Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May 02, 2020 | Jun. 08, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | BUILD A BEAR WORKSHOP INC | |
Entity Central Index Key | 0001113809 | |
Trading Symbol | bbw | |
Current Fiscal Year End Date | --02-01 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 15,439,538 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | May 2, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 |
Current assets: | |||
Cash and cash equivalents | $ 21,851 | $ 26,726 | $ 20,238 |
Inventories, net | 53,238 | 53,381 | 56,004 |
Receivables, net | 7,099 | 11,526 | 8,836 |
Prepaid expenses and other current assets | 5,896 | 7,117 | 8,541 |
Total current assets | 88,084 | 98,750 | 93,619 |
Operating lease right-of-use asset | 124,112 | 126,144 | 144,483 |
Property and equipment, net | 61,626 | 65,855 | 65,357 |
Deferred tax assets | 3,411 | 3,241 | |
Other intangible assets, net | 607 | ||
Other assets, net | 3,005 | 3,102 | 2,224 |
Total Assets | 276,827 | 297,262 | 309,531 |
Current liabilities: | |||
Accounts payable | 22,905 | 15,680 | 20,887 |
Accrued expenses | 10,395 | 16,536 | 7,785 |
Operating lease liability short term | 32,963 | 30,912 | 30,558 |
Gift cards and customer deposits | 18,530 | 20,231 | 19,026 |
Deferred revenue and other | 2,603 | 2,605 | 2,006 |
Total current liabilities | 87,396 | 85,964 | 80,262 |
Operating lease liability long term | 118,416 | 119,625 | 137,666 |
Deferred franchise revenue | 915 | 1,325 | 1,580 |
Other liabilities | 1,643 | 1,717 | 1,586 |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at May 2, 2020, February 1, 2020 and May 4, 2019 | |||
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 15,439,538, 15,205,981 and 15,130,418 shares, respectively | 155 | 152 | 149 |
Additional paid-in capital | 71,491 | 70,633 | 69,550 |
Accumulated other comprehensive loss | (11,909) | (12,079) | (12,123) |
Retained earnings | 8,720 | 29,925 | 30,861 |
Total stockholders' equity | 68,457 | 88,631 | 88,437 |
Total Liabilities and Stockholders' Equity | $ 276,827 | $ 297,262 | $ 309,531 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 | 15,000,000 |
Preferred stock, issued (in shares) | 0 | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 15,439,538 | 15,205,981 | 15,130,418 |
Common stock, shares outstanding (in shares) | 15,439,538 | 15,205,981 | 15,130,418 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Revenues: | ||
Revenue | $ 46,624 | $ 84,362 |
Costs and expenses: | ||
Cost of merchandise sold | 38,566 | 46,124 |
Store asset impairment | 4,819 | |
Consolidated gross profit | 8,058 | 38,238 |
Selling, general and administrative expense | 26,725 | 35,808 |
Interest (income) expense, net | (3) | 20 |
(Loss) income before income taxes | (18,664) | 2,410 |
Income tax expense | 2,540 | 1,213 |
Net (loss) income | (21,204) | 1,197 |
Foreign currency translation adjustment | 170 | (105) |
Comprehensive (loss) income | $ (21,034) | $ 1,092 |
(Loss) income per common share: | ||
Basic (in dollars per share) | $ (1.42) | $ 0.08 |
Diluted (in dollars per share) | $ (1.42) | $ 0.08 |
Shares used in computing common per share amounts: | ||
Basic (in shares) | 14,926,097 | 14,612,575 |
Diluted (in shares) | 14,926,097 | 14,738,240 |
Store Asset Impairment [Member] | ||
Costs and expenses: | ||
Store asset impairment | $ 4,819 | |
Retail [Member] | ||
Revenues: | ||
Revenue | 45,647 | 81,048 |
Costs and expenses: | ||
Cost of merchandise sold | 33,352 | 44,420 |
Commercial Product and Service [Member] | ||
Revenues: | ||
Revenue | 333 | 2,754 |
Costs and expenses: | ||
Cost of merchandise sold | 140 | 1,264 |
International Franchising [Member] | ||
Revenues: | ||
Revenue | 644 | 560 |
Costs and expenses: | ||
Cost of merchandise sold | $ 255 | $ 440 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Cash flows (used in) from operating activities: | ||
Net (loss) income | $ (21,204) | $ 1,197 |
Adjustments to reconcile net less to net cash provided by operating activities: | ||
Depreciation and amortization | 3,457 | 3,512 |
Share-based and performance-based stock compensation | 271 | 720 |
Asset Impairment Charges, Total | 4,819 | |
Deferred taxes | 3,388 | (142) |
Provision for doubtful accounts | 589 | 5 |
Gain on disposal of property and equipment | (5) | (2) |
Change in assets and liabilities: | ||
Inventories, net | (376) | 2,424 |
Receivables, net | 3,732 | 1,762 |
Prepaid expenses and other assets | 1,177 | 4,423 |
Accounts payable and accrued expenses | 2,716 | (1,910) |
Operating leases | 865 | (2,988) |
Gift cards and customer deposits | (1,635) | (2,621) |
Deferred revenue | (300) | (1,239) |
Net cash (used in) provided by operating activities | (2,506) | 5,141 |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (2,849) | (2,440) |
Net cash (used in) investing activities | (2,849) | (2,440) |
Cash flows used in financing activities: | ||
