Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 30, 2021 | Apr. 12, 2021 | Aug. 01, 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 | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 30, 2021 | ||
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, par value $0.01 per share | ||
Trading Symbol | BBW | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 36,800,000 | ||
Entity Common Stock, Shares Outstanding | 15,979,039 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Current assets: | ||
Cash, cash equivalents and restricted cash | $ 34,840 | $ 26,726 |
Inventories, net | 46,947 | 53,381 |
Receivables, net | 8,295 | 11,526 |
Prepaid expenses and other current assets | 10,111 | 7,117 |
Total current assets | 100,193 | 98,750 |
Operating lease right-of-use asset | 104,825 | 126,144 |
Property and equipment, net | 52,973 | 65,855 |
Deferred tax assets | 0 | 3,411 |
Other assets, net | 3,381 | 3,102 |
Total Assets | 261,372 | 297,262 |
Current liabilities: | ||
Accounts payable | 17,901 | 15,680 |
Accrued expenses | 17,551 | 16,536 |
Operating lease liability short term | 32,402 | 30,912 |
Gift cards and customer deposits | 19,029 | 20,231 |
Deferred revenue and other | 2,445 | 2,605 |
Total current liabilities | 89,328 | 85,964 |
Operating lease liability long term | 101,462 | 119,625 |
Deferred franchise revenue | 920 | 1,325 |
Other liabilities | 2,354 | 1,717 |
Stockholders' equity: | ||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at January 30, 2021 and February 1, 2020 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 15,930,958 and 15,205,981 shares, respectively | 159 | 152 |
Additional paid-in capital | 72,822 | 70,633 |
Accumulated other comprehensive loss | (12,615) | (12,079) |
Retained earnings | 6,942 | 29,925 |
Total stockholders' equity | 67,308 | 88,631 |
Total Liabilities and Stockholders' Equity | $ 261,372 | $ 297,262 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jan. 30, 2021 | Feb. 01, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 15,930,958 | 15,205,981 |
Common stock, shares outstanding (in shares) | 15,930,958 | 15,205,981 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Revenues: | ||
Revenue | $ 255,310 | $ 338,543 |
Costs and expenses: | ||
Cost of merchandise sold | 157,901 | 184,920 |
Store asset impairment | 7,346 | 0 |
Consolidated gross profit | 97,409 | 153,623 |
Selling, general and administrative expense | 117,585 | 152,047 |
Interest expense, net | 10 | 15 |
Total (loss) income before income taxes | (20,186) | 1,561 |
Income tax expense | 2,797 | 1,300 |
Net (loss) income | (22,983) | 261 |
Foreign currency translation adjustment | (601) | (60) |
Comprehensive (loss) income | $ (23,584) | $ 201 |
(Loss) income per common share: | ||
Basic (in dollars per share) | $ (1.54) | $ 0.02 |
Diluted (in dollars per share) | $ (1.54) | $ 0.02 |
Shares used in computing common per share amounts: | ||
Basic (in shares) | 14,923,304 | 14,711,334 |
Diluted (in shares) | 14,923,304 | 14,759,810 |
Retail [Member] | ||
Revenues: | ||
Revenue | $ 249,210 | $ 323,491 |
Costs and expenses: | ||
Cost of merchandise sold | 147,783 | 176,652 |
Commercial Product and Service [Member] | ||
Revenues: | ||
Revenue | 4,426 | 11,892 |
Costs and expenses: | ||
Cost of merchandise sold | 1,837 | 5,432 |
International Franchising [Member] | ||
Revenues: | ||
Revenue | 1,674 | 3,160 |
Costs and expenses: | ||
Cost of merchandise sold | $ 935 | $ 2,836 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Feb. 02, 2019 | $ 150 | $ 69,088 | $ (12,018) | $ 37,094 | $ 94,314 |
Stock-based compensation | 0 | 1,793 | 0 | 0 | 1,793 |
Shares issued under employee stock plans | 2 | (248) | 0 | 0 | (246) |
Adoption of new accounting standard | 0 | 0 | 0 | (7,431) | (7,431) |
Other | 0 | (1) | 1 | ||
Other comprehensive loss | 0 | 0 | (60) | 0 | (60) |
Net (loss) income | 0 | 0 | 0 | 261 | 261 |
Balance at Feb. 01, 2020 | 152 | 70,633 | (12,079) | 29,925 | 88,631 |
Stock-based compensation | 0 | 1,811 | 0 | 0 | 1,811 |
Shares issued under employee stock plans | 7 | 378 | 0 | 0 | 385 |
Other comprehensive loss | 0 | 0 | (536) | 0 | (536) |
Net (loss) income | 0 | 0 | 0 | (22,983) | (22,983) |
Balance at Jan. 30, 2021 | $ 159 | $ 72,822 | $ (12,615) | $ 6,942 | $ 67,308 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2021 | Feb. 01, 2020 | |||
Cash flows provided by operating activities: | ||||
Net (loss) income | $ (22,983) | $ 261 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 13,292 | 13,705 | ||
Share-based and performance-based stock compensation | 1,525 | 2,877 | ||
Impairment of right-of-use assets and fixed assets | 7,346 | 0 | ||
Deferred taxes | 3,388 | (318) | ||
Provision for doubtful accounts | 538 | (83) | ||
Loss/(Gain) on disposal of property and equipment | 262 | (7) | ||
Change in assets and liabilities: | ||||
Inventories, net | 6,785 | 5,053 | ||
Receivables, net | 2,747 | (805) | ||
Prepaid expenses and other assets | (2,063) | 5,839 | ||
Accounts payable and accrued expenses | 4,028 | (2,439) | ||
Operating leases | 201 | (490) | ||
Gift cards and customer deposits | (1,209) | (1,369) | ||
Deferred revenue | (471) | (615) | ||
Net cash provided by operating activities | 13,386 | 21,609 | ||
Cash flows used in investing activities: | ||||
Purchases of property and equipment | (5,046) | (12,384) | ||
Net cash used in investing activities | (5,046) | (12,384) | ||
Cash flows used in financing activities: | ||||
Shares returned for taxes withheld related to restricted stock awards | (114) | (245) | ||
Net cash used in financing activities | (114) | (245) | ||
Effect of exchange rates on cash | (112) | (140) | ||
Net increase in cash, cash equivalents and restricted cash | 8,114 | 8,840 | ||
Cash, cash equivalents and restricted cash, beginning of period | 26,726 | [1] | 17,886 | |
Cash, cash equivalents and restricted cash, end of period | [1] | 34,840 | 26,726 | |
Cash and cash equivalents | [1] | 33,142 | 25,057 | |
Restricted cash from long-term deposits | [1] | 1,698 | 1,669 | |
Net cash paid (received) during the period for income taxes | $ 41 | $ (1,800) | ||
[1] | See cash, cash equivalents and restricted cash in Note 2 - Summary of Significant Accounting Policies for further discussion. |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Preparation | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 Description of Business and Basis of Preparation Build-A-Bear Workshop, Inc. and subsidiaries (collectively, the “Company”) is a multi-channel retailer of plush animals and related products. The Company began operations in October 1997. 354 not The Company’s consolidated financial statements have been prepared in accordance U.S. GAAP. Certain amounts in prior fiscal periods have been reclassified to conform to current year presentation with no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 Summary of Significant Accounting Policies For each accounting topic that is addressed in its own note, the description of the accounting policy may applied in the preparation of the accompanying consolidated financial statements are as follows: Principles of Consolidation The accompanying consolidated financial statements include the accounts of Build-A-Bear Workshop, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts are eliminated in consolidation. Fiscal Year The Company operates on a 52 53 January 31. 