Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May 01, 2021 | Jun. 07, 2021 | |
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 | --01-29 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 1, 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 | |
Trading Symbol | BBW | |
Security Exchange Name | NYSE | |
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 Common Stock, Shares Outstanding | 16,013,771 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 45,931 | $ 34,840 | $ 21,851 |
Inventories, net | 43,754 | 46,947 | 53,238 |
Receivables, net | 8,280 | 8,295 | 7,099 |
Prepaid expenses and other current assets | 9,798 | 10,111 | 5,896 |
Total current assets | 107,763 | 100,193 | 88,084 |
Operating lease right-of-use asset | 99,518 | 104,825 | 124,112 |
Property and equipment, net | 50,417 | 52,973 | 61,626 |
Other assets, net | 6,685 | 3,381 | 3,005 |
Total Assets | 264,383 | 261,372 | 276,827 |
Current liabilities: | |||
Accounts payable | 19,438 | 17,901 | 22,905 |
Accrued expenses | 16,629 | 17,551 | 10,395 |
Operating lease liability short term | 30,631 | 32,402 | 32,963 |
Gift cards and customer deposits | 18,210 | 19,029 | 18,530 |
Deferred revenue and other | 2,489 | 2,445 | 2,603 |
Total current liabilities | 87,397 | 89,328 | 87,396 |
Operating lease liability long term | 95,654 | 101,462 | 118,416 |
Deferred franchise revenue | 884 | 920 | 915 |
Other liabilities | 2,471 | 2,354 | 1,643 |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at May 1, 2021, January 30, 2021 and May 2, 2020 | 0 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 16,047,828, 15,930,958 and 15,439,538 shares, respectively | 163 | 159 | 155 |
Additional paid-in capital | 73,024 | 72,822 | 71,491 |
Accumulated other comprehensive loss | (12,532) | (12,615) | (11,909) |
Retained earnings | 17,322 | 6,942 | 8,720 |
Total stockholders' equity | 77,977 | 67,308 | 68,457 |
Total Liabilities and Stockholders' Equity | $ 264,383 | $ 261,372 | $ 276,827 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 | 15,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Preferred stock, shares 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) | 16,047,828 | 15,930,958 | 15,439,538 |
Common stock, shares outstanding (in shares) | 16,047,828 | 15,930,958 | 15,439,538 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Revenue | $ 91,693 | $ 46,624 |
Costs and expenses: | ||
Cost of merchandise sold | 43,265 | 38,566 |
Store asset impairment | 0 | 4,819 |
Consolidated gross profit | 48,428 | 8,058 |
Selling, general and administrative expense | 35,242 | 26,725 |
Interest expense (income), net | 5 | (3) |
Income (loss) before income taxes | 13,181 | (18,664) |
Income tax expense | 2,801 | 2,540 |
Net income (loss) | 10,380 | (21,204) |
Foreign currency translation adjustment | 83 | 170 |
Comprehensive income (loss) | $ 10,463 | $ (21,034) |
Income (loss) per common share: | ||
Basic (in dollars per share) | $ 0.69 | $ (1.42) |
Diluted (in dollars per share) | $ 0.66 | $ (1.42) |
Shares used in computing common per share amounts: | ||
Basic (in shares) | 15,062,025 | 14,926,097 |
Diluted (in shares) | 15,757,033 | 14,926,097 |
Retail [Member] | ||
Revenue | $ 89,212 | $ 45,647 |
Costs and expenses: | ||
Cost of merchandise sold | 42,093 | 33,352 |
Commercial Product and Service [Member] | ||
Revenue | 2,109 | 333 |
Costs and expenses: | ||
Cost of merchandise sold | 904 | 140 |
International Franchising [Member] | ||
Revenue | 372 | 644 |
Costs and expenses: | ||
Cost of merchandise sold | $ 268 | $ 255 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Cash flows provided by (used in) operating activities: | ||
Net income (loss) | $ 10,380 | $ (21,204) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,127 | 3,457 |
Share-based and performance-based stock compensation | 630 | 271 |
Impairment of right-of-use assets and fixed assets | 0 | 4,819 |
Deferred taxes | 0 | 3,388 |
Provision for doubtful accounts | 168 | 589 |
Gain on disposal of property and equipment | (8) | (5) |
Change in assets and liabilities: | ||
Inventories, net | 3,277 | (376) |
Receivables, net | (181) | 3,732 |
Prepaid expenses and other assets | (2,939) | 1,177 |
Accounts payable and accrued expenses | 802 | 2,716 |
Operating leases | (2,391) | 865 |
