UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event
reported) August 1, 2005
Build-A-Bear Workshop, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 001-32320 43-1883836
- --------------------------- ------------------- --------------------------
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
1954 Innerbelt Business Center Drive
St. Louis, Missouri 63114
- ------------------------------------------------- ------------------
(Address of Principal Executive Offices) (Zip Code)
(314) 423-8000
----------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
- -------------------------------------
Build-A-Bear Workshop, Inc. (the "Company") has prepared a slide
presentation for use in connection with an investor meetings held on August 1
and August 2, 2005. The presentation includes, among other things, information
regarding Company background, growth strategies, store economic model,
historical financial performance, technology, logistics and marketing programs.
A copy of the investor presentation is furnished as Exhibit 99.1 hereto and is
incorporated by reference herein. The description of the investor presentation
contained herein is qualified in its entirety by the full text of such exhibit.
The investor presentation will also be posted on the Company's investor
relations website located at http://ir.buildabear.com in the Presentations
section, although the Company reserves the right to discontinue its availability
at any time.
The information in the investor presentation may only be accurate as of the
date hereof and is subject to change. The Company does not undertake any plan or
obligation to update the presentation, even though its situation may change in
the future.
Item 9.01 Financial Statements and Exhibits.
- ---------------------------------------------
(c) Exhibits
Exhibit Number Description of Exhibit
- -------------- ----------------------
99.1 Investor Presentation dated August 1, 2005
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BUILD-A-BEAR WORKSHOP, INC.
Date: August 1, 2005 By: /s/ Tina Klocke
--------------------------------------
Name: Tina Klocke
Title: Chief Financial Bear, Secretary
and Treasurer
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EXHIBIT INDEX
Exhibit Number Description of Exhibit
- -------------- ----------------------
99.1 Investor Presentation dated August 1, 2005
4
Exhibit 99.1
Build-A-Bear Workshop(r)
Investment Community Presentation
August 2005
NOTE: Earnings guidance was issued as of July 28, 2005 and is not being updated
or re-affirmed in this presentation.
Build-A-Bear Workshop
Where Best Friends are Made
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The Bear Facts
Statements in this presentation expressing or indicating the beliefs and
expectations of management regarding future performance are forward-looking
statements including, without limitation, expected diluted earnings per share in
the fiscal 2005 full year, as well as any other plans, objectives, expectations
and intentions contained in this presentation that are not historical facts.
These statements reflect our current views with respect to future events and are
based on assumptions and subject to risks and uncertainties. These risks and
uncertainties include, without limitation, those detailed in our 2004 annual
report on Form 10-K filed with the SEC on March 29, 2005, under the caption
"Risk Factors" and the following: (1) we may be unable to generate comparable
store sales growth; (2) our marketing initiatives may not be effective in
generating sufficient levels of brand awareness and guest traffic; (3) we may be
unable open new stores to effectively manage our growth; (4) we may be unable to
effectively manage our international franchises or laws relating to those
franchises may change; (5) we may be unable to generate interest in and demand
for our interactive retail experience, or to identify and respond to consumer
preferences in a timely fashion; (6) customer traffic may decrease in the
shopping malls where we are located, on which we depend to attract guests to our
stores; (7) general economic conditions may deteriorate, which could lead to
reduced consumer demand for our products; (8) our market share could be
adversely affected by a significant number of competitors; (9) we may lose key
personnel, be unable to hire qualified additional personnel, or experience
turnover of our management team; (10) the ability of our principal vendors to
deliver merchandise may be disrupted; (11) the availability and costs of our
products could be adversely affected by risks associated with international
manufacturing and trade; (12) third parties that manage our warehousing and
distribution functions may perform poorly; (13) we may fail to renew, register
or otherwise protect our trademarks or other intellectual property; (14) we may
have disputes with, or be sued by, third parties for infringement or
misappropriation of their proprietary rights; (15) we may be unable to renew or
replace our store leases, or enter into leases for new stores on favorable
terms, or may violate the terms of our current leases; (16) we may experience
failures in our communications or information systems; (17) terrorism or the
uncertainty of future terrorist attacks or war could reduce consumer confidence
and mall traffic; (18) we may become subject to challenges relating to overtime
pay or other regulations relating to our employees; (19) we may suffer negative
publicity or be sued due to violations of labor laws or unethical practices by
manufacturers of our merchandise, and (20) we may improperly obtain or be unable
to protect information from our guests in violation of privacy or security laws
or expectations. These risks, uncertainties and other factors may adversely
affect our business, growth, financial condition or profitability, or subject us
to potential liability, and cause our actual results, performance or
achievements to be materially different from those expressed or implied by our
forward-looking statements. We do not undertake any obligation or plan to update
these forward-looking statements, even though our situation may change.
