Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Mar. 09, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | BUILD A BEAR WORKSHOP INC | ||
Entity Central Index Key | 1,113,809 | ||
Trading Symbol | bbw | ||
Current Fiscal Year End Date | --12-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 14,900,452 | ||
Entity Public Float | $ 142 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 30,445 | $ 32,483 |
Inventories | 53,136 | 51,885 |
Receivables | 13,302 | 12,939 |
Prepaid expenses and other current assets | 13,346 | 12,737 |
Total current assets | 110,229 | 110,044 |
Property and equipment, net | 77,751 | 74,924 |
Deferred tax assets | 6,381 | 8,256 |
Other intangible assets, net | 995 | 1,721 |
Other assets, net | 2,633 | 4,650 |
Total Assets | 197,989 | 199,595 |
Current liabilities: | ||
Accounts payable | 18,942 | 27,861 |
Accrued expenses | 15,189 | 15,897 |
Gift cards and customer deposits | 33,926 | 37,070 |
Deferred revenue and other | 1,806 | 2,029 |
Total current liabilities | 69,863 | 82,857 |
Deferred rent | 17,906 | 15,438 |
Deferred franchise revenue | 1,208 | 565 |
Other liabilities | 1,697 | 1,623 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at December 30, 2017 and December 31, 2016 | ||
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 15,515,960 and 15,856,927 shares, respectively | 155 | 159 |
Additional paid-in capital | 68,962 | 68,001 |
Accumulated other comprehensive loss | (11,562) | (12,727) |
Retained earnings | 49,760 | 43,679 |
Total stockholders' equity | 107,315 | 99,112 |
Total Liabilities and Stockholders' Equity | $ 197,989 | $ 199,595 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 30, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 15,515,960 | 15,856,927 |
Common stock, shares outstanding (in shares) | 15,515,960 | 15,856,927 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Revenues: | |||
Net retail sales | $ 349,408 | $ 357,593 | $ 372,715 |
Commercial revenue | 6,007 | 4,312 | 2,783 |
Franchise fees | 2,451 | 2,299 | 2,196 |
Total revenues | 357,866 | 364,204 | 377,694 |
Costs and expenses: | |||
Selling, general and administrative | 152,653 | 157,174 | 159,612 |
Store preopening | 2,496 | 3,549 | 1,851 |
Interest expense (income), net | 11 | 5 | (143) |
Total costs and expenses | 344,053 | 358,895 | 359,796 |
Total income before income taxes | 13,813 | 5,309 | 17,898 |
Income tax (benefit) expense | 5,897 | 3,932 | (9,447) |
Net income | $ 7,916 | $ 1,377 | $ 27,345 |
Income per common share: | |||
Basic (in dollars per share) | $ 0.50 | $ 0.09 | $ 1.61 |
Diluted (in dollars per share) | $ 0.50 | $ 0.09 | $ 1.59 |
Shares used in computing common per share amounts: | |||
Basic (in shares) | 15,572,045 | 15,442,086 | 16,642,269 |
Diluted (in shares) | 15,757,060 | 15,622,273 | 16,867,356 |
Retail [Member] | |||
Costs and expenses: | |||
Cost of merchandise sold | $ 185,481 | $ 195,914 | $ 197,101 |
Commercial [Member] | |||
Costs and expenses: | |||
Cost of merchandise sold | $ 3,412 | $ 2,253 | $ 1,375 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Net income | $ 7,916 | $ 1,377 | $ 27,345 |
Foreign currency translation adjustment | 1,165 | (2,756) | (1,273) |
Comprehensive income (loss) | $ 9,081 | $ (1,379) | $ 26,072 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Jan. 03, 2015 | $ 174 | $ 69,362 | $ (8,698) | $ 36,787 | $ 97,625 |
Share repurchase and retirement | (17) | (4,978) | (20,914) | (25,909) | |
Stock-based compensation | 2,111 | 2,111 | |||
Shares issued under employee stock plans | 1 | (486) | (485) | ||
Other comprehensive income (loss) | (1,273) | (1,273) | |||
Net income | 27,345 | 27,345 | |||
Balance at Jan. 02, 2016 | 158 | 66,009 | (9,971) | 43,218 | 99,414 |
Share repurchase and retirement | (1) | (552) | (916) | (1,469) | |
Stock-based compensation | 3,025 | 3,025 | |||
Shares issued under employee stock plans | 2 | (481) | (479) | ||
Other comprehensive income (loss) | (2,756) | (2,756) | |||
Net income | 1,377 | 1,377 | |||
Balance at Dec. 31, 2016 | 159 | 68,001 | (12,727) | 43,679 | 99,112 |
Share repurchase and retirement | (5) | (2,237) | (2,413) | (4,655) | |
Stock-based compensation | 3,423 | 3,423 | |||
Shares issued under employee stock plans | 1 | (472) | (471) | ||
Other comprehensive income (loss) | 1,165 | 1,165 | |||
Net income | 7,916 | 7,916 | |||
Adoption of new accounting standards | 247 | 578 | 825 | ||
Balance at Dec. 30, 2017 | $ 155 | $ 68,962 | $ (11,562) | $ 49,760 | $ 107,315 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 7,916 | $ 1,377 | $ 27,345 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 16,165 | 16,171 | 16,419 |
Stock-based compensation | 3,423 | 3,025 | 2,111 |
Asset impairment | 104 | 2,674 | 296 |
Deferred taxes | 5,262 | 2,263 | (8,123) |
Provision for doubtful accounts | 372 | 1,972 | 19 |
Loss on disposal of property and equipment | 225 | 403 | 282 |
Trade credit utilization | 185 | ||
Change in assets and liabilities: | |||
Inventories | (210) | 643 | (2,466) |
Receivables | (584) | (2,207) | (2,118) |
Prepaid expenses and other assets | (341) | 1,184 | (2,998) |
Accounts payable and accrued expenses | (10,484) | (16,301) | 1,458 |
Lease related liabilities | 2,316 | 3,427 | (1,182) |
Gift cards and customer deposits | (3,376) | 2,091 | 1,037 |
Deferred revenue | 300 | (708) | (218) |
Net cash provided by operating activities | 21,088 | 16,014 | 32,047 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (17,763) | (27,251) | (22,466) |
Purchases of other assets and other intangible assets | (310) | (867) | (1,922) |
Proceeds from property insurance | 310 | ||
Proceeds from sale or maturity of short term investments | 1,461 | 793 | |
Purchases of short term investments | (1,551) | ||
Cash flow used in investing activities | (17,763) | (26,657) | (25,146) |
Cash flows from financing activities: | |||
Proceeds from the exercise of employee stock options, net of withholding tax payments | (467) | (479) | (481) |
Borrowings under line of credit | 4,000 | 5,400 | |
Repayments under line of credit | (4,000) | (5,400) | |
Payments made under capital leases | (76) | ||
Purchases of Company's common stock | (4,232) | (1,469) | (25,909) |
Cash flow used in financing activities | (4,775) | (1,948) | (26,390) |
Effect of exchange rates on cash | (588) | (122) | (704) |
Net decrease in cash and cash equivalents | (2,038) | (12,713) | (20,193) |
Cash and cash equivalents, beginning of period | 32,483 | 45,196 | 65,389 |
Cash and cash equivalents, end of period | 30,445 | 32,483 | 45,196 |
Supplemental disclosure of cash flow information: | |||
Net cash paid during the period for income taxes | $ 1,072 | $ 1,002 | $ 2,175 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Preparation | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 Description of Business and Basis of Preparation Build-A-Bear Workshop, Inc. and subsidiaries (collectively, the Company) is a specialty retailer of plush animals and related products. The Company began operations in October 1997. 361corporately not The Company ’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) . |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 Summary of Significant Accounting Policies A summary of the Company ’s significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows: Principles of Consolidation The accompanying consolidated financial statements include the accounts of Build-A-Bear Workshop, Inc. an d its wholly-owned subsidiaries. All significant intercompany accounts are eliminated in consolidation. Fiscal Year The Company operates on a 52 53 December 31. January 31, 16 2017 52 December 30, 2017), 2016 52 December 31, 2016) 2015 52 January 2, 2016). Cash and Cash Equivalents Cash and cash equivalents include cash and short-term highly liquid investments with an original maturity of three The majority of the Company ’s cash and cash equivalents exceed federal deposit insurance limits. The Company has not not Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on an average-cost basis. Inventory includes supplies of $2.7 $3.1 December 30, 2017 December 31, 2016, $1.0 December 30, 2017 December 31, 2016. Receivables Receivables consist primarily of amounts due to the Company in relation to tenant allowances, wholesale and corporate product sales, franchisee royalties and product sales, certain amounts due from taxing authorities and licensing revenue. The Company assesses the collectability of all receivables on an ongoing basis by considering its historical credit loss experience, current economic conditions, and other relevant factors. Based on this analysis, the Company has established an allowance for doubtful accounts of $3.1 $3.6 December 30, 2017 December 31, 2016, Property and Equipment Property and equipment consist of leasehold improvements, furniture and fixtures, computer equipment and software, building and land and are stated at cost. Leasehold improvements are depreciated using the straight-line method over the shorter of the useful life of the assets or the life of the lease which is generally ten three seven is amortized using the straight-line method over a period of three five Other Intangible Assets Other intangible assets consist primarily of initial costs related to trademarks and other intellectual property. Trademarks and other intellectual property represent third one three Other Assets Other assets consist primarily of the non-current portion of prepaid income taxes, deferred leasing fees and