2020 52 January 30, 2021 2019 52 February 1, 2020 Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and short-term highly liquid investments with an original maturity of three one 10 2019 2020 The majority of the Company’s cash and cash equivalents exceed federal deposit insurance limits. The Company has not not Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on an average-cost basis. Inventory includes supplies of $ million and $ million as of January 30, 2021 and February 1, 2020 , respectively. A reserve for estimated shortage is accrued throughout the year based on detailed historical averages. The inventory reserve was $ million and $ million as of January 30, 2021 February 1, 2020 Receivables Receivables consist primarily of amounts due to the Company in relation to tenant allowances, wholesale and corporate product sales, franchisee royalties and product sales, certain amounts due from taxing authorities and licensing revenue. The Company assesses the collectability of all receivables on an ongoing basis by considering its historical credit loss experience, current economic conditions, and other relevant factors. Based on this analysis, the Company has established an allowance for doubtful accounts of $ million and $ million as of January 30, 2021 February 1, 2020 January 30, 2021 19 not January 30, 2021 Property and Equipment Property and equipment consist of leasehold improvements, furniture and fixtures, computer equipment and software, building and land and are stated at cost. Leasehold improvements are depreciated using the straight-line method over the shorter of the useful life of the assets or the life of the lease which is generally ten three seven three five Leases The majority of the Company's leases relate to retail stores and corporate offices. For leases with terms greater than 12 five ten not may not The Company's leases typically contain rent escalations over the lease term and the Company recognizes expense for these leases on a straight-line basis over the lease term. T he Company recognizes the related rental expense on a straight-line basis and records the difference between the recognized rental expense and amounts payable under the lease as part of the lease right-of-use asset. For leases entered into or reassessed after the adoption of the new standard, the Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease component. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities. Most of the Company’s leases do not one Other Assets Other assets consist primarily of the non-current portion of prepaid income taxes and deferred costs related to franchise agreemen ts, financing agreements, and film production. no five Long-lived Assets Whenever facts and circumstances indicate that the carrying value of a long-lived asset (asset group) and right-of-use operating lease assets may not not 19, 2020. 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. The Company's analysis indicated that the carrying values of certain of its long-lived assets exceeded their respective fair values determined by discounted future cash flow analysis or market rent assessment. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. An individual asset within an asset group is not January 30, 2021 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 Revenue See Note 3 Cost of Merchandise Sold Cost of merchandise sold - retail includes the cost of the merchandise, including royalties paid to licensors of third third Selling, General, and Administrative Expenses Selling, general, and administrative expenses include store payroll and related benefits, advertising, credit card fees, store supplies and store closing costs, as well as central office management payroll and related benefits, travel, information systems, accounting, insurance, legal, and public relations. It also includes depreciation and amortization of central office leasehold improvements, furniture, fixtures, and equipment. Further, it includes store preopening expenses which represent costs incurred prior to store openings, remodels and relocations including certain store set-up, labor and hiring costs, rental charges, payroll, marketing, travel and relocation costs. Advertising The costs of advertising and marketing programs are charged to operations in the first million and $ million for fiscal years 2020 2019 Government Grants As a result of the COVID- 19 one two 1 2 19 not for business grants from the United Kingdom government for businesses in the retail, hospitality and leisure sectors . 2020 not Income Taxes Income taxes are accounted for using a balance sheet approach known as the liability method. The liability method accounts for deferred income taxes by applying the rate, based on enacted tax law, that will be in effect in the period in which the temporary differences between the book basis and the tax basis of assets and liabilities reverse or are settled. Deferred taxes are reported on a jurisdictional basis. Tax positions are reviewed at least quarterly and adjusted as new information becomes available. The recoverability of deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These estimates of future taxable income inherently require significant judgment. To the extent it is considered more likely than not not The Company assesses its total liability for uncertain tax positions on a quarterly basis. The Company recognizes estimated interest and penalties related to unrecognized tax benefits in income tax expense. See Note 8—Income I ncome Per Share Under the two rmined by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during the period. In periods of net loss, no not not Stock-Based Compensation The Company has share-based compensation plans covering certain management groups and its Board of Directors. The Company accounts for share-based payments utilizing the fair value recognition provisions of ASC 718. 12 Comprehensive Income ( Los s ) Comprehensive income (loss) is comprised of net income (loss) and foreign currency translation adjustments. D eferred Compensation Plan The Company maintains a Deferred Compensation Plan for the benefit of certain management employees. The investment funds offered to the participant generally correspond to the funds offered in the Company’s 401 1 January 30, 2021 million are presented in other assets, net and other liabilities in the accompanying consolidated balance sheets. As of February 1, 2020 , the current portions of the assets and related liabilities of $0.1 million are presented in prepaid expenses and other current assets and accrued expenses in the accompanying consolidated balance sheets, and the non-current portions of the assets and the related liabilities of $ million are presented in other assets, net and other liabilities in the accompanying consolidated balance sheets. Fair Value of Financial Instruments For purposes of financial reporting, management has determined that the fair value of financial instruments, including cash, cash equivalents and restricted cash, receivables, short term investments, accounts payable and accrued expenses, approximates book value at January 30, 2021 February 1, 2020 Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances, including, but not may Sales Tax Policy The Company’s revenues in the consolidated statement of operations are net of sales taxes. Foreign Currency Assets and liabilities of the Company’s foreign operations with functional currencies other than the U.S. dollar are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the year. Translation adjustments are reported in accumulated other comprehensive income, a separate component of stockholders’ equity. Gains and losses resulting from foreign exchange transactions, including the impact of the re-measurement of the Company’s balance sheet, are recorded as a component of selling, general and administrative expenses. The Company recorded a gain of $0.6 million and a loss of $ million related to foreign currency in fiscal 2020 2019 R ecent Accounting Pronouncements – Adopted in the current year In March 2020, No. 2020 03, not No. 2016 13, 326 2020, not Recent Accounting Pronouncements – Pending adoption In June 2016, No. 2016 13, 326 not December 15, 2022. In December 2019, No. 2019 12, 740 December 15, 2020, January 31, 2021. not In March 2020 January 2021, 2020 04, 848 2021 01, 848 2020 04 2021 01 2020 04 2021 01 may December 31, 2022. 2020 04 2021 01 In November 2020, 33 10890, first August 9, 2021 February 10, 2021. 10 January 29, 2022. 10 January 29, 2022. We have reviewed all other recently issued, but not not |
Note 3 - Revenue
