Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 04, 2015 | Aug. 07, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BUILD A BEAR WORKSHOP INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --01-02 | |
Entity Common Stock, Shares Outstanding | 16,941,315 | |
Amendment Flag | false | |
Entity Central Index Key | 1,113,809 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Period End Date | Jul. 4, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Jun. 28, 2014 |
Current assets: | |||
Cash and cash equivalents | $ 41,813 | $ 65,389 | $ 41,762 |
Inventories | 50,359 | 51,939 | 43,463 |
Receivables | 7,693 | 11,461 | 9,307 |
Prepaid expenses and other current assets | 14,173 | 15,611 | 10,394 |
Deferred tax assets | 1,706 | 1,378 | 1,193 |
Total current assets | 115,744 | 145,778 | 106,119 |
Property and equipment, net of accumulated depreciation of $191,103, $185,044 and $181,527, respectively | 58,439 | 62,766 | 63,185 |
Other intangible assets, net | 382 | 304 | 397 |
Other assets, net | 3,019 | 3,206 | 3,630 |
Total Assets | 177,584 | 212,054 | 173,331 |
Current liabilities: | |||
Accounts payable | 23,140 | 38,107 | 25,447 |
Accrued expenses | 13,269 | 24,058 | 11,961 |
Gift cards and customer deposits | 29,746 | 34,268 | 27,547 |
Deferred revenue | 2,596 | 2,654 | 4,243 |
Deferred tax liability | 856 | ||
Total current liabilities | 68,751 | 99,087 | 70,054 |
Deferred franchise revenue | 836 | 945 | 1,064 |
Deferred rent | 11,700 | 13,353 | 14,073 |
Other liabilities | 1,113 | 1,044 | 602 |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at July 4, 2015, January 3, 2015 and June 28, 2014 | 0 | 0 | |
Common stock, par value $0.01, Shares authorized: 50,000,000; | |||
Issued and outstanding: 16,950,205; 17,360,635 and 17,617,182 shares, respectively | 170 | 174 | 176 |
Additional paid-in capital | 60,536 | 69,362 | 70,730 |
Accumulated other comprehensive loss | (8,503) | (8,698) | (6,515) |
Retained earnings | 42,981 | 36,787 | 23,147 |
Total stockholders' equity | 95,184 | 97,625 | 87,538 |
Total Liabilities and Stockholders' Equity | $ 177,584 | $ 212,054 | $ 173,331 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Jun. 28, 2014 |
Property and equipment, accumulated depreciation (in Dollars) | $ 191,103 | $ 185,044 | $ 181,527 |
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 16,950,205 | 17,360,635 | 17,617,182 |
Common stock, shares outstanding | 16,950,205 | 17,360,635 | 17,617,182 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | |
Revenues: | ||||
Net retail sales | $ 80,279 | $ 75,351 | $ 171,943 | $ 172,191 |
Franchise fees | 548 | 487 | 1,099 | 1,156 |
Commercial revenue | 187 | 410 | 1,364 | 842 |
Total revenues | 81,014 | 76,248 | 174,406 | 174,189 |
Costs and expenses: | ||||
Selling, general and administrative | 35,933 | 34,044 | 73,173 | 71,844 |
Interest expense (income), net | (42) | 64 | (93) | 2 |
Total costs and expenses | 81,452 | 80,207 | 167,792 | 172,843 |
Income (loss) before income taxes | (438) | (3,959) | 6,614 | 1,346 |
Income tax expense | 190 | 343 | 420 | 624 |
Net income (loss) | (628) | (4,302) | 6,194 | 722 |
Foreign currency translation adjustment | 1,194 | 747 | 195 | 788 |
Comprehensive income (loss) | $ 566 | $ (3,555) | $ 6,389 | $ 1,510 |
Income (loss) per common share: | ||||
Basic (in Dollars per share) | $ (0.04) | $ (0.25) | $ 0.36 | $ 0.04 |
Diluted (in Dollars per share) | $ (0.04) | $ (0.25) | $ 0.35 | $ 0.04 |
Shares used in computing common per share amounts: | ||||
Basic (in Shares) | 16,861,458 | 17,024,598 | 16,917,272 | 16,863,160 |
Diluted (in Shares) | 16,861,458 | 17,024,598 | 17,162,024 | 17,097,263 |
Retail [Member] | ||||
Costs and expenses: | ||||
Cost of Merchandise Sold | $ 45,378 | $ 45,938 | $ 94,170 | $ 100,638 |
Commercial [Member] | ||||
Costs and expenses: | ||||
Cost of Merchandise Sold | $ 183 | $ 161 | $ 542 | $ 359 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 04, 2015 | Jun. 28, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 6,194 | $ 722 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 8,233 | 8,977 |