Proceeds from the exercise of employee stock options, net of withholding tax payments | (114) | (258) |
Net cash (used in) financing activities | (114) | (258) |
Effect of exchange rates on cash | 551 | (99) |
Net (decrease) increase in cash and cash equivalents | (4,918) | 2,344 |
Cash and cash equivalents, beginning of period | 28,395 | 19,561 |
Cash and cash equivalents, end of period | 23,477 | 21,905 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents, end of period | 23,477 | 21,905 |
Less: Restricted cash from long-term deposits | (1,626) | (1,667) |
Total cash and cash equivalents | 21,851 | 20,238 |
Net cash received during the period for income taxes | $ (8) | $ (1,000) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. The condensed consolidated financial statements included herein are unaudited and have been prepared by Build-A-Bear Workshop, Inc. and its subsidiaries (collectively, the “Company”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet of the Company as of February 1, 2020 not February 1, 2020 10 April 16, 2020. COVID- 19 In March 2020, 19 March 17, 2020, March 26, 2020, April 1, 2020 19. In response to COVID- 19, ● Reducing and deferring expenses • Furlough of over 90% March 29, 2020; • A 20% not March 29, 2020; • Elimination of the cash retainer for all non-employee directors serving on its Board of Directors for the fiscal 2020 first • The delayed payment of 100% 2019 80% • The delayed payment of the Company’s contribution to its 401 • Reduction in expenses and deferral of payments through extension of payment terms in many areas including its marketing programs. not April ● Reducing its planned capital expenditures to maintenance levels ● Leveraging operating lease optionality with over 70% three 120 2020 Operational and Distribution Network Update due to COVID- 19: ● Starting on March 18, 2020, • Modifying its popular in-store experience to accommodate various governmental social distancing recommendations, crowd limitation requirements and recommendations and employee and guest safety considerations; and • Adding a “Workshop Wednesday” program that offers digital entertainment and activities for families staying at home, generating nearly 100 April. ● The Company’s e-commerce site was fully operational throughout the quarter. Order processing times were extended as procedures were updated to enhance social distancing and sanitation practices at its distribution center. The Company has seen its digital demand continue to gain momentum with growth rates increasing to triple-digit levels following the store closures and has improved fulfillment times with expanded features including: • Adding capabilities for select stores to supplement its e-commerce fulfillment with a “buy online, ship from store” omni-channel program; and • Adding new queue technology and enabling a chat bot to better serve customers in-line for high-demand product launches; ● The Company’s supply chain had minimal disruption in the quarter with the Company able to receive deliveries in a timely manner; ● The Company’s franchisees ended the quarter with 80 19 ● The Company’s third 19 The Company has not June 8, 2020. 19 second 2020 may not may not 19 may not Significant Accounting Policies The Company's significant accounting policies are summarized in Note 2 10 February 1, 2020. first 2020. Government Grants The Company applied for reimbursement of payroll expenses in certain jurisdictions through COVID- 19 not first 2020. $1.5 May 2, 2020. Long-live Assets, including right-of-use operating lease assets Whenever facts and circumstances indicate that the carrying value of long-lived assets and right-of-use operating lease assets may not not 19 $4.8 thirteen May 2, 2020 $2.4 $2.4 19 thirteen May 4, 2019 $5.9 842 The determination of estimated market rent used in the fair value estimate of the Company’s operating lease assets included within the respective store asset group requires significant management judgment. Changes in these estimates could have a significant impact on whether long-lived store assets should be further evaluated for impairment and could have a significant impact on the resulting impairment charge. The significant estimates, all of which are considered Level 3 Lease modifications In April 2020, may not first 2020, not 19 not 3 |
Note 2 - Revenue