deferred costs related to franchise agreements. Prepaid income taxes through December 31, 2016 2016, $0.1 2017, 2016 2015. Long-lived Assets Whenever facts and circumstances indicate that the carrying value of a long-lived asset may not not The Company performs an annual assessment of the store assets in the direct-to-consumer (“DTC”) segment, based on operating performance and forecasts of future performance. Total impairment charges were $0.1 $2.7 $0.3 2017, 2016 2015, 4 The calculation of fair value requires multiple assumptions regarding our future operations to determine future cash flows, including but not If different assumptions were used in the analysis, it is possible that the amount of the impairment charge may Deferred Rent Certain of the Company ’s operating leases contain predetermined fixed escalations of minimum rentals during the original lease terms. For these leases, the Company recognizes the related rental expense on a straight-line basis over the life of the lease and records the difference between the amounts charged to operations and amounts paid as deferred rent. The Company also receives certain lease incentives in conjunction with entering into operating leases. These lease incentives are recorded as deferred rent at the beginning of the lease term and recognized as a reduction of rent expense over the lease term. In addition, certain of the Company’s leases contain future contingent increases in rentals. Such increases in rental expense are recorded in the period that it is probable that store sales will meet or exceed the specified target that triggers contingent rental expense. Franchises The Company defers initial, one initial term of the respective franchise agreements, which extend for periods up to 25 Retail Revenue Recognition Net retail sales are net of discounts, exclude sales tax, and are recognized at the time of sale. For e-commerce sales, revenue is recognized at the time of shipment. Shipping and handling costs billed to customers are included in net retail sales. Revenues from the sale of gift cards are recognized at the time of redemption. Unredeemed gift cards are included in gift cards and customer deposits on the consolidated balance sheets. For gift cards issued prior to December 2015, under the delayed recognition method when the likelihood of redemption by a customer is considered remote. For fiscal 2015, December 2015, $8.3 $4.5 $0.5 2017, 2016 2015, The Company has a customer loyalty program, Build-A-Bear Bonus Club, whereby guests enroll in the program and receive points based on the value of the transaction and receive awards for various discounts on future purchases after achieving defined point thresholds. Historical patterns for points converting into awards and ultimate award redemption are applied to actual points and awards outstanding at the respective balance sheet date to calculate the liability and corresponding adjustment to net retail sales. Management reviews these patterns and assesses the adequacy of the deferred revenue liability at the end of each fiscal quarter. Due to the estimates involved in these assessments, adjustments to the historical rates are generally made no trends to emerge. Based on the year-end assessments, the adjustment was $0.1 2017 2015 no 2016. $1.4 $1.8 December 31, 2017 December 30, 2016 Cost of Merchandise Sold Cost of merchandise sold - retail includes the cost of the merchandise, including royalties paid to licensors of third third Selling, General, and Administrative Expenses Selling, general, and administrative expenses include store payroll and related benefits, advertising, credit card fees, store supplies and store closing costs, as well as central office management payroll and related benefits, travel, information systems, accounting, insurance, legal, and public relations. It also includes depreciation and amortization of central office leasehold improvements, furniture, fixtures, and equipment, as well as amortization of trademarks and intellectual property. Store Preopening Expenses Store preopening expenses include costs incurred prior to store openings, remodels and relocations including certain store set-up, labor and hiring costs, rental charges, payroll, marketing, travel and relocation costs. They are expensed as incurred and are included in selling, general and administrative expenses. Advertising The costs of advertising and marketing programs are charged to operations in the first $19.0 $20.7 $25.3 2017, 2016 2015 , respectively. Income Taxes Income taxes are accounted for using a balance sheet approach known as the liability method. The liability method accounts for deferred income taxes by applying the rate, based on enacted tax law, that will be in effect in the period in which the temporary differences, between the book basis and the tax basis of assets and liabilities, reverse or are settled. Deferred taxes are reported on a jurisdictional basis. Tax positions are reviewed at least quarterly and adjusted as new information becomes available. The recoverability of deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These estimates of future taxable income inherently require significant judgment. To the extent it is considered more likely than not not The Company accounts for its total liability for uncertain tax positions according to the provisions of ASC 740 10 25. 7 —Income Taxes for further discussion including the impact of the December 22, 2017 I ncome Per Share Under the two asic income per share is determined by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during the period. In periods of net loss, no not not Stock-Based Compensation The Company has share-based compensation plans covering certain management groups and its Board of Directors. The Company accounts for share-based payments utilizing the fair value recognition provisions of ASC 718. 11 2017, 2016, 2015, $3.4 $3.0 $2.1 Comprehensive Income ( Los s ) Comprehensive income (loss) is comprised of net income (loss) and foreign currency translation adjustments. D eferred Compensation Plan The Company maintains a Deferred Compensation Plan for the benefit of certain management employees. The investment funds offered to the participant generally correspond to the funds offered in the Company ’s 401 1 December 30, 2017, $0.1 $1.0 December 31, 2016, $0.1 $0.7 Fair Value of Financial Instruments For purposes of financial reporting, management has determined that the fair value of financial instruments, including cash and cash equivalents, receivables, short term investments, accounts payable and accrued expenses, approximates book value at December 30, 2017 December 31, 2016. Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances, including, but not may Significant items subject to such estimates and assumptions include the calculation of revenue from gift card breakage, valuation of long-lived assets, including deferred income tax assets, and the determination of deferred revenue under the Company’s customer loyalty program. Sales Tax Policy The Company ’s revenues in the consolidated statement of operations are net of sales taxes. Foreign Currency Assets and liabilities of the Company ’s foreign operations with functional currencies other than the U.S. dollar are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the year. Translation adjustments are reported in accumulated other comprehensive income, a separate component of stockholders’ equity. Gains and losses resulting from foreign exchange transactions, including the impact of the re-measurement of the Company’s balance sheet, are recorded as a component of selling, general and administrative expenses. The Company recorded income of $1.6 2017 $0.3 $2.3 2016 2015, R ecent Accounting Pronouncements – Adopted in the current year The Company adopted Accounting Standards Update ( “ASU”) No. 2016 09, January 1, 2017. first 2017, $1.6 $0.3 $1.9 $0.6 Additionally, the Company early adopted ASU No. 2016 16, – Intra-Entity Transfers of Assets Other Than Inventory, effective January 1, 2017. first 2017 $1.0 $2.3 $1.3 R ecent Accounting Pronouncements – Pending adoption In May 2014, No. 2014 09, 2014 09 2014 09 2014 09 2018 2016, not 2014 09 first 2018 2018 $12.3 $3.0 $3.9 2018 2019 2020. In February 2016, No. 2016 02, Leases 2016 02 2016 02 2016 02 2019 2016 02 2017, 9 |
Note 3 - Prepaid Expenses and O
Note 3 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | ( 3 ) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): 2017 2016 Prepaid rent $ 7,314 $ 7,191 Other 6,032 5,546 Total $ 13,346 $ 12,737 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 4 Property and Equipment , net Property and equipment , net consist of the following (in thousands): 2017 2016 Land $ 2,261 $ 2,261 Furniture and fixtures 44,191 41,578 Computer hardware 27,122 26,960 Building 14,970 14,970 Leasehold improvements 111,717 113,573 Computer software 42,911 41,763 Construction in progress 7,774 6,152 250,946 247,257 Less accumulated depreciation 173,195 172,333 Total, net $ 77,751 $ 74,924 For fiscal 2017, 2016 2015, $15.1 $15.2 $15.8 During 201 7, not $0.1 fourth 2017, $2.3 2016 2015, 3 820 10. may In 2015, primarily in conjunction with natural lease events including new store openings, relocations and lease required remodels. The Company considers a more likely than not not $0.1 $0.4 $0.3 2017, 2016 2015, 3 820 10. |
Note 5 - Other Intangible Asset
