- Generates $94.7 million in total revenues, an increase of
134.7% compared to the fiscal 2020 second quarter and 19.6%
compared to the fiscal 2019 second quarter
- Gross profit margin is 53.2% compared to 18.7% in the fiscal
2020 second quarter and 44.1% in the fiscal 2019 second
quarter
- Delivers pre-tax income of $9.5 million, reaching the
highest in the Company’s history for its second quarter, an
improvement of $23.5 million compared to the fiscal 2020 second
quarter and $10.2 million compared to the fiscal 2019 second
quarter
- Increases fiscal 2021 annual guidance
Build-A-Bear Workshop, Inc. (NYSE: BBW) today reported results
for the second quarter and six months ended July 31, 2021. The
Company noted that its historically best second quarter profit
results followed a record performance in the fiscal 2021 first
quarter leading to the Company’s strongest first six months
performance in its nearly 25-year history.
Sharon Price John, Build-A-Bear Workshop President and Chief
Executive Officer, commented, “Our positive trend continued in the
second quarter as we once again delivered record-breaking profit as
well as strong growth in total revenues over both the fiscal 2020
and 2019 second quarters. We believe these results reflect momentum
that has been building from the execution of our stated strategy,
agility to adapt to a rapidly evolving environment, and ability to
accelerate key initiatives to drive sustained profitable growth,
while recognizing that the business is also benefiting from
pandemic-related factors such as pent-up demand and stimulus
funds.
“We made progress in each area of strategic focus with the
acceleration of our digital transformation including content and
entertainment initiatives, the advancement of our retail
capabilities and experiences, while maintaining a solid financial
position to support our business and future growth. We look forward
to continuing to leverage our strong brand appeal to a broad
demographic base of consumers across multiple channels. Business
trends have continued to be positive into the current third quarter
and while we are navigating an environment with higher costs and a
tight supply chain as well as monitoring the ongoing evolution of
the pandemic, we are optimistic about our full-year performance and
are again increasing our annual guidance,” Ms. John concluded.
Second Quarter Fiscal 2021 Results: (13 weeks ended July
31, 2021 compared to the 13 weeks ended August 1, 2020):
- Total revenues were $94.7 million, a 134.7% increase compared
to $40.4 million in the fiscal 2020 second quarter, and a 19.6%
increase from $79.2 million in the fiscal 2019 second quarter;
- Net retail sales were $91.3 million, a 132.1% increase compared
to $39.3 million in the fiscal 2020 second quarter and a 21.4%
increase compared to $75.2 million in the fiscal 2019 second
quarter;
- Consolidated e-commerce demand (orders generated online to be
fulfilled from either the Company’s warehouse or its stores)
declined 27.8% compared to the fiscal 2020 second quarter and
increased 158.9% compared to the fiscal 2019 second quarter. The
Company noted that in 2020, its e-commerce was the primary channel
for revenue and its digital demand was buoyed by temporary store
closures and the online exclusive launches of some powerful
licensed properties; and
- Commercial and international franchise revenues were $3.4
million compared to $1.0 million in the fiscal 2020 second quarter
and $4.0 million in the fiscal 2019 second quarter;
- Gross profit margin was 53.2%, compared to 18.7% in the fiscal
2020 second quarter and 44.1% in the fiscal 2019 second quarter.