Build-A-Bear Workshop(R), Bearemy(R), Where Best Friends are Made(R) and other
trademarks, services marks, and trade names used in our business are owned by
Build-A-Bear Workshop Inc. and/or its affiliated companies. This document also
refers to certain trademarks and trade names of our licensors and third parties,
which other trademarks and trade names are the property of their respective
owners.
See Corporate Disclosure Policy for additional guidelines on disclosure
practices.
Bearemy(R), our huggable mascot
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Agenda
o Build-A-Bear Workshop(R) Overview
o Growth Strategies
oTechnology
o Logistics
o Marketing
o Questions
Page 3
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Build-A-Bear Workshop Beginnings
Build-A-Bear Workshop was founded on a simple idea that's as real today as it
was when Maxine Clark, Founder and Chief Executive Bear, first heard it over 30
years ago...
"Retailing is entertainment and the store is a stage, and when the customer has
fun they spend more money."
-Stanley Goodman
Former CEO May Department Stores
May 1972
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Company Overview
o Build-A-Bear Workshop is a global leader in interactive retail that allows
children "from 3 to 103" to build and customize their own stuffed animals.
o First store opened in St. Louis, MO in 1997
o An immediate success that has grown to over $300 million in annual revenue
o An international brand
o Over 185 stores in the US and Canada
o Projected 200 stores by end of 2005
o Stores opened or scheduled in 12 International countries
o 18th largest toy retailer (includes all toy categories) in the US in
2003(1)
o Much more than a toy retailer. Build-A-Bear Workshop is a powerful
entertainment brand that appeals to a broad range of loyal Guests
(1) 2003 Playthings Magazine survey based on 2002 sales)
Page 5
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A Unique Retail-Entertainment Experience
Conventional Retail
o Merchandise driven - sell the brand, item, or price
o Traditional display techniques
o Appeals to a particular demographic
o Sales driven through markdowns and promotion
vs.
o Build-A-Bear Workshop
o Sells the brand experience
o Highly interactive theme park techniques
o Appeals to a broad demographic
o Marketing builds the brand and drives sales
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Our Associates ARE the Experience
Approximately 80% of returning Guests plan their visit to our store in advance
90% of Guests rated their overall experience the highest or second highest
rating
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Guests are Connected to the Brand
o A GREAT EXPERIENCE creates loyal Guests
o Guests have a unique emotional attachment to the brand and stay connected
o Over 11 Million unique households in our proprietary database
o Build-A-Bear Workshop receives over 7,500 letters and e-mails from
customers every month
o Over half of Build-A-Bear Workshop business is with a returning Guest
o 76% of Guests indicate that "nothing" could be done to improve their store
experience
Page 8
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Our Products are the Other Half of the Formula
The Latest Trends and Partnerships with Powerful Brands
Fashion
LiveStrong
Limited Too
Skechers
Entertainment
Sesame Street
Disney
Bearemy's Kennel Pals
Sports
NFL
NASCAR
NBA
NHL
o Offer a well-coordinated fashion merchandise selection of less than 450
SKUs per store
o Talented in-house product development team
o Tracks cultural and fashion trends
o Disciplined test and reorder methodology
o Cub Advisory Board regularly gives input on new products
o Relationships with strategic brands
o Limited Edition animals encourage collectibility
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Destination Location With Broad Appeal
o Primary target is families with children typically age 3 to 12
o Other Guest segments include:
o Grandparents, aunts and uncles shopping for kids
o Teen girls 13-17 who bring along boyfriends
o Child-centric organizations
o Leisure travelers
o Special interest collectors
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For Kids "From 3 to 103"
Customer Age at Time of Purchase(1)
Adults
0-2
3-7
8-12
Teens
o We have a broad customer base and universal appeal - attracting both adults
and children
o BBW appeals to Guests of all ages
o Children, Tweens, Teens & Adults
o BBW families live a suburban lifestyle revolving around the family
o Two parents, both likely to work, aged 25-45
o 2 or more children in the household
(1) Source: Company Proprietary Database, 2004 registrations
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Favorable Demographic And Socio-Economic Trends
Large and Stable Target Market
BBW offers shared interactive creative experiences
Teddy Bear: Low Tech, High Touch Product with Nostalgic Appeal
BBW is easily accessible - a "theme park" in the mall
BBW lets a kid "just be a kid again"
Kids can experiment and explore vicariously through stuffed animals
Brand & Product relevant to Kids' lives
Dual earners; single parent HHs
Life is a Juggling Act
Safety, Security Concerns
Waiting Longer to Have Kids
Brand & Media Savvy
Ethnic Diversity
Age Aspiration
Growing "older" younger
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Our Guests Come Back
% of All Transactions
