Press Release
Build-A-Bear Workshop, Inc. Reports Fourth Quarter and Fiscal Year 2012 Results
Fourth Quarter Fiscal 2012 Highlights:
-
Consolidated net retail sales of
$116.1 million represented a 0.7% decrease compared to$117.1 million in the 2011 fourth quarter, excluding the impact of foreign exchange; -
Net retail sales were flat despite closing ten stores in 2012 and
excluding the benefits from adjustments to deferred revenue related to
the Company’s loyalty program, which totaled
$0.5 million and$1.5 million in the fourth quarter of 2012 and 2011, respectively; -
Consolidated comparable store sales decreased 1.7% which included a
1.5% increase in
North America and an 11.4% decrease inEurope . The six stores that feature the Company’s newly imagined store design had increased sales of 30%; - Consolidated e-commerce sales increased 14.0%, excluding the impact of foreign exchange;
-
Net loss for the 2012 fourth quarter was
$2.23 per share and included a$33.7 million , or$2.06 per share non-cash charge to impair the goodwill associated with the Company’sUK business. Net loss for the 2011 fourth quarter was$0.56 per share and included a$15.6 million , or$0.93 per share non-cash charge related to a valuation allowance against net deferred tax assets; and -
Adjusted earnings per diluted share were
$0.13 per share compared to adjusted earnings per diluted share of$0.34 in the 2011 fourth quarter (See Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)).
“We are in the midst of a multi-year turnaround initiative that includes
closing an additional 50 to 60 stores by the end of 2014, updating our
experience with a new design that builds our destination appeal and
refocusing on brand messaging in our marketing programs,” Ms. Clark
continued. “We are beginning to see our initiatives gain traction and
expect their continued implementation to lead to long term shareholder
value. We continue to have a strong balance sheet with
Additional Fiscal 2012 Fourth-Quarter Details (13 weeks ended
-
Total revenues were
$118.2 million , compared to$119.1 million in the fiscal 2011 fourth quarter, a decrease of 0.6%, excluding the impact of foreign exchange; -
Tax expense in the 2012 fourth quarter was
$1.9 million and included a$1.6 million non-cash charge related to a valuation allowance against foreign net deferred tax assets. This compares to tax expense of$18.8 million in the 2011 fourth quarter, which included a$15.6 million non-cash charge related to a valuation allowance against U.S. net deferred tax assets.
Fiscal 2012 Highlights (52 weeks ended
-
Total revenues were
$380.9 million , compared to$394.4 million in fiscal 2011, a decrease of 3.3%, excluding the impact of foreign exchange; -
Consolidated net retail sales were
$374.6 million compared to$387.0 million in fiscal 2011, a decrease of 3.1%, excluding the impact of foreign exchange. Consolidated net retail sales included the benefit of adjustments to deferred revenue related to the Company’s loyalty program of$0.5 million and$1.5 million in fiscal 2012 and fiscal 2011, respectively; -
Consolidated comparable store sales decreased 3.3%, including a 2.0%
decrease in
North America and an 8.4% decrease inEurope ; - Consolidated e-commerce sales rose 7.7%, excluding the impact of foreign exchange which comes on top of an increase of 8.5% in fiscal 2011;
-
Tax expense was
$0.9 million compared to$14.4 million in fiscal 2011; -
Net loss for 2012 was
$3.02 per share and included a$33.7 million , or$2.06 per share non-cash charge to impair the goodwill associated with the Company’sUK business. Net loss for 2011 was$0.98 per share and included a$15.6 million , or$0.88 per share non-cash charge related to a valuation allowance against U.S. net deferred tax assets; and -
Adjusted net loss was
$10.1 million , or$0.62 per share compared to adjusted net loss of$0.4 million or$0.03 per share in the 2011 fiscal year (See Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)).
Goodwill Impairment
In the 2012 fourth quarter, as a result of the sustained decline in the
market price of the Company’s common stock, coupled with the continuing
decline in the performance of its
Balance Sheet
The Company ended fiscal 2012 with a strong balance sheet and no
borrowings under its revolving credit facility. As of
During fiscal 2012, the Company repurchased approximately 367,000 shares
of its common stock at a total cost of
Stores
The Company’s capital expenditures in fiscal 2012 totaled
The Company continues to expect to close an additional 50 to 60 stores
in fiscal 2013 and 2014 to reach its optimal store count of 225 to 250
stores in
At year end, the Company operated 283 traditional stores and eight
non-traditional stores in
Accomplishments toward Long Term Objectives:
- Introduce a new store design – The Company opened its first six newly imagined stores with sales exceeding expectations, increasing an average of 30%. The Company is on track to remodel 40 to 50 locations in this new store format by the end of 2014.
