Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 31, 2020 | Dec. 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 | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 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 | 15,960,262 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 |
Current assets: | |||
Cash and cash equivalents | $ 25,809 | $ 26,726 | $ 6,167 |
Inventories, net | 51,501 | 53,381 | 66,205 |
Receivables, net | 7,950 | 11,526 | 10,250 |
Prepaid expenses and other current assets | 5,427 | 7,117 | 6,327 |
Total current assets | 90,687 | 98,750 | 88,949 |
Operating lease right-of-use asset | 109,757 | 126,144 | 135,810 |
Property and equipment, net | 55,421 | 65,855 | 65,954 |
Deferred tax assets | 0 | 3,411 | 3,203 |
Other assets, net | 3,572 | 3,102 | 2,761 |
Total Assets | 259,437 | 297,262 | 296,677 |
Current liabilities: | |||
Accounts payable | 14,527 | 15,680 | 18,390 |
Accrued expenses | 19,856 | 16,536 | 9,985 |
Operating lease liability short term | 35,489 | 30,912 | 31,537 |
Gift cards and customer deposits | 19,070 | 20,231 | 19,141 |
Deferred revenue and other | 2,364 | 2,605 | 2,347 |
Total current liabilities | 91,306 | 85,964 | 81,400 |
Operating lease liability long term | 107,653 | 119,625 | 130,394 |
Deferred franchise revenue | 866 | 1,325 | 1,289 |
Other liabilities | 2,913 | 1,717 | 1,651 |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at October 31, 2020, February 1, 2020 and November 2, 2019 | 0 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 15,960,262, 15,205,981 and 15,219,915 shares, respectively | 160 | 152 | 152 |
Additional paid-in capital | 72,344 | 70,633 | 69,955 |
Accumulated other comprehensive loss | (12,277) | (12,079) | (11,927) |
Retained (deficit)/earnings | (3,528) | 29,925 | 23,763 |
Total stockholders' equity | 56,699 | 88,631 | 81,943 |
Total Liabilities and Stockholders' Equity | $ 259,437 | $ 297,262 | $ 296,677 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 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) | 15,960,262 | 15,205,981 | 15,219,915 |
Common stock, shares outstanding (in shares) | 15,960,262 | 15,205,981 | 15,219,915 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Revenues: | ||||
Revenue | $ 74,673 | $ 70,384 | $ 161,650 | $ 233,960 |
Costs and expenses: | ||||
Cost of merchandise sold | 39,910 | 42,658 | 111,289 | 133,026 |
Store asset impairment | 162 | 0 | 7,044 | 0 |
Consolidated gross profit | 34,763 | 27,726 | 50,361 | 100,934 |
Selling, general and administrative expense | 33,091 | 35,412 | 81,332 | 106,940 |
Interest expense, net | 2 | 8 | 6 | 21 |
Income (loss) before income taxes | 1,670 | (7,694) | (30,977) | (6,027) |
Income tax expense (benefit) | 10 | (1,821) | 2,476 | (126) |
Net income (loss) | 1,660 | (5,873) | (33,453) | (5,901) |
Foreign currency translation adjustment | 26 | (349) | (198) | 92 |
Comprehensive income (loss) | $ 1,686 | $ (6,222) | $ (33,651) | $ (5,809) |
Income (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.11 | $ (0.40) | $ (2.24) | $ (0.40) |
Diluted (in dollars per share) | $ 0.11 | $ (0.40) | $ (2.24) | $ (0.40) |
Shares used in computing common per share amounts: | ||||
Basic (in shares) | 14,999,786 | 14,752,307 | 14,923,304 | 14,697,592 |
Diluted (in shares) | 15,220,432 | 14,752,307 | 14,923,304 | 14,697,592 |
Retail [Member] | ||||
Revenues: | ||||
Revenue | $ 72,368 | $ 66,575 | $ 157,354 | $ 222,837 |
Costs and expenses: | ||||
Cost of merchandise sold | 38,715 | 40,284 | 102,300 | 126,722 |
Commercial Product and Service [Member] | ||||
Revenues: | ||||
Revenue | 1,858 | 2,560 | 3,056 | 8,507 |
Costs and expenses: | ||||
Cost of merchandise sold | 782 | 1,412 | 1,309 | 3,887 |
International Franchising [Member] | ||||
Revenues: | ||||
Revenue | 447 | 1,249 | 1,240 | 2,616 |
Costs and expenses: | ||||
Cost of merchandise sold | $ 251 | $ 962 | $ 636 | $ 2,417 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Cash flows provided by (used in) operating activities: | ||||
Net loss | $ 1,660 | $ (5,873) | $ (33,453) | $ (5,901) |
Adjustments to reconcile net less to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 3,194 | 3,561 | 9,905 | 10,359 |
Share-based and performance-based stock compensation | 1,250 | 1,827 | ||
Impairment of right-of-use assets and fixed assets | 7,044 | 0 | ||
Deferred taxes | 3,388 | (106) | ||
Provision for doubtful accounts | 577 | (140) | ||
Loss on disposal of property and equipment | 162 | 33 | ||
Change in assets and liabilities: | ||||
Inventories, net | 1,728 | (7,971) | ||
Receivables, net | 2,944 | 370 | ||
Prepaid expenses and other assets | 1,667 | 6,610 | ||
Accounts payable and accrued expenses | 4,075 | (4,715) | ||
Operating leases | 5,449 | 1,892 | ||