Note 2 - Revenue | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Nearly all the Company’s revenue is derived from retail sales (including e-commerce sites) and is recognized when control of the merchandise is transferred to the customer. The Company's disaggregated revenue is fully disclosed as net sales to external customers by reporting segment and by geographic area (See Note 11 98% first 2020. The following is a description of principal activities from which the Company generates its revenue, by reportable segment. The Company’s direct-to-consumer segment includes the operating activities of corporately-managed stores, other retail-delivered operations and online sales. Direct-to-consumer revenue is recognized when control of the merchandise is transferred to the customer and for the Company's online sales, generally upon delivery to the customer. Revenue is measured as the amount of consideration, including any discounts or incentives, the Company expects to receive in exchange for transferring the merchandise. Product returns have historically averaged less than one one For the Company’s gift cards, revenue is deferred for single transactions until redemption including any related gift card discounts. Historically, most gift card redemptions have occurred within three 75% first twelve The Company’s commercial segment includes transactions with other businesses and are mainly comprised of licensing the Company’s intellectual properties for third not The Company’s international franchising segment includes the activities with franchisees who operate store locations in certain countries and includes development fees, sales-based royalties and merchandise, including supplies and fixture sales. The Company's obligations under the franchise agreement are ongoing and include operations and product development support and training, generally concentrated around new store openings. These obligations are highly interrelated rights that are not one may 25 one The Company also incurs expenses directly related to the startup of new franchises, including finder’s fees, legal and travel costs as well as expenses related to its ongoing support of the franchisees, predominantly travel and employee compensation. Accordingly, the Company’s policy is to capitalize the finder’s fee, an incremental cost, and expense all other costs as incurred. Additionally, the Company amortizes these capitalized costs into expense in the same pattern as the development fee's recording of revenue as described previously. |
Note 3 - Leases
Note 3 - Leases | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 3. The majority of the Company's leases relate to retail stores and corporate offices. For leases with terms greater than 12 five ten may not The table below presents certain information related to the lease costs for operating leases for the thirteen May 2, 2020 May 4, 2019 Thirteen weeks ended May 2, 2020 May 4, 2019 Operating lease costs 9,656 10,416 Variable lease costs 274 621 Short term lease costs 88 387 Total Operating Lease costs $ 10,018 $ 11,424 Other information The table below presents supplemental cash flow information related to leases for the thirteen May 2, 2020 May 4, 2019 Thirteen weeks ended May 2, 2020 May 4, 2019 Operating cash flows for operating leases 7,455 11,199 As of May 2, 2020 May 4, 2019 5.6 6.4 6.1% 5.9% As discussed above, the Company incurred impairment charges during the thirteen May 2, 2020 $2.4 Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2020 31,859 2021 34,065 2022 29,829 2023 25,424 2024 21,480 Thereafter 35,759 Total minimum lease payments 178,416 Less: amount of lease payments representing interest (27,037 ) Present value of future minimum lease payments 151,379 Less: current obligations under leases (32,963 ) Long-term lease obligations $ 118,416 As of May 2, 2020 not ilities of $ 1.4 2020 two five |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 4. Prepaid expenses and other current assets consist of the following (in thousands): May 2, February 1, May 4, 2020 2020 2019 Prepaid occupancy (1) $ 463 $ 1,097 $ 2,860 Prepaid income taxes 239 164 515 Prepaid insurance 282 628 130 Prepaid gift card fees 1,266 1,413 1,251 Other (2) 3,646 3,815 3,785 Total $ 5,896 $ 7,117 $ 8,541 ( 1 Prepaid occupancy consists of prepaid expenses related to non-lease components. ( 2 Other consists primarily of prepaid expense related to IT maintenance contracts and software as a service. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following (in thousands): May 2, February 1, May 4, 2020 2020 2019 Accrued wages, bonuses and related expenses $ 9,145 $ 13,373 $ 4,897 Sales and value added taxes payable 1,084 1,489 1,487 Accrued rent and related expenses (1) 69 726 845 Current income taxes payable 97 948 556 Total $ 10,395 $ 16,536 $ 7,785 ( 1 Accrued rent and related expenses consist of accrued costs associated with non-lease components. