Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Aug. 01, 2020 | Sep. 07, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001113809 | |
Entity Registrant Name | BUILD A BEAR WORKSHOP INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-30 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Aug. 1, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-32320 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-1883836 | |
Entity Address, Address Line One | 415 South 18th St. | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63103 | |
City Area Code | 314 | |
Local Phone Number | 423-8000 | |
Title of 12(b) Security | Common stock | |
Trading Symbol | BBW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,591,553 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
Current assets: | |||
Cash and cash equivalents | $ 25,274 | $ 26,726 | $ 14,965 |
Inventories, net | 55,509 | 53,381 | 62,081 |
Receivables, net | 6,314 | 11,526 | 8,714 |
Prepaid expenses and other current assets | 5,400 | 7,117 | 6,889 |
Total current assets | 92,497 | 98,750 | 92,649 |
Operating lease right-of-use asset | 114,709 | 126,144 | 137,680 |
Property and equipment, net | 58,085 | 65,855 | 64,191 |
Deferred tax assets | 0 | 3,411 | 1,949 |
Other intangible assets, net | 0 | 0 | 1,067 |
Other assets, net | 2,972 | 3,102 | 1,658 |
Total Assets | 268,263 | 297,262 | 299,194 |
Current liabilities: | |||
Accounts payable | 23,267 | 15,680 | 16,734 |
Accrued expenses | 15,911 | 16,536 | 8,622 |
Operating lease liability short term | 39,917 | 30,912 | 30,697 |
Gift cards and customer deposits | 17,988 | 20,231 | 16,981 |
Deferred revenue and other | 2,659 | 2,605 | 2,056 |
Total current liabilities | 99,742 | 85,964 | 75,090 |
Operating lease liability long term | 111,640 | 119,625 | 132,613 |
Deferred franchise revenue | 916 | 1,325 | 1,399 |
Other liabilities | 1,430 | 1,717 | 1,587 |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at August 1, 2020, February 1, 2020 and August 3, 2019 | 0 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 15,591,553, 15,205,981 and 15,220,252 shares, respectively | 156 | 152 | 152 |
Additional paid-in capital | 71,906 | 70,633 | 70,295 |
Accumulated other comprehensive loss | (12,339) | (12,079) | (11,579) |
Retained (deficit)/earnings | (5,188) | 29,925 | 29,637 |
Total stockholders' equity | 54,535 | 88,631 | 88,505 |
Total Liabilities and Stockholders' Equity | $ 268,263 | $ 297,262 | $ 299,194 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 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) | 15,591,553 | 15,205,981 | 15,220,252 |
Common stock, shares outstanding (in shares) | 15,591,553 | 15,205,981 | 15,220,252 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Revenues: | ||||
Revenue | $ 40,353 | $ 79,214 | $ 86,977 | $ 163,576 |
Costs and expenses: | ||||
Cost of merchandise sold | 32,813 | 44,243 | 71,379 | 90,367 |
Store asset impairment | 2,063 | 0 | 6,882 | 0 |
Consolidated gross profit | 7,540 | 34,971 | 15,598 | 73,209 |
Selling, general and administrative expense | 21,516 | 35,720 | 48,241 | 71,527 |
Interest (income) expense, net | 7 | (7) | 4 | 14 |
(Loss) income before income taxes | (13,983) | (742) | (32,647) | 1,668 |
Income tax (benefit)/expense | (74) | 482 | 2,466 | 1,696 |
Net (loss) income | (13,909) | (1,224) | (35,113) | (28) |
Foreign currency translation adjustment | (429) | 544 | (259) | 440 |
Comprehensive (loss) income | $ (14,338) | $ (680) | $ (35,372) | $ 412 |
(Loss) income per common share: | ||||
Basic (in dollars per share) | $ (0.93) | $ (0.08) | $ (2.35) | $ 0 |
Diluted (in dollars per share) | $ (0.93) | $ (0.08) | $ (2.35) | $ 0 |
Shares used in computing common per share amounts: | ||||
Basic (in shares) | 14,999,786 | 14,726,678 | 14,936,541 | 14,669,626 |
Diluted (in shares) | 14,999,786 | 14,726,678 | 14,936,541 | 14,669,626 |
Retail [Member] | ||||
Revenues: | ||||
Revenue | $ 39,339 | $ 75,214 | $ 84,986 | $ 156,263 |
Costs and expenses: | ||||
Cost of merchandise sold | 30,233 | 42,016 | 63,585 | 86,437 |
Commercial Product and Service [Member] | ||||
Revenues: | ||||
Revenue | 865 | 3,193 | 1,198 | 5,947 |
Costs and expenses: | ||||
Cost of merchandise sold | 387 | 1,211 | 527 | 2,475 |
International Franchising [Member] | ||||
Revenues: | ||||
Revenue | 149 | 807 | 793 | 1,366 |
Costs and expenses: | ||||
Cost of merchandise sold | $ 130 | $ 1,016 | $ 385 | $ 1,455 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Cash flows provided by operating activities: | ||||
Net loss | $ (13,909) | $ (1,224) | $ (35,113) | $ (28) |
Adjustments to reconcile net less to net cash provided by operating activities: | ||||
Depreciation and amortization | 3,254 | 3,285 | 6,711 | 6,797 |
Share-based and performance-based stock compensation | 736 | 1,454 | ||
Impairment of right-of-use assets and fixed assets | 0 | 6,882 | 0 | |
Deferred taxes | 3,388 | 1,145 | ||
Provision for doubtful accounts | 669 | (117) | ||
Gain on disposal of property and equipment | 22 | 27 | ||
Change in assets and liabilities: | ||||
Inventories, net | (2,217) | (4,501) | ||
Receivables, net | 4,512 | 1,725 | ||
Prepaid expenses and other assets | 1,697 | 5,975 | ||
