For fiscal 2017:
- GAAP pre-tax income is $13.8
million, as compared to GAAP pre-tax income of $5.3 million in
fiscal 2016; adjusted pre-tax income is $12.5 million, as compared
to adjusted pre-tax income of $11.0 million in fiscal 2016
(see reconciliation of GAAP to non-GAAP results)
- GAAP EPS of $0.50 per diluted share,
compared to GAAP EPS of $0.09 per diluted share in fiscal 2016;
adjusted EPS of $0.53 per diluted share, compared to adjusted EPS
of $0.41 per diluted share in fiscal 2016 (see reconciliation of
GAAP to non-GAAP results)
- Total revenues of $357.9 million
compared to $364.2 million in fiscal 2016
- Retail gross margin increases 170
basis points to 46.9% compared to 45.2% in fiscal 2016
- Ended the year with $30.4 million in
cash and no debt
Build-A-Bear Workshop, Inc. (NYSE:BBW) today reported results
for the fourth quarter and fiscal year ended December 30, 2017.
Sharon Price John, Build-A-Bear Workshop President and Chief
Executive Officer, commented, “During fiscal 2017, we advanced our
strategy as additional groundwork was laid to further leverage the
power of the Build-A-Bear brand while we simultaneously improved
the profitability of our retail channel highlighted by expansion in
retail gross margin, which contributed to pre-tax income that
exceeded guidance. During the year, we made operational
improvements enabling us to drive conversion and deliver our
highest dollars-per-transaction in history, which partially offset
the traditional mall traffic challenges. We also continued to
evolve our real estate portfolio with more productive formats that
have lower overall costs. In advance of the holiday season, we
upgraded our e-commerce platform and relaunched our website, which
contributed to growth of almost 12% from this channel for the
quarter, and, when combined with our redeveloped store base,
positions us to advance key omni-channel initiatives. Specifically,
in the year ahead, we are planning to more fully participate in the
changing patterns of shoppers and connect more closely with
consumers through elevated social and digital marketing and a
recently updated loyalty program. We remain focused on the
continued execution of our strategy and ongoing effort to drive
long-term profitable growth.”
Additional Fiscal Year 2017 Details (52 weeks ended December
30, 2017, compared to 52 weeks ended December 31, 2016):
- Consolidated net retail sales were
$349.4 million compared to $357.6 million in fiscal 2016;
- Consolidated comparable sales decreased
6.5%, including a 6.5% decrease in both North America and Europe
inclusive of a consolidated comparable e-commerce sales increase of
2.8%;
- SG&A decreased $4.5 million to
$152.7 million, or 42.7% of total revenues from
$157.2 million, or 43.2% of total revenues in fiscal
2016;
- Income tax expense was $5.9 million
with an effective tax rate of 42.7%, compared to income tax expense
of $3.9 million with an effective tax rate of 74.1% in fiscal 2016,
with both years impacted by discrete tax items (see reconciliation
of GAAP to non-GAAP results);
- Net income was $7.9 million compared to
$1.4 million in fiscal 2016; and
- Adjusted net income was $8.4 million
compared to adjusted net income of $6.6 million in fiscal 2016 (see
reconciliation of GAAP to non-GAAP results).
Fourth Quarter 2017 Highlights (13 weeks ended December 30,
2017, compared to the 13 weeks ended December 31, 2016):
- Total revenues were $107.6 million
compared to $110.3 million in the fiscal 2016 fourth quarter;
- Retail gross margin expanded 510 basis
points to 51.1% compared to 46.0% in the fiscal 2016 fourth
quarter;
- Selling, general and administrative
expenses (“SG&A”) were $44.9 million, or 41.7% of total
revenues, compared to $47.0 million, or 42.6% of total revenues, in
the fiscal 2016 fourth quarter;
- Net income was $5.2 million, or $0.33
per diluted share, compared to $0.3 million, or $0.02 per diluted
share, in the fiscal 2016 fourth quarter;
- Adjusted net income was $6.8 million,
or $0.43 per diluted share, compared to adjusted net income of $5.0
million, or $0.31 per diluted share, in the fiscal 2016 fourth
quarter (see reconciliation of GAAP to non-GAAP results);
- Consolidated net retail sales were
$105.8 million compared to $107.7 million in the fiscal 2016 fourth
quarter;
- Consolidated comparable sales decreased
8.0%, including a 6.5% decrease in North America and a 13.1%
decrease in Europe inclusive of a consolidated comparable
e-commerce sales increase of 11.7%;
- Pre-tax income increased to $9.7
million, compared to $3.5 million in the fiscal 2016 fourth
quarter; Adjusted pre-tax income increased to $9.7 million,
compared to $8.2 million in the fiscal 2016 fourth quarter
(see reconciliation of GAAP to non-GAAP results); and
- Income tax expense was $4.4 million
with an effective tax rate of 45.8%, compared to $3.2 million with
an effective tax rate of 90.9% in the fiscal 2016 fourth quarter
with both periods impacted by discrete tax items (see
reconciliation of GAAP to non-GAAP results).