- Improve store productivity and profitability – In the 2012 fiscal year, the Company closed ten stores, transferring an average of 20% of those sales to other stores in the same markets. In addition, the Company reduced the square footage of 11 other stores by remodeling and moving them to smaller locations within the same malls.
-
Increase shopping frequency – The Company reintroduced brand
building TV advertising in its U.S. markets beginning in mid-October
to drive customer traffic, further engage existing guests and attract
new guests to its stores. This contributed to a significant
improvement in trend with comparable store sales increasing 1.5% in
North America in the fourth quarter. -
Reinforce Build-A-Bear Workshop as a top destination for gifts – The Company capitalized on its brand advertising to remind Guests about the gift of experience which led to a 30% increase in gift card sales in its stores on a consolidated basis during the peak fourth quarter gifting period. -
Increase the Company’s global presence – In the 2012 fiscal
year, the Company opened two stores in the
UK and its franchisees opened 12 other international locations, net of closures. -
Improve cost efficiencies – The Company achieved cost savings
of approximately
$7.5 million in 2012. These savings were used to support sales-driving marketing initiatives and were partially offset by product cost increases.
Today’s Conference Call Webcast
A replay of the conference call webcast will be available in the
investor relations Web site for one year. A telephone replay will be
available beginning at approximately
About
Forward-Looking Statements
This press release contains "forward-looking statements" (within the
meaning of the federal securities laws) which represent
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 | |||||||||||||||||||||||
December 29, | % of Total | December 31, | % of Total | |||||||||||||||||||||
2012 | Revenues (1) | 2011 | Revenues (1) | |||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Net retail sales | $ | 116,101 | 98.2 | $ | 117,112 | 98.3 | ||||||||||||||||||
Commercial revenue | 801 | 0.7 | 941 | 0.8 | ||||||||||||||||||||
Franchise fees | 1,285 | 1.1 | 1,079 | 0.9 | ||||||||||||||||||||
Total revenues | 118,187 | 100.0 | 119,132 | 100.0 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of merchandise sold | 67,124 | 57.4 | 66,504 | 56.3 | ||||||||||||||||||||
Selling, general and administrative | 51,742 | 43.8 | 42,870 | 36.0 | ||||||||||||||||||||
Goodwill impairment | 33,670 | 28.5 | — | |||||||||||||||||||||
Interest expense (income), net | 188 | 0.2 | (40 | ) | (0.0 | ) | ||||||||||||||||||
Total costs and expenses | 152,724 | 129.2 | 109,334 | 91.8 | ||||||||||||||||||||
(Loss) income before income taxes | (34,537 | ) | (29.2 | ) | 9,798 | 8.2 | ||||||||||||||||||
Income tax expense | 1,938 | 1.6 | 18,787 | 15.8 | ||||||||||||||||||||
Net loss | $ | (36,475 | ) | (30.9 | ) | $ | (8,989 | ) | (7.5 | ) | ||||||||||||||
Loss per common share: | ||||||||||||||||||||||||
Basic | $ | (2.23 | ) | $ | (0.56 | ) | ||||||||||||||||||
Diluted | $ | (2.23 | ) | $ | (0.56 | ) | ||||||||||||||||||
Shares used in computing common per share amounts: | ||||||||||||||||||||||||
Basic | 16,355,797 | 16,139,430 | ||||||||||||||||||||||
Diluted | 16,355,797 | 16,139,430 | ||||||||||||||||||||||
(1) | Selected statement of operations data expressed as a percentage of total revenues, except cost of merchandise sold which is expressed as a percentage of net retail sales and commercial revenue. Percentages will not total due to cost of merchandise sold being expressed as a percentage of net retail sales and commercial revenue 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) | ||||||||||||||||||||||||
52 Weeks | 52 Weeks | |||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||
December 29, | % of Total | December 31, | % of Total | |||||||||||||||||||||
2012 | Revenues (1) | 2011 | Revenues (1) | |||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Net retail sales | $ | 374,553 | 98.3 | $ | 387,041 | 98.1 | ||||||||||||||||||
Commercial revenue | 2,790 | 0.7 | 3,943 | 1.0 | ||||||||||||||||||||
Franchise fees | 3,598 | 0.9 | 3,391 | 0.9 | ||||||||||||||||||||