Note 3 - Revenue | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 Revenue Nearly all of the Company’s revenue is derived from retail sales (including e-commerce sites) and is recognized when control of the merchandise is transferred to the customer. The Company accounts for revenue in accordance with Topic 606. 15 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, control generally transfers upon delivery to the customer. Revenue is measured as the amount of consideration, including any discounts or incentives, the Company expects to receive in exchange for transferring the merchandise. Product returns have historically averaged less than one one For the Company’s gift cards, revenue is deferred for single transactions until redemption including any related gift card discounts. Historically, most gift card redemptions have occurred within three first twelve During 2020, 19 first 2019 2020, not 2020 For certain qualifying transactions, a portion of revenue transactions are deferred for the obligation related to the Company’s loyalty program or when a material right in the form of a future discount is granted. In these transactions, the transaction price is allocated to the separate performance obligations based on the relative standalone selling price. The standalone selling price for the points earned for the Company’s loyalty program is estimated using the net retail value of the merchandise purchased, adjusted for estimated breakage based on historical redemption patterns. The revenue associated with the initial merchandise purchased is recognized immediately and the value assigned to the points is deferred until the points are redeemed, forfeited or expired. The Company issues certifications monthly for those loyalty program members who have earned 100 three not . The Company assesses the redemption rates of its certifications on a quarterly basis to update the rate at which loyalty program points turn into certifications and the rate that certifications are redeemed. In regard to the consolidated balance sheet, contract liabilities related to the loyalty program are classified as deferred revenue and other. 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, merchandise, 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, including finder’s fees, legal and travel costs as well as expenses related to its ongoing support of the franchisees, predominantly travel and employee compensation. Accordingly, the Company’s policy is to capitalize the finder’s fee, an incremental cost, and expense all other costs as incurred. Additionally, the Company amortizes these capitalized costs into expense in the same pattern as the development fee's recording of revenue as described previously. |
Note 4 - Leases
Note 4 - Leases | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 4 ) Leases The table below presents information related to the lease costs for operating leases for the full year ended February 1, 2020 ( For the Year Ended January 30, 2021 February 1, 2020 Operating lease costs 35,923 40,943 Variable lease costs 2,808 2,856 Short term lease costs 44 1,352 Total Operating Lease costs $ 38,775 $ 45,151 Other information The table below presents supplemental cash flow information related to leases for the full year ended January 30, 2021 For the Year Ended January 30, 2021 February 1, 2020 Operating cash flows for operating leases $ 36,068 43,687 As of January 30, 2021 The Company incurred impairment charges during fiscal 2020 2019 842, During the fiscal year, the Company renegotiated the majority 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 Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2021 39,336 2022 31,595 2023 26,169 2024 21,763 2025 16,220 Thereafter 19,994 Total minimum lease payments 155,077 Less: amount of lease payments representing interest (21,213 ) Present value of future minimum lease payments 133,864 Less: current obligations under leases (32,402 ) Long-term lease obligations $ 101,462 As of January 30, 2021 not two 2021 five ten |
Note 5 - Prepaid Expenses and O
Note 5 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | ( 5 ) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): January 30, February 1, 2021 2020 Prepaid occupancy (1) $ 1,526 $ 1,097 Prepaid income taxes 314 164 Prepaid insurance 884 628 Prepaid gift card fees 1,291 1,413 Other (2) 6,096 3,815 Total $ 10,111 $ 7,117 ( 1 ( 2 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment, Net | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 6 ) Property and Equipment , net Property and equipment, net consist of the following (in thousands): January 30, February 1, 2021 2020 Land $ 2,261 $ 2,261 Furniture and fixtures 41,706 42,611 Computer hardware 19,534 24,069 Building 14,970 14,970 Leasehold improvements 97,434 102,598 Computer software 22,358 48,109 Construction in progress 3,707 9,615 201,970 244,233 Less accumulated depreciation 148,997 178,378 Total, net $ 52,973 $ 65,855 For fiscal 2020 2019 million and $13.5 million, respectively. The Company incurred impairment charges during fiscal 2020 2019 In the event that management decides to close any or all of these stores in the future, the Company may not not 2020 2019 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 7 ) Accrued Expenses Accrued expenses consist of the following (in thousands): January 30, February 1, 2021 2020 Accrued wages, bonuses and related expenses $ 13,185 $ 13,373 Sales tax payable 2,048 1,489 Accrued rent and related expenses (1) 1,993 726 Current income taxes payable 325 948 Total $ 17,551 $ 16,536 ( 1 For fiscal 2020 2019 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 8 ) Income Taxes The Company’s income (loss) before income taxes from domestic and foreign operations (which include the U.K., Canada, China, Denmark and Ireland), is as follows (in thousands): Fiscal year ended January 30, February 1, 2021 2020 Domestic $ (21,774 ) $ 4,862 Foreign 1,588 (3,301 ) Total (loss) income before income taxes $ (20,186 ) $ 1,561 The components of the income tax expense are as follows (in thousands): Fiscal year ended January 30, February 1, 2021 2020 Current: U.S. Federal $ (876 ) $ 1,068 U.S. State 321 498 Foreign (12 ) (45 ) Deferred: U.S. Federal 1,555 31 U.S. State 1,232 (311 ) Foreign 577 59 Income tax expense $ 2,797 $ 1,300 The provision for income taxes was $2.8 million in fiscal 2020 2019 2020 no 2019 As the Company has incurred a cumulative book loss in North America and on a consolidated basis over the three January 30, 2021, three 740 first 2020, 2020, 2019, Temporary differences that gave rise to deferred tax assets and liabilities are as follows (in thousands): January 30, February 1, 2021 2020 Deferred tax assets: Operating lease liability $ 33,058 $ 36,301 Deferred revenue 3,903 2,693 Net operating loss carryforwards 3,422 3,049 Carryforward of tax credits 2,251 87 Depreciation 1,880 1,663 Deferred compensation 1,802 1,893 Investment in affiliates 1,215 1,202 Accrued compensation 1,098 1,340 Receivables write-offs 830 664 Intangible assets 388 588 Inventories 263 593 Other 960 853 Total gross deferred tax assets 51,070 50,926 Less: Valuation allowance (15,401 ) (6,774 ) Total deferred tax assets, net of valuation allowance 35,669 44,152 Deferred tax liabilities: Operating lease right-of-use assets (27,214 ) (31,062 ) Depreciation (4,968 ) (5,330 ) Deferred expense (1,767 ) (1,257 ) Deferred revenue (1,362 ) (2,726 ) Other (358 ) (366 ) Total deferred tax liabilities (35,669 ) (40,741 ) Net deferred tax assets $ - $ 3,411 As of January 30, 2021 no 10 20 2021. The Company continues to assert its investments in foreign subsidiaries are permanent in duration and it is not As of January 30, 2021 February 1, 2020 January 30, 2021 February 1, 2020 January 30, 2021 February 1, 2020 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance as of February 2, 2019 $ 418 Increases for prior year tax positions 67 Decreases for prior year tax positions (288 ) Lapse of statute of limitations (19 ) Balance as of February 1, 2020 178 Increases for prior year tax positions 46 Decreases for prior year tax positions - Lapse of statute of limitations (54 ) Balance as of January 30, 2021 $ 170 Management estimates it is reasonably possible that the amount of unrecognized tax benefits could decrease by as much as $0.2 million in the next twelve The following tax years remain open in the Company’s major taxing jurisdictions as of January 30, 2021 United States (Federal) 2017 through 2020 United Kingdom 2017 through 2020 The Company also files tax returns in various other international jurisdictions and numerous states for which various tax years are subject to examination and currently involved in audits. |