Stock-based compensation | 970 | 1,187 |
Deferred taxes | (2) | (1,075) |
Impairment of store assets | 258 | 433 |
Provision for doubtful accounts | 14 | 740 |
Trade credit utilization | 139 | 119 |
Loss on disposal of property and equipment | 73 | 43 |
Change in assets and liabilities: | ||
Inventories | 1,681 | 7,081 |
Receivables | 3,788 | 4,613 |
Prepaid expenses and other assets | 1,172 | 1,332 |
Accounts payable and accrued expenses | (24,458) | (12,649) |
Lease related liabilities | (1,653) | (5,325) |
Gift cards and customer deposits | (3,891) | (6,340) |
Deferred revenue | (142) | (310) |
Net cash used in operating activities | (7,624) | (452) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (5,842) | (3,149) |
Purchases of other assets and other intangible assets | (238) | (22) |
Cash used in investing activities | (6,080) | (3,171) |
Cash flows from financing activities: | ||
Proceeds from the exercise of employee stock options, net of withholding tax payments | (633) | 1,172 |
Purchases of Company's common stock | (9,164) | (723) |
Cash (used in) provided by financing activities | (9,797) | 449 |
Effect of exchange rates on cash | (75) | 271 |
Net (decrease) increase in cash and cash equivalents | (23,576) | (2,903) |
Cash and cash equivalents, beginning of period | 65,389 | 44,665 |
Cash and cash equivalents, end of period | $ 41,813 | $ 41,762 |
Note 1 - Basis of Preparation
Note 1 - Basis of Preparation | 6 Months Ended |
Jul. 04, 2015 | |
Disclosure Text Block [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation The condensed consolidated financial statements included herein are unaudited and have been prepared by Build-A-Bear Workshop, Inc. and its subsidiaries (collectively, the Company) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet of the Company as of January 3, 2015 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments which are, in the opinion of management, necessary to summarize fairly the financial position of the Company and the results of the Company’s operations and cash flows for the periods presented. All of these adjustments are of a normal recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. Because of the seasonal nature of the Company’s operations, results of operations of any single reporting period should not be considered as indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended January 3, 2015, which were included in the Company’s annual report on Form 10-K filed with the SEC on March 19, 2015. Reclassifications of prior year amounts related to the presentation of cost of merchandise sold in the statement of operations and the provision for doubtful accounts in the statement of cash flows have been made to conform to current year presentation, with no impact to net income (loss) or net cash used in operating activities in any period. |
Note 2 - Prepaid Expenses and O
Note 2 - Prepaid Expenses and Other Assets | 6 Months Ended |
Jul. 04, 2015 | |
Prepaid Expenses And Other Assets [Abstract] | |
Prepaid Expenses And Other Assets [Text Block] | 2. Prepaid Expenses and Other Assets Prepaid expenses and other current assets consist of the following (in thousands): July 4, January 3, June 28, 2015 2015 2014 Prepaid rent $ 8,432 $ 7,848 $ 4,995 Short-term investment 895 1,121 - Other 4,846 6,642 5,399 $ 14,173 $ 15,611 $ 10,394 |
Note 3 - Accrued Expenses
Note 3 - Accrued Expenses | 6 Months Ended |
Jul. 04, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 3 . Accrued Expenses Accrued expenses consist of the following (in thousands): July 4, January 3, June 28, 2015 2015 2014 Accrued wages, bonuses and related expenses $ 6,088 $ 11,858 $ 6,330 Sales tax payable 2,893 7,694 2,157 Accrued rent and related expenses 3,675 3,365 3,474 Current income taxes payable 613 1,141 - $ 13,269 $ 24,058 $ 11,961 |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 6 Months Ended |