Total revenues | 380,941 | 100.0 | 394,375 | 100.0 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of merchandise sold | 230,181 | 61.0 | 234,227 | 59.9 | ||||||||||||||||||||
Selling, general and administrative | 165,516 | 43.4 | 162,881 | 41.3 | ||||||||||||||||||||
Goodwill impairment | 33,670 | 8.8 | — | — | ||||||||||||||||||||
Interest expense (income), net | 3 | 0.0 | (81 | ) | (0.0 | ) | ||||||||||||||||||
Total costs and expenses | 429,370 | 112.7 | 397,027 | 100.7 | ||||||||||||||||||||
Loss before income taxes | (48,429 | ) | (12.7 | ) | (2,652 | ) | (0.7 | ) | ||||||||||||||||
Income tax expense | 866 | 0.2 | 14,410 | 3.7 | ||||||||||||||||||||
Net loss | $ | (49,295 | ) | (12.9 | ) | $ | (17,062 | ) | (4.3 | ) | ||||||||||||||
Loss per common share: | ||||||||||||||||||||||||
Basic | $ | (3.02 | ) | $ | (0.98 | ) | ||||||||||||||||||
Diluted | $ | (3.02 | ) | $ | (0.98 | ) | ||||||||||||||||||
Shares used in computing common per share amounts: | ||||||||||||||||||||||||
Basic | 16,331,672 | 17,371,315 | ||||||||||||||||||||||
Diluted | 16,331,672 | 17,371,315 | ||||||||||||||||||||||
(1) | Selected statement of operations data expressed as a percentage of total revenues, except cost of merchandise sold which is expressed as a percentage of net retail sales and commercial revenue. Percentages will not total due to cost of merchandise sold being expressed as a percentage of net retail sales and commercial revenue and immaterial rounding. | |
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES | ||||||||||||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||
December 29, | December 31, | |||||||||||||||
2012 | 2011 | |||||||||||||||
ASSETS |
||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 45,171 | $ | 46,367 | ||||||||||||
Inventories | 46,904 | 51,860 | ||||||||||||||
Receivables | 9,428 | 7,878 | ||||||||||||||
Prepaid expenses and other current assets | 14,216 | 17,854 | ||||||||||||||
Deferred tax assets | 987 | 419 | ||||||||||||||
Total current assets | 116,706 | 124,378 | ||||||||||||||
Property and equipment, net | 71,459 | 77,445 | ||||||||||||||
Goodwill | - | 32,306 | ||||||||||||||
Other intangible assets, net | 633 | 655 | ||||||||||||||
Other assets, net | 3,304 | 6,787 | ||||||||||||||
Total Assets | $ | 192,102 | $ | 241,571 | ||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 38,984 | $ | 41,032 | ||||||||||||
Accrued expenses | 11,570 | 12,128 | ||||||||||||||
Gift cards and customer deposits | 30,849 | 28,323 | ||||||||||||||
Deferred revenue | 4,800 | 5,285 | ||||||||||||||
Total current liabilities | 86,203 | 86,768 | ||||||||||||||
Deferred franchise revenue | 1,177 | 1,436 | ||||||||||||||
Deferred rent | 20,843 | 23,867 | ||||||||||||||
Other liabilities | 742 | 257 | ||||||||||||||
Stockholders' equity: | ||||||||||||||||
Common stock, par value $0.01 per share | 174 | 174 | ||||||||||||||
Additional paid-in capital | 66,109 | 65,402 | ||||||||||||||
Accumulated other comprehensive loss | (7,683 | ) | (10,165 | ) | ||||||||||||
Retained earnings | 24,537 | 73,832 | ||||||||||||||
Total stockholders' equity | 83,137 | 129,243 | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 192,102 | $ | 241,571 | ||||||||||||
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
Unaudited Selected Financial and Store Data | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
13 Weeks | 13 Weeks | 52 Weeks | 52 Weeks | |||||||||||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||||||||||
December 29, | December 31, | December 31, | December 31, | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||
Other financial data: | ||||||||||||||||||||||||
Retail gross margin ($) (1) | $ | 49,238 | $ | 50,735 | $ | 145,687 | $ | 154,468 | ||||||||||||||||
Retail gross margin (%) (1) | 42.4 | % | 43.3 | % | 38.9 | % | 39.9 | % | ||||||||||||||||
E-commerce sales | $ | 6,659 | $ | 5,800 | $ | 14,231 | $ | 13,216 | ||||||||||||||||
Capital expenditures, net (2) | $ | 3,507 | $ | 2,254 | $ | 16,914 | $ | 12,150 | ||||||||||||||||
Depreciation and amortization | $ | 5,590 | $ | 5,617 | $ | 21,422 | $ | 24,231 | ||||||||||||||||
Store data (3): | ||||||||||||||||||||||||
