US Market News
7日前
Build-A-Bear Workshop Reports First Quarter Fiscal 2026 ResultsMay 28, 2026 6:45 AM
Business Wire Build-A-Bear Workshop, Inc. (NYSE: BBW) today announced results for the first quarter of fiscal year 2026 ended May 2, 2026. First-quarter total revenues were $125.3 million, compared to $128.4 million First-quarter pre-tax income was $23.9 million, compared to $19.6 million; adjusted pre-tax income was $16.9 million1 First-quarter diluted earnings per share (“EPS”) totaled $1.45, compared to $1.17; adjusted EPS totaled $1.03 1 For the first quarter of 2026, the Company returned $14.2 million to shareholders through share repurchases and quarterly dividends The Company updates its fiscal 2026 revenue and pre-tax income outlook, incorporating revised sales expectations and tariff refund “Although there were positive highlights for the period, given a more uncertain economic environment, with consumer traffic posing a challenge, our results were lower-than-expected for the quarter. While we are taking steps to address this, our focus remains on executing the strategic initiatives designed to leverage the power of the Build-A-Bear brand as we transition to Chris Hurt’s leadership,” commented Sharon Price John, President and Chief Executive Officer of Build-A-Bear Workshop. Chris Hurt, Chief Operations Officer and Chief Executive Officer-elect of Build-A-Bear Workshop, added, “Looking to the balance of the year, we remain focused on continuing to drive long-term growth by increasing the number of experience locations across the globe, including the back-half grand opening of our new multi-level store in Orlando, and expanding our wholesale business. Even with that, when reflecting on our less-than-expected first quarter direct-to-consumer performance and the overall economic environment, we have chosen to lower our annual revenue guidance, while, notably, still maintaining a range above last year’s record result. Separately, given the tariff refund, we have simultaneously increased our pre-tax outlook.” Voin Todorovic, Chief Financial Officer of Build-A-Bear Workshop, concluded, “Supported by the continued strong profitability and diversification of our business, solid cash flow generation and disciplined capital allocation enabled us to return $46 million to shareholders over the past 12 months through share repurchases and quarterly dividends, including over $14 million in the first quarter.” First Quarter Fiscal 2026 Results (13 weeks ended May 2, 2026, compared to the 13 weeks ended May 3, 2025) Total revenues were $125.3 million and decreased 2.4% Net retail sales were $113.5 million and decreased 5.1% Consolidated e-commerce demand (online orders fulfilled from either the Company’s warehouses or its stores) decreased 26.1% Commercial and international franchise revenues were a combined $11.8 million and increased 34.1% Pre-tax income was $23.9 million, or 19.0% of total revenues, compared to $19.6 million, or 15.3% of total revenues, in the prior-year quarter. The 370-basis point increase in pre-tax margin reflects a 700-basis-point increase in gross margin, including a 560 basis-point benefit from the $7 million International Emergency Economic Powers Act (“IEEPA”) tariff refund related to prior fiscal year costs, with the remaining 140-basis-points primarily driven by selective price increases, and deleverage from higher occupancy costs. These gains were partially offset by a 310-basis-point increase in selling, general, and administrative expense (“SG&A”), mainly from higher total compensation costs, general inflationary pressures, and longer-range investments, as well as lower interest income. Excluding the $7 million tariff refund related to prior fiscal year costs, adjusted pre-tax income was $16.9 million,1 or 13.5% of revenue. Diluted EPS of $1.45, compared with $1.17, reflecting higher pre-tax income and a lower share count, partially offset by a higher income tax rate. Excluding the $7 million impact from the tariff refund related to prior fiscal year costs, adjusted EPS totaled $1.03. 1 Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $27.8 million, increased by 20.2%, and represented 22.2% of total revenues. Excluding the $7 million impact from the tariff refund related to prior fiscal year costs, adjusted EBITDA was $20.8 million, representing 16.6% of total revenues. 1 Store Activity For the quarter, the Company delivered net new unit growth of seven global experience locations, comprised of one corporately-managed location, three partner-operated locations, and three franchise locations. At the end of the quarter, Build-A-Bear had 669 global locations, comprised of 376 corporately-managed locations, 181 partner-operated locations, and 112 franchise locations. Balance Sheet At the end of the first quarter, cash and cash equivalents totaled $26.2 million, a decrease of $18.1 million, or 40.9%, compared to $44.3 million at the end of the first quarter last year. The Company finished the quarter with no borrowings under its revolving credit facility. Inventory at quarter end was $77.8 million, an increase of $5.6 million, or 7.7%, mainly driven by tariffs, as well as inventory levels required to support expected increases in sales activity. The Company remains comfortable with the level and composition of its inventory. For the first quarter, capital expenditures totaled $6.9 million, compared to $2.9 million last year. Return of Capital to Shareholders For the first quarter, the Company utilized $11.4 million in cash to repurchase 248,118 shares of common stock and paid shareholders a $2.9 million quarterly cash dividend. Since the end of the first quarter through May 27, the Company has utilized $3.3 million in cash to repurchase an additional 89,966 shares of its common stock. The Company has $47.0 million remaining under the board-authorized $100.0 million stock repurchase program adopted on September 11, 2024. 