Build-A-Bear Workshop, Inc. (NYSE: BBW), an interactive
entertainment retailer, today reported results for the third
quarter and first nine months ended October 1, 2011.
Third Quarter Fiscal 2011 Highlights:
- Consolidated net retail sales of $95.4
million represented a 3.1% increase over 2010, excluding the impact
of foreign currency;
- Consolidated comparable store sales
increased 1.1% and included a 0.7% increase in North America and a
3.0% increase in Europe;
- Retail gross margin improved 160 basis
points to 40.2%;
- Achieved cost savings of $0.7 million;
on track to achieve $10 to $15 million of annualized savings;
and
- Net income of $0.9 million or $0.05 per
diluted share represented a significant improvement from third
quarter fiscal 2010 net loss of $1.4 million, or $0.07 per
share.
Maxine Clark, Build-A-Bear Workshop’s Chairman and Chief
Executive Bear commented: “We are pleased to report solid
profitability in the third quarter. We delivered another quarter of
positive comparable store sales, increased e-commerce sales,
improved our retail gross margin and reduced expenses. In addition,
international revenues grew by 14% showing solid progress towards
our global expansion goals. We ended the quarter with a strong
balance sheet including increased levels of cash even as we
invested $5.1 million to repurchase 934,000 shares of our common
stock. We remain optimistic about our business and expect the
ongoing implementation of our strategies to enable us to continue
our positive performance,” Ms. Clark concluded.
Fiscal 2011 Third-Quarter (13 weeks ended October 1,
2011):
- Total revenues were $97.4 million,
compared to $100.1 million in the fiscal 2010 third quarter. Third
quarter 2010 total revenues included $5.8 million from a single
wholesale transaction. Excluding the impact of this transaction and
foreign currency, total revenue increased 2.3%.
- Consolidated comparable store sales
increased 1.1%, including a 0.7% increase in North America and a
3.0% increase in Europe. This follows a consolidated comparable
store sales increase of 3.1%, including a 5.3% increase in North
America and a 6.6% decline in Europe in the third quarter of fiscal
2010.
- Consolidated e-commerce sales rose
20.3%, excluding the impact of foreign currency, and included
double digit increases in both North America and the UK.
- Net income was $0.9 million, or $0.05
per diluted share, compared to the fiscal 2010 third quarter net
loss of $1.4 million, or $0.07 per share. The net loss for the
third quarter of fiscal 2010 included a $0.03 per share cost
related to the Company’s decision to close its operations in
France.
Fiscal 2011 First Nine-Months (39 weeks ended October 1,
2011):
- Total revenues were $275.2 million,
compared to $275.7 million in the first nine months of fiscal 2010.
For the first nine months of 2010, total revenues included $5.8
million from a single wholesale transaction. Excluding the impact
of this transaction and foreign currency, total revenue increased
1.0%.
- Consolidated comparable store sales
decreased 0.9%, including a 1.1% decrease in North America and flat
results in Europe.
- Consolidated e-commerce sales rose
12.8%, excluding the impact of foreign currency, and included
double digit increases in both North America and the UK.
- Net loss was $8.1 million, or $0.45 per
share, from a loss of $8.2 million, or $0.44 per share in the first
nine months of fiscal 2010. Net loss for the first nine months of
fiscal 2011 included $1.9 million, or $0.11 per share in consulting
costs. The net loss for the first nine months of fiscal 2010
included a $0.05 per share cost related to the Company’s decision
to close its operations in France.
During the quarter, the Company opened three stores and closed
one store across geographies. At quarter end the Company operated
344 stores – 288 in North America and 56 in Europe, as compared to
291 in North America and 56 in Europe at the end of fiscal 2010
third quarter.
Balance Sheet
The Company ended the 2011 third quarter with a strong balance
sheet and no borrowings under its revolving credit facility. As of
October 1, 2011, cash and cash equivalents totaled $25.1 million,
over 50% of which was domiciled outside the U.S. Total inventory at
quarter end was $56.3 million. Inventory per square foot increased
2.9%, as compared to the prior year period.
The Company expects capital expenditures to be approximately $12
million in 2011, compared to capital spending of $15 million in
2010 and depreciation and amortization of approximately $25
million, compared to $27 million in 2010. For the full fiscal year,
the company expects to open six stores and close six stores across
geographies.
During fiscal 2011 third quarter, the Company repurchased
approximately 934,000 shares of its common stock at a total cost of
$5.1 million. Through the first nine months of fiscal 2011, the
Company invested $10.2 million to repurchase approximately 1.7
million shares of its common stock. At quarter end, the Company had
$13.6 million of availability under the current stock repurchase
program.
