eastunder
4年前
Build-A-Bear Workshop, Inc. Exceeds Guidance With Pre-tax Income of $9.2 Million in Fiscal 2020 Fourth Quarter
Fourth quarter GAAP pre-tax income of $9.2 million, a 20.8% increase compared to the prior year period
Fourth quarter total revenue of $93.7 million, a 10.4% decrease compared to the prior year period
Fourth quarter e-commerce demand increases 104% compared to the prior year period
At year end, consolidated cash balance was $34.8 million, up $8.1 million from fiscal 2019 year-end, with no borrowings on the Company’s credit facility
March 10, 2021 06:45 AM Eastern Standard Time
read://https_www.businesswire.com/?url=https%3A%2F%2Fwww.businesswire.com%2Fnews%2Fhome%2F20210310005241%2Fen%2FBuild-A-Bear-Workshop-Inc.-Exceeds-Guidance-With-Pre-tax-Income-of-9.2-Million-in-Fiscal-2020-Fourth-Quarter
ST. LOUIS--(BUSINESS WIRE)--Build-A-Bear Workshop, Inc. (NYSE: BBW) today reported results for the fourth quarter and fiscal year 2020 ended January 30, 2021. The Company noted that the actions that were taken to respond to the COVID-19 pandemic combined with the disciplined execution of its stated strategy, inclusive of the acceleration of its digital transformation initiatives, led to growth in pre-tax income for the fiscal 2020 fourth quarter as compared to the fiscal 2019 fourth quarter.
“add a little more heart to life”
The Company’s total revenues also exceeded guidance, although still representing a decline compared to the prior year, largely driven by ongoing negative impact of the pandemic on its retail store operations as well as commercial and international franchising revenue. The negative impact in corporately-managed stores included a significant decline in traffic with an 18% reduction in store operating days driven by the forced closure of all of the Company’s locations in Europe for two-thirds of the quarter and a reduction of approximately 25% in operating hours in North America as compared to the fourth quarter of fiscal 2019.
Sharon Price John, Build-A-Bear Workshop President and Chief Executive Officer commented, “During a year with great global disruption, I am proud of our organization’s ability to rapidly respond and make the changes needed to deliver $9.2 million in pre-tax profit in the fourth quarter, an increase of over 20% compared to the prior year and exceeding previously issued guidance, as well as a stronger year-end cash position. Although there were challenges, we were able to accelerate important long-term strategic initiatives including moving forward with our digital transformation and rapidly evolving our retail model and capabilities while simultaneously managing our financial stability and liquidity.
“As we begin fiscal 2021, our operations continue to be negatively impacted by the pandemic with persistent temporary store closures affecting direct-to-consumer as well as commercial and international franchising revenue while e-commerce demand continues to be very strong across geographies fueled by Valentine’s product performance and the initial response to our Easter assortment. As we look forward, we are excited to announce plans to launch a product collection based on the highly popular Nintendo Switch game, Animal Crossing™: New Horizons, later this quarter. Separately, as announced yesterday, through our agreement with Sony Picture Worldwide Acquisitions, we anticipate a fall release of Honey Girls, a live-action film inspired by one of our popular proprietary intellectual properties and product lines. We remain focused on the advancement of our key strategies with the goal to deliver profitable growth as the macro-environment stabilizes,” concluded Ms. John continued.
Fourth Quarter 2020 Highlights (13 weeks ended January 30, 2021 compared to the 13 weeks ended February 1, 2020):
Total revenues were $93.7 million compared to $104.6 million in the fiscal 2019 fourth quarter reflecting:
Net retail sales of $91.9 million, an 8.7% decline from the fiscal 2019 fourth quarter with an 18% reduction in store operating days driven by temporary store closures, fewer operating hours and capacity limitations;
Consolidated e-commerce demand (orders generated online to be fulfilled from either the Company’s warehouse or its stores) rose 104% compared to the fiscal 2019 fourth quarter;
Commercial and international franchise revenues were $1.8 million compared to $3.9 million in the 2019 fiscal fourth quarter reflecting pandemic related operating closures; and
Total revenues included positive impact of $1.1 million related to the update of the Company’s gift card breakage rate due to lower redemptions versus historical averages.