Gift cards and customer deposits | (1,128) | (2,916) | ||
Deferred revenue | (540) | (905) | ||
Net cash provided by (used in) operating activities | 3,068 | (1,563) | ||
Cash flows used in investing activities: | ||||
Purchases of property and equipment | (4,029) | (10,099) | ||
Net cash used in investing activities | (4,029) | (10,099) | ||
Cash flows used in financing activities: | ||||
Proceeds from the exercise of employee stock options, net of withholding tax payments | (114) | (245) | ||
Net cash used in financing activities | (114) | (245) | ||
Effect of exchange rates on cash | 143 | 180 | ||
Net decrease in cash and cash equivalents | (932) | (11,727) | ||
Cash and cash equivalents, beginning of period | 28,395 | 19,547 | ||
Cash and cash equivalents, end of period | 27,463 | 7,820 | 27,463 | 7,820 |
Supplemental disclosure of cash flow information: | ||||
Cash and cash equivalents, end of period | 27,463 | 7,820 | 27,463 | 7,820 |
Less: Restricted cash from long-term deposits | (1,654) | (1,653) | (1,654) | (1,653) |
Total cash and cash equivalents | $ 25,809 | $ 6,167 | 25,809 | 6,167 |
Net cash received (paid) during the period for income taxes | $ 135 | $ 2,055 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Oct. 31, 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 second Operational and Distribution Network Update for the third 19: ● During the third 7% third 98% third ● 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 continued to enhance its omni-channel capabilities of “Buy Online, Ship From Store” and “Buy Online, Pick Up In Store” by expanding the number of stores that are eligible to fulfill digital orders including the initialization of “Click and Collect” orders in its United Kingdom locations, a form of "Buy Online, Pick Up In Store" for U.K. operations. The Company believes these programs are an efficient use of available store labor and inventory to support the expected ongoing strong digital demand. ● The Company renegotiated lease terms to include rent reductions, deferrals and abatements on 99% 90% ● The Company maintained disciplined expense management and cash preservation across the business including continued delayed payment of bonuses earned by executive officers for 2019 401 ● In light of the Company's improved financial performance, on October 6, 2020, September 27, 2020, not March 2020. ● The Company’s supply chain experienced no ● The Company’s franchisees ended the quarter with 74 one 19. ● Select locations associated with the Company’s third fourth 19 third 19 December 2, 2020, 39 The Company's operating results for the thirteen thirty-nine October 31, 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 thirty-nine October 31, 2020 not January 30, 2021, The Company had not December 7, 2020. may 19 may not Significant Accounting Policies The Company's significant accounting policies are summarized in Note 2 10 February 1, 2020. Government Grants The Company applied for reimbursement of payroll expenses in certain jurisdictions through COVID- 19 not first three 2020. recorded a reduction to expenses of approximately $0.3 million for the thirteen October 31, 2020 thirty-nine October 31, 2020 October 31, 2020 third 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. The Company's 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 $0.2 million for the thirteen October 31, 2020 thirty-nine October 31, 2020 19 thirteen November 2, 2019 thirty-nine November 2, 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 |
Note 2 - Revenue
Note 2 - Revenue | 9 Months Ended |
Oct. 31, 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 third 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 nature of sales, where consumers customize their own stuffed animal. The Company has elected to exclude from revenue all collected sales, value added and other taxes paid by its customers. For the Company’s gift cards, revenue, including any related gift card discounts, is deferred for single transactions until redemption. Historically, the vast majority of 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 agreements 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 | 9 Months Ended |
