Press Release
Build-A-Bear Workshop, Inc. Reports Fiscal Year 2017 Pre-Tax Income above Guidance
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
Additional Fiscal Year 2017 Details (52 weeks ended
-
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 andEurope 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
-
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 inEurope 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
Balance Sheet:
As of
Share Repurchase:
The Company repurchased 401,400 shares of its common stock for
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
Accounting Changes Impacting Revenue Recognition:
In
Tax Implications of the Tax Cuts and Jobs Act (TCJA):
On
2018 Preliminary Expectations:
The Company is providing guidance for its preliminary GAAP expectations
for fiscal year 2018, (52 weeks ending
-
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:
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
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.
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
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
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 ended |
13 weeks ended |
13 weeks ended |
39 weeks ended |
|||||||||||||||
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 ended |
13 weeks ended |
13 weeks ended |
13 weeks ended |
52 weeks ended |
||||||||||||||||||
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/
Source:
Build-A-Bear Workshop
Investors:
Voin Todorovic, 314-423-8000
x5221
or
Media:
Beth Kerley
bethk@buildabear.com