Note 5 - Other Intangible Assets | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 5 ) Other Intangible Assets Other intangible assets consist of the following (in thousands): 2017 2016 Trademarks and other intellectual property $ 15,656 $ 15,276 Less accumulated amortization 14,661 13,555 Total, net $ 995 $ 1,721 Trademarks and intellectual property are amortized over three was $1.0 $0.9 $0.5 2017, 2016 2015, five 2018 $0.8 2019 $0.2 2020 $0; 2021 $0; 2022 $0. |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 6 ) Accrued Expenses Accrued expenses consist of the following (in thousands): 2017 2016 Accrued wages, bonuses and related expenses $ 5,863 $ 5,596 Sales tax payable 4,858 5,075 Accrued rent and related expenses 3,679 4,615 Current income taxes payable 789 611 Total $ 15,189 $ 15,897 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 7 ) Income Taxes The Company ’s income before income taxes from domestic and foreign operations (which include the United Kingdom, Canada, China, Denmark and Ireland), are as follows (in thousands): 2017 2016 2015 Domestic $ 13,081 $ 9,733 $ 13,854 Foreign 732 (4,424 ) 4,044 Total income before income taxes $ 13,813 $ 5,309 $ 17,898 The components of the provision for income taxes are as follows (in thousands): 2017 2016 2015 Current: U.S. Federal $ 683 $ 1,605 $ - U.S. State 609 237 24 Foreign (313 ) (231 ) 1,189 Deferred: U.S. Federal 3,815 1,902 (9,697 ) U.S. State (113 ) 1,230 (1,308 ) Foreign 1,216 (811 ) 345 Income tax expense (benefit) $ 5,897 $ 3,932 $ (9,447 ) A reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows (in thousands): 2017 2016 2015 Income before income taxes $ 13,813 $ 5,309 $ 17,898 U.S. federal statutory income tax rate 34 % 34 % 34 % Income tax expense at statutory federal rate 4,696 1,805 6,085 State and local income taxes, net of federal tax benefit 327 968 371 Valuation allowance 323 576 (15,572 ) Effect of lower foreign taxes (131 ) 864 (622 ) Adjustment for unrecognized tax positions (309 ) (77 ) 67 U.S. federal rate change to 21% 1,448 - - Other items, net (457 ) (204 ) 224 Income tax expense (benefit) $ 5,897 $ 3,932 $ (9,447 ) Effective tax rate 42.7 % 74.1 % (52.8 )% In fiscal 2017, $0.3 2016, $0.6 2011, In fiscal 2015, $9.4 not. not The movement in the valuation allowance balance during the year is primarily attributable to the additional valuation allowance recorded in certain foreign jurisdictions, plus foreign currency fluctuations and the deferred adjustment affecting only the balance sheet. Temporary differences that gave rise to deferred tax assets and liabilities are as follows (in thousands): 2017 2016 Deferred tax assets: Deferred revenue $ 3,120 $ 5,004 Accrued rents 1,625 1,907 Net operating loss carryforwards 764 1,194 Intangible assets 1,466 1,040 Deferred compensation 1,414 1,739 Accrued compensation 533 620 Carryforward of tax credits 25 880 Receivable write-offs 40 604 Inventories 1,179 1,994 Other 1,188 1,209 Total gross deferred tax assets 11,354 16,191 Less: Valuation allowance 1,301 576 Total deferred tax assets, net of valuation allowance 10,053 15,615 Deferred tax liabilities: Depreciation (1,704 ) (3,909 ) Deferred expense (1,907 ) (3,318 ) Other (61 ) (132 ) Total deferred tax liabilities (3,672 ) (7,359 ) Net deferred tax assets $ 6,381 $ 8,256 The Company continues to assert its investments in foreign subsidiaries are permanent in duration and it is not On December 22, 2017, Cuts and Job Act (“Act”) was enacted, which significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Act permanently reduces the U.S. federal statutory rate to 21%, January 1, 2018. $1.4 one 1986 December 30, 2017. not one not On December 22, 2017, No. 118 SAB 118” not December 30, 2017. may may may 118 2018. As of December 30, 2017, 0.7 $0.3 million would favorably impact the Company’s provision for income taxes if recognized. As of December 31, 2016, $1.0 $0.4 . The Company reviews its uncertain tax positions periodically and accrues interest and penalties accordingly. Accrued interest and penalties included in other liabilities in the Consolidated Balance Sheets were less than $0.1 $0.1 December 30, 2017, December 31, 2016, December 30, 2017, $0.1 December 31, 2016, $0.3 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance as of January 2, 2016 $ 719 Increases for prior year tax positions 248 Decreases for prior year tax positions (25 ) Increases for current year tax positions 26 Audit settlement release (7 ) Balance as of December 31, 2016 961 Increases for prior year tax positions 57 Decreases for prior year tax positions (359 ) Balance as of December 30, 2017 $ 659 Management estimates it is reasonably possible that the amount of unrecognized tax benefits c ould decrease by as much as $0.6 twelve The following tax years remain open in the Company ’s major taxing jurisdictions as of December 30, 2017: United States (Federal) 2016 through 2017 United Kingdom 2009 through 2017 |
Note 8 - Line of Credit
Note 8 - Line of Credit | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 8 ) Line of Credit As of December 30, 2017, $35 66% December 31, 2018 not not may not 1.8%. not December 30, 2017: ( no $35.0 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 9 ) Commitments and Contingencies (a) Operating Leases The Company leases its retail stores and corporate offices under agreements which expire at various dates through 2030. $45.0 $44.5 $45.3 $1.2 $1.1 $1.2 2017, 2016 2015, Future minimum lease payments at December 30, 2017, 2018 $ 40,849 2019 34,041 2020 31,723 2021 29,477 2022 27,738 Subsequent to 2022 70,068 Total $ 233,896 (b) Litigation In the normal course of business, the Company is subject to certain claims or lawsuits. Except as noted below, management is not may In the normal course of business, the Company is subject to regular examination by various taxing authorities for years not one loss contingencies 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. Gain contingencies are recorded when the underlying uncertainty has been settled. Assessments made by the United Kingdom customs authority in 2012 December 30, 2017, $3.7 $2.9 $0.8 not |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 0 ) Net Income Per Share The Company uses the two no ’s participating securities as they do not 2017 2016 2015 NUMERATOR: Net income before allocation of earnings to participating securities $ 7,916 $ 1,377 $ 27,345 Less: Earnings allocated to participating securities 96 29 520 Net income $ 7,820 $ 1,348 $ 26,825 DENOMINATOR: Weighted average number of common shares outstanding - basic 15,572,045 15,442,086 16,642,269 Dilutive effect of share-based awards: 185,015 180,187 225,087 Weighted average number of common shares outstanding - dilutive 15,757,060 15,622,273 16,867,356 Basic income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.50 $ 0.09 $ 1.61 Diluted income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.50 $ 0.09 $ 1.59 In calculating diluted earnings per share for fiscal 2017, 2016 2015, 325,427; 264,717; 65,040; not 260 10. |
Note 11 - Stock Incentive Plans
Note 11 - Stock Incentive Plans | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 1 1 ) Stock Incentive Plans In 2003, 2002 . In 2004, 2004 2009 2014 On March 14, 2017, ’s Board of Directors (the “Board”) adopted, subject to stockholder approval, the Build-A-Bear Workshop, Inc. 2017 “2017 May 11, 2017, 2017 2017 2017 may 2017 may 2017 2017 2017 March 14, 2027, 2017 1,000,000, March 21, 2017 may (a) Stock Options The following table is a summary of the balance and activity for the Plans related to stock options for the periods presented: Weighted Aggregate Weighted Average Intrinsic Number of Average Remaining Value Shares Exercise Price Contractual Term (in thousands) Outstanding, January 3, 2015 714,451 $ 8.14 Granted 71,517 20.58 Exercised (150,409 ) 6.07 Forfeited (19,003 ) 12.15 Canceled or expired (41,705 ) 32.95 Outstanding, January 2, 2016 574,851 8.30 Granted 213,156 13.68 Exercised (30,223 ) 5.91 Forfeited - - Canceled or expired - - Outstanding, December 31, 2016 757,784 9.91 Granted 72,051 8.85 Exercised (1,269 ) 6.36 Forfeited (26,795 ) 13.45 Canceled or expired (10,204 ) 12.51 Outstanding, December 30, 2017 791,567 $ 9.67 5.8 $ 1,228 Options Exercisable As Of: December 30, 2017 569,361 $ 8.46 4.8 $ 1,203 The expense recorded related to options granted during fiscal 2017, 2016 2015 107 110, 2017, 2016 2015 were: 2017 2016 2015 Dividend yield 0% 0% 0% Historical volatility 47% 52% - 55% 51% - 58% Risk-free rate 2% 1.4% - 1.6% 1.5% - 1.8% Expected life (in years) 6 6 6 Weighted average grant date fair value $4.18 $7.13 $11.20 The total grant date fair value of options exercised in fiscal 2017, 2016 2015 was approximately less than $0.1 $0.1 $0.6 2017, 2016 2015 was approximately less than $0.1 $0.2 $2.1 Shares available for future option, non-vested stock and restricted stock grants were 984,758 545,799 2017 2016, (b) Restricted Stock The Company granted restricted stock awards that vest over a 1 3 Restricted Stock Performance Shares Weighted Weighted Average Average Number of Grant Date Number of Grant Date Shares Fair Value Shares Fair Value Outstanding, January 3, 2015 419,674 $ 7.64 - $ - Granted 107,004 19.59 86,222 20.71 Vested (205,137 ) 7.84 - - Forfeited (44,988 ) 8.89 (2,160 ) 20.80 Canceled - - - - Outstanding, January 2, 2016 276,553 11.93 84,062 20.70 Granted 203,613 13.58 176,611 13.68 Vested (152,548 ) 11.22 (7,039 ) 20.56 Forfeited (11,502 ) 13.45 - - Canceled - — (12,493 ) 20.56 Outstanding, December 31, 2016 316,116 13.30 241,141 15.39 Granted 258,060 9.18 83,897 8.85 Vested (179,132 ) 12.20 (6,472 ) 20.54 Forfeited (33,505 ) 12.55 (15,247 ) 14.28 Canceled - — (13,704 ) 13.68 Outstanding, December 30, 2017 361,539 $ 10.97 289,615 $ 13.66 In 201 7, three 2017, 2018 2019. 25% 200% 83,897 $8.85 2017, 12,580, no In 2016, 2016. 50% 200% 15,366 $13.57 2016, none three 2016, 2017 2018. three 50% 200% 161,245 $13.69 In 2015, ome objectives for fiscal 2015. 50% 200% 36,222 $20.58 2015, 22,458. three 2015, 2016 2017. three 50% 200% 50,000 $20.80 not The vesting date fair value of shares that vested in fiscal 2017, 2016 2015 was $2.3 $1.9 $4.0 $3.5 December 30, 2017 1.3 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 1 2 ) Stockholders’ Equity The following table summarizes the changes in outstanding shares of common stock for fiscal 20 15, 2016 2017: Common Stock Shares as of January 3, 2015 17,360,635 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 141,827 Repurchase of shares (1,706,571 ) Shares as of January 2, 2016 15,795,891 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 193,538 Repurchase of shares (132,502 ) Shares as of December 31, 2016 15,856,927 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 172,758 Repurchase of shares (513,725 ) Shares as of December 30, 2017 15,515,960 In fiscal 2017, $4.7 $4.2 $0.5 2018. |