Accounts payable and accrued expenses | 8,360 | (6,948) | ||
Operating leases | 8,732 | 2,027 | ||
Gift cards and customer deposits | (2,213) | (5,033) | ||
Deferred revenue | (256) | (1,174) | ||
Net cash provided by operating activities | 1,910 | 1,349 | ||
Cash flows used in investing activities: | ||||
Purchases of property and equipment | (3,378) | (4,945) | ||
Net cash used in investing activities | (3,378) | (4,945) | ||
Cash flows used in financing activities: | ||||
Proceeds from the exercise of employee stock options, net of withholding tax payments | (114) | (244) | ||
Net cash used in financing activities | (114) | (244) | ||
Effect of exchange rates on cash | 123 | 850 | ||
Net decrease in cash and cash equivalents | (1,459) | (2,990) | ||
Cash and cash equivalents, beginning of period | 28,395 | 19,561 | ||
Cash and cash equivalents, end of period | 26,936 | 16,571 | 26,936 | 16,571 |
Supplemental disclosure of cash flow information: | ||||
Cash and cash equivalents, end of period | 26,936 | 16,571 | 26,936 | 16,571 |
Less: Restricted cash from long-term deposits | (1,662) | (1,606) | (1,662) | (1,606) |
Total cash and cash equivalents | $ 25,274 | $ 14,965 | 25,274 | 14,965 |
Net cash received during the period for income taxes | $ (135) | $ (1,946) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Aug. 01, 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, 401 Operational and Distribution Network Update for the second 19: ● During the second 90% ● The Company’s e-commerce site was fully operational throughout the quarter. The Company continued to see strong digital demand with growth rates at triple-digit levels compared to the comparable period in 2019. ● The Company accelerated its omni-channel competencies of "Buy Online, Ship From Store" and "Buy Online, Pick Up In Store" allowing currently operating stores to serve as "mini distribution centers", which the Company believes is an efficient shift given the ongoing challenges in traditional retail traffic. Expanded omni-channel allows the Company to leverage the geographic proximity of stores as well as available labor to help fulfill continuing strong e-commerce demand. ● The Company continued disciplined expense management and cash preservation across all areas of the business including continued compensation reductions for all employees including executive officers, continued delayed payment of bonuses and 401 ● The Company completed a long-planned corporate reorganization that aligned key functions and leadership roles with strategic initiatives and allowing it to operate as a leaner, simpler organization; ● The Company reduced its workforce through furloughs, attrition and position eliminations; ● The Company’s supply chain experienced no ● The Company’s franchisees ended the quarter with 62 locations open and operating as permitted by law across Africa, Asia, Australia, the Middle East and South America, while 16 19; ● Select locations associated with the Company’s third The Company's operating results for the thirteen twenty-six August 1, 2020 may not may January 30, 2021 19 not In addition, the Company’s business is subject to seasonal fluctuations, with significant portions of the Company’s revenues and net income being realized during the fourth thirteen twenty-six August 1, 2020 not January 30, 2021, The Company had not September 8, 2020. August 25, 2020, may not August 25, 2020, may 19 may not Significant Accounting Policies The Company's significant accounting policies are summarized in Note 2 10 February 1, 2020. second 2020. Government Grants The Company applied for reimbursement of payroll expenses in certain jurisdictions through COVID- 19 not first second 2020. thirteen August 1, 2020 twenty-six August 1, 2020 August 1, 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 The Company estimated fair values of these long-lived assets based on its discounted future cash flows for the remaining useful life of the asset or market rent assessments. Our analysis indicated that the carrying values of certain of its long-lived assets exceeded their respective fair values determined by the discounted future cash flow analysis or the market rent assessment. As a result, the Company recognized an impairment charge of $2.1 million for the thirteen August 1, 2020 twenty-six August 1, 2020 19 thirteen August 3, 2019 twenty-six August 3, 2019 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 second 2020, not 842, Leases 3 |
Note 2 - Revenue
Note 2 - Revenue | 6 Months Ended |
Aug. 01, 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 from its 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 second 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 estimated 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, including any related gift card discounts, is deferred for single transactions until redemption. Historically, most gift card redemptions have occurred within three 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 one The Company also incurs expenses directly related to the startup of new franchises, which may |
Note 3 - Leases
Note 3 - Leases | 6 Months Ended |
