Build-A-Bear Workshop Founder and CEO Announces Retirement
01 2월 2013 - 6:30AM
Business Wire
Build-A-Bear Workshop, Inc. (NYSE: BBW), an interactive
entertainment retailer, today announced that its Founder, Maxine
Clark, has announced her plan to retire as Chief Executive Bear
(CEB). Ms. Clark, 63, will continue in her current position until a
successor has been named and a successful transition has occurred.
She will remain as a member of the Build-A-Bear Workshop Board of
Directors. The Company also announced select preliminary unaudited
fourth quarter fiscal 2012 store and e-commerce sales results, as
well as expectations for certain balance sheet metrics at year
end.
“Creating Build-A-Bear Workshop and nurturing the Company from a
fledgling start-up to a global retail brand has been one of the
greatest experiences of my professional life. I have met so many
wonderful people – associates and Guests – which made my decision
to retire as CEB a difficult one,” stated Maxine Clark, Chief
Executive Bear. “Although our business has experienced challenges
over the past few years as consumers have reduced discretionary
purchases, our strategic plan and key initiatives are beginning to
work. I believe now is an opportune time to attract a new chief
executive to take this incredible brand forward and for me to take
my entrepreneurial experience and combine it with my passion to
improve public education in our region in a more significant way.
We have made great progress in education reform in the St. Louis
area, but more is needed so that all children have the chance to
achieve their dreams just as I have.”
“Maxine Clark has been the inspiration and driving force that
resulted in Build-A-Bear Workshop becoming a global retail
entertainment brand,” said Mary Lou Fiala, Non-Executive Chairman
of the Board. “Through her vision, Build-A-Bear Workshop has
achieved status as a favorite brand known to families worldwide. I
am confident in our business plan. The Board is working closely
with Maxine and the executive team to achieve our goals and execute
our long term strategies.”
On a preliminary unaudited basis for the Fourth Quarter, the
13-weeks ended December 29, 2012:
- Consolidated comparable store sales are
expected to decline 1.7%, representing a marked improvement from
the 11.1% decline in third quarter fiscal 2012;
- Comparable store sales in North America
are expected to increase 1.5% and decline 11.4% in Europe;
- Consolidated e-commerce sales are
expected to increase 14.0%, excluding the impact of foreign
exchange;
- The six stores that feature the
Company’s newly imagined store design are expected to report an
average 30% increase in sales in the fourth quarter of 2012 from
the fourth quarter of 2011; and
- The Company noted that it strategically
increased investment in SG&A to support its long term growth
strategies and that it expects a reduction in its UK performance
versus the 2011 fourth quarter. This combined with anticipated
nonrecurring charges are expected to have a significant negative
impact on fourth quarter profitability.
In addition:
- Inventory at year end is expected to
decline from the prior year end on an average square foot basis;
and
- Cash at year end is expected to
approximate $45 million.
The Company also remains on track to close 50 to 60 existing
stores in fiscal 2013 and fiscal 2014 to reach its optimal store
base of 225 to 250 stores. These select store closures are expected
to transfer approximately 20% of sales to other stores in the same
markets. In addition, the Company continues to expect to relocate
and remodel between 40 to 50 existing locations in its new store
design by year-end 2014.
The Company noted that it is in its normal year-end closing and
review procedures and the final results for the fourth quarter and
fiscal year 2012, the 13-week and 52-week periods ended December
29, 2012, may differ, subject to year-end closing procedures and/or
adjustments and should not be viewed as a substitute for annual
financial statements prepared in accordance with generally accepted
accounting principles.
The Company expects to report full results for the fourth
quarter and 2012 fiscal year on February 14, 2013.
“Our preliminary sales results point to an improved comparable
store sales performance versus the third quarter and included the
continued success of our six stores in our new store design, which
experienced average sales growth of 30%. In the UK, comparable
store sales declined driven by the ongoing challenging economic
environment. This combined with increased expenses and
non-recurring charges are expected to negatively impact our fourth
quarter and full year operating performance versus last year,” Ms.
Clark continued. “As we begin 2013, we are pleased to see our
strategies begin to gain traction. During holiday our increased
brand marketing investment resulted in our Guests favoring the
Build-A-Bear Workshop experience as a gift for family and
friends.
“This led to increased gift card sales in North America and the
UK during the fourth quarter and has translated into a notable
improved sales trend in the beginning of the first quarter as these
cards are redeemed. The actions we are taking to close and
reposition stores within markets, remodel existing stores to our
successful new store design and support the brand with a
re-invigorated brand marketing campaign are expected to position
our Company for improved profitability and growth. I am confident
that our seasoned and committed leadership team will take the
Build-A-Bear Workshop brand to even greater heights and equally
grateful for the unwavering support of the Build-A-Bear Workshop
associates and Guests who helped me bring the vision for our
Company to life. They are truly the heart of our brand.”
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 website at bearville.com™. The
company was named to the FORTUNE 100 Best Companies to Work
For® list for the fifth year in a row in
2013. Build-A-Bear Workshop (NYSE: BBW) posted total
revenue of $394.4 million in fiscal 2011. For more
information, call 888.560.BEAR (2327) or visit the company’s
award-winning website at buildabear.com®.
Trademarks
We would like to thank you for your interest in covering our
business. As you write your story, we would ask that you use our
full name: Build-A-Bear Workshop® and that when
referencing the process of making stuffed animals you use the word
“make” not “build.” Build-A-Bear Workshop is our
well-known trade name and our registered trademark
of Build-A-Bear Retail Management, Inc. Build-A-Bear
Workshop® should only be used in capital letters to refer to
our products and services and should not be used as a verb.
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 December 31, 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 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; we may be unable
to effectively operate or manage the overall portfolio of our
company-owned stores; 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; the availability and costs of our products could be
adversely affected by risks associated with international
manufacturing and trade, including foreign currency fluctuation;
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 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 not be able to operate our company-owned
stores in the United Kingdom and Ireland profitably; we may be
unable to effectively manage our international franchises or laws
relating to those franchises may change; 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 to 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; poor global economic
conditions could have a material adverse effect on our liquidity
and capital resources; we may have disputes with, or be sued by,
third parties for infringement or misappropriation of their
proprietary rights; fluctuations in our quarterly results of
operations could cause the price of our common stock to
substantially decline; and we may be unable to repurchase shares of
our common stock 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. 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.
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