Note 9 - Line of Credit
Note 9 - Line of Credit | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 9 ) Line of Credit 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 and the end of the fiscal year, the Company had no outstanding indebtedness under the agreement. As of January 30, 2021, Additionally, on August 25, 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 the Company had no outstanding borrowings at the beginning of the facility, 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 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 10 ) Commitments and Contingencies (a) Operating Leases The Company leases its retail stores and corporate offices under agreements which expire at various dates through 2031. Not e 4 Leases for information related to our lease commitments. (b) Litigation 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 March 2021 not may not January 30, 2021 not |
Note 11 - Net Income (Loss) Per
Note 11 - Net Income (Loss) Per Share | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 1 ) Net (Loss) Income Per Share The Company uses the two no not Fiscal year ended January 30, February 1, 2021 2020 NUMERATOR: Net (loss) income before allocation of earnings to participating securities $ (22,983 ) $ 261 Less: Earnings allocated to participating securities - - Net (loss) income $ (22,983 ) $ 261 DENOMINATOR: Weighted average number of common shares outstanding - basic 14,923,304 14,711,334 Dilutive effect of share-based awards: - 48,476 Weighted average number of common shares outstanding - dilutive 14,923,304 14,759,810 Basic (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (1.54 ) $ 0.02 Diluted (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (1.54 ) $ 0.02 In calculating diluted earnings per share for fiscal 2020 2019 and not 260 10. |
Note 12 - Stock Incentive Plans
Note 12 - Stock Incentive Plans | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 1 2 ) Stock Incentive Plans In 2004, 2004 2009 2014 2017, 2017 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 (a) Stock Options The following table is a summary of the balance and activity for the Plans related to stock options for the periods presented: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding, February 1, 2020 923,254 9.76 Granted - - Exercised - - Expired (117,553 ) 8.39 Outstanding, January 30, 2021 805,701 $ 9.96 3.2 $ - Options Exercisable as of: January 30, 2021 805,690 $ 9.96 3.2 $ - There were no 2020 2019 2018 107 110, The total grant date fair value of options exercised in both fiscal 2020 and 2019 was less than $0.1 million in each year . The total intrinsic value of options exercised in both fiscal 2020 and 2019 was less than $0.1 . The Company generally issues new shares to satisfy option exercises. Future total shares available for option, non-vested stock and restricted stock grants were and at the end of 2020 and 2019 , respectively. (b) Restricted Stock The Company granted restricted stock awards that vest over a one three 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 (29,304 ) 2.32 (27,517 ) 8.85 Outstanding, January 30, 2021 931,172 $ 3.26 336,441 $ 5.03 In fiscal 2020 three 2020, 2021, 2022. 2020 no In fiscal 2019, three 2019, 2020, 2021 three 2020, none In fiscal 2018, three 2018, 2019 2020. three 2018, 2019 2020. 2018, 2019 2020, no 2018, 2019 2020, no Th e vesting date fair value of shares that vested in fiscal 2020 and 2019 was $ million and $ million, respectively. |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 1 3 ) Stockholders’ Equity The following table summarizes the changes in outstanding shares of common stock for fiscal 2019 2020 Common Stock Shares as of February 2, 2019 14,953,142 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 252,839 Repurchase of shares - Shares as of February 1, 2020 15,205,981 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 724,977 Repurchase of shares - Shares as of January 30, 2021 15,930,958 |
Note 14 - Major Vendors
Note 14 - Major Vendors | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 14 ) Major Vendors Four vendors, each of whose primary manufacturing facilities are located in Asia, accounted for approximately and of inventory purchases in 2020 and 2019 , respectively. |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 15 ) Segment Information The Company’s operations are conducted through three third three Following is a summary of the financial information for the Company’s reporting segments (in thousands): Direct-to- International Consumer Commercial Franchising Total Fifty-two weeks ended January 30, 2021 Net sales to external customers $ 249,210 $ 4,426 $ 1,674 $ 255,310 Income (loss) before income taxes (21,480 ) 1,402 (108 ) (20,186 ) Capital expenditures 5,046 - - 5,046 Depreciation and amortization 13,262 30 - 13,292 Fifty-two weeks ended February 1, 2020 Net sales to external customers $ 323,491 $ 11,892 $ 3,160 $ 338,543 Income (loss) before income taxes (3,276 ) 4,995 (158 ) 1,561 Capital expenditures 12,384 - - 12,384 Depreciation and amortization 13,699 - 6 13,705 Total Assets as of: January 30, 2021 $ 246,341 $ 6,353 $ 8,678 $ 261,372 February 1, 2020 280,543 8,931 7,788 297,262 The Company’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may North America (1) Europe (2) Other (3) Total Fifty-two weeks ended January 30, 2021 Net sales to external customers $ 219,889 $ 33,784 $ 1,637 $ 255,310 Property and equipment, net 48,955 4,018 - 52,973 Fifty-two weeks ended February 1, 2020 Net sales to external customers 286,968 48,532 3,043 $ 338,543 Property and equipment, net 60,386 5,459 10 65,855 For purposes of this table only: ( 1 North America includes the United States, Canada, and Puerto Rico. ( 2 Europe includes 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. (a)( 2 Financial Statement Schedules |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 30, 2021 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Beginning Balance Charged to cost and expenses Other (1) (2) Ending Balance Deferred Tax Asset Valuation Allowance 2020 $ 6,774 $ 8,522 $ 105 $ 15,401 2019 5,079 517 1,178 6,774 Receivables Allowance for Doubtful Accounts 2020 $ 6,280 $ 1,405 $ (316 ) $ 7,369 2019 5,400 959 (79 ) $ 6,280 ( 1 ASC842 ( 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Build-A-Bear Workshop, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts are eliminated in consolidation. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company operates on a 52 53 January 31. 2020 52 January 30, 2021 2019 52 February 1, 2020 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and short-term highly liquid investments with an original maturity of three one 10 2019 2020 The majority of the Company’s cash and cash equivalents exceed federal deposit insurance limits. The Company has not not |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on an average-cost basis. Inventory includes supplies of $ million and $ million as of January 30, 2021 and February 1, 2020 , respectively. A reserve for estimated shortage is accrued throughout the year based on detailed historical averages. The inventory reserve was $ million and $ million as of January 30, 2021 February 1, 2020 |