Oct. 31, 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 thirty-nine October 31, 2020 November 2, 2019 Thirteen weeks ended Thirty-nine weeks ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Operating lease costs 8,880 10,260 28,464 31,030 Variable lease costs 1,000 514 1,422 1,828 Short term lease costs 17 255 111 940 Total Operating Lease costs $ 9,897 $ 11,029 $ 29,997 $ 33,798 Other information The table below presents supplemental cash flow information related to leases for the thirteen thirty-nine October 31, 2020 November 2, 2019 Thirteen weeks ended Thirty-nine weeks ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Operating cash flows for operating leases 9,949 10,872 25,878 33,061 As of October 31, 2020 November 2, 2019 As discussed above, the Company incurred impairment charges during the thirteen thirty-nine October 31, 2020 During the second third thirteen October 31, 2020 thirteen November 2, 2019 ASC 842 second not fourth Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2020 11,890 2021 40,496 2022 30,635 2023 25,716 2024 21,532 Thereafter 35,861 Total minimum lease payments 166,130 Less: amount of lease payments representing interest (22,988 ) Present value of future minimum lease payments 143,142 Less: current obligations under leases (35,489 ) Long-term lease obligations $ 107,653 As of October 31, 2020 not ilities of $1.3 millio 2021 ten |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets | 9 Months Ended |
Oct. 31, 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): October 31, February 1, November 2, 2020 2020 2019 Prepaid occupancy (1) $ 691 $ 1,097 $ 1,426 Prepaid income taxes 233 164 879 Prepaid insurance 31 628 132 Prepaid gift card fees 1,312 1,413 1,285 Other (2) 3,160 3,815 2,605 Total $ 5,427 $ 7,117 $ 6,327 ( 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 | 9 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following (in thousands): October 31, February 1, November 2, 2020 2020 2019 Accrued wages, bonuses and related expenses $ 14,844 $ 13,373 $ 8,116 Sales and value added taxes payable 3,317 1,489 1,360 Accrued rent and related expenses (1) 1,596 726 491 Current income taxes payable 99 948 18 Total $ 19,856 $ 16,536 $ 9,985 ( 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 | 9 Months Ended |
Oct. 31, 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, 2020 2017 “2017 2020 2017 April 14, 2020 may For the thirteen October 31, 2020 November 2, 2019 thirty-nine October 31, 2020 November 2, 2019 October 31, 2020 The following table is a summary of the balances and activity for stock options for the thirty-nine October 31, 2020 Options Shares Weighted Average Exercise Price Outstanding, February 1, 2020 923,254 $ 9.76 Granted - - Exercised - - Forfeited - - Canceled or expired (102,516 ) 8.13 Outstanding, October 31, 2020 820,738 $ 9.97 The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the thirty-nine October 31, 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 767,390 2.45 157,374 2.78 Vested (260,317 ) 6.98 (56,380 ) 8.85 Forfeited (18,408 ) 6.79 - - Canceled or expired - - (27,517 ) 8.85 Outstanding, October 31, 2020 942,068 $ 3.16 336,441 $ 5.03 The total fair value of shares vested during the thirty-nine October 31, 2020 November 2, 2019 s $2.3 million and $2.1 million, In October 2020, three 2020, 2021 2022 2021 2022 not ASC 718 not not The outstanding performance shares as of October 31, 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 2020 - 2022 consolidated liquidity and strategic performance objectives 89,168 2020 - 2022 consolidated earnings before interest and taxes (EBIT) objectives 68,206 Performance shares outstanding, October 31, 2020 336,441 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The Company's effective tax rate was 0.6% and -8.0% for the thirteen thirty-nine October 31, 2020 thirteen thirty-nine November 2, 2019 2020 no first thirty-nine 2020 2019 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 9 Months Ended |
Oct. 31, 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 October 31, 2020 November 2, 2019 For the thirteen weeks ended October 31, 2020 For the thirteen weeks ended November 2, 2019 Common Retained Common Retained stock APIC (1) AOCI (2) earnings/(deficit) Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 156 $ 71,906 $ (12,303 ) $ (5,188 ) $ 54,571 $ 152 $ 70,295 $ (11,579 ) $ 29,637 $ 88,505 Issuance of restricted/performance stock $ 4 $ (4 ) - $ (1 ) (1 ) Stock-based compensation 441 441 (340 ) (340 ) Shares withheld in lieu of tax withholdings - - Other 1 1 1 1 (1 ) 1.00 Other comprehensive income (loss) 26 26 (349 ) (349 ) Net income (loss) 1,660 1,660 (5,873 ) (5,873 ) Balance, ending $ 160 $ 72,344 $ (12,277 ) $ (3,528 ) $ 56,699 $ 152 $ 69,955 $ (11,927 ) $ 23,763 $ 81,943 ( 1 ( 2 The following table sets forth the changes in stockholders’ equity (in thousands) for the thirty-nine October 31, 2020 November 2, 2019 For the thirty-nine weeks ended October 31, 2020 For the thirty-nine weeks ended November 2, 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 8 491 499 2 (248 ) (246 ) Stock-based compensation 1,334 1,334 1,114 1,114 Shares withheld in lieu of tax withholdings (1 ) (114 ) (115 ) - Other 1 1 1 (1 ) 0 Other comprehensive income (loss) (198 ) (198 ) 92 92 Net loss (33,453 ) (33,453 ) (5,901 ) (5,901 ) Balance, ending $ 160 $ 72,344 $ (12,277 ) $ (3,528 ) $ 56,699 $ 152 $ 69,955 $ (11,927 ) $ 23,763 $ 81,943 ( 1 ( 2 In August 2017, September 30, 2020, not 2020. |