The gross profit margin expanded by 3,450 basis points compared to
the fiscal 2020 second quarter and 910 basis points versus the
fiscal 2019 second quarter. The 2021 results reflected increased
leverage on fixed occupancy expense and expansion in merchandise
margin;
- Selling, general and administrative (“SG&A”) expenses were
$40.9 million, or 43.2% of total revenues, compared to $21.5
million, or 53.3% of total revenues in the fiscal 2020 second
quarter and $35.7 million, or 45.1% of total revenues in the fiscal
2019 second quarter. The increase in SG&A expenses, as compared
to the fiscal 2020 second quarter, was driven by higher store labor
costs given the re-opening of store locations and expanded
operating hours. In addition, the Company recorded full corporate
salaries in 2021 as opposed to the prior year when pandemic-related
cost containment initiatives included temporary wage reductions. In
addition, the change in SG&A reflects an increase in variable
costs driven by sales growth initiatives inclusive of higher
marketing spend and funding of performance incentive programs;
- Pre-tax income was $9.5 million compared to pre-tax loss of
($14.0) million in the fiscal 2020 second quarter, an improvement
of $23.5 million, and pre-tax loss of ($0.7) million in the fiscal
2019 second quarter, an improvement of $10.2 million;
- Adjusted pre-tax income was $9.5 million compared to adjusted
pre-tax loss of ($12.3) million in the fiscal 2020 second quarter
and adjusted pre-tax income of $0.4 million in the fiscal 2019
second quarter;
- Income tax expense was $2.6 million compared to an income tax
benefit of less than $0.1 million in the fiscal 2020 second quarter
and income tax expense of $0.5 million in the fiscal 2019 second
quarter;
- Net income was $6.8 million, or $0.42 per diluted share,
compared to net loss of ($13.9) million, or ($0.93) per diluted
share, in the fiscal 2020 second quarter and net loss of ($1.2)
million, or ($0.08) per diluted share, in the fiscal 2019 second
quarter;
- Adjusted net income was $6.9 million, or $0.43 per diluted
share, compared to adjusted net loss of ($12.2) million, or ($0.82)
per diluted share in the fiscal 2020 second quarter and adjusted
net loss of ($0.3) million, of ($0.02) per diluted share in the
fiscal 2019 second quarter; and
- Adjusted earnings before interest, taxes, depreciation and
amortization (“EBITDA”) was $12.5 million, an increase of $21.5
million from the fiscal 2020 second quarter and an increase of $8.8
million from the fiscal 2019 second quarter.
First Six Months Highlights (26 weeks ended July 31, 2021
compared to the 26 weeks ended August 1, 2020):
- Total revenues were $186.4 million, an increase of 114.3%
compared to $87.0 million in the first six months of fiscal 2020
and an increase of 14.0% from $163.6 million in the first six
months of 2019;
- Consolidated net retail sales were $180.5 million, an increase
of 112.4% compared to $85.0 million in the first six months of
fiscal 2020 and an increase of 15.5% compared to $156.3 million in
the first six months of fiscal 2019;
- Pre-tax income was $22.7 million compared to pre-tax loss of
($32.6) million in the first six months of fiscal 2020 and pre-tax
income of $1.7 million in the first six months of fiscal 2019;
- Net income was $17.2 million, or $1.08 per diluted share
compared to net loss of ($35.1) million, or ($2.35) per diluted
share in the first six months of fiscal 2020 and net loss of less
than ($0.1) million, or $0.00 per diluted share, in the first six
months of fiscal 2019;
- Adjusted net income was $16.4 million, or $1.03 per diluted
share, compared to adjusted net loss of ($23.9) million or ($1.60)
per diluted share in the first six months of fiscal 2020, and
compared to adjusted net income of $0.5 million or $0.03 per
diluted share for the first six months of fiscal 2019; and
- Adjusted EBITDA was $27.9 million, an increase of $45.1 million
from adjusted EBITDA of ($17.2) million in the first six months of
fiscal 2020 and an increase of $17.4 million from adjusted EBITDA
of $10.5 million in the first six months of fiscal 2019.
Store Activity:
As of July 31, 2021, the Company had 352 corporately-managed
stores. The Company maintains a high level of lease optionality
with over 70% of its corporately-managed stores having a lease
event within the next three years.
The Company noted that its third-party retail model was showing
a return to stability as locations associated with relationships
that include Carnival Cruise Lines, Great Wolf Lodge Resorts,
Landry’s and Beaches Family Resorts were mostly reopened.
Separately, international franchise locations continued to be
negatively impacted by COVID and experienced closures or operated
under restrictions for a portion of the 2021 second quarter.
Balance Sheet:
At the end of the fiscal 2021 second quarter, the Company had
cash and cash equivalents totaling $51.1 million compared to $25.3
million at the end of the fiscal 2020 second quarter. Inventory at
quarter end was $47.3 million, compared to $55.5 million at the end
of the fiscal 2020 second quarter.
In the fiscal 2021 second quarter, capital expenditures totaled
$1.1 million compared to $0.5 million in the fiscal 2020 second
quarter.