Jul. 04, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4. Stock-based Compensation The following table is a summary of the balances and activity for restricted stock and stock options for the twenty-six weeks ended July 4, 2015: Restricted Stock Options Outstanding, January 3, 2015 419,674 714,451 Granted 98,926 68,826 Vested 200,302 — Exercised — 120,440 Forfeited 33,787 14,594 Canceled or expired — 39,200 Outstanding, July 4, 2015 284,511 609,043 For the thirteen and twenty-six weeks ended July 4, 2015, selling, general and administrative expense includes $0.5 million and $1.0 million, respectively, of stock-based compensation expense. For the thirteen and twenty-six weeks ended June 28, 2014, selling, general and administrative expense includes $0.6 million and $1.2 million, respectively, of stock-based compensation expense. As of July 4, 2015, there was $4.2 million of total unrecognized compensation expense related to nonvested restricted stock and option awards which is expected to be recognized over a weighted-average period of 2.0 years. The total fair value of shares vested during the twenty-six weeks ended July 4, 2015 and June 28, 2014 was $3.9 million and $3.6 million, respectively. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 6 Months Ended |
Jul. 04, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 5. Income Taxes The effective tax rate was (43.4)% and 6.4% for the thirteen and twenty-six weeks ended July 4, 2015, respectively compared to (8.7)% and 46.4% for the thirteen and twenty-six weeks ended June 28, 2014, respectively. The components of income tax expense in both periods were primarily foreign and state taxes as we currently have a valuation allowance recorded on substantially all domestic deferred tax assets. As there was a valuation allowance recorded on substantially all domestic deferred tax assets in both periods, income tax expense on domestic income was offset by a reversal of a portion of the existing valuation allowance. The change in the effective rate was primarily driven by the change in pre-tax results for the respective periods. |
Note 6 - Income (Loss) per Shar
Note 6 - Income (Loss) per Share | 6 Months Ended |
Jul. 04, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 6. Income (Loss) per Share The Company uses the two-class method to compute basic and diluted income (loss) per common share. The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except share and per share data): Thirteen weeks ended Twenty-six weeks ended July 4, 2015 June 28, 2014 July 4, 2015 June 28, 2014 NUMERATOR: Net income (loss) before allocation of earnings to participating securities $ (628 ) $ (4,302 ) $ 6,194 $ 722 Less: Earnings allocated to participating securities - - 127 25 Net income (loss) after allocation of earnings to participating securities $ (628 ) $ (4,302 ) $ 6,067 $ 697 DENOMINATOR: Weighted average number of common shares outstanding - basic 16,861,458 17,024,598 16,917,272 16,863,160 Dilutive effect of share-based awards: - - 244,752 234,103 Weighted average number of common shares outstanding - dilutive 16,861,458 17,024,598 17,162,024 17,097,263 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders: $ (0.04 ) $ (0.25 ) $ 0.36 $ 0.04 Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (0.04 ) $ (0.25 ) $ 0.35 $ 0.04 In calculating diluted income (loss) per share for the thirteen and twenty-six week periods ended July 4, 2015, options to purchase 609,043 and 69,114 shares, respectively, of common stock that were outstanding at the end of the period were not included in the computation of diluted net income (loss) per share due to their anti-dilutive effect. For the thirteen and twenty-six week periods ended June 28, 2014, the number of options to purchase common shares that were excluded from the calculation was 784,139 and 132,146 shares, respectively. Due to the net loss for the thirteen week periods ended July 4, 2015 and June 28, 2014, the denominator for diluted loss per common share is the same as the denominator for basic loss per common share for those periods because the inclusion of stock options and unvested restricted shares would be anti-dilutive. |