Aug. 01, 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 may not The table below presents certain information related to the lease costs for operating leases for the thirteen twenty-six August 1, 2020 August 3, 2019 Thirteen weeks ended Twenty-six weeks ended August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Operating lease costs 9,928 9,273 19,584 20,770 Variable lease costs 148 694 422 1,314 Short term lease costs 6 298 94 685 Total Operating Lease costs $ 10,082 $ 10,265 $ 20,100 $ 22,769 Other information The table below presents supplemental cash flow information related to leases for the thirteen twenty-six August 1, 2020 August 3, 2019 Thirteen weeks ended Twenty-six weeks ended August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Operating cash flows for operating leases 8,474 10,990 15,929 22,188 As of August 1, 2020 August 3, 2019 As discussed above, the Company incurred impairment charges during the thirteen twenty-six August 1, 2020 During the quarter, the Company renegotiated a large portion of its store lease portfolio resulting in a combination of rent reductions, deferments, and abatements. These negotiations have increased the percentage of leases with variable rent structures to one third ASC 842 second third Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2020 28,837 2021 35,248 2022 29,824 2023 25,444 2024 21,427 Thereafter 35,593 Total minimum lease payments 176,373 Less: amount of lease payments representing interest (24,816 ) Present value of future minimum lease payments 151,557 Less: current obligations under leases (39,917 ) Long-term lease obligations $ 111,640 As of August 1, 2020 not ilities of $0.1 million. This 2020 three |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets | 6 Months Ended |
Aug. 01, 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): August 1, February 1, August 3, 2020 2020 2019 Prepaid occupancy (1) $ 206 $ 1,097 $ 1,634 Prepaid income taxes 241 164 408 Prepaid insurance 268 628 247 Prepaid gift card fees 1,225 1,413 1,139 Other (2) 3,460 3,815 3,461 Total $ 5,400 $ 7,117 $ 6,889 ( 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 | 6 Months Ended |
Aug. 01, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following (in thousands): August 1, February 1, August 3, 2020 2020 2019 Accrued wages, bonuses and related expenses $ 13,411 $ 13,373 $ 6,093 Sales and value added taxes payable 2,287 1,489 1,826 Accrued rent and related expenses (1) 114 726 642 Current income taxes payable 99 948 61 Total $ 15,911 $ 16,536 $ 8,622 ( 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 | 6 Months Ended |
Aug. 01, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. On April 14, 2020, 2020 “2020 June 11, 2020, 2020 2020 2020 2020 2020 April 14, 2030, The number of shares of the Company’s common stock authorized for issuance under the 2020 2017 “2017 2020 2017 April 14, 2020 may In accordance with its terms, as of the date the 2020 2017 no 2017 that were outstanding as of the date of stockholder approval of the 2020 2017 August 1, 2020 August 3, 2019 2017 For the thirteen August 1, 2020 August 3, 2019 , Selling, general and administrative expense included $0.5 million and $0.7 million, re twenty-six August 1, 2020 August 3, 2019 August 1, 2020 The following table is a summary of the balances and activity for stock options for the twenty-six August 1, 2020 Options Shares Weighted Average Exercise Price Outstanding, February 1, 2020 923,254 $ 9.76 Granted - - Exercised - - Forfeited - - Canceled or expired (98,415 ) 7.92 Outstanding, August 1, 2020 824,839 $ 9.98 The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the twenty-six August 1, 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 398,681 2.15 - - Vested (260,317 ) 6.98 (56,380 ) 8.85 Forfeited - - - - Canceled or expired - - (27,517 ) 8.85 Outstanding, August 1, 2020 591,767 $ 3.52 179,067 $ 7.00 The total fair value of shares vested during the twenty-six August 1, 2020 August 3, 2019 s $2.3 million and $2.2 million, The outstanding performance shares as of August 1, 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, August 1, 2020 179,067 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Aug. 01, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The Company's effective tax rate was 0.5% and -7.6% for the thirteen twenty-six August 1, 2020, thirteen twenty-six August 3, 2019, 2020 no first 2020 2019 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 6 Months Ended |
Aug. 01, 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 August 1, 2020 August 3, 2019 For the thirteen weeks ended August 1, 2020 For the thirteen weeks ended August 3, 2019 Common Retained Common Retained stock APIC (1) AOCI (2) earnings/(deficit) Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 155 $ 71,491 $ (11,909 ) $ 8,720 $ 68,457 $ 149 $ 69,550 $ (12,123 ) $ 30,861 $ 88,437 Issuance of restricted/performance stock $ 1 $ (1 ) - $ 3 $ 11 14 Stock-based compensation 417 417 734 734 Shares withheld in lieu of tax withholdings - - Other (1 ) (1 ) 1 (1 ) - Other comprehensive income (loss) (429 ) (429 ) 544 544 Net income (loss) (13,909 ) (13,909 ) (1,224 ) (1,224 ) Balance, ending $ 156 $ 71,906 $ (12,339 ) $ (5,188 ) $ 54,535 $ 152 $ 70,295 $ (11,579 ) $ 29,637 $ 88,505 ( 