Outlook:
The Company believes its business performance has it positioned
to exceed the expectations it previously issued with its first
quarter earnings on May 26, 2021. The Company currently
expects:
- Total revenues in fiscal 2021 to be in the range of $375 to
$385 million which represents an increase from its previous
guidance for fiscal 2021 total revenues to exceed fiscal 2019 total
revenues of $338.5 million;
- Specifically related to its third quarter outlook, the Company
notes that business trends have remained strong, and it expects
total revenues for the fiscal 2021 third quarter to exceed both
2020 and 2019 levels. The growth is driven by the recapture of
sales in its physical stores which were partially closed last year.
The Company expects its third quarter e-commerce demand to remain
flat with last year’s third quarter, while still representing a
triple digit increase over 2019. Additionally, the Company expects
to have higher overall expenses in the third quarter driven in part
by higher payroll and marketing costs resulting from temporary
reductions in last year’s period to mitigate COVID closings. The
third quarter is generally the Company’s smallest of the year, and
as is historically typical, the Company currently expects to have
pre-tax loss in the period;
- EBITDA in fiscal 2021 to be in the range of $45 million to $50
million, an increase from the Company’s previous expectation for
EBITDA in the range of $28 to $32 million; and
- The Company currently expects capital expenditures to be
approximately $10 million and for depreciation and amortization to
be in the range of $13 to $14 million in fiscal 2021.
The Company notes that its updated guidance assumes no
additional material COVID impact either in its supply chain or
store operations.
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 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. These non-GAAP
financial measures are defined and reconciled to the most
comparable GAAP measure later in this document.
Today’s Conference Call Webcast:
Build-A-Bear Workshop will host a conference call and audio
webcast to discuss its results today, August 26, 2021 at 9:00 a.m.
Eastern Time. The conference call may be accessed by dialing (877)
407-3982 or, for international callers, (201) 493-6781.
Additionally, a live webcast of the call can be accessed at
http://IR.buildabear.com. The call is expected to conclude by 10
a.m. ET. The webcast will be archived on the Company’s website for
one year and will be available for replay approximately one hour
after the conclusion of the call. Additionally, a telephonic
re-play of the call will be available at 12:00 p.m. ET on August
26, 2021 until 11:59 p.m. ET on September 2, 2021 and can be
accessed by dialing (844) 512-2921, or (412) 317-6671 for
international callers and entering replay pin number 13722087.
About Build-A-Bear Build-A-Bear is a multi-generational
global brand focused on its mission to “add a little more heart to
life” appealing to a wide array of consumer groups who enjoy the
personal expression in making their own “furry friends” to
celebrate and commemorate life moments. Nearly 500 interactive
brick-and-mortar retail locations operated through a variety of
formats provide guests of all ages a hands-on entertaining
experience, which often fosters a lasting and emotional brand
connection. The company also offers an engaging e-commerce/digital
purchasing experience called the “Bear-Builder” at
www.buildabear.com. In addition, extending its brand power beyond
retail, Build-A-Bear Entertainment, a subsidiary of Build-A-Bear
Workshop, Inc., is dedicated to creating engaging content for kids
and adults that fulfills the company’s mission, while the company
also offers products at wholesale and in non-plush consumer
categories via licensing agreements with leading manufacturers.
Build-A-Bear Workshop, Inc. (NYSE: BBW) posted total revenue of
$255.3 million in fiscal 2020. For more information, visit the
Investor Relations section of buildabear.com.
Forward-Looking Statements: This press release contains
certain statements that are, or may be considered to be,
“forward-looking statements” for the purpose of federal securities
laws, including, but not limited to, statements that reflect our
current views with respect to future events and financial
performance. We generally identify these statements by words or
phrases such as “may,” “might,” “should,” “expect,” “plan,”
“anticipate,” “believe,” “estimate,” “intend,” “predict,” “future,”
“potential” or “continue,” the negative or any derivative of these
terms and other comparable terminology. All of the information
concerning 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 15, 2021 and other periodic reports filed with the SEC
which are incorporated herein.
All of our forward-looking statements are as of the date of this
Press Release only. In each case, actual results may differ
materially from such forward-looking information. We can give no
assurance that such expectations or forward-looking statements will
prove to be correct. An occurrence of or any material adverse
change in one or more of the risk factors or other risks and
uncertainties referred to in this Press Release or included in our
other public disclosures or our other periodic reports or other
documents or filings filed with or furnished to the SEC could
materially and adversely affect our continuing operations and our
future financial results, cash flows, available credit, prospects
and liquidity. Except as required by law, the Company does not
undertake to publicly update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise.