Note 9 - Income Per Share
Note 9 - Income Per Share | 9 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. The following table sets forth the computation of basic and diluted net income/(loss) per share (in thousands, except share and per share data): Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, 2020 2019 2020 2019 NUMERATOR: Net income (loss) $ 1,660 $ (5,873 ) $ (33,453 ) $ (5,901 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 14,999,786 14,752,307 14,923,304 14,697,592 Dilutive effect of share-based awards: 220,646 - - - Weighted average number of common shares outstanding - dilutive 15,220,432 14,752,307 14,923,304 14,697,592 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.11 $ (0.40 ) $ (2.24 ) $ (0.40 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.11 $ (0.40 ) $ (2.24 ) $ (0.40 ) In calculating the diluted income per share for the thirteen thirty-nine October 31, 2020 not thirteen thirty-nine November 2, 2019 not |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income (Loss) | 9 Months Ended |
Oct. 31, 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 October 31, 2020 November 2, 2019 thirteen October 31, 2020 November 2, 2019 |
Note 11 - Segment Information
Note 11 - Segment Information | 9 Months Ended |
Oct. 31, 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 October 31, 2020 Net sales to external customers $ 72,368 $ 1,858 $ 447 $ 74,673 Income before income taxes 713 803 154 1,670 Capital expenditures 651 - - 651 Depreciation and amortization 3,186 8 - 3,194 Thirteen weeks ended November 2, 2019 Net sales to external customers $ 66,575 $ 2,560 $ 1,249 $ 70,384 (Loss) Income before income taxes (8,578 ) 753 131 (7,694 ) Capital expenditures 5,155 - - 5,155 Depreciation and amortization 3,560 - 1 3,561 Thirty-nine weeks ended October 31, 2020 Net sales to external customers $ 157,354 $ 3,056 $ 1,240 $ 161,650 (Loss) Income before income taxes (31,802 ) 997 (172 ) (30,977 ) Capital expenditures 4,029 - - 4,029 Depreciation and amortization 9,882 23 0 9,905 Thirty-nine weeks ended November 2, 2019 Net sales to external customers $ 222,837 $ 8,507 $ 2,616 $ 233,960 (Loss) Income before income taxes (9,385 ) 3,488 (130 ) (6,027 ) Capital expenditures 10,099 - - 10,099 Depreciation and amortization 10,354 - 5 10,359 Total Assets as of: October 31, 2020 244,030 7,088 8,319 $ 259,437 November 2, 2019 281,365 7,508 7,804 296,677 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 October 31, 2020 Net sales to external customers $ 62,768 $ 11,320 $ 585 $ 74,673 Thirteen weeks ended November 2, 2019 Net sales to external customers $ 57,503 $ 11,557 $ 1,324 $ 70,384 Thirty-nine weeks ended October 31, 2020 Net sales to external customers $ 137,404 $ 23,126 $ 1,120 $ 161,650 Property and equipment, net 51,314 4,107 - 55,421 Thirty-nine weeks ended November 2, 2019 Net sales to external customers $ 198,900 $ 32,639 $ 2,421 $ 233,960 Property and equipment, net 60,481 5,462 11 65,954 For purposes of this table only: ( 1 ( 2 ( 3 |
Note 12 - Contingencies
Note 12 - Contingencies | 9 Months Ended |
Oct. 31, 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. October 31, 2020 not |
Note 13 - Line of Credit
Note 13 - Line of Credit | 9 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [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 transactions contemplated by the credit agreement, and (c) fund ongoing working capital, capital expenditures, permitted acquisitions and general corporate purposes, in each case to the extent permitted under, and as defined in, the agreement. Revolving advances under the agreement will be secured (subject to permitted liens and certain other exceptions) by a 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 and the end of the third October 31, 2020 third Additionally, on August 25, 2020, May 28, 2020. September 30, 2020. not As part of obtaining the new credit agreement, the Company incurred approximately $0.6 million of issuance costs and fees. As previously stated, the Company had no outstanding borrowings at the beginning of the facility, therefore these costs and fees were recorded as a deferred asset within the Other assets, net line item within the Condensed Consolidated Balance Sheets and will be amortized over the length of the five |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 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 three 2020. recorded a reduction to expenses of approximately $0.3 million for the thirteen October 31, 2020 thirty-nine October 31, 2020 October 31, 2020 third |