Gross profit margin was 50.1% compared to 50.4% in the fiscal 2019 fourth quarter. These results include negative impact from non-cash asset impairment costs and rent recorded for the Company’s European stores for the full quarter despite the locations being closed for two-thirds of the period. Positive benefits include the impact related to gift card breakage with no associated costs and reduced occupancy expenses due to prior renegotiations of lease terms in the Company’s real estate portfolio;
Selling, general and administrative expenses (“SG&A”) were $37.8 million, a decrease of $7.4 million compared to the fiscal 2019 fourth quarter primarily due to lower payroll as a result of reduced store operating hours, lower corporate expenses as part of the Company’s cost containment initiatives, the positive impact of currency fluctuations, and a significant reduction of store marketing expense due to pandemic related store closures and capacity limitations. The reduction in SG&A reflects approximately $1.1 million in one-time benefits in the quarter;
GAAP pre-tax income was $9.2 million, a $1.6 million improvement compared to the fiscal 2019 fourth quarter, or a $0.4 million increase over the prior period on an adjusted basis (see reconciliation of GAAP to non-GAAP results);
Income tax expense was $321,000, reflecting the Company’s valuation allowance against net deferred tax assets. This compares to income tax expense of $1.4 million in the fiscal 2019 fourth quarter; and
Net income was $8.8 million, or $0.57 per diluted share, compared to net income of $6.2 million, or $0.42 per diluted share, in the fiscal 2019 fourth quarter; on an adjusted basis, net income increased $1.4 million to $0.47 per diluted share (see reconciliation of GAAP to non-GAAP results).
Fiscal Year 2020 Highlights (52 weeks ended January 30, 2021 compared to the 52 weeks ended February 1, 2020):
Total revenues were $255.3 million compared to $338.5 million in the 2019 fiscal year, reflecting:
Net retail sales of $249.2 million, a 23.0% decrease from the 2019 fiscal year with a 33.4% decline in store operating days driven by temporary store closures, reduced operating hours and capacity limitations;
E-commerce demand rose 133% compared to 2019 fiscal year; and
Commercial and international franchise revenues were $6.1 reflecting pandemic related operating closures.
Pre-tax loss was $21.8 million, compared to pre-tax income of $1.6 million in the 2019 fiscal year;
Income tax expense was $2.8 million, compared to income tax expense of $1.3 million in the 2019 fiscal year; and
Net loss was $24.6 million, or ($1.65) per share, as compared to net income of $0.3 million, or $0.02 per diluted share in the 2019 fiscal year.
Store Activity:
As of January 30, 2021, the Company had 354 corporately-managed stores with select locations continuing to be temporarily closed by government mandated restrictions. While the Company’s response to the pandemic included renegotiating over 90% of its corporately-managed store leases in fiscal 2020, it maintains a high level of lease optionality with over 75% of locations having a lease event within the next three years.
Separately, locations associated with the Company’s third-party retail model with relationships that include Carnival Cruise Lines, Great Wolf Lodge Resorts, Landry’s, and Beaches Family Resorts, as well as international franchise locations, were either closed or operated under restrictions for a portion of the 2020 fiscal year.
Balance Sheet:
As of January 31, 2021, total cash totaled $34.8 million, a 30% increase over the prior year-end. The Company ended the fiscal year with no borrowings under its revolving credit facility.
Total inventory at year-end was $46.9 million, down 12.1% from fiscal 2019 year-end. For fiscal 2020, capital expenditures totaled $5.0 million and depreciation and amortization were $13.2 million.