All other brand names, product names, or trademarks belong to
their respective holders.
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES Unaudited
Condensed Consolidated Statements of Operations(dollars in
thousands, except share and per share data)
13 Weeks Ended
July 31, 2021
% of Total Revenues
(1)
13 Weeks Ended
August 1, 2020
% of Total Revenues
(1)
Revenues: Net retail sales $ 91,289
96.4
$ 39,339
97.5
Commercial revenue 2,946
3.1
865
2.1
International franchising 493
0.5
149
0.4
Total revenues 94,728
100.0
40,353
100.0
Cost of merchandise sold: Cost of merchandise sold - retail (1)
42,677
46.7
30,233
76.9
Store asset impairment —
0.0
2,063
5.2
Cost of merchandise sold - commercial (1) 1,286
43.7
387
44.7
Cost of merchandise sold - international franchising (1) 365
74.0
130
87.2
Total cost of merchandise sold 44,328
46.8
32,813
81.3
Consolidated gross profit 50,400
53.2
7,540
18.7
Selling, general and administrative expense 40,919
43.2
21,516
53.3
Interest expense (income), net 8
0.0
7
0.0
Income (loss) before income taxes 9,473
10.0
(13,983 )
(34.7
)
Income tax expense (benefit) 2,638
2.8
(74 )
(0.2
)
Net income (loss) $ 6,835
7.2
$ (13,909 )
(34.5
)
Income (loss) per common share: Basic $ 0.44 $ (0.93 )
Diluted $ 0.42 $ (0.93 ) Shares used in computing common per share
amounts: Basic 15,398,406 14,999,786 Diluted 16,111,587 14,999,756
(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)
26 Weeks Ended
July 31, 2021
% of Total Revenues
(1)
26 Weeks Ended
August 1, 2020
% of Total Revenues
(1)
Revenues:
Net retail sales
$180,501
96.8
$84,986
97.7
Commercial revenue
5,055
2.7
1,198
1.4
International franchising
865
0.5
793
0.9
Total revenues
186,421
100.0
86,977
100.0
Costs and expenses:
Cost of merchandise sold - retail (1)
84,770
47.0
63,585
74.8
Store asset impairment (2)
—
0.0
6,882
8.1
Cost of merchandise sold - commercial (1)
2,190
43.3
527
44.0
Cost of merchandise sold - international franchising (1)
633
73.2
385
48.5
Total cost of merchandise sold
87,593
47.0
71,379
82.1
Consolidated gross profit
98,828
53.0
15,598
17.9
Selling, general and administrative expense
76,161
40.9
48,241
55.5
Interest expense, net
13
0.0
4
0.0
Income (loss) before income taxes
22,654
12.2
(32,647)
(37.5)
Income tax expense
5,439
2.9
2,466
2.8
Net income (loss)
$17,215
9.2
$(35,113)
(40.4)
Income (loss) per common share: Basic
$1.13
$(2.35)
Diluted
$1.08
$(2.35)
Shares used in computing common per share amounts: Basic
15,230,215
14,936,541
Diluted
15,958,520
14,936,541
(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.
(2)Due to the charges primarily in the 26 weeks ended August 1,
2020, a separate line item was disclosed and expressed as a
percentage of net retail sales.