2026 Outlook The Company updates its 2026 outlook, decreasing revenue and revising pre-tax income guidance. Specifically, for fiscal 2026 the Company now expects: Total revenue of $530 million to $550 million Pre-tax income of $72 million to $78 million This updated pre-tax income outlook reflects an approximately $13 million IEEPA tariff refund, partially offset by lower-than-expected operating performance. Excluding the approximately $7 million impact from the tariff refund related to prior fiscal year costs, for fiscal 2026 the Company expects adjusted pre-tax income of $65 million to $71 million.1 Our outlook also reflects approximately $10 million of ongoing Section 122 tariffs and related costs, assuming the current 10% tariff rate remains in effect for the balance of the year, as well as approximately $3 million in longer-range investments. In addition, for fiscal 2026, the Company continues to expect: Net new unit growth of at least 50 experience locations through a combination of corporately-managed, partner-operated, and franchise business models Commercial revenue growth of at least 20% Capital expenditures of $22 million to $25 million Depreciation and amortization to approximate $16 million Income tax rate to approximate 24%, excluding discrete items The Company’s outlook considers various factors, including tariffs, labor costs, changes in freight expense, and ongoing inflationary challenges. Separately, the Company’s outlook does not contemplate any further material changes in the geopolitical environment, macroeconomic conditions, relevant foreign currency exchange rates, or tariffs, including the timing and amount of tariff refund recoveries. _______________________________ 1 See supplemental schedules for additional information, including the GAAP and Non-GAAP reconciliations. Note Regarding Non-GAAP Financial Measures In this press release, the Company’s financial results are provided in accordance with generally accepted accounting principles (GAAP) and using certain non-GAAP financial measures. In particular, the Company provides historic income adjusted to exclude certain costs, 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. These non-GAAP financial measures are defined and reconciled to the most comparable GAAP measure later in this document. Webcast and Conference Call Information Today, at 9:00 a.m. ET, Build-A-Bear Workshop will host a conference call with investors and financial analysts to discuss its financial results. The call will be webcast on Build-A-Bear’s Investor Relations website at https://IR.buildabear.com. The dial-in number for the live conference call is (201) 493-6780 (toll/international) or (877) 407-3982 (toll-free). The access code is Build-A-Bear. The live Internet broadcast may be accessed at https://IR.buildabear.com. The call is expected to conclude by 10:00 a.m. ET. A replay of the conference call webcast will be available on the investor relations website for one year. A telephone replay will be available from approximately 1:00 p.m. ET on Thursday, May 28, 2026, until 11:59 p.m. ET on Thursday, June 18, 2026, and can be accessed by calling (412) 317-6671 (toll/international) or (844) 512-2921 (toll-free). The access code is 13759998. About Build-A-Bear Founded in 1997, Build-A-Bear is a leading global retailtainment brand on a mission to add a little more heart to life. At Build-A-Bear, guests are invited to create personalized furry friends through a unique stuffing, dressing, accessorizing and naming process, accentuated by a memorable "heart ceremony" that creates moments of connection for people of all ages. Over the years, Build-A-Bear has grown into a multi-generational phenomenon, positioned at the intersection of pop-culture trends. Beyond its signature retail experience, the brand also offers pre-stuffed plush, gifting, partnerships with best-in-class licensed and collectible characters, and original storytelling through Build-A-Bear Entertainment, LLC. Build-A-Bear’s current brand platform and message, “The Stuff You Love,” crosses ages and cultures while celebrating nearly 30 years of helping people mark life’s meaningful moments. Today, Build-A-Bear operates more than 650 company-owned, partner-operated, and franchise experience locations across more than 30 countries, complemented by buildabear.com. Build-A-Bear Workshop, Inc. (NYSE: BBW) reported $529.8 million in total revenues for fiscal 2025, representing the Company's 5th consecutive year of record results. Learn more at 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 the information concerning 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 captions entitled “Risk Factors” and “Forward-Looking Statements” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on April 16, 2026, and other periodic reports filed with the SEC which are incorporated herein. All 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 Operations (dollars in thousands, except share and per share data) 13 Weeks 13 Weeks Ended Ended May 2, % of Total May 3, % of Total 2026 Revenues(1) 2025 Revenues(1) Revenues: Net retail sales $ 113,466 90.6 $ 119,589 93.1 Commercial revenue 10,948 8.7 7,623 5.9 International franchising revenue 856 0.7 1,183 1.0 Total revenues 125,270 100.0 128,395 100.0 Costs and expenses: Cost of merchandise sold - retail (1) 40,338 35.6 51,571 43.1 Cost of merchandise sold - commercial (1) 4,419 40.4 3,014 39.5 Cost of merchandise sold - international franchising (1) 641 74.9 824 69.7 Total cost of merchandise sold 45,398 36.2 55,409 43.2 Consolidated gross profit 79,872 63.8 72,986 56.8 Selling, general