Note 13 - Related-party Transac
Note 13 - Related-party Transactions | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 1 3 ) Related-Party Transactions The Company collected $0.2 2017 $0.5 2016 2015, December 30, 2017 December 31, 2016 |
Note 14 - Major Vendors
Note 14 - Major Vendors | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 1 4 ) Major Vendors Four vendors, each of whose primary manufacturing facilities are located in Asia, accounted for approximately 79%, 73% 85 2017, 2016 2015, |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 1 5 ) Segment Information The Company ’s operations are conducted through three third three Following is a summary of the financial information for the Company’s reporting segments (in thousands): Direct-to International Consumer Commercial Franchising Total Fifty-two weeks ended December 30, 2017 Net sales to external customers $ 349,408 $ 6,007 $ 2,451 $ 357,866 Net income before income taxes 10,436 934 2,443 13,813 Capital expenditures 17,882 - 191 18,073 Depreciation and amortization 16,101 2 62 16,165 Fifty-two weeks ended December 31, 2016 Net sales to external customers $ 357,593 $ 4,312 $ 2,299 $ 364,204 Net income before income taxes 2,760 1,813 736 5,309 Capital expenditures 28,083 - 35 28,118 Depreciation and amortization 16,086 2 83 16,171 Fifty-two weeks ended January 2, 2016 Net sales to external customers $ 372,715 $ 2,783 $ 2,196 $ 377,694 Net income before income taxes 16,053 977 868 17,898 Capital expenditures 24,307 7 74 24,388 Depreciation and amortization 16,284 1 134 16,419 Total Assets as of: December 30, 2017 $ 188,685 $ 5,949 $ 3,355 $ 197,989 December 31, 2016 $ 190,236 $ 6,143 $ 3,216 $ 199,595 The Company ’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may North America (1) Europe (2) Other (3) Total Fifty-two weeks ended December 30, 2017 Net sales to external customers $ 293,282 $ 61,901 $ 2,683 $ 357,866 Property and equipment, net 68,141 9,578 32 77,751 Fifty-two weeks ended December 31, 2016 Net sales to external customers $ 296,152 $ 66,140 $ 1,912 $ 364,204 Property and equipment, net 66,154 8,733 37 74,924 Fifty-two weeks ended January 2, 2016 Net sales to external customers $ 297,554 $ 78,788 $ 1,352 $ 377,694 Property and equipment, net 61,211 6,459 71 67,741 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 and franchise businesses in Europe ( 3 Other includes franchise businesses outside of North America and Europe and, beginning in 2016, |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 16 Subsequent event s On January 9, 2018, he Company's Board of Directors approved a change in the Company’s fiscal year-end, which previously ended on the Saturday closest to December 31, January 31. 2017 first 12 February 4, 2018 February 2, 2019. one December 31, 2017 February 3, 2018, 10 first May 5, 2018 10 February 2, 2019. In the period after December 30, 2017 , the Company repurchased approximately 616,100 $5.3 2017. March 15, 2018, $10.0 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 30, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | – Valuation an d Qualifying Accounts Beginning Balance Charged to cost and expenses Other (1) (2) Ending Balance Deferred Tax Asset Valuation Allowance 2017 $ 576 $ 323 $ 402 $ 1,301 2016 - 576 - 576 2015 15,572 368 (15,940 ) - Receivables Allowance for Doubtful Accounts 2017 $ 3,585 $ 372 $ (885 ) $ 3,072 2016 3,044 1,972 (1,431 ) 3,585 2015 3,248 19 (223 ) 3,044 ( 1 ( 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Build-A-Bear Workshop, Inc. an d its wholly-owned subsidiaries. All significant intercompany accounts are eliminated in consolidation. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company operates on a 52 53 December 31. January 31, 16 2017 52 December 30, 2017), 2016 52 December 31, 2016) 2015 52 January 2, 2016). |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash and short-term highly liquid investments with an original maturity of three The majority of the Company ’s cash and cash equivalents exceed federal deposit insurance limits. The Company has not not |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on an average-cost basis. Inventory includes supplies of $2.7 $3.1 December 30, 2017 December 31, 2016, $1.0 December 30, 2017 December 31, 2016. |
Receivables, Policy [Policy Text Block] | Receivables Receivables consist primarily of amounts due to the Company in relation to tenant allowances, wholesale and corporate product sales, franchisee royalties and product sales, certain amounts due from taxing authorities and licensing revenue. The Company assesses the collectability of all receivables on an ongoing basis by considering its historical credit loss experience, current economic conditions, and other relevant factors. Based on this analysis, the Company has established an allowance for doubtful accounts of $3.1 $3.6 December 30, 2017 December 31, 2016, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment consist of leasehold improvements, furniture and fixtures, computer equipment and software, building and land and are stated at cost. Leasehold improvements are depreciated using the straight-line method over the shorter of the useful life of the assets or the life of the lease which is generally ten three seven is amortized using the straight-line method over a period of three five |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets Other intangible assets consist primarily of initial costs related to trademarks and other intellectual property. Trademarks and other intellectual property represent third one three |
Other Assets [Policy Text Block] | Other Assets Other assets consist primarily of the non-current portion of prepaid income taxes, deferred leasing fees and deferred costs related to franchise agreements. Prepaid income taxes through December 31, 2016 2016, $0.1 2017, 2016 2015. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets Whenever facts and circumstances indicate that the carrying value of a long-lived asset may not not The Company performs an annual assessment of the store assets in the direct-to-consumer (“DTC”) segment, based on operating performance and forecasts of future performance. Total impairment charges were $0.1 $2.7 $0.3 2017, 2016 2015, 4 The calculation of fair value requires multiple assumptions regarding our future operations to determine future cash flows, including but not If different assumptions were used in the analysis, it is possible that the amount of the impairment charge may |
Lessee, Leases [Policy Text Block] | Deferred Rent Certain of the Company ’s operating leases contain predetermined fixed escalations of minimum rentals during the original lease terms. For these leases, the Company recognizes the related rental expense on a straight-line basis over the life of the lease and records the difference between the amounts charged to operations and amounts paid as deferred rent. The Company also receives certain lease incentives in conjunction with entering into operating leases. These lease incentives are recorded as deferred rent at the beginning of the lease term and recognized as a reduction of rent expense over the lease term. In addition, certain of the Company’s leases contain future contingent increases in rentals. Such increases in rental expense are recorded in the period that it is probable that store sales will meet or exceed the specified target that triggers contingent rental expense. |
Revenue Recognition, Services, Franchise Fees [Policy Text Block] | Franchises The Company defers initial, one initial term of the respective franchise agreements, which extend for periods up to 25 |