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. On March 14, 2017, 2017 “2017 May 11, 2017, 2017 2017 2017 may 2017 may 2017 2017 2017 March 14, 2027, 2017 1,000,000, 2004 March 21, 2017 may For the thirteen May 2, 2020 and May 4, 2019 0.3 0.7 May 2, 2020 as $ 2.4 1.2 The following table is a summary of the balances and activity for stock options for the thirteen May 2, 2020 Options Shares Weighted Average Exercise Price Outstanding, February 1, 2020 923,254 $ 9.76 Granted - - Exercised - - Forfeited - - Canceled or expired (68,616 ) 6.59 Outstanding, May 2, 2020 854,638 $ 10.02 The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the thirteen May 2, 2020 Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, February 1, 2020 453,403 $ 6.71 262,964 $ 7.59 Granted 246,666 2.04 - - Vested (186,628 ) 7.52 (56,380 ) 8.85 Forfeited - - - - Canceled or expired - - (27,517 ) 8.85 Outstanding, May 2, 2020 513,441 $ 4.17 179,067 $ 7.00 The total fair value of shares vested during the thirteen May 2, 2020 May 4, 2019 s $ 1.9 1.6 The outstanding performance shares as of May 2, 2020 Performance Shares Unearned shares subject to performance-based restrictions at target: 2018 - 2020 consolidated total revenue growth objectives 20,756 2018 - 2020 consolidated pre-tax income growth objectives 62,500 2019 - 2021 consolidated pre-tax income growth objectives 95,811 Performance shares outstanding, May 2, 2020 179,067 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The effective tax rate was ( 13.6% thirteen May 2, 2020 50.5% thirteen May 4, 2019 first 2020 21% $3.3 $0.8 no first 2019 21% $0.2 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen May 2, 2020 May 4, 2019 For the thirteen weeks ended May 2, 2020 For the thirteen weeks ended May 4, 2019 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 152 $ 70,633 $ (12,079 ) $ 29,925 $ 88,631 $ 150 $ 69,088 $ (12,018 ) $ 37,094 $ 94,314 Adoption of new accounting standard $ (7,430 ) (7,430 ) Subtotal $ 152 $ 70,633 $ (12,079 ) $ 29,925 $ 88,631 $ 150 $ 69,088 $ (12,018 ) $ 29,664 $ 86,884 Issuance of restricted/performance stock $ 4 $ 496 500 Stock-based compensation 476 476 720 720 Shares withheld in lieu of tax withholdings (1 ) (114 ) (115 ) (1 ) (258 ) (259 ) Other (1 ) (1 ) - Other comprehensive income (loss) 170 170 (105 ) (105 ) Net income (loss) (21,204 ) (21,204 ) 1,197 1,197 Balance, ending $ 155 $ 71,491 $ (11,909 ) $ 8,720 $ 68,457 $ 149 $ 69,550 $ (12,123 ) $ 30,861 $ 88,437 ( 1 ( 2 In August 2017, $20.0 May 2, 2020 1.3 $8.75 $11.2 $8.8 not 2020. |
Note 9 - Income Per Share
Note 9 - Income Per Share | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data), in periods of net loss, no not Thirteen weeks ended May 2, May 4, 2020 2019 NUMERATOR: Net (loss) income before allocation of earnings to participating securities $ (21,204 ) $ 1,197 Less: Earnings allocated to participating securities - - Net (loss) income $ (21,204 ) $ 1,197 DENOMINATOR: Weighted average number of common shares outstanding - basic 14,926,097 14,612,575 Dilutive effect of share-based awards: - 125,665 Weighted average number of common shares outstanding - dilutive 14,926,097 14,738,240 Basic (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (1.42 ) $ 0.08 Diluted (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (1.42 ) $ 0.08 In calculating the diluted income per share for the thirteen May 2, 2020 May 4, 2019 892,339 938,622 not |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income (Loss) | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. The difference between comprehensive income or loss and net income or loss results from foreign currency translation adjustments on the balance sheets of subsidiaries whose functional currency is not May 2, 2020 May 4, 2019 thirteen May 2, 2020 May 4, 2019 no |
Note 11 - Segment Information
Note 11 - Segment Information | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. The Company’s operations are conducted through three third three Following is a summary of the financial information for the Company’s reportable segments (in thousands): Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended May 2, 2020 Net sales to external customers $ 45,647 $ 333 $ 644 $ 46,624 Loss before income taxes (18,376) (39) (249) (18,664) Capital expenditures 2,849 - - 2,849 Depreciation and amortization 3,450 7 - 3,457 Thirteen weeks ended May 4, 2019 Net sales to external customers $ 81,048 $ 2,754 $ 560 $ 84,362 Income before income taxes 1,094 1,215 101 2,410 Capital expenditures 2,440 - - 2,440 Depreciation and amortization 3,510 - 2 3,512 Total Assets as of: May 2, 2020 262,693 6,563 7,571 $ 276,827 May 4, 2019 295,558 8,004 5,969 309,531 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 Thirteen weeks ended May 2, 2020 Net sales to external customers $ 39,651 $ 6,665 $ 308 $ 46,624 Property and equipment, net 56,915 4,704 7 61,626 Thirteen weeks ended May 4, 2019 Net sales to external customers $ 72,941 $ 10,887 $ 534 $ 84,362 Property and equipment, net 59,502 5,839 16 65,357 For purposes of this table only: ( 1 ( 2 ( 3 |
Note 12 - Contingencies
Note 12 - Contingencies | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. In the normal course of business, the Company is subject to legal proceedings, government inquiries and claims, and other commercial disputes. If one Assessments made by the U.K. customs authority in 2012 November 27, 2019, not June 1, 2020. May 2, 2020 $4.2 $3.4 $0.8 not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