1 ( 2 The following table sets forth the changes in stockholders’ equity (in thousands) for the twenty-six August 1, 2020 August 3, 2019 For the twenty-six weeks ended August 1, 2020 For the twenty-six weeks ended August 3, 2019 Common Retained Common Retained stock APIC (1) AOCI (2) earnings/(deficit) Total stock APIC (1) AOCI (2) earnings/(deficit) 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 4 495 499 2 (246 ) (244 ) Stock-based compensation 892 892 1,454 1,454 Shares withheld in lieu of tax withholdings (1 ) (114 ) (115 ) - Other 1 (1 ) - (1 ) (1 ) 1 (1 ) Other comprehensive income (loss) (259 ) (259 ) 440 440 Net loss (35,113 ) (35,113 ) (28 ) (28 ) Balance, ending $ 156 $ 71,906 $ (12,339 ) $ (5,188 ) $ 54,535 $ 152 $ 70,295 $ (11,579 ) $ 29,637 $ 88,505 ( 1 ( 2 In August 2017, August 1, 2020 not 2020. |
Note 9 - Income Per Share
Note 9 - Income Per Share | 6 Months Ended |
Aug. 01, 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 Twenty-six weeks ended August 1, August 3, August 1, August 3, 2020 2019 2020 2019 NUMERATOR: Net (loss) income before allocation of earnings to participating securities $ (13,909 ) $ (1,224 ) $ (35,113 ) $ (28 ) Less: Earnings allocated to participating securities - - - - Net (loss) income $ (13,909 ) $ (1,224 ) $ (35,113 ) $ (28 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 14,999,786 14,726,678 14,936,541 14,669,626 Dilutive effect of share-based awards: - - - - Weighted average number of common shares outstanding - dilutive 14,999,786 14,726,678 14,936,541 14,669,626 Basic (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (0.93 ) $ (0.08 ) $ (2.35 ) $ (0.00 ) Diluted (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (0.93 ) $ (0.08 ) $ (2.35 ) $ (0.00 ) In calculating the diluted income per share for the thirteen twenty-six August 1, 2020 not thirteen twenty-six August 3, 2019 not |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income (Loss) | 6 Months Ended |
Aug. 01, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. The difference between comprehensive income or loss and net income or loss is the result of foreign currency translation adjustments on the balance sheets of subsidiaries whose functional currency is not August 1, 2020 August 3, 2019 thirteen August 1, 2020 August 3, 2019 |
Note 11 - Segment Information
Note 11 - Segment Information | 6 Months Ended |
Aug. 01, 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 August 1, 2020 Net sales to external customers $ 39,339 $ 865 $ 149 $ 40,353 (Loss) Income before income taxes (14,145 ) 239 (77 ) (13,983 ) Capital expenditures 529 - - 529 Depreciation and amortization 3,246 8 - 3,254 Thirteen weeks ended August 3, 2019 Net sales to external customers $ 75,214 $ 3,193 $ 807 $ 79,214 (Loss) Income before income taxes (1,900 ) 1,520 (362 ) (742 ) Capital expenditures 2,505 - - 2,505 Depreciation and amortization 3,283 - 2 3,285 Twenty-six weeks ended August 1, 2020 Net sales to external customers $ 84,986 $ 1,198 $ 793 $ 86,977 (Loss) Income before income taxes (32,515 ) 194 (326 ) (32,647 ) Capital expenditures 3,378 - - 3,378 Depreciation and amortization 6,696 15 0 6,711 Twenty-six weeks ended August 3, 2019 Net sales to external customers $ 156,262 $ 5,947 $ 1,367 $ 163,576 Income (loss) before income taxes (806 ) 2,735 (261 ) 1,668 Capital expenditures 4,945 - - 4,945 Depreciation and amortization 6,793 - 4 6,797 Total Assets as of: August 1, 2020 253,684 6,852 7,727 $ 268,263 August 3, 2019 285,196 7,796 6,202 299,194 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 August 1, 2020 Net sales to external customers $ 34,985 $ 5,141 $ 227 $ 40,353 Thirteen weeks ended August 3, 2019 Net sales to external customers $ 68,456 $ 10,195 $ 563 $ 79,214 Twenty-six weeks ended August 1, 2020 Net sales to external customers $ 74,636 $ 11,806 $ 535 $ 86,977 Property and equipment, net 53,735 4,350 - 58,085 Twenty-six weeks ended August 3, 2019 Net sales to external customers $ 141,397 $ 21,082 $ 1,097 $ 163,576 Property and equipment, net 59,008 5,170 13 64,191 For purposes of this table only: ( 1 ( 2 ( 3 |
Note 12 - Contingencies
Note 12 - Contingencies | 6 Months Ended |
Aug. 01, 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 2019, first not first 2021. August 1, 2020 not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Aug. 01, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. On August 25, 2020, The agreement provides for a senior secured revolving loan in aggregate principal amount of up to $25,000,000 (subject to a borrowing base formula), which may not may first Borrowings under the agreement bear interest at (a) a base rate determined under the agreement, or (b) the borrower’s option, at a rate based on LIBOR, plus in either case a margin based on the average undrawn availability as determined in accordance with the agreement. The agreement matures on August 25, 2025 ( The agreement requires the Company to comply with one 1 $25,000,000 2 may not At the closing date of the agreement, the Company had no outstanding indebtedness under the agreement. An aggregate of slightly more than $10 million was available for borrowing under the agreement as of the closing date. Additionally, on August 25, 2020, May 28, 2020. September 30, 2020. not As part of obtaining the new credit agreement, the Company incurred various issuance costs and fees. As previously stated, the Company had no outstanding borrowings at the beginning of the facility, therefore these costs and fees will be recorded as a deferred asset within the Other assets, net line item within the Condensed Consolidated Balance Sheets and be amortized over the length of the five |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Aug. 01, 2020 | |