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. The Company's 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 $0.2 million for the thirteen October 31, 2020 thirty-nine October 31, 2020 19 thirteen November 2, 2019 thirty-nine November 2, 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 |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Operating lease costs 8,880 10,260 28,464 31,030 Variable lease costs 1,000 514 1,422 1,828 Short term lease costs 17 255 111 940 Total Operating Lease costs $ 9,897 $ 11,029 $ 29,997 $ 33,798 Thirteen weeks ended Thirty-nine weeks ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Operating cash flows for operating leases 9,949 10,872 25,878 33,061 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2020 11,890 2021 40,496 2022 30,635 2023 25,716 2024 21,532 Thereafter 35,861 Total minimum lease payments 166,130 Less: amount of lease payments representing interest (22,988 ) Present value of future minimum lease payments 143,142 Less: current obligations under leases (35,489 ) Long-term lease obligations $ 107,653 |
Note 4 - Prepaid Expenses and_2
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | October 31, February 1, November 2, 2020 2020 2019 Prepaid occupancy (1) $ 691 $ 1,097 $ 1,426 Prepaid income taxes 233 164 879 Prepaid insurance 31 628 132 Prepaid gift card fees 1,312 1,413 1,285 Other (2) 3,160 3,815 2,605 Total $ 5,427 $ 7,117 $ 6,327 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | October 31, February 1, November 2, 2020 2020 2019 Accrued wages, bonuses and related expenses $ 14,844 $ 13,373 $ 8,116 Sales and value added taxes payable 3,317 1,489 1,360 Accrued rent and related expenses (1) 1,596 726 491 Current income taxes payable 99 948 18 Total $ 19,856 $ 16,536 $ 9,985 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 9 Months Ended |
Oct. 31, 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 (102,516 ) 8.13 Outstanding, October 31, 2020 820,738 $ 9.97 |
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 767,390 2.45 157,374 2.78 Vested (260,317 ) 6.98 (56,380 ) 8.85 Forfeited (18,408 ) 6.79 - - Canceled or expired - - (27,517 ) 8.85 Outstanding, October 31, 2020 942,068 $ 3.16 336,441 $ 5.03 |
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 2020 - 2022 consolidated liquidity and strategic performance objectives 89,168 2020 - 2022 consolidated earnings before interest and taxes (EBIT) objectives 68,206 Performance shares outstanding, October 31, 2020 336,441 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | For the thirteen weeks ended October 31, 2020 For the thirteen weeks ended November 2, 2019 Common Retained Common Retained stock APIC (1) AOCI (2) earnings/(deficit) Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 156 $ 71,906 $ (12,303 ) $ (5,188 ) $ 54,571 $ 152 $ 70,295 $ (11,579 ) $ 29,637 $ 88,505 Issuance of restricted/performance stock $ 4 $ (4 ) - $ (1 ) (1 ) Stock-based compensation 441 441 (340 ) (340 ) Shares withheld in lieu of tax withholdings - - Other 1 1 1 1 (1 ) 1.00 Other comprehensive income (loss) 26 26 (349 ) (349 ) Net income (loss) 1,660 1,660 (5,873 ) (5,873 ) Balance, ending $ 160 $ 72,344 $ (12,277 ) $ (3,528 ) $ 56,699 $ 152 $ 69,955 $ (11,927 ) $ 23,763 $ 81,943 For the thirty-nine weeks ended October 31, 2020 For the thirty-nine weeks ended November 2, 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 8 491 499 2 (248 ) (246 ) Stock-based compensation 1,334 1,334 1,114 1,114 Shares withheld in lieu of tax withholdings (1 ) (114 ) (115 ) - Other 1 1 1 (1 ) 0 Other comprehensive income (loss) (198 ) (198 ) 92 92 Net loss (33,453 ) (33,453 ) (5,901 ) (5,901 ) Balance, ending $ 160 $ 72,344 $ (12,277 ) $ (3,528 ) $ 56,699 $ 152 $ 69,955 $ (11,927 ) $ 23,763 $ 81,943 |
Note 9 - Income Per Share (Tabl
Note 9 - Income Per Share (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 31, November 2, October 31, November 2, 2020 2019 2020 2019 NUMERATOR: Net income (loss) $ 1,660 $ (5,873 ) $ (33,453 ) $ (5,901 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 14,999,786 14,752,307 14,923,304 14,697,592 Dilutive effect of share-based awards: 220,646 - - - Weighted average number of common shares outstanding - dilutive 15,220,432 14,752,307 14,923,304 14,697,592 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.11 $ (0.40 ) $ (2.24 ) $ (0.40 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.11 $ (0.40 ) $ (2.24 ) $ (0.40 ) |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended October 31, 2020 Net sales to external customers $ 72,368 $ 1,858 $ 447 $ 74,673 Income before income taxes 713 803 154 1,670 