May 02, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. On May 28, 2020, twenty-first $10.0 66% September 30, 2020 may may not 0.25% 3.25%. $3 no $5 12 1.25 1.00. $1.0 first 2020. first 2020 May 28, 2020, no $9.0 first not September 30, 2020 $5 twelve not |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen weeks ended May 2, 2020 May 4, 2019 Operating lease costs 9,656 10,416 Variable lease costs 274 621 Short term lease costs 88 387 Total Operating Lease costs $ 10,018 $ 11,424 Thirteen weeks ended May 2, 2020 May 4, 2019 Operating cash flows for operating leases 7,455 11,199 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2020 31,859 2021 34,065 2022 29,829 2023 25,424 2024 21,480 Thereafter 35,759 Total minimum lease payments 178,416 Less: amount of lease payments representing interest (27,037 ) Present value of future minimum lease payments 151,379 Less: current obligations under leases (32,963 ) Long-term lease obligations $ 118,416 |
Note 4 - Prepaid Expenses and_2
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | May 2, February 1, May 4, 2020 2020 2019 Prepaid occupancy (1) $ 463 $ 1,097 $ 2,860 Prepaid income taxes 239 164 515 Prepaid insurance 282 628 130 Prepaid gift card fees 1,266 1,413 1,251 Other (2) 3,646 3,815 3,785 Total $ 5,896 $ 7,117 $ 8,541 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | May 2, February 1, May 4, 2020 2020 2019 Accrued wages, bonuses and related expenses $ 9,145 $ 13,373 $ 4,897 Sales and value added taxes payable 1,084 1,489 1,487 Accrued rent and related expenses (1) 69 726 845 Current income taxes payable 97 948 556 Total $ 10,395 $ 16,536 $ 7,785 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Outstanding, February 1, 2020 923,254 $ 9.76 Granted - - Exercised - - Forfeited - - Canceled or expired (68,616 ) 6.59 Outstanding, May 2, 2020 854,638 $ 10.02 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, February 1, 2020 453,403 $ 6.71 262,964 $ 7.59 Granted 246,666 2.04 - - Vested (186,628 ) 7.52 (56,380 ) 8.85 Forfeited - - - - Canceled or expired - - (27,517 ) 8.85 Outstanding, May 2, 2020 513,441 $ 4.17 179,067 $ 7.00 |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | Performance Shares Unearned shares subject to performance-based restrictions at target: 2018 - 2020 consolidated total revenue growth objectives 20,756 2018 - 2020 consolidated pre-tax income growth objectives 62,500 2019 - 2021 consolidated pre-tax income growth objectives 95,811 Performance shares outstanding, May 2, 2020 179,067 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | For the thirteen weeks ended May 2, 2020 For the thirteen weeks ended May 4, 2019 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 152 $ 70,633 $ (12,079 ) $ 29,925 $ 88,631 $ 150 $ 69,088 $ (12,018 ) $ 37,094 $ 94,314 Adoption of new accounting standard $ (7,430 ) (7,430 ) Subtotal $ 152 $ 70,633 $ (12,079 ) $ 29,925 $ 88,631 $ 150 $ 69,088 $ (12,018 ) $ 29,664 $ 86,884 Issuance of restricted/performance stock $ 4 $ 496 500 Stock-based compensation 476 476 720 720 Shares withheld in lieu of tax withholdings (1 ) (114 ) (115 ) (1 ) (258 ) (259 ) Other (1 ) (1 ) - Other comprehensive income (loss) 170 170 (105 ) (105 ) Net income (loss) (21,204 ) (21,204 ) 1,197 1,197 Balance, ending $ 155 $ 71,491 $ (11,909 ) $ 8,720 $ 68,457 $ 149 $ 69,550 $ (12,123 ) $ 30,861 $ 88,437 |
Note 9 - Income Per Share (Tabl
Note 9 - Income Per Share (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended May 2, May 4, 2020 2019 NUMERATOR: Net (loss) income before allocation of earnings to participating securities $ (21,204 ) $ 1,197 Less: Earnings allocated to participating securities - - Net (loss) income $ (21,204 ) $ 1,197 DENOMINATOR: Weighted average number of common shares outstanding - basic 14,926,097 14,612,575 Dilutive effect of share-based awards: - 125,665 Weighted average number of common shares outstanding - dilutive 14,926,097 14,738,240 Basic (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (1.42 ) $ 0.08 Diluted (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (1.42 ) $ 0.08 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 3 Months Ended |
May 02, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended May 2, 2020 Net sales to external customers $ 45,647 $ 333 $ 644 $ 46,624 Loss before income taxes (18,376) (39) (249) (18,664) Capital expenditures 2,849 - - 2,849 Depreciation and amortization 3,450 7 - 3,457 Thirteen weeks ended May 4, 2019 Net sales to external customers $ 81,048 $ 2,754 $ 560 $ 84,362 Income before income taxes 1,094 1,215 101 2,410 Capital expenditures 2,440 - - 2,440 Depreciation and amortization 3,510 - 2 3,512 Total Assets as of: May 2, 2020 262,693 6,563 7,571 $ 276,827 May 4, 2019 295,558 8,004 5,969 309,531 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | North America (1) Europe (2) Other (3) Total Thirteen weeks ended May 2, 2020 Net sales to external customers $ 39,651 $ 6,665 $ 308 $ 46,624 Property and equipment, net 56,915 4,704 7 61,626 Thirteen weeks ended May 4, 2019 Net sales to external customers $ 72,941 $ 10,887 $ 534 $ 84,362 Property and equipment, net 59,502 5,839 16 65,357 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended | |||