Revenue Recognition, Policy [Policy Text Block] | Retail Revenue Recognition Net retail sales are net of discounts, exclude sales tax, and are recognized at the time of sale. For e-commerce sales, revenue is recognized at the time of shipment. Shipping and handling costs billed to customers are included in net retail sales. Revenues from the sale of gift cards are recognized at the time of redemption. Unredeemed gift cards are included in gift cards and customer deposits on the consolidated balance sheets. For gift cards issued prior to December 2015, under the delayed recognition method when the likelihood of redemption by a customer is considered remote. For fiscal 2015, December 2015, $8.3 $4.5 $0.5 2017, 2016 2015, The Company has a customer loyalty program, Build-A-Bear Bonus Club, whereby guests enroll in the program and receive points based on the value of the transaction and receive awards for various discounts on future purchases after achieving defined point thresholds. Historical patterns for points converting into awards and ultimate award redemption are applied to actual points and awards outstanding at the respective balance sheet date to calculate the liability and corresponding adjustment to net retail sales. Management reviews these patterns and assesses the adequacy of the deferred revenue liability at the end of each fiscal quarter. Due to the estimates involved in these assessments, adjustments to the historical rates are generally made no trends to emerge. Based on the year-end assessments, the adjustment was $0.1 2017 2015 no 2016. $1.4 $1.8 December 31, 2017 December 30, 2016 |
Cost of Sales, Policy [Policy Text Block] | Cost of Merchandise Sold Cost of merchandise sold - retail includes the cost of the merchandise, including royalties paid to licensors of third third |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General, and Administrative Expenses Selling, general, and administrative expenses include store payroll and related benefits, advertising, credit card fees, store supplies and store closing costs, as well as central office management payroll and related benefits, travel, information systems, accounting, insurance, legal, and public relations. It also includes depreciation and amortization of central office leasehold improvements, furniture, fixtures, and equipment, as well as amortization of trademarks and intellectual property. |
Start-up Activities, Cost Policy [Policy Text Block] | Store Preopening Expenses Store preopening expenses include costs incurred prior to store openings, remodels and relocations including certain store set-up, labor and hiring costs, rental charges, payroll, marketing, travel and relocation costs. They are expensed as incurred and are included in selling, general and administrative expenses. |
Advertising Costs, Policy [Policy Text Block] | Advertising The costs of advertising and marketing programs are charged to operations in the first $19.0 $20.7 $25.3 2017, 2016 2015 , respectively. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for using a balance sheet approach known as the liability method. The liability method accounts for deferred income taxes by applying the rate, based on enacted tax law, that will be in effect in the period in which the temporary differences, between the book basis and the tax basis of assets and liabilities, reverse or are settled. Deferred taxes are reported on a jurisdictional basis. Tax positions are reviewed at least quarterly and adjusted as new information becomes available. The recoverability of deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These estimates of future taxable income inherently require significant judgment. To the extent it is considered more likely than not not The Company accounts for its total liability for uncertain tax positions according to the provisions of ASC 740 10 25. 7 —Income Taxes for further discussion including the impact of the December 22, 2017 |
Earnings Per Share, Policy [Policy Text Block] | I ncome Per Share Under the two asic income per share is determined by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during the period. In periods of net loss, no not not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company has share-based compensation plans covering certain management groups and its Board of Directors. The Company accounts for share-based payments utilizing the fair value recognition provisions of ASC 718. 11 2017, 2016, 2015, $3.4 $3.0 $2.1 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income ( Los s ) Comprehensive income (loss) is comprised of net income (loss) and foreign currency translation adjustments. |
Deferred Charges, Policy [Policy Text Block] | D eferred Compensation Plan The Company maintains a Deferred Compensation Plan for the benefit of certain management employees. The investment funds offered to the participant generally correspond to the funds offered in the Company ’s 401 1 December 30, 2017, $0.1 $1.0 December 31, 2016, $0.1 $0.7 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments For purposes of financial reporting, management has determined that the fair value of financial instruments, including cash and cash equivalents, receivables, short term investments, accounts payable and accrued expenses, approximates book value at December 30, 2017 December 31, 2016. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances, including, but not may Significant items subject to such estimates and assumptions include the calculation of revenue from gift card breakage, valuation of long-lived assets, including deferred income tax assets, and the determination of deferred revenue under the Company’s customer loyalty program. |
Sales Tax Policy [Policy Text Block] | Sales Tax Policy The Company ’s revenues in the consolidated statement of operations are net of sales taxes. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Assets and liabilities of the Company ’s foreign operations with functional currencies other than the U.S. dollar are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the year. Translation adjustments are reported in accumulated other comprehensive income, a separate component of stockholders’ equity. Gains and losses resulting from foreign exchange transactions, including the impact of the re-measurement of the Company’s balance sheet, are recorded as a component of selling, general and administrative expenses. The Company recorded income of $1.6 2017 $0.3 $2.3 2016 2015, |
New Accounting Pronouncements, Policy [Policy Text Block] | R ecent Accounting Pronouncements – Adopted in the current year The Company adopted Accounting Standards Update ( “ASU”) No. 2016 09, January 1, 2017. first 2017, $1.6 $0.3 $1.9 $0.6 Additionally, the Company early adopted ASU No. 2016 16, – Intra-Entity Transfers of Assets Other Than Inventory, effective January 1, 2017. first 2017 $1.0 $2.3 $1.3 R ecent Accounting Pronouncements – Pending adoption In May 2014, No. 2014 09, 2014 09 2014 09 2014 09 2018 2016, not 2014 09 first 2018 2018 $12.3 $3.0 $3.9 2018 2019 2020. In February 2016, No. 2016 02, Leases 2016 02 2016 02 2016 02 2019 2016 02 2017, 9 |
Note 3 - Prepaid Expenses and26
Note 3 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2017 2016 Prepaid rent $ 7,314 $ 7,191 Other 6,032 5,546 Total $ 13,346 $ 12,737 |
Note 4 - Property and Equipme27
Note 4 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2017 2016 Land $ 2,261 $ 2,261 Furniture and fixtures 44,191 41,578 Computer hardware 27,122 26,960 Building 14,970 14,970 Leasehold improvements 111,717 113,573 Computer software 42,911 41,763 Construction in progress 7,774 6,152 250,946 247,257 Less accumulated depreciation 173,195 172,333 Total, net $ 77,751 $ 74,924 |
Note 5 - Other Intangible Ass28
Note 5 - Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2017 2016 Trademarks and other intellectual property $ 15,656 $ 15,276 Less accumulated amortization 14,661 13,555 Total, net $ 995 $ 1,721 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2017 2016 Accrued wages, bonuses and related expenses $ 5,863 $ 5,596 Sales tax payable 4,858 5,075 Accrued rent and related expenses 3,679 4,615 Current income taxes payable 789 611 Total $ 15,189 $ 15,897 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2017 2016 2015 Domestic $ 13,081 $ 9,733 $ 13,854 Foreign 732 (4,424 ) 4,044 Total income before income taxes $ 13,813 $ 5,309 $ 17,898 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 2016 2015 Current: U.S. Federal $ 683 $ 1,605 $ - U.S. State 609 237 24 Foreign (313 ) (231 ) 1,189 Deferred: U.S. Federal 3,815 1,902 (9,697 ) U.S. State (113 ) 1,230 (1,308 ) Foreign 1,216 (811 ) 345 Income tax expense (benefit) $ 5,897 $ 3,932 $ (9,447 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 2015 Income before income taxes $ 13,813 $ 5,309 $ 17,898 U.S. federal statutory income tax rate 34 % 34 % 34 % Income tax expense at statutory federal rate 4,696 1,805 6,085 State and local income taxes, net of federal tax benefit 327 968 371 Valuation allowance 323 576 (15,572 ) Effect of lower foreign taxes (131 ) 864 (622 ) Adjustment for unrecognized tax positions (309 ) (77 ) 67 U.S. federal rate change to 21% 1,448 - - Other items, net (457 ) (204 ) 224 Income tax expense (benefit) $ 5,897 $ 3,932 $ (9,447 ) Effective tax rate 42.7 % 74.1 % (52.8 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 Deferred tax assets: Deferred revenue $ 3,120 $ 5,004 Accrued rents 1,625 1,907 Net operating loss carryforwards 764 1,194 Intangible assets 1,466 1,040 Deferred compensation 1,414 1,739 Accrued compensation 533 620 Carryforward of tax credits 25 880 Receivable write-offs 40 604 Inventories 1,179 1,994 Other 1,188 1,209 Total gross deferred tax assets 11,354 16,191 Less: Valuation allowance 1,301 576 Total deferred tax assets, net of valuation allowance 10,053 15,615 Deferred tax liabilities: Depreciation (1,704 ) (3,909 ) Deferred expense (1,907 ) (3,318 ) Other (61 ) (132 ) Total deferred tax liabilities (3,672 ) (7,359 ) Net deferred tax assets $ 6,381 $ 8,256 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Balance as of January 2, 2016 $ 719 Increases for prior year tax positions 248 Decreases for prior year tax positions (25 ) Increases for current year tax positions 26 Audit settlement release (7 ) Balance as of December 31, 2016 961 Increases for prior year tax positions 57 Decreases for prior year tax positions (359 ) Balance as of December 30, 2017 $ 659 |