Accounting Policies [Abstract] | |
Government Grants Policy [Policy Text Block] | Government Grants The Company applied for reimbursement of payroll expenses in certain jurisdictions through COVID- 19 not first second 2020. thirteen August 1, 2020 twenty-six August 1, 2020 August 1, 2020. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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 The Company estimated fair values of these long-lived assets based on its discounted future cash flows for the remaining useful life of the asset or market rent assessments. Our analysis indicated that the carrying values of certain of its long-lived assets exceeded their respective fair values determined by the discounted future cash flow analysis or the market rent assessment. As a result, the Company recognized an impairment charge of $2.1 million for the thirteen August 1, 2020 twenty-six August 1, 2020 19 thirteen August 3, 2019 twenty-six August 3, 2019 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 |
Lessee, Leases [Policy Text Block] | Lease modifications In April 2020, may not second 2020, not 842, Leases 3 |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Operating lease costs 9,928 9,273 19,584 20,770 Variable lease costs 148 694 422 1,314 Short term lease costs 6 298 94 685 Total Operating Lease costs $ 10,082 $ 10,265 $ 20,100 $ 22,769 Thirteen weeks ended Twenty-six weeks ended August 1, 2020 August 3, 2019 August 1, 2020 August 3, 2019 Operating cash flows for operating leases 8,474 10,990 15,929 22,188 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2020 28,837 2021 35,248 2022 29,824 2023 25,444 2024 21,427 Thereafter 35,593 Total minimum lease payments 176,373 Less: amount of lease payments representing interest (24,816 ) Present value of future minimum lease payments 151,557 Less: current obligations under leases (39,917 ) Long-term lease obligations $ 111,640 |
Note 4 - Prepaid Expenses and_2
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | August 1, February 1, August 3, 2020 2020 2019 Prepaid occupancy (1) $ 206 $ 1,097 $ 1,634 Prepaid income taxes 241 164 408 Prepaid insurance 268 628 247 Prepaid gift card fees 1,225 1,413 1,139 Other (2) 3,460 3,815 3,461 Total $ 5,400 $ 7,117 $ 6,889 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | August 1, February 1, August 3, 2020 2020 2019 Accrued wages, bonuses and related expenses $ 13,411 $ 13,373 $ 6,093 Sales and value added taxes payable 2,287 1,489 1,826 Accrued rent and related expenses (1) 114 726 642 Current income taxes payable 99 948 61 Total $ 15,911 $ 16,536 $ 8,622 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 6 Months Ended |
Aug. 01, 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 (98,415 ) 7.92 Outstanding, August 1, 2020 824,839 $ 9.98 |
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 398,681 2.15 - - Vested (260,317 ) 6.98 (56,380 ) 8.85 Forfeited - - - - Canceled or expired - - (27,517 ) 8.85 Outstanding, August 1, 2020 591,767 $ 3.52 179,067 $ 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, August 1, 2020 179,067 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | For the thirteen weeks ended August 1, 2020 For the thirteen weeks ended August 3, 2019 Common Retained Common Retained stock APIC (1) AOCI (2) earnings/(deficit) Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 155 $ 71,491 $ (11,909 ) $ 8,720 $ 68,457 $ 149 $ 69,550 $ (12,123 ) $ 30,861 $ 88,437 Issuance of restricted/performance stock $ 1 $ (1 ) - $ 3 $ 11 14 Stock-based compensation 417 417 734 734 Shares withheld in lieu of tax withholdings - - Other (1 ) (1 ) 1 (1 ) - Other comprehensive income (loss) (429 ) (429 ) 544 544 Net income (loss) (13,909 ) (13,909 ) (1,224 ) (1,224 ) Balance, ending $ 156 $ 71,906 $ (12,339 ) $ (5,188 ) $ 54,535 $ 152 $ 70,295 $ (11,579 ) $ 29,637 $ 88,505 For the twenty-six weeks ended August 1, 2020 For the twenty-six weeks ended August 3, 2019 Common Retained Common Retained stock APIC (1) AOCI (2) earnings/(deficit) Total stock APIC (1) AOCI (2) earnings/(deficit) 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 4 495 499 2 (246 ) (244 ) Stock-based compensation 892 892 1,454 1,454 Shares withheld in lieu of tax withholdings (1 ) (114 ) (115 ) - Other 1 (1 ) - (1 ) (1 ) 1 (1 ) Other comprehensive income (loss) (259 ) (259 ) 440 440 Net loss (35,113 ) (35,113 ) (28 ) (28 ) Balance, ending $ 156 $ 71,906 $ (12,339 ) $ (5,188 ) $ 54,535 $ 152 $ 70,295 $ (11,579 ) $ 29,637 $ 88,505 |
Note 9 - Income Per Share (Tabl