May 02, 2020USD ($) | May 04, 2019USD ($) | Mar. 29, 2020 | Feb. 01, 2020USD ($) | |
Asset Impairment Charges, Total | $ 4,819 | |||
Impairment of Leasehold | 5,900 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 8,720 | 30,861 | $ 29,925 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 5,900 | |||
Africa, Asia, Australia, Mexico, the Middle East and South America [Member] | ||||
Number of Stores | 80 | |||
COVID-19 Pandemic [Member] | ||||
Percentage of Employees on Furlough | 90.00% | |||
Percentage Reduction in Compensation of Employees | 20.00% | |||
Percentage of Leases Having Natural Lease Event in Next Three Years | 70.00% | |||
Number of Locations Having Natural Lease Events | 120 | |||
Asset Impairment Charges, Total | $ 4,800 | |||
Impairment of Leasehold | 2,400 | |||
Impairment of Long-Lived Assets Held-for-use | 2,400 | |||
COVID-19 Pandemic [Member] | Selling, General and Administrative Expenses [Member] | ||||
Salary and Wages, Reversal of Expense | $ 1,500 | |||
COVID-19 Pandemic [Member] | Executive Officer [Member] | ||||
Percentage Delayed Payments of Bonuses | 100.00% | |||
COVID-19 Pandemic [Member] | Employees, Excluding Executive Officers [Member] | ||||
Percentage Delayed Payments of Bonuses | 80.00% |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) | 3 Months Ended |
May 02, 2020 | |
Gift Card Redemption Period (Year) | 3 years |
Estimated Percentage of Gift Card Redemptions Within First Twelve Months | 75.00% |
Direct to Consumer [Member] | |
Segment Revenue of Consolidated Revenue, Percentage | 98.00% |
International Franchising [Member] | |
Capitalized Contract Cost, Amortization Period (Year) | 25 years |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 219 days | 6 years 146 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.10% | 5.90% |
Impairment of Leasehold | $ 5.9 | |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 1.4 | |
COVID-19 Pandemic [Member] | ||
Impairment of Leasehold | $ 2.4 | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 2 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 5 years |
Note 3 - Leases - Lease Costs (
Note 3 - Leases - Lease Costs (Details) - USD ($) | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Operating lease costs | $ 9,656,000 | $ 10,416,000 |
Variable lease costs | 274,000 | 621,000 |
Short term lease costs | 88,000 | 387,000 |
Total Operating Lease costs | 10,018,000 | 11,424,000 |
Operating cash flows for operating leases | $ 7,455 | $ 11,199 |
Note 3 - Leases - Reconciliatio
Note 3 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 |
2020 | $ 31,859 | ||
2021 | 34,065 | ||
2022 | 29,829 | ||
2023 | 25,424 | ||
2024 | 21,480 | ||
Thereafter | 35,759 | ||
Total minimum lease payments | 178,416 | ||
Less: amount of lease payments representing interest | (27,037) | ||
Present value of future minimum lease payments | 151,379 | ||
Less: current obligations under leases | (32,963) | $ (30,912) | $ (30,558) |
Long-term lease obligations | $ 118,416 | $ 119,625 | $ 137,666 |
Note 4 - Prepaid Expenses and_3
Note 4 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 | |
Prepaid occupancy | [1] | $ 463 | $ 1,097 | $ 2,860 |
Prepaid income taxes | 239 | 164 | 515 | |
Prepaid insurance | 282 | 628 | 130 | |
Prepaid gift card fees | 1,266 | 1,413 | 1,251 | |
Other (2) | [2] | 3,646 | 3,815 | 3,785 |
Total | $ 5,896 | $ 7,117 | $ 8,541 | |
[1] | Prepaid occupancy consists of prepaid expenses related to non-lease components. | |||
[2] | Other consists primarily of prepaid expense related to IT maintenance contracts and software as a service. |
Note 5 - Accrued Expenses - Sum
Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | May 02, 2020 | Feb. 01, 2020 | May 04, 2019 | |
Accrued wages, bonuses and related expenses | $ 9,145 | $ 13,373 | $ 4,897 | |
Sales and value added taxes payable | 1,084 | 1,489 | 1,487 | |
Accrued rent and related expenses | [1] | 69 | 726 | 845 |
Current income taxes payable | 97 | 948 | 556 | |
Total | $ 10,395 | $ 16,536 | $ 7,785 | |
[1] | Accrued rent and related expenses consist of accrued costs associated with non-lease components. |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
May 02, 2020 | May 04, 2019 | May 11, 2017 | |
Options and Restricted Stock [Member] | |||
Share-based Payment Arrangement, Expense | $ 0.3 | $ 0.7 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2.4 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 73 days | ||
Time-based and Performance-based Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1.9 | $ 1.6 | |