Transactions with Stuffed Animals
No Bear: Clothing & Accessories Only
% of Transactions to Repeat Guests
Animals Registered to Repeat Guests
No Bear: Clothing & Accessories Only
Repeat Guest Factor
Over 60% of all transactions are with a Returning Guest
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Still Growing Strong
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Numerous Growth Opportunities
Powerful Store
Financial Model
New Stores New Initiatives Comp Stores/
Expense
Leverage
Long-Term Growth Strategy
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
A Highly Productive Store Model
Build-A-Bear Workshop:
$602 Net sales per fross SF in 2004
Mean = $366
$800
$600
$400
$200
$0
CHS
BBW
HOTT
ARO
GYMB
URBN
ANN
GPS
AEOS
LTD
PSUN
TLB
ANF
TOO
PLCE
Source of other retailers data: Citigroup
Page 16
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
Superior Store Economic Model Supports New Store and Comp Store Growth
o Substantially all stores are profitable in the first 12 months of operation
o In 2004, average store revenues for stores opened for the entire year were
$1.9 million; net retail sales per gross square foot(1) of $602 in 2004
o Strong gross profit margins reflect both excellent merchandise margins and
minimal markdowns and product returns
o Store selling, general and administrative expense includes marketing and
advertising expense of approximately 8% of total revenues and store payroll
of 14% - 15% of total revenues
o For stores opened in 2004, investment per store averaged $412,000 -
including cost of leasehold improvements (net of tenant allowances),
fixtures and equipment, inventory (net of trade payables), and pre-opening
expenses.
o Investment per store has decreased approximately 30% from the average
investment in stores opened in 2002
(1)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
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
New Store Growth
Powerful Store
Financial Model
New Stores New Comp Stores/
Initiatives Expense
Leverage
Open 25-30 New
Build-A-Bear Workshop
Stores Per Year
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
New Store Growth
Number of Stores - U.S. and Canada
2000 39
2001 71
2002 108
2003 150
2004 170
2005E 200
o Plan to open 30 stores in 2005; about half in new markets, and half in
existing markets
o NYC flagship store Grand Opening July 8th
o New stores open with very strong sales, typically above the chain-wide
average of $602 per square foot.
o Expansion plans include both new and existing markets
o Flexible store model works in a variety of locations and geographies
o New site criteria based on forecasting model and demographic variables
o Estimated market potential of approx. 350 Build-A-Bear Workshop stores
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
If I Can Make it There...
Our flagship store in Manhattan is now open and will
expand our geographic reach even more.
Build-A-Bear
Workshop(R)
Where Best Friends Are Made
NY(R)
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
New Interactive Experienes in NYC
Flagship Store
Eat with Your Bear Hands Cafe
Make A Fureign Friend!
International Wear Below
Go Goo-Goo Fur Baby Bear Stuff(R)!
Lots of Fun Fur Furry Little Ones!
Root Fur Your Home Team!
Team Babw
Be Fan #1 With Big Sports Fun!
Show Your Puppy Love!
Bearemy's Kennel Pals Are Top Dogs!
Ready Fur Fun?
The Party Starts Down Here!
Design A Bear-Sized T With Pawsonality!
Fluffy
T's By Me
Special Ts & More on the Bottom Floor
Page 21
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
Developing New Initiatives
Powerful Store
Financial Model
New Stores New Comp Stores/
Initiatives Expense
Leverage
Licensed Products,
International Expansion,
Non-Mall Locations,
New Experiential Retail Concepts
Page 22
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
Grow International Franchises
o Currently have 12 master franchise agreements
o 12 stores at year end 2004
o Plan to open 20-25 stores in 2005
o Potential of approx. 350 stores
o Strict control of franchisee format and operations
o Goal is to have well-capitalized franchisees with retail and/or real estate
expertise
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
Licensed Product Growth
o Licensed products will:
o Expand brand awareness
o Increase customer reach
o Agreements with leading manufacturers to use our brand to develop products
for retailers including:
o Scrapbooking products from Creative Imaginations
o Books from HarperCollins
o Bedding and room decor from Springs
o Greeting cards and calendars from American Greetings
o Kids' shoes from Elan-Polo
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
Develop New Experiential Retail Concepts
o Leverage core competencies in entertainment and family-oriented retailing
2004 Chain Store Age design competition:
Retail Store of the Year: Exterior (Mall)
The Mall at Robinson, Pittsburgh, PA
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
Grow Comp Store Sales/Expense Leverage
Powerful Store
Financial Model
New Stores New Comp Stores/
Initiatives Expense
Leverage
Grow comp store sales;
Levarge Corporate and
Operating Expenses Over
Larger Store Base
(1)Stores are considered comparable beginning in their thirteenth full month of
operations. Comparable store sales percentage changes are based on net retail
sales and comparable stores, which exclude the web store and seasonal and
event-based locations.