and administrative expense 56,126 44.8 53,555 41.7 Interest expense (income), net (134 ) (0.1 ) (200 ) (0.2 ) Income before income taxes 23,880 19.1 19,631 15.3 Income tax expense 5,581 4.5 4,312 3.4 Net income $ 18,299 14.6 $ 15,319 11.9 Income per common share: Basic $ 1.45 $ 1.17 Diluted $ 1.45 $ 1.17 Shares used in computing common per share amounts: Basic 12,584,388 13,080,301 Diluted 12,638,710 13,144,243 (1) Selected statement of operations data expressed as a percentage of total revenues, except cost of merchandise sold - retail, cost of merchandise sold - commercial and cost of merchandise sold - international franchising that are expressed as a percentage of net retail sales, commercial revenue and international franchising revenue, respectively. Percentages will not total due to cost of merchandise sold being expressed as a percentage of net retail sales, commercial revenue or international franchising revenue and immaterial rounding. BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (dollars in thousands, except per share data) May 2, January 31, May 3, 2026 2026 2025 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 26,247 $ 26,755 $ 44,342 Inventories, net 77,806 82,203 72,299 Receivables, net 31,630 21,459 13,800 Prepaid expenses and other current assets 12,149 9,603 12,156 Total current assets 147,832 140,020 142,597 Operating lease right-of-use asset $ 119,622 121,129 92,699 Property and equipment, net 73,778 70,926 59,260 Deferred tax assets 7,243 7,370 7,667 Other assets, net 5,610 6,008 6,080 Total Assets $ 354,085 $ 345,453 $ 308,303 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 15,994 $ 15,318 $ 15,890 Accrued expenses 33,932 26,104 24,273 Operating lease liability short term 28,276 28,651 26,507 Gift cards and customer deposits 14,260 15,289 14,851 Deferred revenue and other 4,142 5,264 3,830 Total current liabilities 96,604 90,626 85,351 Operating lease liability long term 97,414 98,647 72,957 Other long-term liabilities 1,048 1,152 1,313 Stockholders' equity: Common stock, par value $0.01 per share 126 128 132 Additional paid-in capital 59,919 60,821 61,602 Accumulated other comprehensive loss (10,939 ) (10,760 ) (11,295 ) Retained earnings 109,913 104,839 98,243 Total stockholders' equity 159,019 155,028 148,682 Total Liabilities and Stockholders' Equity $ 354,085 $ 345,453 $ 308,303 BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES Unaudited Selected Financial and Store Data (dollars in thousands) 13 Weeks 13 Weeks Ended Ended May 2, May 3, 2026 2025 Other financial data: Retail gross margin ($) (1) $ 73,128 $ 68,018 Retail gross margin (%) (1) 64.4 % 56.9 % Capital expenditures (2) $ 6,869 $ 2,907 Depreciation and amortization $ 4,002 $ 3,700 Store data (3): Number of corporately-managed retail locations at end of period North America 334 328 Europe 42 41 Total corporately-managed retail locations 376 369 Number of franchise stores at end of period 112 96 Number of third-party retail locations at end of period 181 148 Corporately-managed store square footage at end of period (4) North America 748,434 733,675 Europe 58,166 57,015 Total square footage 806,600 790,690 (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. Store impairment is excluded from retail gross margin. (2) Capital expenditures represents cash paid for property, equipment, and other assets. (3) Excludes e-commerce. North American stores are located in the United States, Puerto Rico and Canada. In Europe, stores are located in the United Kingdom and Ireland. Seasonal locations not included in store count. (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. Seasonal locations not included in the store count. * Non-GAAP Financial Measures BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP figures (dollars in thousands except per share data) The following table provides a reconciliation of pre-tax income to adjusted pre-tax income for the periods indicated: 13 Weeks 13 Weeks Ended Ended May 2, May 3, 2026 2025 Income before income taxes (pre-tax) $ 23,880 $ 19,631 IEEPA tariff refund related to fiscal 2025(1) (7,000 ) - Adjusted income before income taxes (pre-tax) $ 16,880 $ 19,631 The following table provides a reconciliation of net income to adjusted net income and net income per diluted share to adjusted net income per diluted share for the periods indicated: 13 Weeks 13 Weeks Ended Ended May 2, May 3, 2026 2025 Net income $ 18,299 $ 15,319 IEEPA tariff refund related to fiscal 2025, tax affected(2) (5,338 ) - Adjusted net income $ 12,961 $ 15,319 Net income per diluted share (EPS) 1.45 1.17 Adjusted net income per diluted share (adjusted EPS) 1.03 1.17 The following table provides a reconciliation of pre-tax income to Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA for the periods indicated: 13 Weeks 13 Weeks Ended Ended May 2, May 3, 2026 2025 Income before income taxes (pre-tax) $ 23,880 $ 19,631 Interest (income) expense, net (134 ) (200 ) Depreciation and amortization expense 4,002 3,700 EBITDA $ 27,748 $ 23,131 Adjustments to EBITDA IEEPA tariff refund related to fiscal 2025(1) (7,000 ) - Adjusted EBITDA $ 20,748 $ 23,131 The following table provides a reconciliation of fiscal 2026 pre-tax income outlook to Adjusted pre-tax income outlook: Fiscal 2026 outlook Income before income taxes (pre-tax) $ 72,000 $ 78,000 IEEPA tariff refund related to fiscal 2025(1) (7,000 ) (7,000 ) Adjusted income before income taxes (pre-tax) $ 65,000 $ 71,000 (1) Relates to tariff refund attributable mainly to the second half of fiscal 2025 (2) Relates to tariff refund attributable mainly to the second half of fiscal 2025 net of income tax effect View source version on businesswire.com: https://www.businesswire.com/news/home/20260528457773/en/ Investor Relations Contact
