- FY 2017 GAAP pre-tax income expected
to be within guidance in the range of $12 million to $13 million,
as compared to GAAP pre-tax income of $5.3 million inclusive of
$5.7 million in negative adjustments in fiscal 2016
- FY 2017 consolidated comparable
sales expected to decrease 6.5%
- The Company repurchased over 500,000
shares of its common stock during fiscal 2017 including over
400,000 shares in the fiscal 2017 fourth quarter
Build-A-Bear Workshop, Inc. (NYSE:BBW) today issued preliminary
sales and guidance for pre-tax income for the fourth quarter and
fiscal year 2017 ended December 30, 2017, in conjunction with its
presentation at the 20th Annual ICR Conference. The Company also
provided preliminary expectations for fiscal 2018, the year ending
February 2, 2019.
On a preliminary basis, for the Fourth Quarter (13-weeks
ended December 30, 2017, compared to the 13-weeks ended December
31, 2016) the Company expects:
- Total revenues of approximately $105
million compared to $110.3 million in the fiscal 2016 fourth
quarter;
- Consolidated net retail sales of
approximately $103 million compared to $107.7 million in the fiscal
2016 fourth quarter;
- Consolidated comparable sales to
decrease 7.9%, including a 6.4% decrease in North America and a
13.0% decrease in Europe; notably consolidated comparable
E-Commerce sales are expected to increase 11.9%;
- GAAP retail gross margin of 50.0%, an
approximate 400 basis point improvement from 46.0% in the fiscal
2016 fourth quarter; and
- GAAP pre-tax income in the range of $8
million to $9 million compared to GAAP pre-tax income of $3.5
million, including $4.7 million in adjustments in the 2016 fourth
quarter.
On a preliminary basis, for the 2017 Fiscal Year (52-weeks
ended December 30, 2017, compared to the 52-weeks ended December
31, 2016) the Company expects:
- Total revenues of approximately $356
million compared to $364.2 million in fiscal 2016;
- Consolidated net retail sales of
approximately $348 million compared to $357.6 million in the 2016
fiscal year;
- Consolidated comparable sales to
decrease 6.5%, including a 6.4% decrease in both North America and
Europe; notably consolidated comparable E-Commerce sales are
expected to increase 2.9%;
- GAAP Retail gross margin of 46.5%, an
approximate 130 basis points improvement from 45.2% in the 2016
fiscal year;
- GAAP pre-tax income in the range of $12
million to $13 million compared to a GAAP pre-tax income of $5.3
million, including $5.7 million in adjustments in the 2016 fiscal
year; and
- Capital expenditures to approximate $18
million to $19 million; depreciation and amortization is expected
to be approximately $16 million.
In addition:
The Company repurchased 401,400 shares of its common stock for
$3.7 million in the fiscal 2017 fourth quarter bringing total
shares repurchased to 513,725 for the fiscal year. At year end, the
Company had $15.3 million remaining on its share repurchase
authorization. At the end of the fiscal 2017 year, the Company
operated 362 corporately-managed locations, including 302 in North
America and 60 outside of North America.
The Company noted that its revenue, sales and profit
expectations are estimated and preliminary and subject to quarter
and year-end closing adjustments. As the Company has not completed
its quarter and year-end fiscal close or the audit of its 2017
financial statements, the revenue, sales and profit expectations
presented in this press release may change.
Sharon Price John, Build-A-Bear Workshop Chief Executive Officer
commented, “Although we were successfully able to move forward on a
number of our stated strategic initiatives for the year and the
quarter, our estimated revenue did not meet our expectations.
However, because of our ongoing operational improvements, we expect
to deliver our pre-tax profit within guidance. We also began to
realize the initial benefits of the new web platform that was
launched in the fourth quarter with E-commerce sales rising
double-digits. In addition to the website launch, we continued to
transition our real estate portfolio to be more aligned to the
evolving consumer shopping patterns and accelerated the development
of new relationships to increase the diversification of revenue
streams, including our recent announcement of a new Chinese
franchise partnership. With a strong balance sheet and positive
cash flow, we believe we are well-positioned to continue to evolve
the company to be able to leverage the strength of the Build-A-Bear
brand.”
2018 Preliminary
Expectations
The Company is providing preliminary expectations for fiscal
year 2018, the year ending February 2, 2019.
On a preliminary basis, the Company expects:
- Revenue in the range of flat to up low
single digits;
- Earnings before interest and taxes
(EBIT) and diluted earnings per share (EPS) to increase over fiscal
year 2017*; and
- Capital expenditures to be in the range
of $15 to $18 million.
*Given the potential impact of anticipated accounting changes
and recent tax changes, the Company will provide further
specificity with regard to its expectations for EBIT and EPS growth
when it reports fiscal 2017 results in February.
Fiscal Year Change
The Company's Board of Directors has authorized 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 will be effective with the start of the
Company’s 2018 fiscal year. The one fiscal month transition period,
December 31, 2017 through February 3, 2018, will be reported on the
Company’s Form 10-Q along with results for the quarter ended May 5,
2018. The first 12-month fiscal year under the new calendar will
encompass February 4, 2018, through February 2, 2019.
Corporate Tax Reform
On December 22, 2017, H.R.1 - An Act to provide for
reconciliation pursuant to titles II and V of the concurrent
resolution on the budget for fiscal year 2018, also known as the
Tax Cuts and Jobs Act, (the “Act”) was enacted which among other
items reduces the federal corporate tax rate to 21% effective
January 1, 2018. The Company is currently reviewing the components
of the Act and evaluating its impact, which could have a material
negative effect on the Company’s fiscal year 2017 consolidated
financial statements and related disclosures, including a one-time,
non-cash expense related to a decrease in the value of the
Company’s net deferred tax assets.
ICR Conference
The Company is scheduled to present at the 20th Annual ICR
Conference held at the Grand Lakes Resort in Orlando, Florida, on
Tuesday, January 9, 2018, at 8:30 a.m. EST. The presentation will
be broadcast over the internet and can be accessed at the Company’s
investor relations website, http://IR.buildabear.com. The
presentation is expected to conclude by 8:55 a.m. EST. A replay of
the broadcast will remain on the Company’s investor relations
website for one year.
About Build-A-Bear
Founded in St. Louis in 1997, 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 450 stores worldwide where
guests can create customizable furry friends, including
corporately-managed stores in the United States, Canada, Denmark,
Ireland, Puerto Rico, the United Kingdom and China, and franchise
stores in Africa, Asia, Australia, China, Europe, Mexico and the
Middle East. The company was named to the FORTUNE 100 Best
Companies to Work For® list for the ninth year in a row in 2017.
Build-A-Bear Workshop, Inc. (NYSE:BBW) posted a total revenue of
$364.2 million in fiscal 2016. 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 the potential outcome of exploring
strategic alternatives, 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 16, 2017 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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version on businesswire.com: http://www.businesswire.com/news/home/20180109005482/en/
Build-A-Bear WorkshopInvestors:Voin Todorovic, 314-423-8000
x5221orMedia:Beth Kerleybethk@buildabear.com
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