Summary of Income Tax Examinations [Table Text Block] | United States (Federal) 2016 through 2017 United Kingdom 2009 through 2017 |
Note 9 - Commitments and Cont31
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2018 $ 40,849 2019 34,041 2020 31,723 2021 29,477 2022 27,738 Subsequent to 2022 70,068 Total $ 233,896 |
Note 10 - Net Income Per Share
Note 10 - Net Income Per Share (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2017 2016 2015 NUMERATOR: Net income before allocation of earnings to participating securities $ 7,916 $ 1,377 $ 27,345 Less: Earnings allocated to participating securities 96 29 520 Net income $ 7,820 $ 1,348 $ 26,825 DENOMINATOR: Weighted average number of common shares outstanding - basic 15,572,045 15,442,086 16,642,269 Dilutive effect of share-based awards: 185,015 180,187 225,087 Weighted average number of common shares outstanding - dilutive 15,757,060 15,622,273 16,867,356 Basic income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.50 $ 0.09 $ 1.61 Diluted income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.50 $ 0.09 $ 1.59 |
Note 11 - Stock Incentive Pla33
Note 11 - Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Aggregate Weighted Average Intrinsic Number of Average Remaining Value Shares Exercise Price Contractual Term (in thousands) Outstanding, January 3, 2015 714,451 $ 8.14 Granted 71,517 20.58 Exercised (150,409 ) 6.07 Forfeited (19,003 ) 12.15 Canceled or expired (41,705 ) 32.95 Outstanding, January 2, 2016 574,851 8.30 Granted 213,156 13.68 Exercised (30,223 ) 5.91 Forfeited - - Canceled or expired - - Outstanding, December 31, 2016 757,784 9.91 Granted 72,051 8.85 Exercised (1,269 ) 6.36 Forfeited (26,795 ) 13.45 Canceled or expired (10,204 ) 12.51 Outstanding, December 30, 2017 791,567 $ 9.67 5.8 $ 1,228 Options Exercisable As Of: December 30, 2017 569,361 $ 8.46 4.8 $ 1,203 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 2015 Dividend yield 0% 0% 0% Historical volatility 47% 52% - 55% 51% - 58% Risk-free rate 2% 1.4% - 1.6% 1.5% - 1.8% Expected life (in years) 6 6 6 Weighted average grant date fair value $4.18 $7.13 $11.20 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Performance Shares Weighted Weighted Average Average Number of Grant Date Number of Grant Date Shares Fair Value Shares Fair Value Outstanding, January 3, 2015 419,674 $ 7.64 - $ - Granted 107,004 19.59 86,222 20.71 Vested (205,137 ) 7.84 - - Forfeited (44,988 ) 8.89 (2,160 ) 20.80 Canceled - - - - Outstanding, January 2, 2016 276,553 11.93 84,062 20.70 Granted 203,613 13.58 176,611 13.68 Vested (152,548 ) 11.22 (7,039 ) 20.56 Forfeited (11,502 ) 13.45 - - Canceled - — (12,493 ) 20.56 Outstanding, December 31, 2016 316,116 13.30 241,141 15.39 Granted 258,060 9.18 83,897 8.85 Vested (179,132 ) 12.20 (6,472 ) 20.54 Forfeited (33,505 ) 12.55 (15,247 ) 14.28 Canceled - — (13,704 ) 13.68 Outstanding, December 30, 2017 361,539 $ 10.97 289,615 $ 13.66 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common Stock Shares as of January 3, 2015 17,360,635 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 141,827 Repurchase of shares (1,706,571 ) Shares as of January 2, 2016 15,795,891 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 193,538 Repurchase of shares (132,502 ) Shares as of December 31, 2016 15,856,927 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 172,758 Repurchase of shares (513,725 ) Shares as of December 30, 2017 15,515,960 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to International Consumer Commercial Franchising Total Fifty-two weeks ended December 30, 2017 Net sales to external customers $ 349,408 $ 6,007 $ 2,451 $ 357,866 Net income before income taxes 10,436 934 2,443 13,813 Capital expenditures 17,882 - 191 18,073 Depreciation and amortization 16,101 2 62 16,165 Fifty-two weeks ended December 31, 2016 Net sales to external customers $ 357,593 $ 4,312 $ 2,299 $ 364,204 Net income before income taxes 2,760 1,813 736 5,309 Capital expenditures 28,083 - 35 28,118 Depreciation and amortization 16,086 2 83 16,171 Fifty-two weeks ended January 2, 2016 Net sales to external customers $ 372,715 $ 2,783 $ 2,196 $ 377,694 Net income before income taxes 16,053 977 868 17,898 Capital expenditures 24,307 7 74 24,388 Depreciation and amortization 16,284 1 134 16,419 Total Assets as of: December 30, 2017 $ 188,685 $ 5,949 $ 3,355 $ 197,989 December 31, 2016 $ 190,236 $ 6,143 $ 3,216 $ 199,595 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | North America (1) Europe (2) Other (3) Total Fifty-two weeks ended December 30, 2017 Net sales to external customers $ 293,282 $ 61,901 $ 2,683 $ 357,866 Property and equipment, net 68,141 9,578 32 77,751 Fifty-two weeks ended December 31, 2016 Net sales to external customers $ 296,152 $ 66,140 $ 1,912 $ 364,204 Property and equipment, net 66,154 8,733 37 74,924 Fifty-two weeks ended January 2, 2016 Net sales to external customers $ 297,554 $ 78,788 $ 1,352 $ 377,694 Property and equipment, net 61,211 6,459 71 67,741 |
Schedule II - Valuation and Q36
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Beginning Balance Charged to cost and expenses Other (1) (2) Ending Balance Deferred Tax Asset Valuation Allowance 2017 $ 576 $ 323 $ 402 $ 1,301 2016 - 576 - 576 2015 15,572 368 (15,940 ) - Receivables Allowance for Doubtful Accounts 2017 $ 3,585 $ 372 $ (885 ) $ 3,072 2016 3,044 1,972 (1,431 ) 3,585 2015 3,248 19 (223 ) 3,044 |
Note 1 - Description of Busin37
Note 1 - Description of Business and Basis of Preparation (Details Textual) | Dec. 30, 2017 |
Number of Stores | 361 |
Note 2 - Summary of Significa38
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jan. 01, 2018 | Jan. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Inventory, Supplies, Net of Reserves | $ 2,700,000 | $ 3,100,000 | ||||
Inventory Valuation Reserves | 1,000,000 | 1,000,000 | ||||
Allowance for Doubtful Accounts Receivable, Current | 3,100,000 | 3,600,000 | ||||
Amortization of Deferred Charges | 100,000 | 100,000 | $ 100,000 | |||
Asset Impairment Charges | $ 104,000 | 2,674,000 | 296,000 | |||
Franchise Extension Period | 25 years | |||||
Unredeemed Gift Cards, Breakage | $ 8,300,000 | 4,500,000 | 500,000 | |||
Deferred Revenue, Period Increase (Decrease) | 100,000 | 0 | 100,000 | |||
Advertising Expense | 19,000,000 | 20,700,000 | 25,300,000 | |||
Foreign Currency Transaction Gain (Loss), before Tax | 1,600,000 | (300,000) | (2,300,000) | |||
Revenues | 357,866,000 | 364,204,000 | 377,694,000 | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 13,813,000 | 5,309,000 | 17,898,000 | |||
Increase Deferred Tax Assets [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 1,000,000 | |||||
Decrease Other Assets [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 2,300,000 | |||||
Decrease Retained Earnings [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1,300,000 | |||||
Increase Deferred Tax Assets [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1,600,000 | |||||
Increase Additional Paid-in Capital [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 300,000 | |||||
Increase Retained Earning [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1,900,000 | |||||
Decreases Taxes Payable [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 600,000 | |||||
Accounting Standards Update 2014-09 [Member] | Scenario, Forecast [Member] | ||||||
Revenues | $ (3,900,000) | |||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (3.90) | |||||
Accounting Standards Update 2014-09 [Member] | Subsequent Event [Member] | ||||||
Cumulative Effect on Retained Earnings, before Tax | $ 12,300,000 | |||||
Cumulative Effect on Retained Earnings, Tax | $ 3,000,000 | |||||
Prepaid Expenses and Other Current Assets [Member] | ||||||
Deferred Compensation Plan Assets | 100,000 | 100,000 | ||||
Other Noncurrent Liabilities [Member] | ||||||
Deferred Compensation Liability, Current and Noncurrent | 1,000,000 | 700,000 | ||||
Selling, General and Administrative Expenses [Member] | ||||||
Allocated Share-based Compensation Expense | 3,400,000 | 3,000,000 | $ 2,100,000 | |||
Loyalty Program [Member] | ||||||
Deferred Revenue | $ 1,400,000 | $ 1,800,000 | ||||
Trademarks And Intellectual Property [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||
Minimum [Member] | Trademarks And Intellectual Property [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||||
Maximum [Member] | Trademarks And Intellectual Property [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||
Leasehold Improvements [Member] | ||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||
Furniture and Fixtures [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Furniture and Fixtures [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||
Software and Software Development Costs [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Software and Software Development Costs [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 5 years |
Note 3 - Prepaid Expenses and39
