|
(9)
|
|
|
(0.0)
|
Income (loss) before income taxes
|
|
|
|
|
(11,891)
|
|
|
(5.1)
|
|
|
|
383
|
|
|
0.2
|
Income tax expense (benefit)
|
|
|
|
|
(4,381)
|
|
|
(1.9)
|
|
|
|
237
|
|
|
0.1
|
Net income (loss)
|
|
|
|
$
|
(7,510)
|
|
|
(3.2)
|
|
|
$
|
146
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
(0.51)
|
|
|
|
|
|
$
|
0.01
|
|
|
|
Diluted
|
|
|
|
$
|
(0.51)
|
|
|
|
|
|
$
|
0.01
|
|
|
|
Shares used in computing common per share amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
14,597,255
|
|
|
|
|
|
|
15,602,498
|
|
|
|
Diluted
|
|
|
|
|
14,597,255
|
|
|
|
|
|
|
15,780,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Selected statement of income 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 3, |
|
|
December 30, |
|
|
October 28, |
|
|
|
|
2018 |
|
|
2017 |
|
|
2017 |
ASSETS |
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
8,631
|
|
|
|
|
$
|
30,445
|
|
|
|
|
$
|
11,381
|
|
Inventories
|
|
|
|
|
57,309
|
|
|
|
|
|
53,136
|
|
|
|
|
|
62,854
|
|
Receivables
|
|
|
|
|
12,962
|
|
|
|
|
|
13,302
|
|
|
|
|
|
8,717
|
|
Prepaid expenses and other current assets
|
|
|
|
|
16,848
|
|
|
|
|
|
13,346
|
|
|
|
|
|
9,102
|
|
Total current assets
|
|
|
|
|
95,750
|
|
|
|
|
|
110,229
|
|
|
|
|
|
92,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
73,343
|
|
|
|
|
|
77,751
|
|
|
|
|
|
76,876
|
|
Deferred tax assets
|
|
|
|
|
6,783
|
|
|
|
|
|
6,381
|
|
|
|
|
|
11,391
|
|
Other intangible assets, net
|
|
|
|
|
887
|
|
|
|
|
|
995
|
|
|
|
|
|
1,182
|
|
Other assets, net
|
|
|
|
|
2,091
|
|
|
|
|
|
2,633
|
|
|
|
|
|
2,546
|
|
Total Assets
|
|
|
|
$
|
178,854
|
|
|
|
|
$
|
197,989
|
|
|
|
|
$
|
184,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
18,179
|
|
|
|
|
$
|
18,942
|
|
|
|
|
$
|
18,595
|
|
Accrued expenses
|
|
|
|
|
7,559
|
|
|
|
|
|
15,189
|
|
|
|
|
|
12,839
|
|
Gift cards and customer deposits
|
|
|
|
|
18,580
|
|
|
|
|
|
33,926
|
|
|
|
|
|
29,198
|
|
Short-term borrowings
|
|
|
|
|
7,250
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
Deferred revenue and other
|
|
|
|
|
2,006
|
|
|
|
|
|
1,806
|
|
|
|
|
|
2,208
|
|
Total current liabilities
|
|
|
|
|
53,574
|
|
|
|
|
|
69,863
|
|
|
|
|
|
62,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred rent
|
|
|
|
|
18,066
|
|
|
|
|
|
17,906
|
|
|
|
|
|
17,904
|
|
Deferred franchise revenue
|
|
|
|
|
1,557
|
|
|
|
|
|
1,208
|
|
|
|
|
|
492
|
|
Other liabilities
|
|
|
|
|
1,765
|
|
|
|
|
|
1,697
|
|
|
|
|
|
1,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per share
|
|
|
|
|
150
|
|
|
|
|
|
155
|
|
|
|
|
|
159
|
|
Additional paid-in capital
|
|
|
|
|
68,274
|
|
|
|
|
|
68,962
|
|
|
|
|
|
70,215
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(12,049
|
)
|
|
|
|
|
(11,562
|
)
|
|
|
|
|
(11,973
|
)
|
Retained earnings
|
|
|
|
|
47,517
|
|
|
|
|
|
49,760
|
|
|
|
|
|
43,132
|
|
Total stockholders' equity
|
|
|
|
|
103,892
|
|
|
|
|
|
107,315
|
|
|
|
|
|
101,533
|
|
Total Liabilities and Stockholders' Equity
|
|
|
|
$
|
178,854
|
|
|
|
|
$
|
197,989
|
|
|
|
|
$
|
184,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 3, |
|
|
|
October 28, |
|
|
|
November 3, |
|
|
|
October 28, |
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail gross margin ($) (1) |
|
|
|
$
|
23,169
|
|
|
$
|
31,174
|
|
|
$
|
93,645
|
|
|
$
|
107,505
|
Retail gross margin (%) (1) |
|
|
|
|
35.5%
|
|
|
|
41.9%
|
|
|
|
41.1%
|
|
|
|
44.9%
|
Capital expenditures (2) |
|
|
|
$
|
1,742
|
|
|
$
|
5,185
|
|
|
$
|
8,853
|
|
|
$
|
14,511
|
Depreciation and amortization
|
|
|
|
$
|
4,048
|
|
|
$
|
4,165
|
|
|
$
|
12,186
|
|
|
$
|
12,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store data (3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of corporately-managed retail locations at end of period
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
312
|
|
|
|
292
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
58
|
|
|
|
58
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
1
|
Total corporately-managed retail locations
|
|
|
|
371
|
|
|
|
351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of franchised stores at end of period
|
|
|
|
94
|
|
|
|
89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporately-managed store square footage at end of period (4) |
|
|
|
|
|
|
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
729,445
|
|
|
|
727,822
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
81,198
|
|
|
|
80,901
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
1,750
|
|
|
|
1,750
|
Total square footage
|
|
|
|
|
|
|
|
|
|
|
|
|
812,393
|
|
|
|
810,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
(2)
|
|
Capital expenditures represents cash paid for property, equipment,
other assets and other intangible assets.
|
(3)
|
|
Excludes e-commerce. North American stores are located in the United
States, Canada and Puerto Rico. In Europe, stores are located in the
United Kingdom, Ireland and Denmark. In Asia, the store is located
in China.
|
(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.
|
|
|
|

View source version on businesswire.com: https://www.businesswire.com/news/home/20181129005186/en/
Source: Build-A-Bear Workshop, Inc.
Investors: Voin Todorovic Build-A-Bear Workshop 314.423.8000
x5221 or Media: Beth Kerley Build-A-Bear Workshop bethk@buildabear.com
|