Note 9 - Income Per Share (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended August 1, August 3, August 1, August 3, 2020 2019 2020 2019 NUMERATOR: Net (loss) income before allocation of earnings to participating securities $ (13,909 ) $ (1,224 ) $ (35,113 ) $ (28 ) Less: Earnings allocated to participating securities - - - - Net (loss) income $ (13,909 ) $ (1,224 ) $ (35,113 ) $ (28 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 14,999,786 14,726,678 14,936,541 14,669,626 Dilutive effect of share-based awards: - - - - Weighted average number of common shares outstanding - dilutive 14,999,786 14,726,678 14,936,541 14,669,626 Basic (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (0.93 ) $ (0.08 ) $ (2.35 ) $ (0.00 ) Diluted (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (0.93 ) $ (0.08 ) $ (2.35 ) $ (0.00 ) |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 6 Months Ended |
Aug. 01, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended August 1, 2020 Net sales to external customers $ 39,339 $ 865 $ 149 $ 40,353 (Loss) Income before income taxes (14,145 ) 239 (77 ) (13,983 ) Capital expenditures 529 - - 529 Depreciation and amortization 3,246 8 - 3,254 Thirteen weeks ended August 3, 2019 Net sales to external customers $ 75,214 $ 3,193 $ 807 $ 79,214 (Loss) Income before income taxes (1,900 ) 1,520 (362 ) (742 ) Capital expenditures 2,505 - - 2,505 Depreciation and amortization 3,283 - 2 3,285 Twenty-six weeks ended August 1, 2020 Net sales to external customers $ 84,986 $ 1,198 $ 793 $ 86,977 (Loss) Income before income taxes (32,515 ) 194 (326 ) (32,647 ) Capital expenditures 3,378 - - 3,378 Depreciation and amortization 6,696 15 0 6,711 Twenty-six weeks ended August 3, 2019 Net sales to external customers $ 156,262 $ 5,947 $ 1,367 $ 163,576 Income (loss) before income taxes (806 ) 2,735 (261 ) 1,668 Capital expenditures 4,945 - - 4,945 Depreciation and amortization 6,793 - 4 6,797 Total Assets as of: August 1, 2020 253,684 6,852 7,727 $ 268,263 August 3, 2019 285,196 7,796 6,202 299,194 |
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 August 1, 2020 Net sales to external customers $ 34,985 $ 5,141 $ 227 $ 40,353 Thirteen weeks ended August 3, 2019 Net sales to external customers $ 68,456 $ 10,195 $ 563 $ 79,214 Twenty-six weeks ended August 1, 2020 Net sales to external customers $ 74,636 $ 11,806 $ 535 $ 86,977 Property and equipment, net 53,735 4,350 - 58,085 Twenty-six weeks ended August 3, 2019 Net sales to external customers $ 141,397 $ 21,082 $ 1,097 $ 163,576 Property and equipment, net 59,008 5,170 13 64,191 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 3 Months Ended | 6 Months Ended | ||||
Aug. 01, 2020USD ($) | Aug. 03, 2019USD ($) | Aug. 01, 2020USD ($) | Aug. 03, 2019USD ($) | Aug. 25, 2020USD ($) | Feb. 01, 2020USD ($) | |
Asset Impairment Charges, Total | $ 0 | $ 6,882,000 | $ 0 | |||
Impairment of Leasehold | 5,900,000 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (5,188,000) | 29,637,000 | (5,188,000) | 29,637,000 | $ 29,925,000 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 5,900,000 | $ 5,900,000 | ||||
COVID-19 Pandemic [Member] | ||||||
Asset Impairment Charges, Total | 2,100,000 | 6,900,000 | ||||
Impairment of Leasehold | 1,200,000 | 3,600,000 | ||||
Impairment of Long-Lived Assets Held-for-use | 900,000 | 3,300,000 | ||||
COVID-19 Pandemic [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Salary and Wages, Reversal of Expense | $ 1,500,000 | $ 3,000,000 | ||||
PNC Bank [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | |||||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | $ 25,000,000 | |||||
Africa, Asia, Australia, Mexico, the Middle East and South America [Member] | ||||||
Number of Stores | 62 | 62 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) | 3 Months Ended | 6 Months Ended |
May 02, 2020 | Aug. 01, 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 | 97.00% | |
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 | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 01, 2020 | Aug. 03, 2019 | May 04, 2019 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years | 5 years | 6 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.00% | 6.00% | 5.90% | |
Impairment of Leasehold | $ 5.9 | |||
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 0.1 | $ 0.1 | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 3 years | 3 years | ||
North America [Member] | ||||
Percentage of Leases with Variable Rent Structures | 33.33% | 33.33% | ||
COVID-19 Pandemic [Member] | ||||
Impairment of Leasehold | $ 1.2 | $ 3.6 | ||
Minimum [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | 5 years | ||
Maximum [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | 10 years |
Note 3 - Leases - Lease Costs (
Note 3 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Operating lease costs | $ 9,928 | $ 9,273 | $ 19,584 | $ 20,770 |
Variable lease costs | 148 | 694 | 422 | 1,314 |
Short term lease costs | 6 | 298 | 94 | 685 |
Total Operating Lease costs | 10,082 | 10,265 | 20,100 | 22,769 |
Operating cash flows for operating leases | $ 8,474 | $ 10,990 | $ 15,929 | $ 22,188 |
Note 3 - Leases - Reconciliatio
Note 3 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 |
2020 | $ 28,837 | ||
2021 | 35,248 | ||
2022 | 29,824 | ||
2023 | 25,444 | ||
2024 | 21,427 | ||
Thereafter | 35,593 | ||