Note 7 - Comprehensive Income (
Note 7 - Comprehensive Income (Loss) | 6 Months Ended |
Jul. 04, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 7. Comprehensive Income (Loss) The difference between comprehensive income or loss and net income or loss results from foreign currency translation adjustments on the balance sheets of subsidiaries whose functional currency is not the US Dollar. The accumulated other comprehensive loss balance at July 4, 2015, January 3, 2015 and June 28, 2014 is comprised entirely of foreign currency translation. For the thirteen and twenty-six weeks ended July 4, 2015 and June 28, 2014, there were no reclassifications out of accumulated other comprehensive loss. |
Note 8 - Segment Information
Note 8 - Segment Information | 6 Months Ended |
Jul. 04, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 8. Segment Information The Company’s operations are conducted through three operating segments consisting of retail, international franchising and commercial. The retail segment includes the operating activities of company-owned stores in the United States, Canada, Puerto Rico, the United Kingdom, Ireland and Denmark and other retail delivery operations, including the Company’s web stores. The international franchising segment includes the licensing activities of the Company’s franchise agreements with store locations in Europe (outside of the United Kingdom, Ireland and Denmark), Asia, Australia, the Middle East, Africa and Mexico. The commercial segment includes the Company’s transactions with other businesses, mainly comprised of licensing the Company’s intellectual properties for third-party use and wholesale activities. The operating segments have discrete sources of revenue, different capital structures and different cost structures. These operating segments represent the basis on which the Company’s chief operating decision maker regularly evaluates the business in assessing performance, determining the allocation of resources and the pursuit of future growth opportunities. Accordingly, the Company has determined that each of its operating segments represent a reportable segment. The three reportable segments follow the same accounting policies used for the Company’s consolidated financial statements. Following is a summary of the financial information for the Company’s reportable segments (in thousands): International Retail Franchising Commercial Total Thirteen weeks ended July 4, 2015 Net sales to external customers $ 80,279 $ 548 $ 187 $ 81,014 Income (loss) before income taxes (684 ) 242 4 (438 ) Capital expenditures, net 3,190 12 - 3,202 Depreciation and amortization 3,982 33 - 4,015 Thirteen weeks ended June 28, 2014 Net sales to external customers $ 75,351 $ 487 $ 410 $ 76,248 Income (loss) before income taxes (4,016 ) (141 ) 198 (3,959 ) Capital expenditures, net 2,066 - - 2,066 Depreciation and amortization 4,433 36 - 4,469 Twenty-six weeks ended July 4, 2015 Net sales to external customers $ 171,943 $ 1,099 $ 1,364 $ 174,406 Income before income taxes 5,420 372 822 6,614 Capital expenditures, net 6,048 32 - 6,080 Depreciation and amortization 8,163 70 - 8,233 Twenty-six weeks ended June 28, 2014 Net sales to external customers $ 172,191 $ 1,156 $ 842 $ 174,189 Income (loss) before income taxes 1,198 (278 ) 426 1,346 Capital expenditures, net 3,162 9 - 3,171 Depreciation and amortization 8,903 74 - 8,977 Total Assets as of: July 4, 2015 $ 170,545 $ 2,194 $ 4,845 $ 177,584 June 28, 2014 $ 164,982 $ 2,509 $ 5,840 $ 173,331 The Company’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may operate in many geographic areas. The Company allocates revenues to geographic areas based on the location of the customer or franchisee. The following schedule is a summary of the Company’s sales to external customers and long-lived assets by geographic area (in