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES Unaudited
Condensed Consolidated Balance Sheets(dollars in thousands,
except per share data)
July 31,2021 January
30,2021 August 1,2020 ASSETS
Current assets: Cash, cash equivalents and restricted cash
$
51,136
$
34,840
$
25,274
Inventories, net
47,342
46,947
55,509
Receivables, net
8,648
8,295
6,314
Prepaid expenses and other current assets
8,841
10,111
5,400
Total current assets
115,967
100,193
92,497
Operating lease right-of-use asset
93,087
104,825
114,709
Property and equipment, net
48,161
52,973
58,085
Other assets, net
7,060
3,381
2,972
Total Assets
$
264,275
$
261,372
$
268,263
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable
$
16,028
$
17,901
$
23,267
Accrued expenses
20,972
17,551
15,911
Operating lease liability short term
28,019
32,402
39,917
Gift cards and customer deposits
18,096
19,029
17,988
Deferred revenue and other
2,723
2,445
2,659
Total current liabilities
85,838
89,328
99,742
Operating lease liability long term
89,883
101,462
111,640
Deferred franchise revenue
847
920
916
Other liabilities
2,572
2,354
1,430
Stockholders' equity: Common stock, par value $0.01 per
share
163
159
156
Additional paid-in capital
73,394
72,822
71,906
Accumulated other comprehensive loss
(12,579
)
(12,615
)
(12,339
)
Retained earnings/(deficit)
24,157
6,942
(5,188
)
Total stockholders' equity
85,135
67,308
54,535
Total Liabilities and Stockholders' Equity
$
264,275
$
261,372
$
268,263
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES Unaudited
Selected Financial and Store Data(dollars in thousands)
13 Weeks Ended
July 31, 2021
13 Weeks Ended
August 1, 2020
26 Weeks Ended
July 31, 2021
26 Weeks Ended
August 1, 2020
Other financial data: Retail gross margin ($)
(1)
$
48,612
$
9,106
$
95,731
$
21,401
Retail gross margin (%) (1)
53.3
%
23.1
%
53.0
%
25.2
%
Capital expenditures (2)
$
1,062
$
529
$
1,553
$
3,378
Depreciation and amortization
$
2,993
$
3,254
$
6,120
$
6,711
Store data (3): Number of corporately-managed retail
locations at end of period North America
305
307
Europe
47
51
Asia
—
1
Total corporately-managed retail locations
352
359
Number of franchised stores at end of period
74
78
Corporately-managed store square footage at end of period
(4) North America
716,702
712,350
Europe
70,371
76,173
Asia
—
1,750
Total square footage
787,073
790,273
(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 Results(dollars in thousands, except per share data)
13 WeeksEnded July
31,2021 13 WeeksEnded August
1,2020 13 WeeksEnded August
3,2019 Income (loss) before income taxes (pre-tax)
$
9,473
$
(13,983
)
$
(742
)
Income (loss) before income tax adjustments: United Kingdom
Lockdown Business & Restart Grants (1)
32
-
-
COVID-19 activity (2)
35
100
-
Impairment and bad debt (3)
(56
)
2,163
-
Foreign exchange (gains) losses (4)
48
(581
)
1,143
Adjusted income (loss) before income taxes (adjusted pre-tax)
9,532
(12,301
)
401
Income tax (expense) benefit
(2,638
)
74
(482
)
Tax adjustments: Income tax impact: adjustments (5)
-
-
(240
)
Adjusted income tax (expense) benefit
(2,638
)
74
(722
)
Net income (loss)
6,835
(13,909
)
(1,224
)
Adjustments
59
1,682
903
Adjusted net income (loss)
$
6,894
$
(12,227
)
$
(321
)
Net income (loss) per diluted share (EPS)
$
0.42
$
(0.93
)
$
(0.08
)
Adjusted net income (loss) per diluted share (adjusted EPS)
$
0.43
$
(0.82
)
$
(0.02
)
(1) Represents the adjustment business and restart grants
received from the United Kingdom government for business in the
retail, hospitality and leisure sectors. These grants were provided
on a per-property basis to support businesses through the latest
lockdown restrictions as a result of the COVID-19 pandemic and to
resume business when restrictions were eased.
(2) Represents COVID-19 related expenses at our stores,
warehouse, and headquarters.
(3) Represents non-cash adjustments including asset impairment
charges related to store fixed assets and right-of-use operating
lease assets and bad debt expense or recoveries in the 13 weeks
ending July 31, 2021 and August 1, 2020.
(4) 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.
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.
(5) As a result of the Company's full, global valuation
allowance, the Company cannot realize an income tax benefit on
these adjustments for the second quarters ending July 31, 2021 and
August 1, 2020.