The 2017 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,000,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Activity for Stock Options (Details) | 3 Months Ended |
May 02, 2020$ / sharesshares | |
Outstanding (in shares) | shares | 923,254 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.76 |
Granted (in shares) | shares | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | |
Exercised (in shares) | shares | |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | |
Forfeited (in shares) | shares | |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | |
Canceled or expired (in shares) | shares | (68,616) |
Canceled or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 6.59 |
Outstanding (in shares) | shares | 854,638 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 10.02 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) | 3 Months Ended |
May 02, 2020$ / sharesshares | |
Restricted Stock [Member] | |
Outstanding (in shares) | shares | 453,403 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.71 |
Granted (in shares) | shares | 246,666 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.04 |
Vested (in shares) | shares | (186,628) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.52 |
Forfeited (in shares) | shares | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | |
Canceled or expired (in shares) | shares | |
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 513,441 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.17 |
Performance Shares [Member] | |
Outstanding (in shares) | shares | 262,964 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.59 |
Granted (in shares) | shares | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | |
Vested (in shares) | shares | (56,380) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.85 |
Forfeited (in shares) | shares | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | |
Canceled or expired (in shares) | shares | (27,517) |
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.85 |
Outstanding (in shares) | shares | 179,067 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Outstanding Performance Shares (Details) - Performance Shares [Member] - shares | May 02, 2020 | Feb. 01, 2020 |
Performance shares (in shares) | 179,067 | 262,964 |
Vesting Upon Achievement of 2018-2020 Consolidated Total Revenues Growth Objectives [Member] | ||
Performance shares (in shares) | 20,756 | |
Vesting Upon Achievement of 2017-2019 Consolidated Pre-tax Income Target [Member] | ||
Performance shares (in shares) | 62,500 | |
Vesting Upon Achievement of 2018-2020 Consolidated Pre-tax Income Growth Objectives [Member] | ||
Performance shares (in shares) | 95,811 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (13.60%) | 50.50% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | $ 3.3 | |
Effective Income Tax Rate Reconciliation, Coronavirus Aid, Amount | $ 0.8 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0.2 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - The August 2017 Share Repurchase Program [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 32 Months Ended | |
May 02, 2020 | Aug. 31, 2017 | |
Stock Repurchase Program, Authorized Amount | $ 20 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 1.3 | |
Share Price (in dollars per share) | $ 8.75 | |
Stock Repurchased and Retired During Period, Value | $ 11.2 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 8.8 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 02, 2020 | May 04, 2019 | ||
Balance | $ 88,631 | $ 94,314 | |
Issuance of restricted/performance stock | 500 | ||
Stock-based compensation | 476 | 720 | |
Shares withheld in lieu of tax withholdings | (115) | (259) | |
Other | (1) | ||
Other comprehensive income (loss) | 170 | (105) | |
Net (loss) income | (21,204) | 1,197 | |
Balance, ending | 68,457 | 88,437 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | (7,430) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | 88,631 | 86,884 | |
Common Stock [Member] | |||
Balance | 152 | 150 | |
Issuance of restricted/performance stock | 4 | ||
Shares withheld in lieu of tax withholdings | (1) | (1) | |
Balance, ending | 155 | 149 | |
Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | 152 | 150 | |
Additional Paid-in Capital [Member] | |||
Balance | [1] | 70,633 | 69,088 |
Issuance of restricted/performance stock | 496 | ||
Stock-based compensation | [1] | 476 | 720 |
Shares withheld in lieu of tax withholdings | [1] | (114) | (258) |
Balance, ending | [1] | 71,491 | 69,550 |
Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | [1] | 70,633 | 69,088 |
AOCI Attributable to Parent [Member] | |||
Balance | [2] | (12,079) | (12,018) |
Other | [2] | ||
Other comprehensive income (loss) | [2] | (105) | |
Balance, ending | [2] | (11,909) | (12,123) |
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | [2] | (12,079) | (12,018) |
Retained Earnings [Member] | |||
Balance | 29,925 | 37,094 | |
Net (loss) income | (21,204) | 1,197 | |