Fiscal Year 2021 Expectations:
For fiscal 2021, the Company currently expects EBITDA to be higher than fiscal 2019 EBITDA of $15.3 million. The Company also expects to achieve EBITDA in the range of $20-$30 million by fiscal 2023. This outlook assumes the reopening of the Company’s European locations by the end of the first quarter and no additional significant closures due to government mandates in fiscal 2021 as well as a more stable economic and retail environment in fiscal 2022 and beyond.
In addition, for fiscal 2021, the Company currently expects capital expenditures to approximate $5 - $10 million and for depreciation and amortization to be in the range of $13 - $14 million.
236T568
5年前
FORM 8-K
https://www.sec.gov/Archives/edgar/data/1113809/000143774920006256/bbw20200326_8k.htm
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 26, 2020
Item 8.01. Other Events.
On March 26, 2020, Build-A-Bear Workshop, Inc. (the “Company”) announced certain measures to mitigate the operating and financial impact of the novel coronavirus (COVID-19) pandemic, including:
•
As previously disclosed in our Form 8-K filed March 18, 2020, the Company temporarily closed its owned and operated retail locations in the United States, Canada, the United Kingdom, Denmark and Ireland through Thursday, April 2, 2020. At this time, these stores remain closed and the Company has not yet determined when some or all of these stores may reopen. The Company has also closed its warehouse in Ohio as it reviews its processes related to workplace safety, including social distancing and sanitation practices recommended by the Centers for Disease Control and Prevention. The Company’s customers can continue to shop online at buildabear.com and buildabear.co.uk, but deliveries for buildabear.com orders are expected to be delayed.
•
The Company is implementing furloughs for over 90% of its workforce, effective March 29, 2020. The employees on furlough will not receive direct compensation from the Company but will continue to receive employee benefits, including medical, dental, and vision benefits.
•
For nearly all employees not placed on temporary leave, the Company is implementing pay reductions. Base salaries for the Company’s executive officers, including each of its named executive officers, will be reduced by 20%, effective March 29, 2020.
•
Annual cash retainers for all non-employee directors serving on the Company’s Board of Directors will be eliminated for the first fiscal quarter of 2020.
•
The Company is engaged in an ongoing process of evaluating and implementing reductions to capital and other operating expenditures to preserve cash.
This Current Report on Form 8-K contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements in this report not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this report are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things: statements regarding the Company’s goals, intentions, and expectations; business plans and growth strategies; estimates of the Company’s risks and future costs and benefits; forecasted demographic and economic trends relating to the Company’s industry; the impacts of the COVID-19 pandemic, and other risk factors referred to from time to time in filings made by the Company with the Securities and Exchange Commission. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. The Company disclaims any intent or obligation to update these forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BUILD-A-BEAR WORKSHOP, INC.
Date: March 26, 2020
By:
/s/ Voin Todorovic
Name: Voin Todorovic
Title: Chief Financial Officer
r clarke
7年前
Accumulation is continuing, including a dozen purchases in December.
Not sure what it means, or what the intention is, but its a big positive.
Insider Transaction Type Value Date Shares
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $9.92 per share. Indirect 248,000 Dec 21, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $9.48 per share. Indirect 237,000 Dec 20, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $9.60 per share. Indirect 240,000 Dec 19, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $9.37 per share. Indirect 234,249 Dec 18, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $9.42 per share. Indirect 235,500 Dec 17, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $9.14 per share. Indirect 228,500 Dec 14, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $8.93 per share. Indirect 223,250 Dec 13, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $8.64 per share. Indirect 216,000 Dec 12, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $8.65 per share. Indirect 216,250 Dec 11, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $8.68 per share. Indirect 217,000 Dec 10, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $8.80 per share. Indirect 220,000 Dec 7, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $8.60 per share. Indirect 215,000 Dec 6, 2017 25,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $8.43 per share. Indirect 84,300 Nov 27, 2017 10,000
POINT72 ASSET MANAGEMENT, L.P.