thousands): North America (1) Europe (2) Other (3) Total Thirteen weeks ended July 4, 2015 Net sales to external customers $ 64,472 $ 16,213 $ 329 $ 81,014 Property and equipment, net 52,604 5,835 - 58,439 Thirteen weeks ended June 28, 2014 Net sales to external customers $ 61,503 $ 14,424 $ 321 $ 76,248 Property and equipment, net 55,881 7,304 - 63,185 Twenty-six weeks ended July 4, 2015 Net sales to external customers $ 141,119 $ 32,628 $ 659 $ 174,406 Property and equipment, net 52,604 5,835 - $ 58,439 Twenty-six weeks ended June 28, 2014 Net sales to external customers $ 141,332 $ 32,175 $ 682 $ 174,189 Property and equipment, net 55,881 7,304 - 63,185 For purposes of this table only: (1) North America includes the United States, Canada, Puerto Rico and franchise business in Mexico (2) Europe includes the United Kingdom, Ireland, Denmark (in 2015) and franchise businesses in Europe (3) Other includes franchise businesses outside of North America and Europe |
Note 9 - Contingencies
Note 9 - Contingencies | 6 Months Ended |
Jul. 04, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 9 . Contingencies In the normal course of business, the Company is subject to regular examination by various taxing authorities for years not closed by the statute of limitations, including an ongoing customs audit in the United Kingdom in which the Company is contesting audit findings. The Company accrues a liability for this type of contingency when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. In 2012, the Company received notification from the customs authority that it intended to make an assessment for unpaid duty, penalties and interest. The assessment was made in 2013. The Company has appealed this determination and continues to believe that the ultimate outcome of these matters will not have a material adverse impact on the results of operations, liquidity or financial position of the Company. However, if one or more of these examinations has an unfavorable resolution, it is possible that the results of operation, liquidity or financial position of the Company could be materially affected in any particular period. Since the date of the notification in the third quarter of fiscal 2012, the Company has been required to pay the disputed duty, pending resolution of the appeal. As of July 4, 2015, $3.5 million had been paid in respect of the disputed duty and is included in receivables in the Retail segment. |
Note 10 - Recently Issued Accou
Note 10 - Recently Issued Accounting Pronouncements | 6 Months Ended |
Jul. 04, 2015 | |
Disclosure Text Block [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 10. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued ASU 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In April 2015, the Financial Accounting Standards Board issued ASU 2015-05, Customer’s,Accounting for Fees Paid in a Cloud Computing Arrangement s |
Note 11 - Subsequent Event
Note 11 - Subsequent Event | 6 Months Ended |
Jul. 04, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 11. Subsequent Event The Company has a $10 million share repurchase program that was announced in February 2015 (the February 2015 Share Repurchase Program). On July 7, 2015, the Board of Directors of the Company (the Board) left the February 2015 Share Repurchase Program in place and adopted a new repurchase program which authorizes the Company to repurchase up to an additional $10 million of its common stock until March 31, 2016, subject to further extension by the Board. In the period from July 4, 2015 through August 7, 2015, the Company repurchased approximately 5,800 shares of its common stock for an aggregate amount of $91,000, leaving $10.7 million of availability under the Board approved share repurchase programs. |
Note 2 - Prepaid Expenses and17
Note 2 - Prepaid Expenses and Other Assets (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Prepaid Expenses And Other Assets [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | July 4, January 3, June 28, 2015 2015 2014 Prepaid rent $ 8,432 $ 7,848 $ 4,995 Short-term investment 895 1,121 - Other 4,846 6,642 5,399 $ 14,173 $ 15,611 $ 10,394 |