Gary Schnierow, Vice President, Investor Relations & Corporate Finance
garys@buildabear.com Media Relations Contact
pr@buildabear.com Original: Build-A-Bear Workshop Reports First Quarter Fiscal 2026 Results
US Market News
3月前
Build-A-Bear Workshop Announces Chief Executive Officer SuccessionMarch 12, 2026 6:45 AM
Business Wire
Chris Hurt To Become Chief Executive Officer as Sharon Price John To Retire From Position Following Planned Transition Period
The Board of Directors of Build-A-Bear Workshop (NYSE: BBW) announced today that as part of a multi-year planned succession process, longtime Build-A-Bear President and CEO Sharon Price John intends to retire from her role effective June 11, 2026, the date of the Company’s Annual Shareholders’ Meeting. In a unanimous vote, the Board appointed the Company’s tenured Chief Operations and Experience Officer Chris Hurt to succeed Price John as Chief Executive Officer, who will transition her responsibilities to Hurt during this period. The Board also appointed Hurt to the Board of Directors effective upon assuming the CEO role, and Price John will remain on the Board and help to ensure a smooth transition.
“Chris has clearly demonstrated his knowledge, skill, leadership and passion over the last ten years, and in turn, has generated tremendous value for Build-A-Bear and its stakeholders. He also has a remarkable ability to connect with the organization in a way that not only creates a strong culture but drives people toward success, making him the ideal candidate,” said Craig Leavitt, Chairman of Build-A-Bear Workshop’s Board of Directors. “Chris’s appointment concludes a thorough and extensive succession planning process in which we partnered with a best-in-class firm to aid in the assessment and exploratory search. His outstanding record of business achievement, strategic initiative, exceptional knowledge and trust of the organization, as well as his dedication to the continued success and expansion of the company, served as proof points supporting the Board’s confidence that he is uniquely prepared to drive the corporation forward in a manner that is designed to continue creating long-term shareholder value.”
During his decade-long tenure at the beloved global experiential brand and retail company, Hurt has played an invaluable part in both the organization’s multi-year turnaround as well as development and execution of the company’s strategy that has driven the current positive results including today’s announcement of its 5th consecutive record year for fiscal 2025. While Hurt’s comprehensive areas of oversight have included Real Estate, International, Logistics, and more recently, Merchandising, Marketing and Licensing, he was originally hired and spent the majority of his tenure leading the Company’s global retail organization, representing its largest revenue generating business unit overseeing over 4,000 employees. Not only did Hurt play a critical role driving initiatives that returned the store fleet to profitability, posting significant expansion in store contribution margin, he is also the architect of the recent successful global expansion of Build-A-Bear, leveraging a unique capital light partner-operated model to efficiently introduce the brand to more fans around the world.
“Chris has proven himself as a great leader and, given his success overseeing multiple areas at the company, has had the outstanding and diverse experience to prepare him to be our next CEO,” said Price John. “He has been an incredible partner over the last ten years and brings a consumer-centric, brand-building, data-driven approach to everything he touches. As an instrumental contributor to the current success of the company, Chris understands and simultaneously embraces our heart-felt culture combined with both a drive and ability to continue to move the organization to even greater heights. I look forward to continuing to serve on the Board and as an advisor to Chris in his new role.”
Since 2013, Price John and her leadership team have overseen a financial turnaround to return to profitability and spearheaded a strategic transformation to leverage the power of the brand to expand the business across a number of initiatives including extending the addressable market and the global footprint. This was in conjunction with successfully guiding the organization through periods of significant external disruption, including COVID, while building a team, improving the corporate infrastructure, and executing an on-going digital transformation to position the company to scale at a more rapid pace while driving profitable growth.
“I would like to express my appreciation to the Board for entrusting me with this opportunity to continue to expand on our successful strategy as the next CEO of Build-A-Bear, a company that means so much to me,” said Hurt. “During my time at Build-A-Bear I have learned and intend to continue to honor that our real power comes from our associates and the memorable moments we create for guests of all ages around the world each day through our amazing in-store experiences.”
“I would also like to personally thank Sharon for her friendship, on-going counsel and inarguable positive impact on this company while acknowledging our founder Maxine Clark for her support and legendary work as a pioneer in experiential retail,” concluded Hurt.
“On behalf of the entire Board, we would also like to extend our appreciation to Sharon,” continued Leavitt. “Over nearly thirteen years after taking over from the founder, Sharon has led Build-A-Bear with heart while identifying and driving toward a powerful vision for the company designed to leverage and monetize the enormous equity of this iconic brand, which has delivered exceptional results and shareholder return.”