Store Activity:
In fiscal 2017, the Company opened 41 locations, closed 26
locations and remodeled or reformatted 23 stores into a Discovery
format, ending the year with 29% of its store base in an updated
Discovery format. As of December 30, 2017, the Company operated 361
corporately-managed locations, including 301 in North America and
60 outside of North America. The Company’s international
franchisees ended the year with 102 stores in 12 countries.
Balance Sheet:
As of December 30, 2017, cash and cash equivalents totaled $30.4
million. The Company ended fiscal 2017 with no borrowings under its
revolving credit facility. Total inventory at year-end was $53.1
million compared to $51.9 million at 2016 year-end, an increase of
2.4%. In fiscal 2017, capital expenditures totaled $18.1 million
and depreciation and amortization was $16.2 million.
Share Repurchase:
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 the share repurchase
authorization that was adopted in August 2017. Since the end of its
2017 fiscal year, the Company purchased an additional 616,141
shares of common stock for $5.3 million.
Fiscal Year Change:
The Company's Board of Directors approved 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 was effective immediately following the end of the Company’s
2017 fiscal year. A 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 ending May
5, 2018. The first 12-month fiscal year under the new calendar will
encompass February 4, 2018 through February 2, 2019. Select recast
unaudited historical financial information for the four quarterly
periods of fiscal 2016 (which, based on the new fiscal year, would
have ended on April 30, 2016; July 30, 2016; October 29, 2016; and
January 28, 2017) and the first three quarterly periods of fiscal
2017 (which, based on the new fiscal year, would have ended on
April 29, 2017; July 29, 2017; and October 28, 2017) is included in
this press release as well as posted on the Company’s website under
the Investor Relations link.
Accounting Changes Impacting Revenue Recognition:
In May 2014, the FASB issued Accounting Standards Codification
(ASC) Topic 606, “Revenue from Contracts with Customers,” a
replacement of Revenue Recognition Topic 605. The Company adopted
Topic 606 on December 31, 2017. While the majority of the Company’s
revenues are not impacted by Topic 606, the timing of the
recognition of breakage revenue for certain gift cards
changes. Previously, the Company recognized gift card breakage
after 60 months for certain gift cards, while the new standard
requires that gift card breakage be recognized based on actual
redemption experience. Upon adoption, the Company recorded a
pre-tax cumulative effect adjustment to retained earnings of
approximately $12.3 million representing gift card breakage revenue
not previously recognized that was accelerated due to Topic 606.
The change will negatively impact the Company’s fiscal 2018 total
revenue and pre-tax income by $3.9 million with the remaining
balance of the cumulative effect adjustment predominantly impacting
fiscal years 2019 and 2020.
Tax Implications of the Tax Cuts and Jobs Act (TCJA):
On December 22, 2017, the TCJA was enacted, which, among other
items, reduced the U.S. federal corporate tax rate to 21% effective
January 1, 2018. Due to the Company’s net deferred tax asset
position at the end of fiscal year 2017, the Company recorded a
provisional one-time, non-cash tax expense of $1.4 million
increasing its tax rate by 15 percentage points and 10.5 percentage
points for the fourth quarter 2017 and fiscal year 2017,
respectively. Following this adjustment, the Company expects to
have an ongoing benefit of a reduction in its federal tax
rates.