Receivable [Policy Text Block] | Receivables Receivables consist primarily of amounts due to the Company in relation to tenant allowances, wholesale and corporate product sales, franchisee royalties and product sales, certain amounts due from taxing authorities and licensing revenue. The Company assesses the collectability of all receivables on an ongoing basis by considering its historical credit loss experience, current economic conditions, and other relevant factors. Based on this analysis, the Company has established an allowance for doubtful accounts of $ million and $ million as of January 30, 2021 February 1, 2020 January 30, 2021 19 not January 30, 2021 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment consist of leasehold improvements, furniture and fixtures, computer equipment and software, building and land and are stated at cost. Leasehold improvements are depreciated using the straight-line method over the shorter of the useful life of the assets or the life of the lease which is generally ten three seven three five |
Lessee, Leases [Policy Text Block] | Leases The majority of the Company's leases relate to retail stores and corporate offices. For leases with terms greater than 12 five ten not may not The Company's leases typically contain rent escalations over the lease term and the Company recognizes expense for these leases on a straight-line basis over the lease term. T he Company recognizes the related rental expense on a straight-line basis and records the difference between the recognized rental expense and amounts payable under the lease as part of the lease right-of-use asset. For leases entered into or reassessed after the adoption of the new standard, the Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease component. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities. Most of the Company’s leases do not one |
Other Assets [Policy Text Block] | Other Assets Other assets consist primarily of the non-current portion of prepaid income taxes and deferred costs related to franchise agreemen ts, financing agreements, and film production. no five |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets Whenever facts and circumstances indicate that the carrying value of a long-lived asset (asset group) and right-of-use operating lease assets may not not 19, 2020. 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. The Company's analysis indicated that the carrying values of certain of its long-lived assets exceeded their respective fair values determined by discounted future cash flow analysis or market rent assessment. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. An individual asset within an asset group is not January 30, 2021 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 |
Revenue from Contract with Customer [Policy Text Block] | Revenue See Note 3 |
Cost of Goods and Service [Policy Text Block] | Cost of Merchandise Sold Cost of merchandise sold - retail includes the cost of the merchandise, including royalties paid to licensors of third third |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General, and Administrative Expenses Selling, general, and administrative expenses include store payroll and related benefits, advertising, credit card fees, store supplies and store closing costs, as well as central office management payroll and related benefits, travel, information systems, accounting, insurance, legal, and public relations. It also includes depreciation and amortization of central office leasehold improvements, furniture, fixtures, and equipment. Further, it includes store preopening expenses which represent costs incurred prior to store openings, remodels and relocations including certain store set-up, labor and hiring costs, rental charges, payroll, marketing, travel and relocation costs. |
Advertising Cost [Policy Text Block] | Advertising The costs of advertising and marketing programs are charged to operations in the first million and $ million for fiscal years 2020 2019 |
Government Grants Policy [Policy Text Block] | Government Grants As a result of the COVID- 19 one two 1 2 19 not for business grants from the United Kingdom government for businesses in the retail, hospitality and leisure sectors . 2020 not |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for using a balance sheet approach known as the liability method. The liability method accounts for deferred income taxes by applying the rate, based on enacted tax law, that will be in effect in the period in which the temporary differences between the book basis and the tax basis of assets and liabilities reverse or are settled. Deferred taxes are reported on a jurisdictional basis. Tax positions are reviewed at least quarterly and adjusted as new information becomes available. The recoverability of deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These estimates of future taxable income inherently require significant judgment. To the extent it is considered more likely than not not The Company assesses its total liability for uncertain tax positions on a quarterly basis. The Company recognizes estimated interest and penalties related to unrecognized tax benefits in income tax expense. See Note 8—Income |
Earnings Per Share, Policy [Policy Text Block] | I ncome Per Share Under the two rmined by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during the period. In periods of net loss, no not not |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company has share-based compensation plans covering certain management groups and its Board of Directors. The Company accounts for share-based payments utilizing the fair value recognition provisions of ASC 718. 12 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income ( Los s ) Comprehensive income (loss) is comprised of net income (loss) and foreign currency translation adjustments. |
Deferred Charges, Policy [Policy Text Block] | D eferred Compensation Plan The Company maintains a Deferred Compensation Plan for the benefit of certain management employees. The investment funds offered to the participant generally correspond to the funds offered in the Company’s 401 1 January 30, 2021 million are presented in other assets, net and other liabilities in the accompanying consolidated balance sheets. As of February 1, 2020 , the current portions of the assets and related liabilities of $0.1 million are presented in prepaid expenses and other current assets and accrued expenses in the accompanying consolidated balance sheets, and the non-current portions of the assets and the related liabilities of $ million are presented in other assets, net and other liabilities in the accompanying consolidated balance sheets. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments For purposes of financial reporting, management has determined that the fair value of financial instruments, including cash, cash equivalents and restricted cash, receivables, short term investments, accounts payable and accrued expenses, approximates book value at January 30, 2021 February 1, 2020 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances, including, but not may |
Sales Tax Policy [Policy Text Block] | Sales Tax Policy The Company’s revenues in the consolidated statement of operations are net of sales taxes. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Assets and liabilities of the Company’s foreign operations with functional currencies other than the U.S. dollar are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the year. Translation adjustments are reported in accumulated other comprehensive income, a separate component of stockholders’ equity. Gains and losses resulting from foreign exchange transactions, including the impact of the re-measurement of the Company’s balance sheet, are recorded as a component of selling, general and administrative expenses. The Company recorded a gain of $0.6 million and a loss of $ million related to foreign currency in fiscal 2020 2019 |