About Chris Hurt
Since joining Build-A-Bear Workshop in 2015, Hurt served as Chief Operations Officer, and more recently, Chief Operations and Experience Officer. Much of his tenure focused on restructuring the organization’s largest business unit, the global retail management and operations team, including guest experience, real estate, build-out, and logistics. During his oversight, the company executed a successful multi-dimensional retail turnaround, resulting in best-in-class vertical retail operations, generating top-tier profitability for the experience-driven brand as well as reigniting international expansion. Since early 2024, Chris shifted his operational and consumer-insight expertise to redefine the Brand, Merchandising, Marketing and Licensing areas of the business where he has further extended consumer segments and categories through product expansion and engaging brand initiatives. Prior to joining the Company, Hurt was at American Eagle Outfitters, Inc. from 2002 to 2015 in various senior leadership roles of increasing responsibility, including Senior Vice President of North America, Vice President/General Manager of the Factory stores, Zone Vice President and Regional Director. Prior to that, Hurt held positions of increasing responsibility at Polo Ralph Lauren after starting his career at The Procter & Gamble Company.
Succession Planning Process
Hurt’s election as CEO concludes a thorough and extensive succession planning process driven by the Board with the goal of identifying a leadership transition that aligns with the company’s culture, long-term strategic objectives, and shareholder interests. The full Board undertook a deliberate, multi-year succession planning process, meeting regularly to evaluate internal and external candidates, transition structures, organizational frameworks, and planning for potential impacts of succession decisions across the company. It also engaged a best-in-class global consulting and search firm in completing the process. Hurt also underwent a rigorous preparation process with the aid of the firm, in addition to extensive mentorship from Price John, external coaching, and direct engagement with all directors.
About Build-A-Bear Workshop, Inc.
Founded in 1997, Build-A-Bear is a leading global retailtainment brand on a mission to add a little more heart to life. At Build-A-Bear, guests are invited to create personalized furry friends through a unique stuffing, dressing, accessorizing and naming process, accentuated by a memorable "heart ceremony" that creates moments of connection for people of all ages.
Over the years, Build-A-Bear has grown into a multi-generational phenomenon, positioned at the intersection of pop-culture trends. Beyond its signature retail experience, the brand also offers pre-stuffed plush, gifting, partnerships with best-in-class licensed and collectible characters, and original storytelling through Build-A-Bear Entertainment, LLC. Build-A-Bear’s current brand platform and message, “The Stuff You Love,” crosses ages and cultures while celebrating nearly 30 years of helping people mark life’s meaningful moments.
Today, Build-A-Bear operates more than 650 company-owned, partner-operated and franchise experience locations across more than 30 countries, complemented by buildabear.com. Build-A-Bear Workshop, Inc. (NYSE: BBW) reported $529.8 million in total revenues for fiscal 2025, representing the company's 5th consecutive year of record results. Learn more at 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 the information concerning 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 April 18, 2024 and other periodic reports filed with the SEC which are incorporated herein.
All 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260312922657/en/
Investor Relations Contact
Gary Schnierow, Vice President, Investor Relations & Corporate Finance
garys@buildabear.com
Media Relations Contact
pr@buildabear.com
Original: Build-A-Bear Workshop Announces Chief Executive Officer Succession
US Market News
3月前
Build-A-Bear Workshop Reports Fourth and Record Fiscal 2025 Results; Increases Quarterly DividendMarch 12, 2026 6:40 AM
Business Wire
Build-A-Bear Workshop, Inc. (NYSE: BBW) today announced results for the fourth quarter of fiscal year 2025 ended January 31, 2026.
Total revenues were a fourth-quarter record $154.5 million, compared to $150.4 million, and for the fiscal year, total revenues were also a record $529.8 million, compared to $496.4 million
Pre-tax income for the fourth quarter was $21.5 million, compared to $27.5 million, with an approximate $6 million tariff and related cost impact, and for the fiscal year, pre-tax income was a record $67.2 million, compared to $67.1 million, with an approximate $11 million tariff and related cost impact
Fourth-quarter diluted earnings per share totaled $1.26 versus $1.62; fiscal year diluted earnings per share totaled a record $3.99 versus $3.80
For fiscal 2025, the Company returned $39.0 million to shareholders through share repurchases and quarterly dividends
The Company increased its quarterly dividend by 4.5% to $0.23 per share
The Company introduces fiscal 2026 guidance, projecting total revenues to grow in the mid-single-digits and pre-tax income ranging from a mid-single-digit decline to low single-digit growth, inclusive of a full year of tariff and related costs, as well as longer-range investments
“We are pleased to report a year of solid revenue expansion, driven by growth across each of our three operating segments. This momentum, even amid external distractions, was further supported by the successful opening of more than 60 net new units across multiple geographies for the second year in a row,” commented Sharon Price John, President and Chief Executive Officer of Build-A-Bear Workshop. “Looking ahead, with a strong plan and key infrastructure in place, given we have now surpassed the half-billion-dollar milestone revenue mark this fiscal year, we are focused on further leveraging our success and the power of our brand to drive more incremental business,” concluded Ms. John.