Note 3 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Prepaid rent | $ 7,314 | $ 7,191 |
Other | 6,032 | 5,546 |
Total | $ 13,346 | $ 12,737 |
Note 4 - Property and Equipme40
Note 4 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Depreciation | $ 15,100 | $ 15,200 | $ 15,800 | ||
Asset Impairment Charges | 104 | 2,674 | 296 | ||
Cost of Sales [Member] | |||||
Asset Impairment Charges | $ 2,300 | ||||
Cost of Sales [Member] | Maximum [Member] | |||||
Asset Impairment Charges | $ 100 | ||||
Selling, General and Administrative Expenses [Member] | Property And Equipment [Member] | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 100 | $ 400 | $ 300 |
Note 4 - Property and Equipme41
Note 4 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Property, plant and equipment, gross | $ 250,946 | $ 247,257 | |
Less accumulated depreciation | 173,195 | 172,333 | |
Total, net | 77,751 | 74,924 | $ 67,741 |
Land [Member] | |||
Property, plant and equipment, gross | 2,261 | 2,261 | |
Furniture and Fixtures [Member] | |||
Property, plant and equipment, gross | 44,191 | 41,578 | |
Computer Equipment [Member] | |||
Property, plant and equipment, gross | 27,122 | 26,960 | |
Building [Member] | |||
Property, plant and equipment, gross | 14,970 | 14,970 | |
Leasehold Improvements [Member] | |||
Property, plant and equipment, gross | 111,717 | 113,573 | |
Software and Software Development Costs [Member] | |||
Property, plant and equipment, gross | 42,911 | 41,763 | |
Construction in Progress [Member] | |||
Property, plant and equipment, gross | $ 7,774 | $ 6,152 |
Note 5 - Other Intangible Ass42
Note 5 - Other Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Trademarks And Intellectual Property [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Amortization of Intangible Assets | $ 1,000,000 | $ 900,000 | $ 500,000 |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 800,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 0 |
Note 5 - Other Intangible Ass43
Note 5 - Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Trademarks and other intellectual property | $ 15,656 | $ 15,276 |
Less accumulated amortization | 14,661 | 13,555 |
Total, net | $ 995 | $ 1,721 |
Note 6 - Accrued Expenses - Sum
Note 6 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Accrued wages, bonuses and related expenses | $ 5,863 | $ 5,596 |
Sales tax payable | 4,858 | 5,075 |
Accrued rent and related expenses | 3,679 | 4,615 |
Current income taxes payable | 789 | 611 |
Total | $ 15,189 | $ 15,897 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 1,448 | |||
Unrecognized Tax Benefits | 659 | 961 | 719 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 300 | 400 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 100 | |||
Income Tax Examination, Penalties and Interest Expense | 300 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 600 | |||
Maximum [Member] | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 100 | |||
Income Tax Examination, Penalties and Interest Expense | 100 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Foreign Tax Authority [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 300 | $ 600 | $ 9,400 |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income Before Income Taxes From Domestic and Foreign Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Domestic | $ 13,081 | $ 9,733 | $ 13,854 |
Foreign | 732 | (4,424) | 4,044 |
Total income before income taxes | $ 13,813 | $ 5,309 | $ 17,898 |
Note 7 - Income Taxes - Compone
Note 7 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
U.S. Federal | $ 683 | $ 1,605 | |
U.S. State | 609 | 237 | 24 |
Foreign | (313) | (231) | 1,189 |
U.S. Federal | 3,815 | 1,902 | (9,697) |
U.S. State | (113) | 1,230 | (1,308) |
Foreign | 1,216 | (811) | 345 |
Income tax expense (benefit) | $ 5,897 | $ 3,932 | $ (9,447) |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation Between the Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Income before income taxes | $ 13,813 | $ 5,309 | $ 17,898 |
Federal tax rate | 34.00% | 34.00% | 34.00% |
Income tax expense at statutory federal rate | $ 4,696 | $ 1,805 | $ 6,085 |
State and local income taxes, net of federal tax benefit | 327 | 968 | 371 |
Valuation allowance | 323 | 576 | (15,572) |
Effect of lower foreign taxes | (131) | 864 | (622) |
Adjustment for unrecognized tax positions | (309) | (77) | 67 |
U.S. federal rate change to 21% | 1,448 | ||
Other items, net | (457) | (204) | 224 |
Income tax expense (benefit) | $ 5,897 | $ 3,932 | $ (9,447) |
Effective tax rate | 42.70% | 74.10% | (52.80%) |
Note 7 - Income Taxes - Recon49
Note 7 - Income Taxes - Reconciliation Between the Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details) (Parentheticals) | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Federal tax rate | 34.00% | 34.00% | 34.00% | |
Scenario, Forecast [Member] | ||||
Federal tax rate | 21.00% |
Note 7 - Income Taxes - Tempora
Note 7 - Income Taxes - Temporary Differences That Gave Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Deferred revenue | $ 3,120 | $ 5,004 |
Accrued rents | 1,625 | 1,907 |
Net operating loss carryforwards | 764 | 1,194 |
Intangible assets | 1,466 | 1,040 |
Deferred compensation | 1,414 | 1,739 |
Accrued compensation | 533 | 620 |
Carryforward of tax credits | 25 | 880 |
Receivable write-offs | 40 | 604 |
Inventories | 1,179 | 1,994 |
Other | 1,188 | 1,209 |
Total gross deferred tax assets | 11,354 | 16,191 |
Less: Valuation allowance | 1,301 | 576 |
Total deferred tax assets, net of valuation allowance | 10,053 | 15,615 |
Depreciation | (1,704) | (3,909) |
Deferred expense | (1,907) | (3,318) |
Other | (61) | (132) |
Total deferred tax liabilities | (3,672) | (7,359) |
Net deferred tax assets | $ 6,381 | $ 8,256 |
Note 7 - Income Taxes - Recon51
Note 7 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Balance | $ 961 | $ 719 |
Increases for prior year tax positions | 57 | 248 |
Decreases for prior year tax positions | (359) | (25) |
Increases for current year tax positions | 26 | |
Audit settlement release | (7) | |
Balance | $ 659 | $ 961 |
Note 7 - Income Taxes - Open Ta
Note 7 - Income Taxes - Open Tax Year (Details) | 12 Months Ended |
Dec. 30, 2017 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,016 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |
Open tax year | 2,017 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,009 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | Latest Tax Year [Member] | |
Open tax year | 2,017 |
Note 8 - Line of Credit (Detail
Note 8 - Line of Credit (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 30, 2017USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 |
Pledge Of Ownership Interest In Foreign Subsidiaries | 66.00% |
Long-term Line of Credit | $ 0 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 35,000 |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.80% |
Note 9 - Commitments and Cont54
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Operating Leases, Rent Expense, Minimum Rentals | $ 45 | $ 44.5 | $ 45.3 |
Operating Leases, Rent Expense, Contingent Rentals | 1.2 | $ 1.1 | $ 1.2 |
Litigation Receivable, Gross | 3.7 | ||
Litigation Receivables, Reserve | 2.9 | ||
Litigation Receivables, Net | $ 0.8 |
Note 9 - Commitments and Cont55
Note 9 - Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 30, 2017USD ($) |
2,018 | $ 40,849 |
2,019 | 34,041 |
2,020 | 31,723 |
2,021 | 29,477 |
2,022 | 27,738 |
Subsequent to 2022 | 70,068 |
Total | $ 233,896 |
Note 10 - Net Income Per Shar56
Note 10 - Net Income Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 325,427 | 264,717 | 65,040 |
Note 10 - Net Income Per Shar57
Note 10 - Net Income Per Share - Computation Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Net income before allocation of earnings to participating securities | $ 7,916 | $ 1,377 | $ 27,345 |
Less: Earnings allocated to participating securities | 96 | 29 | 520 |
Net income | $ 7,820 | $ 1,348 | $ 26,825 |
Weighted average number of common shares outstanding - basic (in shares) | 15,572,045 | 15,442,086 | 16,642,269 |
Dilutive effect of share-based awards: (in shares) | 185,015 | 180,187 | 225,087 |
Weighted average number of common shares outstanding - dilutive (in shares) | 15,757,060 | 15,622,273 | 16,867,356 |
Basic income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.50 | $ 0.09 | $ 1.61 |
Diluted income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.50 | $ 0.09 | $ 1.59 |
Note 11 - Stock Incentive Pla58
Note 11 - Stock Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | May 11, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised in Period, Grant Date Fair Value | $ 0.1 | $ 0.1 | $ 0.6 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.1 | $ 0.2 | $ 2.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 984,758 | 545,799 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3.5 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 109 days | |||
Minimum [Member] | ||||
Performance-based Shares, Payout Opportunity, Percentage | 25.00% | 50.00% | 50.00% | |
Maximum [Member] | ||||
Performance-based Shares, Payout Opportunity, Percentage | 200.00% | 200.00% | 200.00% | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 258,060 | 203,613 | 107,004 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 9.18 | $ 13.58 | $ 19.59 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.3 | $ 1.9 | $ 4 | |
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 83,897 | 176,611 | 86,222 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.85 | $ 13.68 | $ 20.71 | |