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
Comparable Store Growth
Sales Per Square Foot ($)
BBW SSF and Opening Year SSF 2004 = $602
$800
$600
$400
$200
$0
1
2
3
4
5
6
7
8
9
Year Since Store Opening
o BBW store opening productivity levels exceed the mature rates of most
specialty store companies(1)
(1) Composite of Abercrombie& Fitch, The Children's Place, Gadzooks, The Gap,
Pacific Sunwear and The Sharper Image
Page 27
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New Store Growth
New Initiatives
Comp Store/
Expense Leverage
Flat Comp Store Growth Achieves Growth Targets for 2005
Revenue Growth 15%-20%
o North American store growth
o New Initiatives
o Comp Store Growth
Net Income Growth 26%-32%
o Operating Expense Leverage
o Powerful Store Economic Model
Page 28\
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Fiscal 2005 Outlook
o Continued strong new store performance
o Typically perform at or above chain wide average for sales per square
foot
o 16 new stores so far this year, including NYC flagship store vs. 8
last year
o 14 additional new stores to open in 2005
o Continued growth in International franchise fees and licensing revenues
o International licensing fee revenue targeted at approximately $2
million in 2005
o Licensing revenues targeted at approximately $1 million in 2005
o Comp store sales growth expected to be flat
o Higher allocation of marketing and advertising spend in the second half of
2005
o Full year spending targeted at $28 to $29 million
o Approximately 70% allocated to second half in 2005 vs. 65% in 2004
o Unusual charges recognized in the 2004 second half do not recur in 2005
second half
o Stock Based Compensation, `cheap stock'
o Bonus expense
o Bulk of second half earnings expected in the fourth quarter
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Impressive Financial Performance
Net Retail Sales
($ in millions)
41% CAGR
2001
2002
2003
2004
2001 $106.6
2002 $169.1
2003 $213.4
2004 $300.5
Net Income
($ in millions)
137% CAGR
$1.5
$5.4
$7.6
$20.0
2001 $1.5
2002 $5.4
2003 $7.6
2004 $20.0
Build-A-Bear
Workshop(R)
Where Best Friends Are Made
Page 30
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First Half 2005 Results
First Half First Half $ Change
Fiscal 05 Fiscal 04
Total Revenue $159.8 $135.7 $24.1
Comp Store Sales -0.6% +13.8%
Gross Margin(1) $77.4 $65.4 $12.0
% 48.7% 48.3%
Net Income $11.5 $10.2 $1.3
Earnings Per Share (Diluted) $0.57 $0.57
Number of Stores 186 157
(1) Gross margin represents net retail sales less cost of merchandise sold.
Gross margin percentage represents gross margin divided by net retail sales.
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Well Capitalized for Growth
o $48 million in cash
o No debt
($ in millions)
ACTUAL
7/2/05
Cash $48.0
Debt 0.0
Stockholder's Equity $111.4
Total Capitalization $111.4
Build-A-Bear
Workshop(R)
Where Best Friends Are Made
Page 32
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Strong Operating Cash Flow
o Strong cash flow from operations
o Impressive cash flow, despite growth in new stores
($ in millions) Fiscal Year Ended
2004 2003 2002
Net Income $20.0 $7.6 $5.4
Depreciation and Amortization 14.9 12.8 9.0
Changes in Assets/Liabilities 12.5 9.4 8.2
Other 1.1 1.9 1.4
Cash Flow from Operations 48.5 31.7 24.0
Capital Expenditures (16.5) (24.9) (24.0)
Purchases of Other Assets & Minority Interest in Subs (1.2) (2.1) (1.6)
Cash Used in Investing Activities (17.7) (27.0) (25.6)
Cash Provided (Used) in Financing Activities 15.9 - (0.1)
Net (decrease) in Cash and Cash Equivalents 46.7 4.7 (1.7)
Page 33
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In-Bear-Mation Technology
Page 34
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Infrastructure is in Place to Support Growth
Established Centralized Infrastructure
Site Selection Model
Real Estate and Construction Partnerships
Store Support Systems
Back Office Systems
Operational Systems
Employee Training and Development
Guest Database
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Technology Supports Growth and Strategic Decisions, and it all starts with the
Bear... or Bunny... or Frog
Page 36
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Technology is Behind Everything We Do
POS
Name Me Database
Data Warehouse
Labor Planner
Back Office Systems
Consumer Research
CRM
E Commerce
Guest Service
Product Assortment
Guest Communication
Consumer Behavior/ Demographics
Inventory Planning
Real Estate Planning
Page 37
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High Touch and High Tech
Page 38
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Understanding Our Guests
Name Me
Kiosk/Guest
Database
Map Info GIS
First Logic
Informatica
Business Objects
Security/ Disaster Recovery