New Accounting Pronouncements, Policy [Policy Text Block] | R ecent Accounting Pronouncements – Adopted in the current year In March 2020, No. 2020 03, not No. 2016 13, 326 2020, not Recent Accounting Pronouncements – Pending adoption In June 2016, No. 2016 13, 326 not December 15, 2022. In December 2019, No. 2019 12, 740 December 15, 2020, January 31, 2021. not In March 2020 January 2021, 2020 04, 848 2021 01, 848 2020 04 2021 01 2020 04 2021 01 may December 31, 2022. 2020 04 2021 01 In November 2020, 33 10890, first August 9, 2021 February 10, 2021. 10 January 29, 2022. 10 January 29, 2022. We have reviewed all other recently issued, but not not |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Year Ended January 30, 2021 February 1, 2020 Operating lease costs 35,923 40,943 Variable lease costs 2,808 2,856 Short term lease costs 44 1,352 Total Operating Lease costs $ 38,775 $ 45,151 For the Year Ended January 30, 2021 February 1, 2020 Operating cash flows for operating leases $ 36,068 43,687 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2021 39,336 2022 31,595 2023 26,169 2024 21,763 2025 16,220 Thereafter 19,994 Total minimum lease payments 155,077 Less: amount of lease payments representing interest (21,213 ) Present value of future minimum lease payments 133,864 Less: current obligations under leases (32,402 ) Long-term lease obligations $ 101,462 |
Note 5 - Prepaid Expenses and_2
Note 5 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | January 30, February 1, 2021 2020 Prepaid occupancy (1) $ 1,526 $ 1,097 Prepaid income taxes 314 164 Prepaid insurance 884 628 Prepaid gift card fees 1,291 1,413 Other (2) 6,096 3,815 Total $ 10,111 $ 7,117 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | January 30, February 1, 2021 2020 Land $ 2,261 $ 2,261 Furniture and fixtures 41,706 42,611 Computer hardware 19,534 24,069 Building 14,970 14,970 Leasehold improvements 97,434 102,598 Computer software 22,358 48,109 Construction in progress 3,707 9,615 201,970 244,233 Less accumulated depreciation 148,997 178,378 Total, net $ 52,973 $ 65,855 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | January 30, February 1, 2021 2020 Accrued wages, bonuses and related expenses $ 13,185 $ 13,373 Sales tax payable 2,048 1,489 Accrued rent and related expenses (1) 1,993 726 Current income taxes payable 325 948 Total $ 17,551 $ 16,536 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal year ended January 30, February 1, 2021 2020 Domestic $ (21,774 ) $ 4,862 Foreign 1,588 (3,301 ) Total (loss) income before income taxes $ (20,186 ) $ 1,561 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal year ended January 30, February 1, 2021 2020 Current: U.S. Federal $ (876 ) $ 1,068 U.S. State 321 498 Foreign (12 ) (45 ) Deferred: U.S. Federal 1,555 31 U.S. State 1,232 (311 ) Foreign 577 59 Income tax expense $ 2,797 $ 1,300 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | January 30, February 1, 2021 2020 Deferred tax assets: Operating lease liability $ 33,058 $ 36,301 Deferred revenue 3,903 2,693 Net operating loss carryforwards 3,422 3,049 Carryforward of tax credits 2,251 87 Depreciation 1,880 1,663 Deferred compensation 1,802 1,893 Investment in affiliates 1,215 1,202 Accrued compensation 1,098 1,340 Receivables write-offs 830 664 Intangible assets 388 588 Inventories 263 593 Other 960 853 Total gross deferred tax assets 51,070 50,926 Less: Valuation allowance (15,401 ) (6,774 ) Total deferred tax assets, net of valuation allowance 35,669 44,152 Deferred tax liabilities: Operating lease right-of-use assets (27,214 ) (31,062 ) Depreciation (4,968 ) (5,330 ) Deferred expense (1,767 ) (1,257 ) Deferred revenue (1,362 ) (2,726 ) Other (358 ) (366 ) Total deferred tax liabilities (35,669 ) (40,741 ) Net deferred tax assets $ - $ 3,411 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Balance as of February 2, 2019 $ 418 Increases for prior year tax positions 67 Decreases for prior year tax positions (288 ) Lapse of statute of limitations (19 ) Balance as of February 1, 2020 178 Increases for prior year tax positions 46 Decreases for prior year tax positions - Lapse of statute of limitations (54 ) Balance as of January 30, 2021 $ 170 |
Summary of Income Tax Examinations [Table Text Block] | United States (Federal) 2017 through 2020 United Kingdom 2017 through 2020 The Company also files tax returns in various other international jurisdictions and numerous states for which various tax years are subject to examination and currently involved in audits. |
Note 11 - Net Income (Loss) P_2
Note 11 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal year ended January 30, February 1, 2021 2020 NUMERATOR: Net (loss) income before allocation of earnings to participating securities $ (22,983 ) $ 261 Less: Earnings allocated to participating securities - - Net (loss) income $ (22,983 ) $ 261 DENOMINATOR: Weighted average number of common shares outstanding - basic 14,923,304 14,711,334 Dilutive effect of share-based awards: - 48,476 Weighted average number of common shares outstanding - dilutive 14,923,304 14,759,810 Basic (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (1.54 ) $ 0.02 Diluted (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (1.54 ) $ 0.02 |
Note 12 - Stock Incentive Pla_2
Note 12 - Stock Incentive Plans (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding, February 1, 2020 923,254 9.76 Granted - - Exercised - - Expired (117,553 ) 8.39 Outstanding, January 30, 2021 805,701 $ 9.96 3.2 $ - Options Exercisable as of: January 30, 2021 805,690 $ 9.96 3.2 $ - |
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 (29,304 ) 2.32 (27,517 ) 8.85 Outstanding, January 30, 2021 931,172 $ 3.26 336,441 $ 5.03 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common Stock Shares as of February 2, 2019 14,953,142 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 252,839 Repurchase of shares - Shares as of February 1, 2020 15,205,981 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 724,977 Repurchase of shares - Shares as of January 30, 2021 15,930,958 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Fifty-two weeks ended January 30, 2021 Net sales to external customers $ 249,210 $ 4,426 $ 1,674 $ 255,310 Income (loss) before income taxes (21,480 ) 1,402 (108 ) (20,186 ) Capital expenditures 5,046 - - 5,046 Depreciation and amortization 13,262 30 - 13,292 Fifty-two weeks ended February 1, 2020 Net sales to external customers $ 323,491 $ 11,892 $ 3,160 $ 338,543 Income (loss) before income taxes (3,276 ) 4,995 (158 ) 1,561 Capital expenditures 12,384 - - 12,384 Depreciation and amortization 13,699 - 6 13,705 Total Assets as of: January 30, 2021 $ 246,341 $ 6,353 $ 8,678 $ 261,372 February 1, 2020 280,543 8,931 7,788 297,262 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | North America (1) Europe (2) Other (3) Total Fifty-two weeks ended January 30, 2021 Net sales to external customers $ 219,889 $ 33,784 $ 1,637 $ 255,310 Property and equipment, net 48,955 4,018 - 52,973 Fifty-two weeks ended February 1, 2020 Net sales to external customers 286,968 48,532 3,043 $ 338,543 Property and equipment, net 60,386 5,459 10 65,855 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jan. 30, 2021 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Beginning Balance Charged to cost and expenses Other (1) (2) Ending Balance Deferred Tax Asset Valuation Allowance 2020 $ 6,774 $ 8,522 $ 105 $ 15,401 2019 5,079 517 1,178 6,774 Receivables Allowance for Doubtful Accounts 2020 $ 6,280 $ 1,405 $ (316 ) $ 7,369 2019 5,400 959 (79 ) $ 6,280 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Inventory, Supplies, Net of Reserves | $ 2,800 | $ 3,200 |
Inventory Valuation Reserves, Ending Balance | 1,000 | 800 |
Accounts Receivable, Allowance for Credit Loss, Current | 7,400 | 6,300 |
Receivables, Net, Current, Total | 8,295 | 11,526 |
Store Asset Impairment | 7,346 | 0 |
Operating Lease, Impairment Loss | 3,800 | 5,900 |
Impairment of Long-Lived Assets Held-for-use | 3,500 | 0 |
Advertising Expense | 8,100 | 12,200 |
Foreign Currency Transaction Gain (Loss), before Tax, Total | 600 | 100 |
Prepaid Expenses and Other Current Assets [Member] | ||
Deferred Compensation Plan Assets | 400 | 100 |
Accrued Liabilities, Current [Member] | ||