Voin Todorovic, Chief Financial Officer of Build-A-Bear Workshop, added, “The company achieved its fifth consecutive year of record revenue and pre-tax income. These results reflect approximately $11 million in tariffs and related costs that we partially offset through continued operational excellence, strong store contribution margins, and actions to further diversify our business model. This consistent performance, together with solid cash flow generation, has enabled us to return more than $170 million to shareholders through stock repurchases and dividends over the past five years."
Fourth Quarter Fiscal 2025 Results
(13 weeks ended January 31, 2026, compared to the 13 weeks ended February 1, 2025)
Total revenues were $154.5 million and increased 2.7%.
Net retail sales were $139.5 million, consistent with the prior year.
Consolidated e-commerce demand (online orders fulfilled from either the Company’s warehouses or its stores) decreased 13.6%.
Commercial and International franchising segment revenues were a combined $15.1 million and increased 37.5%.
Pre-tax income was $21.5 million, or 13.9% of total revenues, compared to $27.5 million, or 18.3% of total revenues, in the prior-year quarter. This reflects approximately $6 million in tariffs and related costs, and over $1.2 million combined in increased medical expenses, and labor costs related to minimum wage increases, which was previously shared as part of a full-year estimate. The 440-basis-point reduction in pre-tax margin reflects a 140-basis-point decrease in gross margin, related to tariffs, partially offset by selective price increases, and a 300-basis-point increase in selling, general and administration (“SG&A”) expense, from higher total compensation costs, marketing expenses, and additional inflationary pressures.
Diluted earnings per share (“EPS”) of $1.26, compared with $1.62, reflecting lower pre-tax income and a higher income tax rate, partially offset by a reduction in share count.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $25.3 million, decreased by 18.9%, and represented 16.3% of total revenues.
Fiscal Year 2025 Results
(52 weeks ended January 31, 2026, compared to the 52 weeks ended February 1, 2025)
Total revenues were $529.8 million and increased 6.7%.
Net retail sales were $486.0 million and increased 5.6%.
Consolidated e-commerce demand (online orders fulfilled from either the Company’s warehouses or its stores) decreased 5.5%.
Commercial and International franchising segment revenues were a combined $43.9 million and increased 21.6%.
Pre-tax income was $67.2 million, or 12.7% of total revenues, compared to $67.1 million, or 13.5% of total revenues, in the prior year. This reflects approximately $11 million in tariffs and related costs, and $5 million in increased medical and labor costs, largely offset by revenue growth. The 80-basis-point decline in pre-tax margin reflects a 90-basis-point improvement in total gross margin driven by expansion in Retail gross margin from reduced promotional activity, leverage of fixed costs, and selective price increases, partially offset by the impact of tariffs, and a 170-basis-point increase in SG&A expense, from higher total compensation costs and additional inflationary pressures.
Diluted EPS of $3.99, compared with $3.80, reflecting higher pre-tax income, a reduction in share count, and a lower income tax rate.
EBITDA of $81.4 million, increased by 0.4%, and represented 15.0% of total revenues.
Store Activity
For the quarter, the Company had net new unit growth of 11 global experience locations, comprising 10 partner-operated and one franchise location. For the year, the Company had net new unit growth of 64 global experience locations, comprising seven corporately-managed, 40 partner-operated, and 17 franchise locations.
At the end of the fiscal year, Build-A-Bear had 662 locations, reflecting 375 corporately-managed, 178 partner-operated, and 109 franchise locations.
Balance Sheet
At fiscal year-end, cash and cash equivalents totaled $26.8 million, a decrease of $1.0 million, or 3.6%, compared with last year. The Company finished the quarter with no borrowings under its revolving credit facility.
For the fourth quarter and fiscal 2025, capital expenditures totaled $12.7 million and $25.5 million, respectively.
Inventory at fiscal year-end totaled $82.2 million, an increase of $12.4 million, or 17.8%, compared with last year, driven by higher tariffs and inventory levels required to support expected increased sales activity. The Company remains comfortable with the level and composition of its inventory.
Return of Capital to Shareholders
For the fourth quarter, the Company utilized $10.1 million in cash to repurchase 172,904 shares of its common stock and paid a quarterly cash dividend of $2.8 million to shareholders. For fiscal 2025, the Company utilized $27.5 million in cash to repurchase 508,945 shares of its common stock and paid $11.5 million in quarterly cash dividends to shareholders.
Since the end of the fourth quarter through March 11, the Company has utilized $6.7 million in cash to repurchase an additional 132,230 shares of its common stock. The Company has $55.0 million remaining under the board-authorized $100.0 million stock repurchase program adopted on September 11, 2024.
2026 Outlook
The Company issues the following fiscal 2026 outlook:
Total revenue growth on a mid-single-digit percentage basis
Pre-tax income to range from a mid-single-digit percentage decline to low-single-digit percentage growth, inclusive of approximately $16 million of tariff and related costs, assuming the current 10% tariff rate is in effect for the balance of the year, as well as approximately $3 million in longer-range investments
In addition, for fiscal 2026, the Company currently expects:
Net new unit growth of at least 50 experience locations through a combination of corporately-managed, partner-operated, and franchised business models
Commercial revenue growth of at least 20%
Capital expenditures in the range of $22 million to $25 million
Depreciation and amortization to approximate $16 million
Tax rate to approximate 24%, excluding discrete items
The Company’s outlook considers various factors, including tariffs, labor costs, changes in freight expense, and ongoing inflationary challenges. Separately, the Company’s outlook does not contemplate any further material changes in tariffs, the macroeconomic conditions, or relevant foreign currency exchange rates. Finally, the Company’s outlook does not take into account the potential impact of the current geopolitical environment arising from events in the Middle East.