2018 Preliminary Expectations:
The Company is providing guidance for its preliminary GAAP
expectations for fiscal year 2018, (52 weeks ending February 2,
2019). On a GAAP basis, the Company currently expects:
- Total revenue growth to be slightly
positive, including the aforementioned $3.9 million negative
impact due to accounting changes in Revenue Recognition;
- Pre-tax income to grow in the range of
10 to 15%, after adjusting 2017 GAAP pre-tax income for
$3.9 million related to accounting changes in Revenue
Recognition;
- Diluted earnings per share in the range
of $0.53 to $0.57, using an effective tax rate range of 25% to 27%,
assuming no discrete items; and
- Capital expenditures to be in the range
of $15 to $18 million with depreciation and amortization in the
range of $16 to $17 million.
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
website, http://IR.buildabear.com. The call is expected to conclude
by 10 a.m. ET.
A replay of the conference call webcast will be available in the
investor relations website for one year. A telephone replay will be
available beginning at approximately noon ET today until midnight
ET on February 22, 2018. The telephone replay is available by
calling (844) 512-2921. The access code is 13675714.
About Build-A-Bear
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 400 stores worldwide where guests can create customizable
furry friends, including corporately-managed stores in the United
States, Canada, China, Denmark, Ireland, Puerto Rico, and the
United Kingdom, and franchise stores in Africa, Asia, Australia,
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 total
revenue of $357.9 million in fiscal 2017. 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.
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Income
(dollars in thousands, except share and per share data)
13
Weeks 13 Weeks Ended Ended December
30, % of Total December 31, % of Total
2017 Revenues (1) 2016 Revenues
(1) Revenues: Net retail sales $ 105,849 98.4 $ 107,739 97.6
Commercial revenue 970 0.9 1,711 1.6 Franchise fees 762 0.7
892 0.8 Total revenues 107,581 100.0 110,342
100.0 Costs and expenses: Cost of merchandise sold - retail (1)
51,795 48.9 58,136 54.0 Cost of merchandise sold - commercial (1)
700 72.2 1,040 60.8 Selling, general and administrative 44,893 41.7
47,040 42.6 Store preopening 496 0.5 580 0.5 Interest expense, net
27 0.0 63 0.1 Total costs and expenses 97,911
91.0 106,859 96.8 Income before income taxes 9,670 9.0 3,483
3.2 Income tax expense 4,427 4.1 3,165 2.9 Net income
$ 5,243 4.9 $ 318 0.3 Income per common share: Basic $ 0.34
$ 0.02 Diluted $ 0.33 $ 0.02 Shares used in computing common per
share amounts: Basic 15,487,628 15,523,612 Diluted 15,654,736
15,711,227 (1) Selected statement of income data
expressed as a percentage of total revenues, except cost of
merchandise sold - retail and cost of merchandise sold - commercial
that are expressed as a percentage of net retail sales and
commercial revenue, respectively. 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 Income
(dollars in thousands, except share and per share data)
52 Weeks
52 Weeks Ended Ended December 30, %
of Total December 31, % of Total 2017
Revenues (1) 2016 Revenues (1)
Revenues: Net retail sales $ 349,408 97.6 $ 357,593 98.2 Commercial
revenue 6,007 1.7 4,312 1.2 Franchise fees 2,451 0.7
2,299 0.6 Total revenues 357,866 100.0 364,204 100.0
Costs and expenses: Cost of merchandise sold - retail (1) 185,481
53.1 195,914 54.8 Cost of merchandise sold - commercial (1) 3,412
56.8 2,253 52.2 Selling, general and administrative 152,653 42.7
157,174 43.2 Store preopening 2,496 0.7 3,549 1.0 Interest expense,
net 11 0.0 5 0.0 Total costs and expenses
344,053 96.1 358,895 98.5 Income before income taxes 13,813
3.9 5,309 1.5 Income tax expense 5,897 1.7 3,932 1.1
Net income $ 7,916 2.2 $ 1,377 0.4 Income per common share:
Basic $ 0.50 $ 0.09 Diluted $ 0.50 $ 0.09 Shares used in computing
common per share amounts: Basic 15,572,045 15,442,086 Diluted
15,757,060 15,622,273 (1) Selected statement of
income data expressed as a percentage of total revenues, except
cost of merchandise sold - retail and cost of merchandise sold -