Total minimum lease payments | 176,373 | ||
Less: amount of lease payments representing interest | (24,816) | ||
Present value of future minimum lease payments | 151,557 | ||
Less: current obligations under leases | (39,917) | $ (30,912) | $ (30,697) |
Long-term lease obligations | $ 111,640 | $ 119,625 | $ 132,613 |
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 | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 | |
Prepaid occupancy | [1] | $ 206 | $ 1,097 | $ 1,634 |
Prepaid income taxes | 241 | 164 | 408 | |
Prepaid insurance | 268 | 628 | 247 | |
Prepaid gift card fees | 1,225 | 1,413 | 1,139 | |
Other (2) | [2] | 3,460 | 3,815 | 3,461 |
Total | $ 5,400 | $ 7,117 | $ 6,889 | |
[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 | Aug. 01, 2020 | Feb. 01, 2020 | Aug. 03, 2019 | |
Accrued wages, bonuses and related expenses | $ 13,411 | $ 13,373 | $ 6,093 | |
Sales and value added taxes payable | 2,287 | 1,489 | 1,826 | |
Accrued rent and related expenses | [1] | 114 | 726 | 642 |
Current income taxes payable | 99 | 948 | 61 | |
Total | $ 15,911 | $ 16,536 | $ 8,622 | |
[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 | 6 Months Ended | |||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
Options and Restricted Stock [Member] | |||||
Share-based Payment Arrangement, Expense | $ 0.5 | $ 0.7 | $ 0.7 | $ 1.5 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2 | $ 2 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 6 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 | $ 2.3 | $ 2.2 | |||
Incentive Plan 2020 [Member] | |||||
Common Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Activity for Stock Options (Details) | 6 Months Ended |
Aug. 01, 2020$ / sharesshares | |
Outstanding (in shares) | shares | 923,254 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.76 |
Granted (in shares) | shares | 0 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised (in shares) | shares | 0 |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Canceled or expired (in shares) | shares | (98,415) |
Canceled or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 7.92 |
Outstanding (in shares) | shares | 824,839 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.98 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) | 6 Months Ended |
Aug. 01, 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 | 398,681 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.15 |
Vested (in shares) | shares | (260,317) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.98 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Canceled or expired (in shares) | shares | 0 |
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 591,767 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.52 |
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 | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | (56,380) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.85 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
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 | Aug. 01, 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 | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.50% | (65.10%) | (7.60%) | 101.70% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 3.3 | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | $ 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 | 35 Months Ended | |
Aug. 01, 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 | 6 Months Ended | |||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | ||
Balance | $ 68,457 | $ 88,437 | $ 88,631 | $ 94,314 | |
Issuance of restricted/performance stock | 0 | 14 | 499 | (244) | |
Stock-based compensation | 417 | 734 | 892 | 1,454 | |
Shares withheld in lieu of tax withholdings | 0 | 115 | 0 | ||
Other | (1) | 0 | (1) | ||
Other comprehensive income (loss) | (429) | 544 | (259) | 440 | |
Net loss | (13,909) | (1,224) | (35,113) | (28) | |
Balance, ending | 54,535 | 88,505 | 54,535 | 88,505 | |
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 | 155 | 149 | 152 | 150 | |
Issuance of restricted/performance stock | 1 | 3 | 4 | 2 | |
Shares withheld in lieu of tax withholdings | 1 | ||||
Other | 1 | ||||
Balance, ending | 156 | 152 | 156 | 152 | |
Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 152 | 150 | |||
Additional Paid-in Capital [Member] | |||||
Balance | [1] | 71,491 | 69,550 | 70,633 | 69,088 |
Issuance of restricted/performance stock | [1] | (1) | 11 | 495 | (246) |
Stock-based compensation | [1] | 417 | 734 | 892 | 1,454 |
Shares withheld in lieu of tax withholdings | [1] | 114 | |||
Other | [1] | (1) | |||
Balance, ending | [1] | 71,906 | 70,295 | 71,906 | 70,295 |
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] | (11,909) | (12,123) | (12,079) | (12,018) |
Other comprehensive income (loss) | [2] | (429) | 544 | (259) | 440 |
Balance, ending | [2] | (12,339) | (11,579) | (12,339) | (11,579) |
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | [2] | (12,079) | (12,018) | ||
Retained Earnings [Member] | |||||
Balance | 8,720 | 30,861 | 29,925 | 37,094 | |
Net loss | (13,909) | (1,224) | (35,113) | (28) | |
Balance, ending | $ (5,188) | $ 29,637 | (5,188) | 29,637 | |