Note Regarding 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 adjusted to exclude certain costs, 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. These non-GAAP financial measures are defined and reconciled to the most comparable GAAP measure later in this document.
Webcast and Conference Call Information
Today, at 9:00 AM ET, Build-A-Bear Workshop will host a conference call with investors and financial analysts to discuss its financial results. The call will be webcast on Build-A-Bear’s Investor Relations website, https://ir.buildabear.com.
The dial-in number for the live conference call is (877) 407-3982 or (201) 493-6780 for international callers. The access code is Build-A-Bear. The call is expected to conclude by 10 AM ET.
A replay of the conference call webcast will be available on the investor relations website for one year. A telephone replay will be available from approximately 1:00 p.m. ET on Thursday, March 12, 2026, until 11:59 p.m. ET on Thursday, March 26, 2026. The telephone replay is available by calling (412) 317-6671 (toll/international) or (844) 512-2921 (toll-free). The access code is 13758473.
About Build-A-Bear
Founded in 1997, Build-A-Bear is a leading global retailtainment brand on a mission to add a little more heart to life. At Build-A-Bear, guests are invited to create personalized furry friends through a unique stuffing, dressing, accessorizing and naming process, accentuated by a memorable "heart ceremony" that creates moments of connection for people of all ages.
Over the years, Build-A-Bear has grown into a multi-generational phenomenon, positioned at the intersection of pop-culture trends. Beyond its signature retail experience, the brand also offers pre-stuffed plush, gifting, partnerships with best-in-class licensed and collectible characters, and original storytelling through Build-A-Bear Entertainment, LLC. Build-A-Bear’s current brand platform and message, “The Stuff You Love,” crosses ages and cultures while celebrating nearly 30 years of helping people mark life’s meaningful moments.
Today, Build-A-Bear operates more than 650 company-owned, partner-operated and franchise experience locations across more than 30 countries, complemented by buildabear.com. Build-A-Bear Workshop, Inc. (NYSE: BBW) reported $529.8 million in total revenues for fiscal 2025, representing the company's 5th consecutive year of record results. Learn more at 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 the information concerning 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 April 18, 2024 and other periodic reports filed with the SEC which are incorporated herein.
All 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 Operations
(dollars in thousands, except share and per share data)
13 Weeks
13 Weeks
Ended
Ended
January 31,
% of Total
February 1,
% of Total
2026
Revenues (1)
2025
Revenues (1)
Revenues:
Net retail sales
$
139,464
90.3
$
139,499
92.7
Commercial revenue
13,558
8.8
9,529
6.3
International franchising
1,489
1.0
1,418
1.0
Total revenues
154,511
100.0
150,446
100.0
Cost of merchandise sold:
Cost of merchandise sold - retail (1)
61,328
44.0
60,062
43.1
Cost of merchandise sold - commercial (1)
6,655
49.1
4,229
44.4
Cost of merchandise sold - international franchising (1)
1,218
81.8
1,011
71.3
Total cost of merchandise sold
69,201
44.8
65,302
43.4
Consolidated gross profit
85,310
55.2
85,144
56.6
Selling, general and administrative expense
63,935
41.4
57,796
38.4
Interest (income) expense, net
(174
)
(0.1
)
(138
)
(0.1
)
Income before income taxes
21,549
13.9
27,486
18.3
Income tax expense
5,154
3.3
5,808
3.9
Net income
$
16,395
10.6
$
21,678
14.4
Income per common share:
Basic
$
1.26
$
1.63
Diluted
$
1.26
$
1.62
Shares used in computing common per share amounts:
Basic
12,978,854
13,297,099
Diluted
13,021,011
13,355,474
(1)
Selected statement of operations data expressed as a percentage of total revenues, except cost of merchandise sold - retail, cost of merchandise sold - commercial and cost of merchandise sold - international franchising that are expressed as a percentage of net retail sales, commercial revenue and international franchising, respectively. Percentages will not total due to cost of merchandise sold being expressed as a percentage of net retail sales, commercial revenue or international franchising and immaterial rounding.