Capital expenditures 651 - - 651 Depreciation and amortization 3,186 8 - 3,194 Thirteen weeks ended November 2, 2019 Net sales to external customers $ 66,575 $ 2,560 $ 1,249 $ 70,384 (Loss) Income before income taxes (8,578 ) 753 131 (7,694 ) Capital expenditures 5,155 - - 5,155 Depreciation and amortization 3,560 - 1 3,561 Thirty-nine weeks ended October 31, 2020 Net sales to external customers $ 157,354 $ 3,056 $ 1,240 $ 161,650 (Loss) Income before income taxes (31,802 ) 997 (172 ) (30,977 ) Capital expenditures 4,029 - - 4,029 Depreciation and amortization 9,882 23 0 9,905 Thirty-nine weeks ended November 2, 2019 Net sales to external customers $ 222,837 $ 8,507 $ 2,616 $ 233,960 (Loss) Income before income taxes (9,385 ) 3,488 (130 ) (6,027 ) Capital expenditures 10,099 - - 10,099 Depreciation and amortization 10,354 - 5 10,359 Total Assets as of: October 31, 2020 244,030 7,088 8,319 $ 259,437 November 2, 2019 281,365 7,508 7,804 296,677 |
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 October 31, 2020 Net sales to external customers $ 62,768 $ 11,320 $ 585 $ 74,673 Thirteen weeks ended November 2, 2019 Net sales to external customers $ 57,503 $ 11,557 $ 1,324 $ 70,384 Thirty-nine weeks ended October 31, 2020 Net sales to external customers $ 137,404 $ 23,126 $ 1,120 $ 161,650 Property and equipment, net 51,314 4,107 - 55,421 Thirty-nine weeks ended November 2, 2019 Net sales to external customers $ 198,900 $ 32,639 $ 2,421 $ 233,960 Property and equipment, net 60,481 5,462 11 65,954 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2020USD ($) | Oct. 31, 2020USD ($) | Nov. 02, 2019USD ($) | Dec. 02, 2020 | Nov. 01, 2020 | Feb. 01, 2020USD ($) | |
Asset Impairment Charges, Total | $ 7,044 | $ 0 | ||||
Impairment of Leasehold | 5,900 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (3,528) | (3,528) | 23,763 | $ 29,925 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 5,900 | |||||
COVID-19 Pandemic [Member] | ||||||
Reimbursement from Tax Authority | 1,200 | 1,200 | ||||
Asset Impairment Charges, Total | 200 | 7,000 | ||||
Impairment of Leasehold | 100 | 3,600 | ||||
Impairment of Long-Lived Assets Held-for-use | 100 | 3,400 | ||||
COVID-19 Pandemic [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Salary and Wages, Reversal of Expense | $ 300 | $ 3,300 | ||||
Subsequent Event [Member] | UNITED KINGDOM | COVID-19 Pandemic [Member] | ||||||
Number of Stores, Temporary Closed | 43 | |||||
Number of Stores Reopened | 39 | |||||
Subsequent Event [Member] | IRELAND | COVID-19 Pandemic [Member] | ||||||
Number of Stores, Temporary Closed | 2 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) | 3 Months Ended | 9 Months Ended |
Oct. 31, 2020 | Oct. 31, 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 | 25 years |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2020 | Nov. 02, 2019 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years | 5 years | 5 years 9 months 18 days |
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 | $ 1.3 | $ 1.3 | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 10 years | 10 years | |
COVID-19 Pandemic [Member] | |||
Impairment of Leasehold | $ 0.1 | $ 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 | 9 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Operating lease costs | $ 8,880 | $ 10,260 | $ 28,464 | $ 31,030 |
Variable lease costs | 1,000 | 514 | 1,422 | 1,828 |
Short term lease costs | 17 | 255 | 111 | 940 |
Total Operating Lease costs | 9,897 | 11,029 | 29,997 | 33,798 |
Operating cash flows for operating leases | $ 9,949 | $ 10,872 | $ 25,878 | $ 33,061 |
Note 3 - Leases - Reconciliatio
Note 3 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 |
2020 | $ 11,890 | ||
2021 | 40,496 | ||
2022 | 30,635 | ||
2023 | 25,716 | ||
2024 | 21,532 | ||
Thereafter | 35,861 | ||
Total minimum lease payments | 166,130 | ||
Less: amount of lease payments representing interest | (22,988) | ||
Present value of future minimum lease payments | 143,142 | ||
Less: current obligations under leases | (35,489) | $ (30,912) | $ (31,537) |
Long-term lease obligations | $ 107,653 | $ 119,625 | $ 130,394 |
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 | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | |
Prepaid occupancy | [1] | $ 691 | $ 1,097 | $ 1,426 |
Prepaid income taxes | 233 | 164 | 879 | |
Prepaid insurance | 31 | 628 | 132 | |
Prepaid gift card fees | 1,312 | 1,413 | 1,285 | |
Other (2) | [2] | 3,160 | 3,815 | 2,605 |
Total | $ 5,427 | $ 7,117 | $ 6,327 | |
[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 | Oct. 31, 2020 | Feb. 01, 2020 | Nov. 02, 2019 | |
Accrued wages, bonuses and related expenses | $ 14,844 | $ 13,373 | $ 8,116 | |