Deferred Compensation Liability, Current, Total | 400 | 100 |
Other Noncurrent Assets [Member] | ||
Deferred Compensation Plan Assets | 900 | 1,300 |
Other Noncurrent Liabilities [Member] | ||
Deferred Compensation Liability, Classified, Noncurrent, Total | 900 | 1,300 |
Store Asset Impairment [Member] | ||
Operating Lease, Impairment Loss | 3,800 | $ 5,900 |
Impairment of Long-Lived Assets Held-for-use | 3,500 | |
Selling, General and Administrative Expenses [Member] | ||
Payroll Expense Reimbursement | 4,200 | |
Business Grants | $ 800 | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |
Software and Software Development Costs [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Software and Software Development Costs [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Reimbursement Expense Receivable [Member] | ||
Receivables, Net, Current, Total | $ 1,200 | |
Business Grants Receivable from Foreign Authority [Member] | ||
Receivables, Net, Current, Total | $ 800 |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) | 12 Months Ended |
Jan. 30, 2021 | |
Gift Card Redemption Period (Year) | 3 years |
Estimated Percentage of Gift Card Redemptions Within First Twelve Months | 75.00% |
Direct to Consumer [Member] | |
Segment Revenue of Consolidated Revenue, Percentage | 98.00% |
International Franchising [Member] | |
Capitalized Contract Cost, Amortization Period (Year) | 25 years |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 9 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.00% | |
Operating Lease, Impairment Loss | $ 3.8 | $ 5.9 |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 1.7 | |
Minimum [Member] | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 5 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 10 years |
Note 4 - Leases - Lease Costs (
Note 4 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Operating lease costs | $ 35,923 | $ 40,943 |
Variable lease costs | 2,808 | 2,856 |
Short term lease costs | 44 | 1,352 |
Total Operating Lease costs | 38,775 | 45,151 |
Operating cash flows for operating leases | $ 36,068 | $ 43,687 |
Note 4 - Leases - Reconciliatio
Note 4 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
2021 | $ 39,336 | |
2022 | 31,595 | |
2023 | 26,169 | |
2024 | 21,763 | |
2025 | 16,220 | |
Thereafter | 19,994 | |
Total minimum lease payments | 155,077 | |
Less: amount of lease payments representing interest | (21,213) | |
Present value of future minimum lease payments | 133,864 | |
Less: current obligations under leases | (32,402) | $ (30,912) |
Long-term lease obligations | $ 101,462 | $ 119,625 |
Note 5 - Prepaid Expenses and_3
Note 5 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 | |
Prepaid occupancy | [1] | $ 1,526 | $ 1,097 |
Prepaid income taxes | 314 | 164 | |
Prepaid insurance | 884 | 628 | |
Prepaid gift card fees | 1,291 | 1,413 | |
Other (2) | [2] | 6,096 | 3,815 |
Total | $ 10,111 | $ 7,117 | |
[1] | Prepaid occupancy consists of prepaid expense related to non-lease components. | ||
[2] | Other consists primarily of prepaid expense related to IT maintenance contracts and software as a service |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Depreciation, Total | $ 13,200 | $ 13,500 |
Impairment of Long-Lived Assets Held-for-use | $ 3,500 | $ 0 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Property, plant and equipment, gross | $ 201,970 | $ 244,233 |
Less accumulated depreciation | 148,997 | 178,378 |
Total, net | 52,973 | 65,855 |
Land [Member] | ||
Property, plant and equipment, gross | 2,261 | 2,261 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 41,706 | 42,611 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 19,534 | 24,069 |
Building [Member] | ||
Property, plant and equipment, gross | 14,970 | 14,970 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 97,434 | 102,598 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 22,358 | 48,109 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 3,707 | $ 9,615 |
Note 7 - Accrued Expenses (Deta
Note 7 - Accrued Expenses (Details Textual) - USD ($) $ in Millions | Jan. 30, 2021 | Feb. 01, 2020 |
Liability, Pension and Other Postretirement and Postemployment Benefits, Current | $ 0.8 | $ 0.7 |
Note 7 - Accrued Expenses - Sum
Note 7 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 | |
Accrued wages, bonuses and related expenses | $ 13,185 | $ 13,373 | |
Sales tax payable | 2,048 | 1,489 | |
Accrued rent and related expenses | [1] | 1,993 | 726 |
Current income taxes payable | 325 | 948 | |
Total | $ 17,551 | $ 16,536 | |
[1] | Accrued rent and related expenses consist of accrued costs associated with non-lease components. |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 02, 2020 | Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | ||
Income Tax Expense (Benefit), Total | $ 2,797 | $ 1,300 | |||
Effective Income Tax Rate Reconciliation, Percent, Total | (13.90%) | 83.00% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (200) | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 5,300 | ||||
Operating Loss Carryforwards, Total | 15,500 | ||||
Tax Credit Carryforward, Amount | 2,300 | ||||
Unrecognized Tax Benefits, Ending Balance | 170 | [1] | 178 | $ 418 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 200 | 200 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 100 | 100 | |||
Income Tax Examination, Penalties and Interest Expense, Total | 100 | 100 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 200 | ||||
Foreign Tax Authority [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 600 | ||||
North America [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 3,300 | ||||
[1] | For the five week transition period ending February 3, 2018, there was no activity. |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Before Income Taxes From Domestic and Foreign Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Domestic | $ (21,774) | $ 4,862 |
Foreign | 1,588 | (3,301) |
Total (loss) income before income taxes | $ (20,186) | $ 1,561 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
U.S. Federal | $ (876) | $ 1,068 |
U.S. State | 321 | 498 |
Foreign | (12) | (45) |
U.S. Federal | 1,555 | 31 |
U.S. State | 1,232 | (311) |
Foreign | 577 | 59 |
Income tax expense | $ 2,797 | $ 1,300 |
Note 8 - Income Taxes - Tempora
Note 8 - Income Taxes - Temporary Differences That Gave Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 30, 2021 | Feb. 01, 2020 |
Operating lease liability | $ 33,058 | $ 36,301 |
Deferred revenue | 3,903 | 2,693 |
Net operating loss carryforwards | 3,422 | 3,049 |
Carryforward of tax credits | 2,251 | 87 |
Depreciation | 1,880 | 1,663 |
Deferred compensation | 1,802 | 1,893 |
Investment in affiliates | 1,215 | 1,202 |
Accrued compensation | 1,098 | 1,340 |
Receivables write-offs | 830 | 664 |
Intangible assets | 388 | 588 |
Inventories | 263 | 593 |
Other | 960 | 853 |
Total gross deferred tax assets | 51,070 | 50,926 |
Less: Valuation allowance | (15,401) | (6,774) |
Total deferred tax assets, net of valuation allowance | 35,669 | 44,152 |
Operating lease right-of-use assets | (27,214) | (31,062) |
Depreciation | (4,968) | (5,330) |
Deferred expense | (1,767) | (1,257) |
Deferred revenue | (1,362) | (2,726) |
Other | (358) | (366) |
Total deferred tax liabilities | (35,669) | (40,741) |
Net deferred tax assets | $ 0 | $ 3,411 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | ||
Balance | $ 178 | $ 418 | |
Increases for prior year tax positions | 46 | 67 | |
Decreases for prior year tax positions | 0 | (288) | |
Lapse of statute of limitations | (54) | (19) | |
Balance | $ 170 | [1] | $ 178 |
[1] | For the five week transition period ending February 3, 2018, there was no activity. |
Note 8 - Income Taxes - Open Ta
Note 8 - Income Taxes - Open Tax Year (Details) | 12 Months Ended |
Jan. 30, 2021 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2017 2018 2019 2020 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
Open tax year | 2017 2018 2019 2020 |
Note 9 - Line of Credit (Detail