Number of company-owned stores at end of period | ||||||||||||||||||||||||
North America - Traditional | 283 | 287 | ||||||||||||||||||||||
North America - Non-traditional | 8 | 11 | ||||||||||||||||||||||
Total North America | 291 | 298 | ||||||||||||||||||||||
Europe | 60 | 58 | ||||||||||||||||||||||
Total stores | 351 | 356 | ||||||||||||||||||||||
Number of franchised stores at end of period | 91 | 79 | ||||||||||||||||||||||
Company-owned store square footage at end of period | ||||||||||||||||||||||||
North America - Traditional | 805,770 | 829,449 | ||||||||||||||||||||||
North America - Non-traditional | 12,610 | 18,956 | ||||||||||||||||||||||
Total North America | 818,380 | 848,405 | ||||||||||||||||||||||
Europe (4) | 86,331 | 83,911 | ||||||||||||||||||||||
Total square footage | 904,711 | 932,316 | ||||||||||||||||||||||
Net retail sales per gross square foot - North America (5) | ||||||||||||||||||||||||
Store Age > 5 years (247 stores in 2012, 220 stores in 2011) | $ | 353 | $ | 362 | ||||||||||||||||||||
Store Age 3-5 years (19 stores in 2012, 56 stores in 2011) | $ | 301 | $ | 315 | ||||||||||||||||||||
Store Age <3 years (3 stores in 2012, 4 stores in 2011) | $ | 464 | $ | 369 | ||||||||||||||||||||
Stores open for the entire period | $ | 350 | $ | 354 | ||||||||||||||||||||
Comparable store sales change - North America (%) (6) | ||||||||||||||||||||||||
Store Age > 5 years (247 stores in 2012, 220 stores in 2011) | (2.0 | )% | (2.1 | )% | ||||||||||||||||||||
Store Age 3-5 years 19 stores in 2012, 56 stores in 2011) | (3.2 | )% | (5.1 | )% | ||||||||||||||||||||
Store Age <3 years (3 stores in 2012, 4 stores in 2011) | 2.6 | % | 1.0 | % | ||||||||||||||||||||
Total comparable store sales change | 1.5 | % | (6.0 | )% | (2.0 | )% | (2.5 | )% | ||||||||||||||||
Comparable store sales change - Europe (%) (6) | (11.4 | )% | (0.6 | )% | (8.4 | )% | (0.2 | )% | ||||||||||||||||
Comparable store sales change - Consolidated (%) (6) | (1.7 | )% | (4.9 | )% | (3.3 | )% | (2.1 | )% | ||||||||||||||||
(1) | Retail gross margin represents net retail sales less retail cost of merchandise sold. Retail gross margin percentage represents retail gross margin divided by net retail sales. | |
(2) | Capital expenditures, net represents cash paid for property, equipment, other assets and other intangible assets. | |
(3) | Excludes our webstore and seasonal and event-based locations. North American stores are located in the United States, Canada and Puerto Rico. In Europe, stores are located in the United Kingdom and Ireland and, prior to 2011, France. | |
(4) | Square footage for stores located in Europe is estimated selling square footage. | |
(5) | Net retail sales per gross square foot represents net retail sales from stores open throughout the entire period divided by the total gross square footage of such stores. Calculated on an annual basis only. | |
(6) | Comparable store sales percentage changes are based on net retail sales and stores are considered comparable beginning in their thirteenth full month of operation. | |
* 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 earnings (loss) and earnings (loss) per diluted share adjusted to exclude certain costs and accounting adjustments, 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. | |
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) | |||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | |||||||||||||||||||||||||
13 Weeks | 13 Weeks | 52 Weeks | 52 Weeks | ||||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||||
December 29, | December 31, | December 29, | December 31, | ||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
Net loss | $ | (36,475 | ) | $ | (8,989 | ) | $ | (49,295 | ) | $ | (17,062 | ) | |||||||||||||
Goodwill impairment (1) | 33,670 | - | 33,670 | - | |||||||||||||||||||||
Other asset impairment (2) | 2,200 | - | 2,200 | - | |||||||||||||||||||||
Store asset impairment (3) | 1,779 | 285 | 2,286 | 285 | |||||||||||||||||||||
Deferred tax asset valuation allowance(4) | 1,556 | 15,565 | 1,556 | 15,565 | |||||||||||||||||||||
Deferred revenue adjustment(5) | (528 | ) | (915 | ) | (528 | ) | (915 | ) | |||||||||||||||||
Consulting project costs(6) | - | - | - | 1,692 | |||||||||||||||||||||
