Build-A-Bear Q1 Sales Dip Slightly, EPS Down

TL;DR

Build-A-Bear Q1 sales slightly down to $103.7M, EPS $0.34. Cash $15M.

AI Summary

Build-A-Bear Workshop Inc. reported its first quarter results for the period ending May 4, 2024. The company's net sales were $103.7 million, a slight decrease from $103.9 million in the same period last year. Diluted earnings per share were $0.34, down from $0.35 year-over-year. The company ended the quarter with $15.0 million in cash and cash equivalents.

Why It Matters

This filing provides insight into Build-A-Bear's recent financial performance, indicating a slight slowdown in sales and profitability which could impact investor confidence and future growth strategies.

Risk Assessment

Risk Level: medium — The slight decrease in sales and earnings per share, coupled with a competitive retail environment, suggests potential headwinds for the company.

Key Numbers

• $103.7M — Net Sales (For the first quarter ended May 4, 2024, a slight decrease from the prior year.)
• $0.34 — Diluted EPS (For the first quarter ended May 4, 2024, a decrease from $0.35 in the prior year.)
• $15.0M — Cash and Cash Equivalents (Represents the company's liquidity at the end of the reporting period.)

Key Players & Entities

• BUILD-A-BEAR WORKSHOP INC (company) — Filer
• Sharon John (person) — President and Chief Executive Officer
• $103.7 million (dollar_amount) — Net Sales for the period ending May 4, 2024
• $103.9 million (dollar_amount) — Net Sales for the same period last year
• $0.34 (dollar_amount) — Diluted earnings per share for the period ending May 4, 2024
• $0.35 (dollar_amount) — Diluted earnings per share for the same period last year
• $15.0 million (dollar_amount) — Cash and cash equivalents at the end of the quarter
• May 4, 2024 (date) — End of the reporting period

FAQ

Filing Documents

• bbw20240430_10q.htm (10-Q) — 908KB
• ex_664790.htm (EX-31.1) — 15KB
• ex_664791.htm (EX-31.2) — 14KB
• ex_664792.htm (EX-32.1) — 5KB
• ex_664793.htm (EX-32.2) — 5KB
• 0001437749-24-020140.txt ( ) — 5050KB
• bbw-20240504.xsd (EX-101.SCH) — 44KB
• bbw-20240504_cal.xml (EX-101.CAL) — 41KB
• bbw-20240504_def.xml (EX-101.DEF) — 274KB
• bbw-20240504_lab.xml (EX-101.LAB) — 274KB
• bbw-20240504_pre.xml (EX-101.PRE) — 306KB
• bbw20240430_10q_htm.xml (XML) — 847KB

Financial Information

Part I Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

Other Information

Part II Other Information Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 6. Exhibits 26

Signatures

Signatures 27 3 Table of Contents

-FINANCIAL INFORMATION

PART I-FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share and per share data) May 4, February 3, April 29, 2024 2024 2023 (Unaudited) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 38,233 $ 44,327 $ 32,819 Inventories, net 64,024 63,499 66,489 Receivables, net 9,547 8,569 13,307 Prepaid expenses and other current assets 12,046 11,377 13,503 Total current assets 123,850 127,772 126,118 Operating lease right-of-use asset 72,783 73,443 73,780 Property and equipment, net 53,897 55,262 50,385 Deferred tax assets 8,672 8,682 6,642 Other assets, net 6,074 7,166 4,785 Total Assets $ 265,276 $ 272,325 $ 261,710 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 14,793 $ 16,170 $ 13,686 Accrued expenses 19,552 19,954 27,272 Operating lease liability short term 24,276 25,961 27,843 Gift cards and customer deposits 16,620 18,134 18,637 Deferred revenue and other 3,432 3,514 5,010 Total current liabilities 78,673 83,733 92,448 Operating lease liability long term 56,906 57,609 59,030 Other long-term liabilities 1,356 1,321 1,260 Stockholders' equity: Preferred stock, par value $ 0.01 , Shares authorized: 15,000,000 ; No shares issued or outstanding at May 4, 2024, February 3, 2024 and April 29, 2023 - - - Common stock, par value $ 0.01 , Shares authorized: 50,000,000 ; Issued and outstanding: 13,914,176 , 14,172,362 , and 14,938,825 shares, respectively 139 142 149 Additional paid-in capital 64,065 66,330 70,324 Accumulated other comprehensive loss ( 12,153 ) ( 12,082 ) ( 12,177 ) Retained earnings 76,290 75,272 50,676 Total stockholders' equity 128,341 129,662 108,972 Total Liabilities and Stockholders' Equity $ 265,276 $ 272,325 $ 261,710 See accompanying notes to condensed consolidated financial statements. 4 Table of Contents BUILD-A-BEAR WO

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View this 10-Q filing on SEC EDGAR