Sales and value added taxes payable | 3,317 | 1,489 | 1,360 | |
Accrued rent and related expenses | [1] | 1,596 | 726 | 491 |
Current income taxes payable | 99 | 948 | 18 | |
Total | $ 19,856 | $ 16,536 | $ 9,985 | |
[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 | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 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 | 50,000,000 |
Options and Restricted Stock [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 0.5 | $ 0.4 | $ 1.3 | $ 1.8 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2.8 | $ 2.8 | $ 2.8 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 18 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 | $ 2.1 | ||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 3 years | |||||
Incentive Plan 2020 [Member] | ||||||
Common Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Activity for Stock Options (Details) | 9 Months Ended |
Oct. 31, 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 | (102,516) |
Canceled or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 8.13 |
Outstanding (in shares) | shares | 820,738 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.97 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) | 9 Months Ended |
Oct. 31, 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 | 767,390 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.45 |
Vested (in shares) | shares | (260,317) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.98 |
Forfeited (in shares) | shares | (18,408) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.79 |
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 | 942,068 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.16 |
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 | 157,374 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.78 |
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 | 336,441 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.03 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Outstanding Performance Shares (Details) - Performance Shares [Member] - shares | Oct. 31, 2020 | Feb. 01, 2020 |
Performance shares (in shares) | 336,441 | 262,964 |
Vesting Upon Achievement of 2018-2020 Consolidated Total Revenues Growth Objectives [Member] | ||
Performance shares (in shares) | 20,756 | |
Vesting Upon Achievement of 2018-2020 Consolidated Pre-tax Income Growth Objectives [Member] | ||
Performance shares (in shares) | 62,500 | |
Vesting Upon Achievement of 2019-2021 Consolidated Pre-tax Income Growth Objectives [Member] | ||
Performance shares (in shares) | 95,811 | |
Vesting Upon Achievement of 2020-2022 Consolidated Liquidity and Strategic Performance Objectives [Member] | ||
Performance shares (in shares) | 89,168 | |
Vesting Upon Achievement of 2020-2022 Consolidated Earnings Before Interest and Taxes (EBIT) Objectives [Member] | ||
Performance shares (in shares) | 68,206 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.60% | 23.70% | 8.00% | 2.10% |
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 | 38 Months Ended | |
Oct. 31, 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 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | ||
Balance | $ 54,571 | $ 88,505 | $ 88,631 | $ 94,314 | |
Issuance of restricted/performance stock | 0 | (1) | 499 | (246) | |
Stock-based compensation | 441 | 340 | 1,334 | 1,114 | |
Stock-based compensation | (441) | (340) | (1,334) | (1,114) | |
Shares withheld in lieu of tax withholdings | 0 | 115 | 0 | ||
Other | 1 | 1 | 0 | ||
Other comprehensive income (loss) | 26 | (349) | (198) | 92 | |
Net loss | 1,660 | (5,873) | (33,453) | (5,901) | |
Balance, ending | 56,699 | 81,943 | 56,699 | 81,943 | |
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 | 156 | 152 | 152 | 150 | |
Issuance of restricted/performance stock | 4 | 8 | 2 | ||
Shares withheld in lieu of tax withholdings | 1 | ||||
Other | 1 | ||||
Balance, ending | 160 | 152 | 160 | 152 | |
Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | 152 | 150 | |||
Additional Paid-in Capital [Member] | |||||
Balance | [1] | 71,906 | 70,295 | 70,633 | 69,088 |
Issuance of restricted/performance stock | [1] | (4) | (1) | 491 | (248) |
Stock-based compensation | [1] | 441 | 340 | 1,334 | 1,114 |
Stock-based compensation | [1] | (441) | (340) | (1,334) | (1,114) |
Shares withheld in lieu of tax withholdings | [1] | 114 | |||
Other | [1] | 1 | |||
Balance, ending | [1] | 72,344 | 69,955 | 72,344 | 69,955 |
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] | (12,303) | (11,579) | (12,079) | (12,018) |
Other comprehensive income (loss) | [2] | 26 | (349) | (198) | 92 |
Balance, ending | [2] | (12,277) | (11,927) | (12,277) | (11,927) |
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Balance | [2] | (12,079) | (12,018) | ||