commercial that are expressed as a percentage of net retail sales
and commercial revenue, respectively. 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 30, December 31,
2017 2016 ASSETS Current assets: Cash and cash
equivalents $ 30,445 $ 32,483 Inventories 53,136 51,885 Receivables
13,302 12,939 Prepaid expenses and other current assets
13,346 12,737 Total current assets 110,229
110,044 Property and equipment, net 77,751 74,924 Deferred
tax assets 6,381 8,256 Other intangible assets, net 995 1,721 Other
assets, net 2,633 4,650 Total Assets $
197,989 $ 199,595
LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $
18,942 $ 27,861 Accrued expenses 15,189 15,897 Gift cards and
customer deposits 33,926 37,070 Deferred revenue and other
1,806 2,029 Total current liabilities
69,863 82,857 Deferred rent 17,906
15,438 Deferred franchise revenue 1,208 565 Other liabilities 1,697
1,623 Stockholders' equity: Common stock, par value
$0.01 per share 155 159 Additional paid-in capital 68,962 68,001
Accumulated other comprehensive loss (11,562 ) (12,727 ) Retained
earnings 49,760 43,679 Total
stockholders' equity 107,315 99,112
Total Liabilities and Stockholders' Equity $ 197,989 $
199,595
BUILD-A-BEAR WORKSHOP, INC. AND
SUBSIDIARIES Unaudited Selected Financial and Store Data
(dollars in thousands, except for per square foot data)
13 Weeks
13 Weeks 52 Weeks 52 Weeks Ended
Ended Ended Ended December 30,
December 31, December 30, December 31,
2017 2016 2017 2016 Other
financial data: Retail gross margin ($) (1) $ 54,054 $ 49,603 $
163,927 $ 161,679 Retail gross margin (%) (1) 51.1 % 46.0 % 46.9 %
45.2 % Capital expenditures (2) $ 5,284 $ 9,905 $ 18,073 $ 28,118
Depreciation and amortization $ 4,081 $ 4,598 $ 16,165 $ 16,171
Store data (3): Number of
corporately-managed retail locations at end of period North America
301 285 Europe 59 60 Asia 1 1 Total
corporately-managed retail locations 361 346
Number of franchised stores at end of period 102 92
Corporately-managed store square footage at end of period
(4) North America 733,894 749,197 Europe 81,101 85,900 Asia
1,750 1,750 Total square footage
816,745 836,847 Net retail sales per
gross square foot - North America (5)
$
343
$
371
Net retail sales per selling square foot - Europe (6)
£
523
£
547
Comparable sales change (7) North America (6.5 )% (10.2 )%
(6.5 )% (4.5 )% Europe (13.1 )% (0.4 )% (6.5
)% (3.8 )% Consolidated (8.0 )% (8.3 )%
(6.5 )% (4.4 )% Stores (9.6 )% (9.0 )% (7.0 )% (4.9
)% E-commerce 11.7 % 2.0 % 2.8 % 7.2 %
Consolidated (8.0 )% (8.3 )% (6.5 )%
(4.4
)%
(1) Retail gross margin represents net retail sales
less cost of merchandise sold - retail. Retail gross margin
percentage represents retail gross margin divided by net retail
sales. (2) Capital expenditures represents cash paid for property,
equipment, other assets and other intangible assets. (3) Excludes
e-commerce. North American stores are located in the United States,
Canada and Puerto Rico. In Europe, stores are located in the United
Kingdom, Ireland and Denmark. In Asia, the store is located in
China. (4) Square footage for stores located in North America is
leased square footage. 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 in North America. Calculated on an annual basis only. (6)
Net retail sales per selling square foot for Europe represents net
retail sales in local currency from stores open throughout the
entire period in Europe divided by the total selling square footage
of such stores. Calculated on an annual basis only. (7) Comparable
sales percentage changes are based on net retail sales and exclude
the impact of foreign exchange. 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 income and income 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 GAAP to
Non-GAAP Results (dollars in thousands, except per share data)
13 Weeks 13 Weeks 52 Weeks 52
Weeks Ended Ended Ended Ended
December 30, December 31, December 30,
December 31, 2017 2016 2017 2016
Income before income taxes (pre-tax) $ 9,670 $ 3,483 $ 13,813 $
5,309 Income before income taxes adjustments: Store asset
impairment (1) (7) 21 2,263 21 2,263 Duty dispute (2) (7) 105 1,972