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 Web
site, http://IR.buildabear.com. The call is expected to conclude by
10 a.m.
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 noon ET today until
midnight ET on November 10, 2011. The telephone replay is available
by calling (617) 801-6888. The access code is 27654729.
About Build-A-Bear Workshop, Inc.
Build-A-Bear Workshop, Inc. is the only global company that
offers an interactive make-your-own stuffed animal
retail-entertainment experience. There are more than 400
Build-A-Bear Workshop stores worldwide, including company-owned
stores in the U.S., Puerto Rico, Canada, the United Kingdom and
Ireland, and franchise stores in Europe, Asia, Australia, Africa,
the Middle East, Mexico and South America. Founded in St. Louis in
1997, Build-A-Bear Workshop is the leader in interactive retail.
Brands include make-your-own Major League Baseball® mascot
in-stadium locations, and Build-A-Dino® stores. Build-A-Bear
Workshop extends its in-store interactive experience online with
its award winning virtual world Web site at bearville.com®. The
company was named to the FORTUNE 100 Best Companies to Work For®
list for the third year in a row in 2011. Build-A-Bear Workshop
(NYSE: BBW) posted total revenue of $401.5 million in fiscal 2010.
For more information, call 888.560.BEAR (2327) or visit the
company's award-winning Web site at buildabear.com®.
Forward-Looking Statements
This press release contains "forward-looking statements" (within
the meaning of the federal securities laws) which represent
Build-A-Bear Workshop expectations or beliefs with respect to
future events. Our actual results may differ materially from the
results discussed in the forward-looking statements. These risks
and uncertainties include, without limitation, those detailed under
the caption “Risk Factors” in our annual report on Form 10-K for
the fiscal year ended January 1, 2011, as filed with the SEC, and
the following: general global economic conditions may continue to
deteriorate, which could lead to disproportionately reduced
consumer demand for our products, which represent relatively
discretionary spending; customer traffic may continue to decrease
in the shopping malls where we are located, on which we depend to
attract guests to our stores; 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; our
marketing and on-line initiatives may not be effective in
generating sufficient levels of brand awareness and guest traffic;
we may be unable to generate comparable store sales growth; the
availability and costs of our products could be adversely affected
by risks associated with international manufacturing and trade,
including foreign currency fluctuation; we may be unable to renew
or replace our store leases, or enter into leases for new stores on
favorable terms or in favorable locations, or may violate the terms
of our current leases; we may be unable to effectively manage the
operations and growth of our company-owned stores; we are
susceptible to disruption in our inventory flow due to our reliance
on a few vendors; high petroleum products prices could increase our
inventory transportation costs and adversely affect our
profitability; we may be unable to effectively manage our
international franchises or laws relating to those franchises may
change; we may be unable to operate our European company-owned
stores profitably; fluctuations in our quarterly results of
operations could cause the price of our common stock to
substantially decline; we may be unable to repurchase shares at all
or at the times or in the amounts we currently anticipate or the
results of the share repurchase program may not be as beneficial as
we currently anticipate; our products could become subject to
recalls or product liability claims that could adversely impact our
financial performance and harm our reputation among consumers; we
may improperly obtain or be unable to protect information from our
guests in violation of privacy or security laws or expectations; we
may suffer negative publicity or be sued due to violations of labor
laws or unethical practices by manufacturers of our merchandise; we
may suffer negative publicity or negative sales if the
non-proprietary toy products we sell in our stores do not meet our
quality or sales expectations; we may lose key personnel, be unable
to hire qualified additional personnel, or experience turnover of
our management team; we may be unable operate our company-owned
distribution center efficiently or our third-party distribution
center providers may perform poorly; our market share could be
adversely affected by a significant, or increased, number of
competitors; we may fail to renew, register or otherwise protect
our trademarks or other intellectual property; we may have disputes
with, or be sued by, third parties for infringement or
misappropriation of their proprietary rights; and poor global
economic conditions could have a material adverse effect on our
liquidity and capital resources. 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. The Company undertakes no obligation to
publicly update or revise any 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.