Note 3 - Accrued Expenses (Tabl
Note 3 - Accrued Expenses (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | July 4, January 3, June 28, 2015 2015 2014 Accrued wages, bonuses and related expenses $ 6,088 $ 11,858 $ 6,330 Sales tax payable 2,893 7,694 2,157 Accrued rent and related expenses 3,675 3,365 3,474 Current income taxes payable 613 1,141 - $ 13,269 $ 24,058 $ 11,961 |
Note 4 - Stock-based Compensa19
Note 4 - Stock-based Compensation (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Share Activity [Table Text Block] | Restricted Stock Options Outstanding, January 3, 2015 419,674 714,451 Granted 98,926 68,826 Vested 200,302 — Exercised — 120,440 Forfeited 33,787 14,594 Canceled or expired — 39,200 Outstanding, July 4, 2015 284,511 609,043 |
Note 6 - Income (Loss) per Sh20
Note 6 - Income (Loss) per Share (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended July 4, 2015 June 28, 2014 July 4, 2015 June 28, 2014 NUMERATOR: Net income (loss) before allocation of earnings to participating securities $ (628 ) $ (4,302 ) $ 6,194 $ 722 Less: Earnings allocated to participating securities - - 127 25 Net income (loss) after allocation of earnings to participating securities $ (628 ) $ (4,302 ) $ 6,067 $ 697 DENOMINATOR: Weighted average number of common shares outstanding - basic 16,861,458 17,024,598 16,917,272 16,863,160 Dilutive effect of share-based awards: - - 244,752 234,103 Weighted average number of common shares outstanding - dilutive 16,861,458 17,024,598 17,162,024 17,097,263 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders: $ (0.04 ) $ (0.25 ) $ 0.36 $ 0.04 Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (0.04 ) $ (0.25 ) $ 0.35 $ 0.04 |
Note 8 - Segment Information (T
Note 8 - Segment Information (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | International Retail Franchising Commercial Total Thirteen weeks ended July 4, 2015 Net sales to external customers $ 80,279 $ 548 $ 187 $ 81,014 Income (loss) before income taxes (684 ) 242 4 (438 ) Capital expenditures, net 3,190 12 - 3,202 Depreciation and amortization 3,982 33 - 4,015 Thirteen weeks ended June 28, 2014 Net sales to external customers $ 75,351 $ 487 $ 410 $ 76,248 Income (loss) before income taxes (4,016 ) (141 ) 198 (3,959 ) Capital expenditures, net 2,066 - - 2,066 Depreciation and amortization 4,433 36 - 4,469 Twenty-six weeks ended July 4, 2015 Net sales to external customers $ 171,943 $ 1,099 $ 1,364 $ 174,406 Income before income taxes 5,420 372 822 6,614 Capital expenditures, net 6,048 32 - 6,080 Depreciation and amortization 8,163 70 - 8,233 Twenty-six weeks ended June 28, 2014 Net sales to external customers $ 172,191 $ 1,156 $ 842 $ 174,189 Income (loss) before income taxes 1,198 (278 ) 426 1,346 Capital expenditures, net 3,162 9 - 3,171 Depreciation and amortization 8,903 74 - 8,977 Total Assets as of: July 4, 2015 $ 170,545 $ 2,194 $ 4,845 $ 177,584 June 28, 2014 $ 164,982 $ 2,509 $ 5,840 $ 173,331 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | North America (1) Europe (2) Other (3) Total Thirteen weeks ended July 4, 2015 Net sales to external customers $ 64,472 $ 16,213 $ 329 $ 81,014 Property and equipment, net 52,604 5,835 - 58,439 Thirteen weeks ended June 28, 2014 Net sales to external customers $ 61,503 $ 14,424 $ 321 $ 76,248 Property and equipment, net 55,881 7,304 - 63,185 Twenty-six weeks ended July 4, 2015 Net sales to external customers $ 141,119 $ 32,628 $ 659 $ 174,406 Property and equipment, net 52,604 5,835 - $ 58,439 Twenty-six weeks ended June 28, 2014 Net sales to external customers $ 141,332 $ 32,175 $ 682 $ 174,189 Property and equipment, net 55,881 7,304 - 63,185 |
Note 2 - Prepaid Expenses and22
Note 2 - Prepaid Expenses and Other Assets (Details) - Prepaid Expenses and Other Current Assets - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Jun. 28, 2014 |