Reconciliation of GAAP to Non-GAAP Results (dollars in
thousands, except per share data)
26
WeeksEnded July 31,2021 26
WeeksEnded August 1,2020 26
WeeksEnded August 3,2019 Income (loss)
before income taxes (pre-tax)
$
22,654
$
(32,647
)
$
1,668
Income (loss) before income tax adjustments: United Kingdom
Lockdown Business & Restart Grants (1)
(852
)
-
-
COVID-19 activity (2)
46
120
-
Impairment and bad debt (3)
112
8,311
(456
)
Foreign exchange (gains) losses (4)
(147
)
265
1,117
Adjusted income (loss) before income taxes (adjusted pre-tax)
21,813
(23,951
)
2,329
Income tax (expense) benefit
(5,439
)
(2,466
)
(1,696
)
Tax adjustments: Income tax impact: adjustments (5)
-
-
(139
)
Income tax impact: CARES Act (6)
-
(773
)
-
Valuation allowance (7)
-
3,272
-
Adjusted income tax (expense) benefit
(5,439
)
33
(1,835
)
Net income (loss)
17,215
(35,113
)
(28
)
Adjustments
(841
)
11,195
522
Adjusted net income (loss)
$
16,374
$
(23,918
)
$
494
Net income (loss) per diluted share (EPS)
$
1.08
$
(2.35
)
$
(0.00
)
Adjusted net income (loss) per diluted share (adjusted EPS)
$
1.03
$
(1.60
)
$
0.03
(1) Represents the business and restart grants received from the
United Kingdom government for business in the retail, hospitality
and leisure sectors. These grants were provided on a per-property
basis to support businesses through the latest lockdown
restrictions as a result of the COVID-19 pandemic and to resume
business when restrictions were eased.
(2) Represents COVID-19 related expenses at our stores,
warehouse, and headquarters.
(3) Represents non-cash adjustments including asset impairment
charges related to store fixed assets and right-of-use operating
lease assets and bad debt expense or recoveries in the 13 and 26
weeks ending July 31, 2021 and August 1, 2020, and the 26 weeks
ending August 3, 2019
(4) 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.
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.
(5) As a result of the Company's full, global valuation
allowance, the Company cannot realize an income tax benefit on
these adjustments for the year-to-date periods ending July 31, 2021
and August 1, 2020.
(6) Represents the impact of the technical correction related to
qualified leasehold improvements resulting from the CARES Act
occuring in the first quarter of fiscal 2020
(7) Represents the valuation allowance recorded on its net
deferred tax assets in North America in the first quarter of fiscal
2020.
Reconciliation of GAAP to Non-GAAP figures (dollars in
thousands)
13 WeeksEnded July
31,2021 13 WeeksEnded August
1,2020 13 WeeksEnded August
3,2019 Income (loss) before income taxes (pre-tax)
$
9,473
$
(13,983
)
$
(742
)
Interest expense, net
8
7
(7
)
Depreciation and amortization expense
2,993
3,254
3,286
Earnings (loss) before interest, taxes, depreciation and
amortization (EBITDA)
$
12,474
$
(10,722
)
$
2,537
Adjustments
59
1,682
1,143
Adjusted earnings (loss) before interest, taxes, depreciation and
amortization (adjusted EBITDA)
$
12,533
$
(9,040
)
$
3,680
26 WeeksEnded July 31,2021 26
WeeksEnded August 1,2020 26
WeeksEnded August 3,2019 Income (loss)
before income taxes (pre-tax)
$
22,654
$
(32,647
)
$
1,668
Interest expense, net
13
4
14
Depreciation and amortization expense
6,120
6,711
8,138
Earnings (loss) before interest, taxes, depreciation and
amortization (EBITDA)
$
28,787
$
(25,932
)
$
9,820
Adjustments
(841
)
8,696
661
Adjusted earnings (loss) before interest, taxes, depreciation and
amortization (adjusted EBITDA)
$
27,946
$
(17,236
)
$
10,481
Reconciliation of GAAP to Non-GAAP figures (dollars in
millions)
Forecasted2021
Actuals2019 Income before income taxes (pre-tax) $32
- $36
$1.6
Interest expense, net
-
-
Earnings before interest and taxes (EBIT) $32 - $36
$1.6
Depreciation and amortization expense
13 - 14
13.7
Earnings before interest, taxes, depreciation and amortization
(EBITDA) $45 - $50
$15.3
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210826005244/en/
Investors: Voin Todorovic Build-A-Bear Workshop (314) 423-8000
x5221
Media: PR@buildabear.com
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