(Financial Tables Follow)
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 October 1, % of
Total October 2, % of Total 2011
Revenues (1) 2010 Revenues (1)
Revenues: Net retail sales $ 95,378 97.9 $ 91,689 91.6 Commercial
revenue 1,160 1.2 7,637 7.6 Franchise fees 872 0.9
767 0.8 Total revenues 97,410 100.0
100,093 100.0 Costs and expenses: Cost of merchandise
sold 57,572 59.6 62,710 63.1 Selling, general and administrative
37,815 38.8 39,113 39.1 Store preopening 198 0.2 255 0.3 Interest
expense (income), net (40 ) (0.0 ) (83 ) (0.1 ) Total costs and
expenses 95,545 98.1 101,995 101.9
Income (loss) before income taxes 1,865 1.9 (1,902 ) (1.9 ) Income
tax expense (benefit) 1,011 1.0 (524 ) (0.5 ) Net
income (loss) $ 854 0.9 $ (1,378 ) (1.4 ) Earnings
(loss) per common share: Basic $ 0.05 $ (0.07 ) Diluted $
0.05 $ (0.07 ) Shares used in computing common per share
amounts: Basic 17,378,486 18,426,860 Diluted 17,396,144 18,426,860
(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)
39 Weeks 39 Weeks Ended Ended
October 1, % of Total October 2, % of
Total 2011 Revenues (1) 2010
Revenues (1) Revenues: Net retail sales $ 269,929
98.1 $ 263,963 95.8 Commercial revenue 3,002 1.1 9,588 3.5
Franchise fees 2,312 0.8 2,112 0.8
Total revenues
275,243 100.0 275,663 100.0 Costs and
expenses: Cost of merchandise sold 167,723 61.5 172,150 62.9
Selling, general and administrative 119,620 43.5 115,048 41.7 Store
preopening 391 0.1 343 0.1 Interest expense (income), net (41 )
(0.0 ) (191 ) (0.1 ) Total costs and expenses 287,693 104.5
287,350 104.2 Loss before income taxes (12,450
) (4.5 ) (11,687 ) (4.2 ) Income tax benefit (4,377 ) (1.6 ) (3,511
) (1.3 ) Net loss $ (8,073 ) (2.9 ) $ (8,176 ) (3.0 ) Loss
per common share: Basic $ (0.45 ) $ (0.44 ) Diluted $ (0.45 ) $
(0.44 ) Shares used in computing common per share amounts: Basic
17,781,943 18,755,941 Diluted 17,781,943 18,755,941
(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)
October 1,
January 1, October 2, 2011 2011
2010 ASSETS Current assets: Cash and cash equivalents
$ 25,106 $ 58,755 $ 24,660 Inventories 56,258 46,475 54,726
Receivables 4,889 7,923 5,790 Prepaid expenses and other current
assets 20,646 18,425 19,247 Deferred tax assets 7,624
7,465 6,874 Total current assets
114,523 139,043 111,297 Property and equipment, net 78,965
88,029 90,397 Goodwill 32,614 32,407 33,044 Other intangible
assets, net 836 1,444 2,657 Other assets, net 15,625
14,871 15,476 Total Assets $ 242,563
$ 275,794 $ 252,871
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable $ 38,544 $ 36,325 $ 32,369 Accrued expenses 6,039
15,488 6,202 Gift cards and customer deposits 21,670 28,880 21,736
Deferred revenue 6,803 6,679
9,952 Total current liabilities 73,056
87,372 70,259 Deferred franchise
revenue 1,504 1,706 1,604 Deferred rent 25,139 28,642 30,296 Other
liabilities 366 361 794 Stockholders' equity: Common
stock, par value $0.01 per share 182 196 196 Additional paid-in
capital 68,999 76,582 75,349 Accumulated other comprehensive loss
(9,506 ) (9,959 ) (8,242 ) Retained earnings 82,823
90,894 82,615 Total stockholders'
equity 142,498 157,713 149,918
Total Liabilities and Stockholders' Equity $ 242,563
$ 275,794 $ 252,871
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 October 1, October 2,
October 1, October 2, 2011 2010
2011 2010 Other financial data: Retail
gross margin ($) (1) $ 38,381 $ 35,406 $ 103,732 $ 98,795 Retail
gross margin (%) (1) 40.2 % 38.6 % 38.4 % 37.4 % E-commerce sales $
2,452 $ 2,021 $ 7,416 $ 6,509 Capital expenditures, net (2) $ 3,759
$ 3,798 $ 9,896 $ 10,208 Depreciation and amortization $ 5,884 $
6,709 $ 18,614 $ 20,338
Store data (3): Number of
company-owned stores at end of period North America 288 291 Europe
56 56 Total stores 344 347 Number of
franchised stores at end of period 76 58 Company-owned store
square footage at end of period North America 832,519 844,726
Europe (4) 84,482 80,754 Total square footage 917,001
925,480 Comparable store sales change (%) (5) North America
0.7 % 5.3 % (1.1 )% (0.5 )% Europe 3.0 % (6.6 )% 0.0 % (4.7 )%
Consolidated 1.1 % 3.1 % (0.9 )% (1.2 )% (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) Comparable store sales
percentage changes are based on net retail sales and stores are
considered comparable beginning in their thirteenth full month of
operation.
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