Prepaid Expenses and Other Current Assets [Abstract] | |||
Prepaid rent | $ 8,432 | $ 7,848 | $ 4,995 |
Short-term investment | 895 | 1,121 | |
Other | 4,846 | 6,642 | 5,399 |
$ 14,173 | $ 15,611 | $ 10,394 |
Note 3 - Accrued Expenses (Deta
Note 3 - Accrued Expenses (Details) - Accrued Expenses - USD ($) $ in Thousands | Jul. 04, 2015 | Jan. 03, 2015 | Jun. 28, 2014 |
Accrued Expenses [Abstract] | |||
Accrued wages, bonuses and related expenses | $ 6,088 | $ 11,858 | $ 6,330 |
Sales tax payable | 2,893 | 7,694 | 2,157 |
Accrued rent and related expenses | 3,675 | 3,365 | 3,474 |
Current income taxes payable | 613 | 1,141 | |
$ 13,269 | $ 24,058 | $ 11,961 |
Note 4 - Stock-based Compensa24
Note 4 - Stock-based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | |
Selling, General and Administrative Expenses [Member] | ||||
Note 4 - Stock-based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 0.5 | $ 0.6 | $ 1 | $ 1.2 |
Options and Restricted Stock [Member] | ||||
Note 4 - Stock-based Compensation (Details) [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4.2 | $ 4.2 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3.9 | $ 3.6 |
Note 4 - Stock-based Compensa25
Note 4 - Stock-based Compensation (Details) - Summary of the Balance and Activity for the Plans Related to Stock Options | 6 Months Ended |
Jul. 04, 2015shares | |
Restricted Stock [Member] | |
Note 4 - Stock-based Compensation (Details) - Summary of the Balance and Activity for the Plans Related to Stock Options [Line Items] | |
Restricted Stock | 284,511 |
Granted | 98,926 |
Vested | 200,302 |
Forfeited | 33,787 |
Employee Stock Option [Member] | |
Note 4 - Stock-based Compensation (Details) - Summary of the Balance and Activity for the Plans Related to Stock Options [Line Items] | |
Options | 609,043 |
Granted | 68,826 |
Exercised | 120,440 |
Forfeited | 14,594 |
Canceled or expired | 39,200 |
Note 5 - Income Taxes (Details)
Note 5 - Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | (43.40%) | (8.70%) | 6.40% | 46.40% |
Note 6 - Income (Loss) per Sh27
Note 6 - Income (Loss) per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | |
Employee Stock Option [Member] | ||||
Note 6 - Income (Loss) per Share (Details) [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 609,043 | 784,139 | 69,114 | 132,146 |
Note 6 - Income (Loss) per Sh28
Note 6 - Income (Loss) per Share (Details) - Computation Basic and Diluted Earnings per Common Share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | |
NUMERATOR: | ||||
Net income (loss) before allocation of earnings to participating securities | $ (628) | $ (4,302) | $ 6,194 | $ 722 |
Less: Earnings allocated to participating securities | 127 | 25 | ||
Net income (loss) after allocation of earnings to participating securities | $ (628) | $ (4,302) | $ 6,067 | $ 697 |
DENOMINATOR: | ||||
Weighted average number of common shares outstanding - basic | 16,861,458 | 17,024,598 | 16,917,272 | 16,863,160 |
Dilutive effect of share-based awards: | 244,752 | 234,103 | ||
Weighted average number of common shares outstanding - dilutive | 16,861,458 | 17,024,598 | 17,162,024 | 17,097,263 |
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders: | $ (0.04) | $ (0.25) | $ 0.36 | $ 0.04 |
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders | $ (0.04) | $ (0.25) | $ 0.35 | $ 0.04 |
Note 7 - Comprehensive Income29
Note 7 - Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | |
Disclosure Text Block [Abstract] | ||||
Translation Adjustment Functional to Reporting Currency, Loss (Gain), Reclassified to Earnings, Net of Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Note 8 - Segment Information (D
Note 8 - Segment Information (Details) | 6 Months Ended |
Jul. 04, 2015 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 8 - Segment Information 31
Note 8 - Segment Information (Details) - Financial Information for the Company’s Reportable Segments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | Jan. 03, 2015 | |