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(dollars in thousands, except share and per share data)
52 Weeks
52 Weeks
Ended
Ended
January 31,
% of Total
February 1,
% of Total
2026
Revenues (1)
2025
Revenues (1)
Revenues:
Net retail sales
$
485,956
91.7
$
460,325
92.8
Commercial revenue
38,750
7.3
31,387
6.3
International franchising
5,126
1.0
4,692
0.9
Total revenues
529,832
100.0
496,404
100.0
Costs and expenses:
Cost of merchandise sold - retail (1)
213,229
43.9
207,200
45.0
Cost of merchandise sold - commercial (1)
17,199
44.4
13,439
42.8
Cost of merchandise sold - international franchising (1)
3,775
73.6
3,247
69.2
Total cost of merchandise sold
234,203
44.2
223,886
45.1
Consolidated gross profit
295,629
55.8
272,518
54.9
Selling, general and administrative expense
229,203
43.3
206,238
41.5
Interest expense (income), net
(801
)
(0.2
)
(861
)
(0.2
)
Income before income taxes
67,227
12.7
67,141
13.5
Income tax expense
15,024
2.8
15,356
3.1
Net income
$
52,203
9.9
$
51,785
10.4
Income per common share:
Basic
$
4.00
$
3.81
Diluted
$
3.99
$
3.80
Shares used in computing common per share amounts:
Basic
13,045,394
13,578,587
Diluted
13,083,436
13,621,075
(1)
Selected statement of operations data expressed as a percentage of total revenues, except cost of merchandise sold - retail, cost of merchandise sold - commercial and cost of merchandise sold - international franchising that are expressed as a percentage of net retail sales, commercial revenue and international franchising, respectively. Percentages will not total due to cost of merchandise sold being expressed as a percentage of net retail sales, commercial revenue or international franchising and immaterial rounding.
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands, except per share data)
January 31,
February 1,
February 3,
2026
2025
2024
ASSETS
Current assets:
Cash, cash equivalents and restricted cash
$
26,755
$
27,758
$
44,327
Inventories, net
82,203
69,775
63,499
Receivables, net
21,459
16,096
8,569
Prepaid expenses and other current assets
9,603
12,669
11,377
Total current assets
140,020
126,298
127,772
Operating lease right-of-use asset
$
121,129
90,200
73,443
Property and equipment, net
70,926
59,761
55,262
Deferred tax assets
7,370
7,596
8,682
Other assets, net
6,008
6,101
7,166
Total Assets
$
345,453
$
289,956
$
272,325
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
15,318
$
16,538
$
16,170
Accrued expenses
26,104
16,209
19,954
Operating lease liability short term
28,651
26,841
25,961
Gift cards and customer deposits
15,289
15,791
18,134
Deferred revenue and other
5,264
4,015
3,514
Total current liabilities
90,626
79,394
83,733
Operating lease liability long term
98,647
70,155
57,609
Other long-term liabilities
1,152
1,325
1,321
Stockholders' equity:
Common stock, par value $0.01 per share
128
133
142
Additional paid-in capital
60,821
61,987
66,330
Accumulated other comprehensive loss
(10,760
)
(12,554
)
(12,082
)
Retained earnings
104,839
89,516
75,272
Total stockholders' equity
155,028
139,082
129,662
Total Liabilities and Stockholders' Equity
$
345,453
$
289,956
$
272,325
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Unaudited Selected Financial and Store Data
(dollars in thousands)
13 Weeks
13 Weeks
52 Weeks
52 Weeks
Ended
Ended
Ended
Ended
January 31,
February 1,
January 31,
February 1,
2026
2025
2026
2025
Other financial data:
Retail gross margin ($) (1)
$
78,136
$
79,437
$
272,727
$
253,125
Retail gross margin (%) (1)
56.0
%
56.9
%
56.1
%
55.0
%
Capital expenditures (2)
$
12,674
$
9,746
$
25,545
$
19,317
Depreciation and amortization
$
3,885
$
3,790
$
14,952
$
14,772
Store data (3):
Number of corporately-managed retail locations at end of period
North America
333
328
Europe
42
40
Total corporately-managed retail locations
375
368
Number of franchised stores at end of period
109
83
Number of partner-operated locations at end of period
178
138
Corporately-managed store square footage at end of period (4)
North America
743,733
733,972
Europe
58,166
56,542
Total square footage
801,899
790,514
(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. Store impairment is excluded from retail gross margin.
(2)
Capital expenditures represents cash paid for property, equipment, and other assets.
(3)
Excludes e-commerce. North American stores are located in the United States and Canada. In Europe, stores are located in the United Kingdom and Ireland. Seasonal locations not included in store count.
(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. Seasonal locations not included in the store count.
* Non-GAAP Financial Measures
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP figures
(dollars in thousands)
Earnings before interest, taxes, depreciation and amortization (EBITDA)
Quarter
Quarter
Year
Year
Ended
Ended
Ended
Ended
January 31,
February 1,
January 31,
February 1,
2026
2025
2026
2025
Income before income taxes (pre-tax)
$
21,549
$
27,486
$
67,227
$
67,141
Interest (income) expense, net
(174
)
(138
)
(801
)
(861
)
Depreciation and amortization expense
3,885
3,790
14,952
14,772
Earnings before interest, taxes, depreciation and amortization (EBITDA)
$
25,260
$
31,138
$
81,378
$
81,052
View source version on businesswire.com: https://www.businesswire.com/news/home/20260312903527/en/
Investor Relations Contact
Gary Schnierow, Vice President, Investor Relations & Corporate Finance
garys@buildabear.com
Media Relations Contact
pr@buildabear.com
Original: Build-A-Bear Workshop Reports Fourth and Record Fiscal 2025 Results; Increases Quarterly Dividend