309 1,972 Foreign exchange (gains) losses (3) (7) (65 ) 304 (1,633
) 326 China start-up costs (4) (7) - 153
- 1,090 Adjusted income before
income taxes (adjusted pre-tax) 9,731 8,175
12,510 10,960 Income tax
expense 4,427 3,165 5,897 3,932 Tax adjustments: Income tax charges
(5) (1,449 ) (1,161 ) (1,667 ) (1,307 ) Income tax impact (6)
(15 ) 1,187 (157 ) 1,753
Adjusted income tax expense 2,963 3,191
4,073 4,378 Net income 5,243 318
7,916 1,377 Adjustments 1,525 4,666
521 5,205 Adjusted net income $ 6,768
$ 4,984 $ 8,437 $ 6,582
Net income per diluted share (EPS) $ 0.33 $ 0.02 $ 0.50 $
0.09 Adjusted net income per diluted share (adjusted EPS) $
0.43 $ 0.31 $ 0.53 $ 0.41 (1) Non-cash impairment
charges recorded pursuant to a review of the recoverability of
long-lived assets at underperforming individual stores and included
in cost of merchandise sold - retail. (2) Non-cash charges related
to an ongoing dispute with the customs authority in the United
Kingdom related to duty on imports dating back to 2009, recorded
under the provisions of U.S. GAAP. The Company continues to
vigorously pursue the claim. (3) Represents the consolidated impact
of foreign exchange rates on the re-measurement of balance sheet
items not denominated in functional currency recorded under the
provisions of U.S. GAAP and transactional gains and losses. This
does not include any impact on margin associated with the
translation of revenues or the foreign subsidiaries' purchase of
inventory in U.S. dollars. (4) Represents the costs associated with
opening the first company-owned location in China, including
start-up costs and store preopening. (5) Includes certain discrete
items, including the impact of the adoption of a new accounting
standards in Q1 2017 and the impact of the Tax Cuts and Job Act in
Q4 2017. In 2016, the Company recorded a valuation allowance in
certain foreign jurisdictions. (6) Represents the aggregate impact
of the pre-tax adjustments, excluding income tax valuation
allowance on income tax expense for the respective periods. (7)
These pre-tax adjustments totaled $0.1 million and $ 4.7 million
for the 13 weeks ended December 30, 2017 and December 31, 2016,
respectively, and $(1.3) million and $5.7 million for the 52 weeks
ended December 30, 2017 and December 31, 2016, respectively.
Build-A-Bear Workshop, Inc. and subsidiaries
Selected recast historical financial information (unaudited)
(dollars in millions) Fiscal
2017
13 weeks endedApril 29,
2017
13 weeks endedJuly 29,
2017
13 weeks endedOctober
28,2017
39 weeks endedOctober
28,2017
Net retail sales $ 88.7 $ 76.4 $ 74.4 $ 239.5 Commercial revenue
2.0 2.1 1.2 5.3 Franchise fees 0.4 0.7
0.5 1.6
Total revenues 91.1 79.2
76.1 246.4 Cost of merchandise sold - retail 46.5 42.3 43.3
132.1 Cost of merchandise sold - commercial 1.1
1.2 0.6 2.9
Total cost
of merchandise sold ($) 47.6 43.5 43.9 135.0 Total cost of
merchandise sold (%) 1 52.3 % 54.9 % 57.7 % 54.8 % Selling,
general and administrative 38.3 35.1 35.7 109.1 Store preopening
0.9 0.7 0.5 2.1 Interest expense/(income) - -
- -
Income/(loss) before
income taxes $ 4.3 $ (0.1 ) $ (4.0 ) $ 0.2 Income/(loss) before
income taxes (%) 1 4.7 % (0.1 )% (5.3 )% 0.1 %
Retail
gross margin ($) 2 42.2 34.1 31.1 107.4 Retail gross
margin (%) 2 47.6 % 44.6 % 41.8 % 44.8 % Comparable sales
change 3 North America (7.3 )% (7.0 )% (4.6 )% (6.4 )% Europe/Other
0.8 % (5.4 )% (6.4 )% (3.7 )%
Consolidated (6.0 )% (6.8 )% (4.9 )% (5.9 )% Stores (6.3 )%
(7.2 )% (4.8 )% (6.1 )% E-Commerce 0.3 % 4.0 %
(7.2 )% (1.3 )% Consolidated (6.0 )% (6.8 )% (4.9 )% (5.9 )%
Store count 337 353 352 352
Selected
balance sheet information: Cash $ 30.2 $ 12.2 $ 11.4 $ 11.4
Inventory $ 55.2 $ 59.4 $ 62.9 $ 62.9 (1) Selected
statement of income data expressed as a percentage of total
revenues. (2) Retail gross margin represents net retail sales less
cost of merchandise sold - retail. Retail gross margin percentage
represents retail gross margin divided by net retail sales. (3)
Comparable sales percentage changes are based on net retail sales
and exclude the impact of foreign exchange. Stores are considered
comparable beginning in their thirteenth full month of operation.