Segment Reporting Information [Line Items] | |||||
Net sales to external customers | $ 81,014 | $ 76,248 | $ 174,406 | $ 174,189 | |
Income (loss) before income taxes | (438) | (3,959) | 6,614 | 1,346 | |
Capital expenditures, net | 3,202 | 2,066 | 6,080 | 3,171 | |
Depreciation and amortization | 4,015 | 4,469 | 8,233 | 8,977 | |
Total Assets as of: | |||||
Assets | 177,584 | 173,331 | 177,584 | 173,331 | $ 212,054 |
Retail [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales to external customers | 80,279 | 75,351 | 171,943 | 172,191 | |
Income (loss) before income taxes | (684) | (4,016) | 5,420 | 1,198 | |
Capital expenditures, net | 3,190 | 2,066 | 6,048 | 3,162 | |
Depreciation and amortization | 3,982 | 4,433 | 8,163 | 8,903 | |
Total Assets as of: | |||||
Assets | 170,545 | 164,982 | 170,545 | 164,982 | |
International Franchising [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales to external customers | 548 | 487 | 1,099 | 1,156 | |
Income (loss) before income taxes | 242 | (141) | 372 | (278) | |
Capital expenditures, net | 12 | 32 | 9 | ||
Depreciation and amortization | 33 | 36 | 70 | 74 | |
Total Assets as of: | |||||
Assets | 2,194 | 2,509 | 2,194 | 2,509 | |
Commercial [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales to external customers | 187 | 410 | 1,364 | 842 | |
Income (loss) before income taxes | 4 | 198 | 822 | 426 | |
Total Assets as of: | |||||
Assets | $ 4,845 | $ 5,840 | $ 4,845 | $ 5,840 |
Note 8 - Segment Information 32
Note 8 - Segment Information (Details) - Sales to External Customers and Long-lived Assets by Geographic Area - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 04, 2015 | Jun. 28, 2014 | Jul. 04, 2015 | Jun. 28, 2014 | Jan. 03, 2015 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Net sales to external customers | $ 81,014 | $ 76,248 | $ 174,406 | $ 174,189 | ||
Property and equipment, net | 58,439 | 63,185 | 58,439 | 63,185 | $ 62,766 | |
North America [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Net sales to external customers | [1] | 64,472 | 61,503 | 141,119 | 141,332 | |
Property and equipment, net | [1] | 52,604 | 55,881 | 52,604 | 55,881 | |
Europe [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Net sales to external customers | [2] | 16,213 | 14,424 | 32,628 | 32,175 | |
Property and equipment, net | [2] | 5,835 | 7,304 | 5,835 | 7,304 | |
Other Geographic Region [Member] | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Net sales to external customers | [3] | $ 329 | $ 321 | $ 659 | $ 682 | |
Property and equipment, net | [3] | |||||
[1] | North America includes the United States, Canada, Puerto Rico and franchise business in Mexico | |||||
[2] | Europe includes the United Kingdom, Ireland, Denmark (in 2015) and franchise businesses in Europe | |||||
[3] | Other includes franchise businesses outside of North America and Europe |
Note 9 - Contingencies (Details
Note 9 - Contingencies (Details) $ in Millions | Jul. 04, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Receivable Disputed Duty Paid | $ 3.5 |
Note 11 - Subsequent Event (Det
Note 11 - Subsequent Event (Details) - USD ($) | 1 Months Ended | ||
Aug. 07, 2015 | Jul. 07, 2015 | Feb. 28, 2015 | |
The February 2015 Share Repurchase Program [Member] | |||
Note 11 - Subsequent Event (Details) [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | ||
Subsequent Event [Member] | The July 2015 Share Repurchase Program [Member] | |||
Note 11 - Subsequent Event (Details) [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | ||
Subsequent Event [Member] | Share Repurchase Programs 2015 [Member] | |||
Note 11 - Subsequent Event (Details) [Line Items] | |||
Treasury Stock, Shares, Acquired (in Shares) | 5,800 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 91,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 10,700,000 |
Uncategorized Items - bbw-20150
Label | Element | Value |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber | 714,451 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 419,674 |