Retained Earnings [Member] | |||||
Balance | (5,188) | 29,637 | 29,925 | 37,094 | |
Net loss | 1,660 | (5,873) | (33,453) | (5,901) | |
Balance, ending | $ (3,528) | $ 23,763 | (3,528) | 23,763 | |
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 | 9 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 822,360 | 923,715 | 849,351 | 928,236 |
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 | 9 Months Ended | ||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | |
Net income (loss) | $ 1,660 | $ (5,873) | $ (33,453) | $ (5,901) |
Weighted average number of common shares outstanding - basic (in shares) | 14,999,786 | 14,752,307 | 14,923,304 | 14,697,592 |
Dilutive effect of share-based awards: (in shares) | 220,646 | 0 | 0 | 0 |
Weighted average number of common shares outstanding - dilutive (in shares) | 15,220,432 | 14,752,307 | 14,923,304 | 14,697,592 |
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.11 | $ (0.40) | $ (2.24) | $ (0.40) |
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.11 | $ (0.40) | $ (2.24) | $ (0.40) |
Note 10 - Comprehensive Incom_2
Note 10 - Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2020 | Nov. 02, 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) | 9 Months Ended |
Oct. 31, 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 | 9 Months Ended | |||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | |
Net sales to external customers | $ 74,673 | $ 70,384 | $ 161,650 | $ 233,960 | |
Income before income taxes | 1,670 | (7,694) | (30,977) | (6,027) | |
Capital expenditures, net | 651 | 5,155 | 4,029 | 10,099 | |
Depreciation and amortization | 3,194 | 3,561 | 9,905 | 10,359 | |
Total assets | 259,437 | 296,677 | 259,437 | 296,677 | $ 297,262 |
Direct to Consumer [Member] | |||||
Net sales to external customers | 72,368 | 66,575 | 157,354 | 222,837 | |
Income before income taxes | 713 | (8,578) | (31,802) | (9,385) | |
Capital expenditures, net | 651 | 5,155 | 4,029 | 10,099 | |
Depreciation and amortization | 3,186 | 3,560 | 9,882 | 10,354 | |
Total assets | 244,030 | 281,365 | 244,030 | 281,365 | |
Commercial [Member] | |||||
Net sales to external customers | 1,858 | 2,560 | 3,056 | 8,507 | |
Income before income taxes | 803 | 753 | 997 | 3,488 | |
Capital expenditures, net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 8 | 0 | 23 | 0 | |
Total assets | 7,088 | 7,508 | 7,088 | 7,508 | |
International Franchising [Member] | |||||
Net sales to external customers | 447 | 1,249 | 1,240 | 2,616 | |
Income before income taxes | 154 | 131 | (172) | (130) | |
Capital expenditures, net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 1 | 0 | 5 | |
Total assets | $ 8,319 | $ 7,804 | $ 8,319 | $ 7,804 |
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 | 9 Months Ended | ||||
Oct. 31, 2020 | Nov. 02, 2019 | Oct. 31, 2020 | Nov. 02, 2019 | Feb. 01, 2020 | ||
Net sales to external customers | $ 74,673 | $ 70,384 | $ 161,650 | $ 233,960 | ||
Property and equipment, net | 55,421 | 65,954 | 55,421 | 65,954 | $ 65,855 | |
North America [Member] | ||||||
Net sales to external customers | [1] | 62,768 | 57,503 | 137,404 | 198,900 | |
Property and equipment, net | [1] | 51,314 | 60,481 | 51,314 | 60,481 | |
Europe [Member] | ||||||
Net sales to external customers | [2] | 11,320 | 11,557 | 23,126 | 32,639 | |
Property and equipment, net | [2] | 4,107 | 5,462 | 4,107 | 5,462 | |
Other Geographic Region [Member] | ||||||
Net sales to external customers | [3] | 585 | 1,324 | 1,120 | 2,421 | |
Property and equipment, net | [3] | $ 0 | $ 11 | $ 0 | $ 11 | |
[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 | Oct. 31, 2020USD ($) |
Litigation Receivable, Gross | $ 4.5 |
Litigation Receivables, Reserve | 3.6 |
Litigation Receivables, Net | $ 0.9 |
Note 13 - Line of Credit (Detai
Note 13 - Line of Credit (Details Textual) - USD ($) | Aug. 25, 2020 | Oct. 31, 2020 | Sep. 30, 2020 | May 28, 2020 |
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 | $ 11,500,000 | |||
Letters of Credit Outstanding, Amount | 1,000,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 10,500,000 | |||
Debt Issuance Costs, Net, Total | $ 600,000 | |||
Debt Instrument, Term (Year) | 5 years | |||
PNC Bank [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument, Anticipated Annual Costs | $ 500,000 | |||
PNC Bank [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument, Anticipated Annual Costs | 600,000 | |||
PNC Bank [Member] | Swingline Loans [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | |||
PNC Bank [Member] | Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | |||
Long-term Line of Credit, Total | $ 1,000,000 | |||
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 |