Perseus Consumer Surveys
Improved Marketing, Real Estate, and Strategy Decisions
Page 39
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Improving Guest Experience
Operational
Support
Integrated POS
Labor Planner
NSB Sales Audit & Merchandising
Value Link Gift Card Program
Party Scheduling
Improved Operations and Guest Experience
Page 40
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Improving Operations & Efficiencies
E Commerce
Communications Infrastructure
Disaster Recovery
Bearnet/World Bearnet
Lyris Bulk Email Campaign
Predictable and Reliable Business Model
Page 41
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Key Technology Initiatives
Enhance
Technology
Infrastructure
Lawson Human Resource System
NSB Merchandise Planning
Lawson Financial System
Business Growth and Development
Page 42
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Bear Logistics
Page 43
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Merchandise Planning & Allocation
Merchandise Strategy
Small # of SKUs
Buy to "Sell Out"
Essentially No Markdowns
Essentially No Returns
Continuous Adjustment to Market Trends
Strong Profit Model
Page 44
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Strategically Located Distribution Centers
Currently operated by third party providers
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Efficient Transportation Network
Distribution
Center
Pool Point North East
Pool Point Midwest
Pool Point South
o Majority of stores are delivered weekly via regional third party pool
points
o Gaining efficiencies via every two week deliveries to select stores,
full-truck loads and California DC
Page 46
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Continuous Improvement: Network Study
o Potential opportunity to bring overall Logistics process in-house
o Potential for enhanced:
o Inventory Control and Management
o Systems Integration
o Leveraging entire supply chain to improve efficiencies and reduce
operating costs
Page 47
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Marketing
Page 48
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2003: Was it a Fad?
o Growing total sales but experiencing comp store declines Increasing market
penetration and building critical mass
o Business overview showed positive findings:
- High Guest Satisfaction
- Transactions (Traffic) drive sales
- Strong, highly productive store model
- Financial stability
- Low brand awareness
FY 2001 Comp Stores -6.7%
FY 2002 Comp Stores -9.7%
FY 2003 Comp Stores -15.9%
Page 49
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A Strong Business Model with Significant Growth Potential
o Opportunity to grow brand awareness
Guests who knew us...loved us. But not enough people knew about BABW
Shifted Marketing Strategy to 75% Acquisition Model
Tested television advertising in 2003 after reaching critical store mass
o National roll-out led to tremendous top-line and bottom-line results
o Balanced quarterly business allows us to benefit from year round advertising
FY through 11/03 Comp Stores -17% Word-of-Mouth, Direct Mail, PR
Nov/Dec 2003 Test Comp Stores +7% Multimedia Test
FY 2004 Comp Stores +18% National Roll Out
Page 50
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Marketing Builds the Brand and Drives Sales
National TV Advertising
Direct Mail and E-mail
www.buildabear.com
Public Relations
Macy's T'giving Day Parade
Tourist Locations
Parties & Store Events
Mobile Marketing
Partners
Build-A-Bear
Workshop(R)
Where Best Friends Are Made(R)
Page 51
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Television Advertising Cornerstone of Inegrated Plan
o Highly sensory "product"
- Media must communicate sight, sound, motion, FUN!
o Television ads communicate:
- Relationship: Mom/child, Friends
- In-store experience
- Music as a back drop
o Acquisition tactics effective for retention as well
- Drove store traffic: Both New and Repeat customer levels grew
Page 52
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To view our latest TV commercials,
please visit www.buildabear.com
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Marketing
Marketing
Strategy
Direct Mail & E mail
TV Advertising
Web
Partners
Store Events
PR
Mobile
Tourism
Improved Sales, Brand Awareness,
and Profits
Page 54
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Highly Profitable Retail-Entertainment Brand
Build-A-Bear
Workshop(R)
Where Best Friends Are Made(R)
Creative Merchandise
Interactive Experience
Loyal Customers
Great Execution
Powerful Marketing
Strategic Partnerships
Broad Demographic Appeal
Great Execution
Page 55
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www.buildabear.com
Build-A-Bear
Workshop(R)
Where Best Friends Are Made(R)
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