Balance, ending | 8,720 | 30,861 | |
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | (7,430) | ||
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | $ 29,925 | $ 29,664 | |
[1] | Additional paid-in capital ("APIC") | ||
[2] | Accumulated other comprehensive income (loss) ("AOCI") |
Note 9 - Income Per Share (Deta
Note 9 - Income Per Share (Details Textual) - shares | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 892,339 | 938,622 |
Note 9 - Income Per Share - Com
Note 9 - Income Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Net (loss) income before allocation of earnings to participating securities | $ (21,204) | $ 1,197 |
Less: Earnings allocated to participating securities | ||
Net (loss) income | $ (21,204) | $ 1,197 |
Weighted average number of common shares outstanding - basic (in shares) | 14,926,097 | 14,612,575 |
Dilutive effect of share-based awards: (in shares) | 125,665 | |
Weighted average number of common shares outstanding - dilutive (in shares) | 14,926,097 | 14,738,240 |
Basic (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ (1.42) | $ 0.08 |
Diluted (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ (1.42) | $ 0.08 |
Note 10 - Comprehensive Incom_2
Note 10 - Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
May 02, 2020 | May 04, 2019 | |
Translation Adjustment Functional to Reporting Currency, Gain (Loss), Reclassified to Earnings, Net of Tax | $ 0 | $ 0 |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 3 Months Ended |
May 02, 2020 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 11 - Segment Information -
Note 11 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 02, 2020 | May 04, 2019 | Feb. 01, 2020 | |
Net sales to external customers | $ 46,624 | $ 84,362 | |
Loss before income taxes | (18,664) | 2,410 | |
Capital expenditures, net | 2,849 | 2,440 | |
Depreciation and amortization | 3,457 | 3,512 | |
Total assets | 276,827 | 309,531 | $ 297,262 |
Direct to Consumer [Member] | |||
Net sales to external customers | 45,647 | 81,048 | |
Loss before income taxes | (18,376) | 1,094 | |
Capital expenditures, net | 2,849 | 2,440 | |
Depreciation and amortization | 3,450 | 3,510 | |
Total assets | 262,693 | 295,558 | |
Commercial [Member] | |||
Net sales to external customers | 333 | 2,754 | |
Loss before income taxes | (39) | 1,215 | |
Capital expenditures, net | |||
Depreciation and amortization | 7 | ||
Total assets | 6,563 | 8,004 | |
International Franchising [Member] | |||
Net sales to external customers | 644 | 560 | |
Loss before income taxes | (249) | 101 | |
Capital expenditures, net | |||
Depreciation and amortization | 2 | ||
Total assets | $ 7,571 | $ 5,969 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
May 02, 2020 | May 04, 2019 | Feb. 01, 2020 | ||
Net sales to external customers | $ 46,624 | $ 84,362 | ||
Property and equipment, net | 61,626 | 65,357 | $ 65,855 | |
North America [Member] | ||||
Net sales to external customers | [1] | 39,651 | 72,941 | |
Property and equipment, net | [1] | 56,915 | 59,502 | |
Europe [Member] | ||||
Net sales to external customers | [2] | 6,665 | 10,887 | |
Property and equipment, net | [2] | 4,704 | 5,839 | |
Other Geographic Region [Member] | ||||
Net sales to external customers | [3] | 308 | 534 | |
Property and equipment, net | [3] | $ 7 | $ 16 | |
[1] | North America includes corporately managed locations in the United States, Canada, Puerto Rico and franchise business in Mexico | |||
[2] | Europe includes corporately managed locations in the U.K., Ireland, Denmark and franchise businesses in Europe | |||
[3] | Other includes franchise businesses outside of North America and Europe and a corporately-managed location in China |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Millions | May 02, 2020USD ($) |
Litigation Receivable, Gross | $ 4.2 |
Litigation Receivables, Reserve | 3.4 |
Litigation Receivables, Net | $ 0.8 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) $ in Thousands | May 28, 2020USD ($) | Sep. 30, 2020USD ($) |
Forecast [Member] | Minimum [Member] | ||
Cash, Ending Balance | $ 5,000 | |
Subsequent Event [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |
Pledge Of Ownership Interest In Foreign Subsidiaries | 66.00% | |
Subsequent Event [Member] | Letter of Credit [Member] | ||
Dividends, Maximum Distribution Amount | $ 1,000 | |
Subsequent Event [Member] | Line of Credit [Member] | ||
Line of Credit Facility, Commitment Fee Percentage | 3.25% | |
Debt Instrument, Covenant, Minimum Cash Balance | $ 3,000 | |
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.25 | |
Dividends, Maximum Distribution Amount | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 9,000 | |
Subsequent Event [Member] | Line of Credit [Member] | North America [Member] | ||
Debt Instrument, Covenant, Maximum Cash Balance | $ 5,000 | |
Subsequent Event [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% |