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 | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 833,353 | 924,628 | 862,846 | 927,448 |
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 | 6 Months Ended | ||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | |
Net (loss) income before allocation of earnings to participating securities | $ (13,909) | $ (1,224) | $ (35,113) | $ (28) |
Less: Earnings allocated to participating securities | 0 | 0 | 0 | 0 |
Net (loss) income | $ (13,909) | $ (1,224) | $ (35,113) | $ (28) |
Weighted average number of common shares outstanding - basic (in shares) | 14,999,786 | 14,726,678 | 14,936,541 | 14,669,626 |
Dilutive effect of share-based awards: (in shares) | 0 | 0 | 0 | 0 |
Weighted average number of common shares outstanding - dilutive (in shares) | 14,999,786 | 14,726,678 | 14,936,541 | 14,669,626 |
Basic (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ (0.93) | $ (0.08) | $ (2.35) | $ 0 |
Diluted (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ (0.93) | $ (0.08) | $ (2.35) | $ 0 |
Note 10 - Comprehensive Incom_2
Note 10 - Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 01, 2020 | Aug. 03, 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) | 6 Months Ended |
Aug. 01, 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 | 6 Months Ended | |||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | |
Net sales to external customers | $ 40,353 | $ 79,214 | $ 86,977 | $ 163,576 | |
(Loss) Income before income taxes | (13,983) | (742) | (32,647) | 1,668 | |
Capital expenditures, net | 529 | 2,505 | 3,378 | 4,945 | |
Depreciation and amortization | 3,254 | 3,285 | 6,711 | 6,797 | |
Total assets | 268,263 | 299,194 | 268,263 | 299,194 | $ 297,262 |
Direct to Consumer [Member] | |||||
Net sales to external customers | 39,339 | 75,214 | 84,986 | 156,262 | |
(Loss) Income before income taxes | (14,145) | (1,900) | (32,515) | (806) | |
Capital expenditures, net | 529 | 2,505 | 3,378 | 4,945 | |
Depreciation and amortization | 3,246 | 3,283 | 6,696 | 6,793 | |
Total assets | 253,684 | 285,196 | 253,684 | 285,196 | |
Commercial [Member] | |||||
Net sales to external customers | 865 | 3,193 | 1,198 | 5,947 | |
(Loss) Income before income taxes | 239 | 1,520 | 194 | 2,735 | |
Capital expenditures, net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 8 | 0 | 15 | 0 | |
Total assets | 6,852 | 7,796 | 6,852 | 7,796 | |
International Franchising [Member] | |||||
Net sales to external customers | 149 | 807 | 793 | 1,367 | |
(Loss) Income before income taxes | (77) | (362) | (326) | (261) | |
Capital expenditures, net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 2 | 0 | 4 | |
Total assets | $ 7,727 | $ 6,202 | $ 7,727 | $ 6,202 |
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 | 6 Months Ended | ||||
Aug. 01, 2020 | Aug. 03, 2019 | Aug. 01, 2020 | Aug. 03, 2019 | Feb. 01, 2020 | ||
Net sales to external customers | $ 40,353 | $ 79,214 | $ 86,977 | $ 163,576 | ||
Property and equipment, net | 58,085 | 64,191 | 58,085 | 64,191 | $ 65,855 | |
North America [Member] | ||||||
Net sales to external customers | [1] | 34,985 | 68,456 | 74,636 | 141,397 | |
Property and equipment, net | [1] | 53,735 | 59,008 | 53,735 | 59,008 | |
Europe [Member] | ||||||
Net sales to external customers | [2] | 5,141 | 10,195 | 11,806 | 21,082 | |
Property and equipment, net | [2] | 4,350 | 5,170 | 4,350 | 5,170 | |
Other Geographic Region [Member] | ||||||
Net sales to external customers | [3] | 227 | 563 | 535 | 1,097 | |
Property and equipment, net | [3] | $ 0 | $ 13 | $ 0 | $ 13 | |
[1] | North America includes corporately managed locations in the United States, Canada, Puerto Rico. | |||||
[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 | Aug. 01, 2020USD ($) |
Litigation Receivable, Gross | $ 4.4 |
Litigation Receivables, Reserve | 3.6 |
Litigation Receivables, Net | $ 0.8 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) | Aug. 25, 2020 | Aug. 01, 2020 | May 28, 2020 |
U.S. Bank National Association [Member] | Line of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | ||
Long-term Line of Credit, Total | $ 0 | ||
U.S. Bank National Association [Member] | Letter of Credit [Member] | |||
Long-term Line of Credit, Total | $ 1,000,000 | ||
Subsequent Event [Member] | PNC Bank [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | $ 25,000,000 | ||
Debt Instrument, Covenant, Availability Percentage | 12.50% | ||
Debt Instrument, Covenant, Availability, Amount | $ 3,125,000 | ||
Debt Instrument, Default, Increase in Interest Rate and Fees | 2.00% | ||
Long-term Line of Credit, Total | $ 0 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 10,000,000 | ||
Debt Instrument, Term (Year) | 5 years | ||
Subsequent Event [Member] | PNC Bank [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument, Anticipated Annual Costs | $ 500,000 | ||
Subsequent Event [Member] | PNC Bank [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument, Anticipated Annual Costs | 600,000 | ||
Subsequent Event [Member] | PNC Bank [Member] | Swingline Loans [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | ||
Subsequent Event [Member] | PNC Bank [Member] | Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 |