Beneficial Owner (10% or more) Purchase at $8.33 per share. Indirect 83,300 Nov 16, 2017 10,000
stocktrademan
10年前
$BBW DD Notes ~ http://www.ddnotesmaker.com/BBW
bullish
$BBW recent news/filings
## source: finance.yahoo.com
Thu, 04 Dec 2014 18:41:42 GMT ~ NYSE stocks posting largest percentage increases
[AP] - A look at the 10 biggest percentage gainers on New York Stock Exchange at 1 p.m.: Athlon Energy Inc. rose 24.7 percent to $58.27. NiSource Inc. rose 6.8 percent to $41.19. Smart & Final Strs rose 6.5 percent ...
read full: http://sg.finance.yahoo.com/news/nyse-stocks-posting-largest-percentage-175507059--finance.html
*********************************************************
Thu, 04 Dec 2014 11:32:22 GMT ~ The Zacks Analyst Blog Highlights: Staples, Amazon, Build-A-Bear Workshop, PetSmart and Bed Bath & Beyond
read full: http://finance.yahoo.com/news/zacks-analyst-blog-highlights-staples-113222507.html
*********************************************************
Tue, 02 Dec 2014 13:45:02 GMT ~ Build-A-Bear (BBW) Shares March Higher, Can It Continue?
read full: http://finance.yahoo.com/news/build-bear-bbw-shares-march-134502173.html
*********************************************************
Wed, 26 Nov 2014 15:43:56 GMT ~ Build-A-Bear Celebrates Rudolph the Red-Nosed Reindeer’s 50th Anniversary on Television in Golden Style
[at noodls] - Build-A-Bear Celebrates Rudolph the Red-Nosed Reindeer's 50th Anniversary on Television in Golden Style ST. LOUIS--(BUSINESS WIRE)--Nov. 26, 2014-- Build-A-Bear Workshop, Inc. (NYSE: BBW) announced today ...
read full: http://www.noodls.com/view/B8D0F9E2932D34FDEACD3C37CAF70E0CF39CD2F6
*********************************************************
Wed, 26 Nov 2014 15:30:00 GMT ~ Build-A-Bear Celebrates Rudolph the Red-Nosed Reindeer’s 50th Anniversary on Television in Golden Style
[Business Wire] - Build-A-Bear Workshop, Inc. announced today that the Company is launching a signature line of products commemorating Rudolph the Red-Nosed Reindeer and his 50th Anniversary on television.
read full: http://finance.yahoo.com/news/build-bear-celebrates-rudolph-red-153000823.html
*********************************************************
$BBW charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$BBW company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/BBW/company-info
Ticker: $BBW
OTC Market Place: Not Available
CIK code: 0001113809
Company name: Build-A-Bear Workshop, Inc.
Incorporated In: DE, USA
$BBW share structure
## source: otcmarkets.com
Market Value: $345,822,401 a/o Dec 03, 2014
Shares Outstanding: 17,395,493 a/o Nov 03, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01
$BBW extra dd links
Company name: Build-A-Bear Workshop, Inc.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/BBW/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/BBW/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=BBW+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=BBW+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=BBW+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/BBW/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/BBW/news - http://finance.yahoo.com/q/h?s=BBW+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/BBW/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/BBW/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/BBW/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/BBW/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/BBW/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/BBW/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/BBW/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/BBW/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=BBW+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/BBW
DTCC (dtcc.com): http://search2.dtcc.com/?q=Build-A-Bear+Workshop%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Build-A-Bear+Workshop%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Build-A-Bear+Workshop%2C+Inc.&x=0&y=0
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/BBW/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/BBW
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/BBW/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/BBW/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/BBW/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001113809&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/BBW/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/BBW/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/BBW/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/BBW/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=BBW&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=BBW
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/BBW/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=BBW+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=BBW+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=BBW
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=BBW
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=BBW+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/BBW/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=BBW+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/BBW.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=BBW
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/BBW/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/BBW/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/BBW/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/BBW/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/BBW
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/BBW
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/BBW:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=BBW
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=BBW
$BBW DD Notes ~ http://www.ddnotesmaker.com/BBW