Note 9 - Line of Credit (Details Textual) - USD ($) | Aug. 25, 2020 | Jan. 30, 2021 | 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 | $ 19,800,000 | |||
Letters of Credit Outstanding, Amount | 1,000,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 18,800,000 | |||
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 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) $ in Millions | Jan. 30, 2021USD ($) |
Litigation Receivable, Gross | $ 4.6 |
Litigation Receivables, Reserve | 3.5 |
Litigation Receivables, Net | $ 1.1 |
Note 11 - Net Income (Loss) P_3
Note 11 - Net Income (Loss) Per Share (Details Textual) - shares | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 841,401 | 927,831 |
Note 11 - Net Income (Loss) P_4
Note 11 - Net Income (Loss) Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Net (loss) income before allocation of earnings to participating securities | $ (22,983) | $ 261 |
Less: Earnings allocated to participating securities | 0 | 0 |
Net (loss) income | $ (22,983) | $ 261 |
Weighted average number of common shares outstanding - basic (in shares) | 14,923,304 | 14,711,334 |
Dilutive effect of share-based awards: (in shares) | 0 | 48,476 |
Weighted average number of common shares outstanding - dilutive (in shares) | 14,923,304 | 14,759,810 |
Basic (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ (1.54) | $ 0.02 |
Diluted (loss) income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ (1.54) | $ 0.02 |
Note 12 - Stock Incentive Pla_3
Note 12 - Stock Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jan. 30, 2021 | Feb. 01, 2020 | Feb. 02, 2019 | Apr. 14, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised in Period, Grant Date Fair Value | $ 0.1 | $ 0.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.1 | $ 0.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 568,523 | 366,109 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.3 | $ 2.1 | ||
Minimum [Member] | ||||
Performance-based Shares, Payout Opportunity, Percentage | 25.00% | |||
Maximum [Member] | ||||
Performance-based Shares, Payout Opportunity, Percentage | 200.00% | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 767,390 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.45 | |||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 157,374 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.78 | |||
Performance Shares [Member] | Vesting at End of Three-year Performance Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period (Year) | 3 years | 3 years | 3 years | |
First Target Number of Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 157,374 | 95,811 | 62,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.78 | $ 5.61 | $ 8.60 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Shares Earned (in shares) | 78,703 | 32,521 | ||
First Target Number of Performance Shares [Member] | Minimum [Member] | ||||
Performance-based Shares, Payout Opportunity, Percentage | 25.00% | 25.00% | ||
First Target Number of Performance Shares [Member] | Maximum [Member] | ||||
Performance-based Shares, Payout Opportunity, Percentage | 183.30% | 200.00% | ||
Second Target Number of Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,756 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.60 | |||
Incentive Plan 2020 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,000,000 |
Note 12 - Stock Incentive Pla_4
Note 12 - Stock Incentive Plans - Activity for Stock Options (Details) | 12 Months Ended |
Jan. 30, 2021$ / 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 |
Expired (in shares) | shares | (117,553) |
Expired, weighted average exercise price (in dollars per share) | $ / shares | $ 8.39 |
Outstanding (in shares) | shares | 805,701 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.96 |
Outstanding, weighted average remaining contractual term (Year) | 3 years 2 months 12 days |
Exercisable (in shares) | shares | 805,690 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 9.96 |
January 30, 2021 (Year) | 3 years 2 months 12 days |
Note 12 - Stock Incentive Pla_5
Note 12 - Stock Incentive Plans - Activity for Time-based and Performance-based Restricted Stock (Details) | 12 Months Ended |
Jan. 30, 2021$ / 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 | (29,304) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.32 |
Outstanding (in shares) | shares | 931,172 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.26 |
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 | (27,517) |
Forfeited, 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 13 - Stockholders' Equit_2
Note 13 - Stockholders' Equity - Summary Changes in Outstanding Shares of Common Stock (Details) - shares | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Shares outstanding (in shares) | 15,205,981 | 14,953,142 |
Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding (in shares) | 724,977 | 252,839 |
Repurchase of shares (in shares) | 0 | 0 |
Shares outstanding (in shares) | 15,930,958 | 15,205,981 |
Note 14 - Major Vendors (Detail
Note 14 - Major Vendors (Details Textual) | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Inventory Purchases [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk, Percentage | 77.00% | 79.00% |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 12 Months Ended |
Jan. 30, 2021 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 15 - Segment Information -
Note 15 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Net sales to external customers | $ 255,310 | $ 338,543 |
Income (loss) before income taxes | (20,186) | 1,561 |
Capital expenditures, net | 5,046 | 12,384 |
Depreciation and amortization | 13,292 | 13,705 |
Total assets | 261,372 | 297,262 |
Direct to Consumer [Member] | ||
Net sales to external customers | 249,210 | 323,491 |
Income (loss) before income taxes | (21,480) | (3,276) |
Capital expenditures, net | 5,046 | 12,384 |
Depreciation and amortization | 13,262 | 13,699 |
Total assets | 246,341 | 280,543 |
Commercial [Member] | ||
Net sales to external customers | 4,426 | 11,892 |
Income (loss) before income taxes | 1,402 | 4,995 |
Capital expenditures, net | 0 | 0 |
Depreciation and amortization | 30 | 0 |
Total assets | 6,353 | 8,931 |
International Franchising [Member] | ||
Net sales to external customers | 1,674 | 3,160 |
Income (loss) before income taxes | (108) | (158) |
Capital expenditures, net | 0 | 0 |
Depreciation and amortization | 0 | 6 |
Total assets | $ 8,678 | $ 7,788 |
Note 15 - Segment Information_3
Note 15 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | ||
Net sales to external customers | $ 255,310 | $ 338,543 | |
Property and equipment, net | 52,973 | 65,855 | |
North America [Member] | |||
Net sales to external customers | [1] | 219,889 | 286,968 |
Property and equipment, net | [1] | 48,955 | 60,386 |
Europe [Member] | |||
Net sales to external customers | [2] | 33,784 | 48,532 |
Property and equipment, net | [2] | 4,018 | 5,459 |
Other Geographic Region [Member] | |||
Net sales to external customers | [3] | 1,637 | 3,043 |
Property and equipment, net | [3] | $ 0 | $ 10 |
[1] | North America includes the United States, Canada, and Puerto Rico. | ||
[2] | Europe includes 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. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 30, 2021 | Feb. 01, 2020 | ||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Beginning Balance | $ 6,774 | $ 5,079 | |
Charged to cost and expenses | 8,522 | 517 | |
Other | [1],[2] | 105 | 1,178 |
Ending Balance | 15,401 | 6,774 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Beginning Balance | 6,280 | 5,400 | |
Charged to cost and expenses | 1,405 | 959 | |
Other | [1],[2] | (316) | (79) |
Ending Balance | $ 7,369 | $ 6,280 | |
[1] | Other deferred tax asset valuation allowance represents reserves utilized, ASC842 adoption, and the impact of currency translation | ||
[2] | Other receivables allowance for doubtful accounts represent uncollectible accounts written off, recoveries and the impact of currency translation |