Build-A-Bear Workshop, Inc. and subsidiaries
Selected recast historical financial information (unaudited)
(dollars in millions) Fiscal
2016
13 weeks endedApril 30,
2016
13 weeks endedJuly 30,
2016
13 weeks endedOctober
29,2016
13 weeks endedJanuary
28,2017
52 weeks endedJanuary
28,2017
Net retail sales $ 92.1 $ 79.2 $ 74.3 $ 112.1 $ 357.7 Commercial
revenue 0.6 0.9 1.2 1.5 4.2 Franchise fees 0.4
0.4 0.7 0.7 2.2
Total revenues 93.1 80.5 76.2 114.3 364.1 Cost of
merchandise sold - retail 47.4 44.7 44.4 59.3 195.8 Cost of
merchandise sold - commercial 0.3 0.4
0.7 0.8 2.2
Total cost
of merchandise sold ($) 47.7 45.1 45.1 60.1 198.0 Total cost of
merchandise sold (%) 1 51.2 % 56.0 % 59.2 % 52.6 % 54.4 %
Selling, general and administrative 37.9 36.5 33.9 46.6 154.9 Store
preopening 1.5 0.9 0.8 0.3 3.5 Interest expense/(income) -
- - 0.1 0.1
Income/(loss) before income taxes $ 6.0 $ (2.0 ) $
(3.6 ) $ 7.2 $ 7.6 Income/(loss) before income taxes (%) 1 6.4 %
(2.5 )% (4.7 )% 6.3 % 2.1 %
Retail gross margin ($)
2 44.7 34.5 29.9 52.8 161.9 Retail gross margin (%) 2 48.5 %
43.6 % 40.2 % 47.1 % 45.3 % Comparable sales change 3 North
America 2.1 % (10.4 )% 3.9 % (10.5 )% (4.7 )% Europe/Other
(3.0 )% (12.6 )% 1.3 % (1.1 )% (3.6 )%
Consolidated 1.2 % (10.8 )% 3.4 % (8.8 )% (4.5 )% Stores 1.1
% (11.5 )% 2.7 % (9.4 )% (5.0 )% E-Commerce 5.4 %
13.0 % 19.1 % (0.1 )% 6.3 % Consolidated 1.2 %
(10.8 )% 3.4 % (8.8 )% (4.5 )% Store count 321 322 337 338
338
Selected balance sheet information: Cash $
20.6 $ 10.7 $ 5.5 $ 27.7 $ 27.7 Inventory $ 56.5 $ 54.2 $ 58.4 $
56.7 $ 56.7 (1) Selected statement of income data
expressed as a percentage of total revenues. (2) Retail gross
margin represents net retail sales less cost of merchandise sold -
retail. Retail gross margin percentage represents retail gross
margin divided by net retail sales. (3) Comparable sales percentage
changes are based on net retail sales and exclude the impact of
foreign exchange. Stores are considered comparable beginning in
their thirteenth full month of operation.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180215005344/en/
Build-A-Bear WorkshopInvestors:Voin Todorovic, 314-423-8000
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