Performance Shares [Member] | Vesting at End of Three-year Performance Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period | 3 years | 3 years | 3 years | |
First Target Number of Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 83,897 | 15,366 | 36,222 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.85 | $ 13.57 | $ 20.58 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Shares Earned | 12,580 | 22,458 | ||
Second Target Number of Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 161,245 | 50,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 13.69 | $ 20.80 | ||
The 2017 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 |
Note 11 - Stock Incentive Pla59
Note 11 - Stock Incentive Plans - Activity for Stock Options (Details) - USD ($) | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Outstanding (in shares) | 757,784 | 574,851 | 714,451 |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.91 | $ 8.30 | $ 8.14 |
Granted (in shares) | 72,051 | 213,156 | 71,517 |
Granted, weighted average exercise price (in dollars per share) | $ 8.85 | $ 13.68 | $ 20.58 |
Exercised (in shares) | (1,269) | (30,223) | (150,409) |
Exercised, weighted average exercise price (in dollars per share) | $ 6.36 | $ 5.91 | $ 6.07 |
Forfeited (in shares) | (26,795) | (19,003) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 13.45 | $ 12.15 | |
Canceled or expired (in shares) | (10,204) | (41,705) | |
Canceled or expired, weighted average exercise price (in dollars per share) | $ 12.51 | $ 32.95 | |
Outstanding (in shares) | 791,567 | 757,784 | 574,851 |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.67 | $ 9.91 | $ 8.30 |
Outstanding, weighted average remaining contractual term (Year) | 5 years 292 days | ||
Outstanding, aggregate intrinsic value | $ 1,228 | ||
Options exercisable (in shares) | 569,361 | ||
Options exercisable, weighted average exercise price (in dollars per share) | $ 8.46 | ||
Options exercisable, weighted average remaining contractual term (Year) | 4 years 292 days | ||
Options exercisable, , aggregate intrinsic value | $ 1,203 |
Note 11 - Stock Incentive Pla60
Note 11 - Stock Incentive Plans - Assumptions Used in the Option Pricing Model (Details) - $ / shares | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Dividend yield | 0.00% | 0.00% | 0.00% |
Historical volatility | 47.00% | ||
Risk-free rate | 2.00% | ||
Expected life (in years) (Year) | 6 years | 6 years | 6 years |
Weighted average grant date fair value (in dollars per share) | $ 4.18 | $ 7.13 | $ 11.20 |
Minimum [Member] | |||
Historical volatility | 52.00% | 51.00% | |
Risk-free rate | 1.40% | 1.50% | |
Maximum [Member] | |||
Historical volatility | 55.00% | 58.00% | |
Risk-free rate | 1.60% | 1.80% |
Note 11 - Stock Incentive Pla61
Note 11 - Stock Incentive Plans - Activity for Time-based and Performance-based Restricted Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Restricted Stock [Member] | |||
Outstanding (in shares) | 316,116 | 276,553 | 419,674 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 13.30 | $ 11.93 | $ 7.64 |
Granted (in shares) | 258,060 | 203,613 | 107,004 |
Granted, weighted average grant date fair value (in dollars per share) | $ 9.18 | $ 13.58 | $ 19.59 |
Vested (in shares) | (179,132) | (152,548) | (205,137) |
Vested, weighted average grant date fair value (in dollars per share) | $ 12.20 | $ 11.22 | $ 7.84 |
Forfeited (in shares) | (33,505) | (11,502) | (44,988) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 12.55 | $ 13.45 | $ 8.89 |
Canceled (in shares) | |||
Canceled, weighted average grant date fair value (in dollars per share) | |||
Outstanding (in shares) | 361,539 | 316,116 | 276,553 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 10.97 | $ 13.30 | $ 11.93 |
Performance Shares [Member] | |||
Outstanding (in shares) | 241,141 | 84,062 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 15.39 | $ 20.70 | |
Granted (in shares) | 83,897 | 176,611 | 86,222 |
Granted, weighted average grant date fair value (in dollars per share) | $ 8.85 | $ 13.68 | $ 20.71 |
Vested (in shares) | (6,472) | (7,039) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 20.54 | $ 20.56 | |
Forfeited (in shares) | (15,247) | (2,160) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 14.28 | $ 20.80 | |
Canceled (in shares) | (13,704) | (12,493) | |
Canceled, weighted average grant date fair value (in dollars per share) | $ 13.68 | $ 20.56 | |
Outstanding (in shares) | 289,615 | 241,141 | 84,062 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 13.66 | $ 15.39 | $ 20.70 |
Note 12 - Stockholders' Equit62
Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Stock Repurchased During Period, Value | $ 4,700 | ||
Payments for Repurchase of Common Stock | 4,232 | $ 1,469 | $ 25,909 |
Additional Stock Purchase Commitment to be Settled | $ 500 |
Note 12 - Stockholders' Equit63
Note 12 - Stockholders' Equity - Summary Changes in Outstanding Shares of Common Stock (Details) - shares | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Shares outstanding (in shares) | 15,856,927 | 15,795,891 | 17,360,635 |
Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding (in shares) | 172,758 | 193,538 | 141,827 |
Repurchase of shares (in shares) | (513,725) | (132,502) | (1,706,571) |
Shares outstanding (in shares) | 15,515,960 | 15,856,927 | 15,795,891 |
Note 13 - Related-party Trans64
Note 13 - Related-party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Charitable Contribution Collected on Behalf of Related Party [Member] | Charitable Foundations Controlled by Executive Officers [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 0.2 | $ 0.5 | $ 0.5 |
Note 14 - Major Vendors (Detail
Note 14 - Major Vendors (Details Textual) | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Number Of Major Vendors | 4 | 4 | 4 |
Inventory Purchases [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk, Percentage | 79.00% | 73.00% | 85.00% |
Note 15 - Segment Information66
Note 15 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 30, 2017 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 15 - Segment Information -
Note 15 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Revenues | $ 357,866 | $ 364,204 | $ 377,694 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 13,813 | 5,309 | 17,898 |
Capital expenditures, net | 18,073 | 28,118 | 24,388 |
Depreciation and amortization | 16,165 | 16,171 | 16,419 |
Total assets | 197,989 | 199,595 | |
Retail [Member] | |||
Revenues | 349,408 | 357,593 | 372,715 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 10,436 | 2,760 | 16,053 |
Capital expenditures, net | 17,882 | 28,083 | 24,307 |
Depreciation and amortization | 16,101 | 16,086 | 16,284 |
Total assets | 188,685 | 190,236 | |
Commercial [Member] | |||
Revenues | 6,007 | 4,312 | 2,783 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 934 | 1,813 | 977 |
Capital expenditures, net | 7 | ||
Depreciation and amortization | 2 | 2 | 1 |
Total assets | 5,949 | 6,143 | |
International Franchising [Member] | |||
Revenues | 2,451 | 2,299 | 2,196 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 2,443 | 736 | 868 |
Capital expenditures, net | 191 | 35 | 74 |
Depreciation and amortization | 62 | 83 | $ 134 |
Total assets | $ 3,355 | $ 3,216 |
Note 15 - Segment Information68
Note 15 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | ||
Revenues | $ 357,866 | $ 364,204 | $ 377,694 | |
Property and equipment, net | 77,751 | 74,924 | 67,741 | |
North America [Member] | ||||
Revenues | [1] | 293,282 | 296,152 | 297,554 |
Property and equipment, net | [1] | 68,141 | 66,154 | 61,211 |
Europe [Member] | ||||
Revenues | [2] | 61,901 | 66,140 | 78,788 |
Property and equipment, net | [2] | 9,578 | 8,733 | 6,459 |
Other Geographic Region [Member] | ||||
Revenues | [3] | 2,683 | 1,912 | 1,352 |
Property and equipment, net | [3] | $ 32 | $ 37 | $ 71 |
[1] | North America includes the United States, Canada, Puerto Rico and franchise business in Mexico | |||
[2] | Europe includes the United Kingdom, Ireland, Denmark and franchise businesses in Europe | |||
[3] | Other includes franchise businesses outside of North America and Europe and, beginning in 2016, a corporately-managed location in China |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended | |
Mar. 14, 2018 | Dec. 30, 2017 | Mar. 15, 2018 | |
Stock Repurchased During Period, Value | $ 4.7 | ||
Subsequent Event [Member] | |||
Stock Repurchased During Period, Shares | 616,100 | ||
Stock Repurchased During Period, Value | $ 5.3 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 10 |
Schedule II - Valuation and Q70
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | ||||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Beginning Balance | $ 576 | $ 15,572 | ||||
Charged to cost and expenses | 323 | 576 | 368 | |||
Other | 402 | [1],[2] | (15,940) | [1],[2] | ||
Ending Balance | 1,301 | 576 | ||||
Allowance for Doubtful Accounts [Member] | ||||||
Beginning Balance | 3,585 | 3,044 | 3,248 | |||
Charged to cost and expenses | 372 | 1,972 | 19 | |||
Other | [1],[2] | (885) | (1,431) | (223) | ||
Ending Balance | $ 3,072 | $ 3,585 | $ 3,044 | |||
[1] | Other deferred tax asset valuation allowance represent reserves utilized and the impact of currency translation | |||||
[2] | Other receivables allowance for doubtful accounts represent uncollectible accounts written off, recoveries and the impact of currency translation |