Adjusted net income (loss) | $ | 2,202 | $ | 5,946 | $ | (10,111 | ) | $ | (435 | ) | |||||||||||||||
13 Weeks | 13 Weeks | 52 Weeks | 52 Weeks | ||||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||||
December 29, | December 31, | December 29, | December 31, | ||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
Net loss | $ | (2.23 | ) | $ | (0.56 | ) | $ | (3.02 | ) | $ | (0.98 | ) | |||||||||||||
Goodwill impairment (1) | 2.06 | - | 2.06 | - | |||||||||||||||||||||
Other asset impairment (2) | 0.13 | - | 0.13 | - | |||||||||||||||||||||
Store asset impairment (3) | 0.10 | 0.02 | 0.14 | 0.02 | |||||||||||||||||||||
Deferred tax asset valuation allowance(4) | 0.10 | 0.93 | 0.10 | 0.88 | |||||||||||||||||||||
Deferred revenue adjustment(5) | (0.03 | ) | (0.05 | ) | (0.03 | ) | (0.05 | ) | |||||||||||||||||
Consulting project costs(6) | - | - | - | 0.10 | |||||||||||||||||||||
Adjusted net income (loss) | $ | 0.13 | $ | 0.34 | $ | (0.62 | ) | $ | (0.03 | ) | |||||||||||||||
(1) | Represents non-cash charge to impair the goodwill associated with the UK reporting unit | |
(2) | Represents a non-cash charge to impair trade credits | |
(3) | These non-cash impairment charges were due to closures or poor performance of individual stores. Charges related to stores that will remain in operation of $1.4 million are included in cost of merchandise sold for the thirteen and fifty-two weeks ended December 29, 2012. Charges related to stores that are closed or scheduled to close of $0.4 million and $0.9 million for the thirteen and fifty-two weeks ended December 29, 2012, respectively are included in selling, general and administrative expenses. | |
(4) | Represents non-cash charge to record a valuation allowance on foreign net deferred tax assets in 2012 and U.S. net deferred tax assets in 2011 | |
(5) | Represents adjustment to deferred revenue for changes in redemption patterns in the customer loyalty program | |
(6) | Represents costs of an expense reduction consulting project undertaken in 2011 | |
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES | |||||||||||||||||
Company-Owned Store Activity | |||||||||||||||||
Fifty-two Weeks Ended December 28, 2013 - Projected | |||||||||||||||||
December 29, | December 28, | ||||||||||||||||
2012 | Opened | Closed | 2013 | ||||||||||||||
North America | |||||||||||||||||
Traditional | 283 | 2 | (34 | ) | 251 | ||||||||||||
Non-traditional | 8 | - | (2 | ) | 6 | ||||||||||||
291 | 2 | (36 | ) | 257 | |||||||||||||
Europe | 60 | - | (1 | ) | 59 | ||||||||||||
Total | 351 | 2 | (37 | ) | 316 | ||||||||||||
Fifty-two Weeks Ended December 29, 2012 | |||||||||||||||||
December 31, | December 29, | ||||||||||||||||
2011 | Opened | Closed | 2012 | ||||||||||||||
North America | |||||||||||||||||
Traditional | 287 | 2 | (6 | ) | 283 | ||||||||||||
Non-traditional | 11 | 1 | (4 | ) | 8 | ||||||||||||
298 | 3 | (10 | ) | 291 | |||||||||||||
Europe | 58 | 2 | - | 60 | |||||||||||||
Total | 356 | 5 | (10 | ) | 351 | ||||||||||||
Fifty-two Weeks Ended December 31, 2011 | |||||||||||||||||
January 1, | December 31, | ||||||||||||||||
2011 | Opened | Closed | 2011 | ||||||||||||||
North America | |||||||||||||||||
Traditional | 290 | 2 | (5 | ) | 287 | ||||||||||||
Non-traditional | 15 | 2 | (6 | ) | 11 | ||||||||||||
305 | 4 | (11 | ) | 298 | |||||||||||||
Europe | 54 | 5 | (1 | ) | 58 | ||||||||||||
Total | 359 | 9 | (12 | ) | 356 | ||||||||||||
Our long term store real estate goal is to bring our stores back to best in class productivity and profitability. Today we believe that the optimal number of Build-A-Bear Workshop stores in North America is between 225 to 250 and approximately 70 in the United Kingdom and Ireland for a total of 295 to 320 stores. We currently expect to reach this level with the closure of 50 to 60 stores in fiscal 2012 through 2014, primarily in North America. Locations to close and the timing of the closures are subject to ongoing negotiations and overall economic considerations as we continually reevaluate our market repositioning and optimization plans. |
Source:
Build-A-Bear Workshop
Investors:
Tina Klocke, 314-423-8000
x5210
or
Media:
Jill Saunders, 314-423-8000 x5293