Gift cards and customer deposits | (834) | (1,635) |
Deferred revenue | 28 | (300) |
Net cash provided by (used in) operating activities | 12,059 | (2,506) |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (491) | (2,849) |
Net cash used in investing activities | (491) | (2,849) |
Cash flows used in financing activities: | ||
Proceeds from the exercise of employee stock options, net of tax withholding obligation | (625) | (114) |
Net cash used in financing activities | (625) | (114) |
Effect of exchange rates on cash | 148 | 594 |
Increase (decrease) in cash, cash equivalents, and restricted cash | 11,091 | (4,875) |
Cash, cash equivalents and restricted cash, beginning of period | 34,840 | 26,726 |
Cash, cash equivalents and restricted cash, end of period | 45,931 | 21,851 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 44,226 | 20,225 |
Restricted cash from long-term deposits | 1,705 | 1,626 |
Cash, cash equivalents and restricted cash, end of period | 45,931 | 21,851 |
Net cash received (paid) during the period for income taxes | $ 74 | $ (8) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
May 01, 2021 | |
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 January 30, 2021 not January 30, 2021 10 April 15, 2021. COVID- 19 In March 2020, 19 2020 January 30, 2021 2021 April 2021, 2021 first Significant Accounting Policies The Company's significant accounting policies are summarized in Note 2 10 January 30, 2021. Government Grants As a result of the pandemic, governments enacted relief legislation and stimulus packages to help combat the economic effects through such things as payroll expense reimbursement and business and restart grants. Due to the nature of these grants relating to income, they can be presented in one two 1 2 19 not thirteen May 1, 2021 thirteen May 2, 2020 not thirteen May 1, 2021 not thirteen May 2, 2020 Entertainment Production Costs Costs of producing entertainment assets, which include direct costs, production overhead and development costs, are capitalized when incurred and are stated at the lower of cost, less accumulated amortization, or fair value. Costs of entertainment productions are subject to recoverability assessments, which compare the estimated fair values with the unamortized cost, whenever events or changes in circumstances indicate that the fair value of the film may May 1, 2021 May 2, 2020 |
Note 2 - Revenue
Note 2 - Revenue | 3 Months Ended |
May 01, 2021 | |
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 first 2021. The following is a description of principal activities from which the Company generates its revenue, by reportable segment. The Company’s direct-to-consumer segment includes the operating activities of corporately-managed stores, other retail-delivered operations and online sales. Direct-to-consumer revenue is recognized when control of the merchandise is transferred to the customer and for the Company's online sales, generally upon estimated delivery to the customer. Revenue is measured as the amount of consideration, including any discounts or incentives, the Company expects to receive in exchange for transferring the merchandise. Product returns have historically averaged less than one one For the Company’s gift cards, revenue, including any related gift card discounts, is deferred for single transactions until redemption. Historically, the vast majority of gift card redemptions have occurred within two 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 initial store openings. These obligations are highly interrelated rights that are not one may one revenue on its consolidated balance sheet. Revenue from merchandise and fixture sales is recognized when control is transferred to the franchisee which generally occurs upon delivery. The Company also incurs expenses directly related to the startup of new franchises, which may |
Note 3 - Leases
Note 3 - Leases | 3 Months Ended |
May 01, 2021 | |
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 May 1, 2021 May 2, 2020 Thirteen weeks ended May 1, 2021 May 2, 2020 Operating lease costs 8,580 9,656 Variable lease costs 879 274 Short term lease costs 14 88 Total Operating Lease costs $ 9,473 $ 10,018 Other information The table below presents supplemental cash flow information related to leases for the thirteen May 1, 2021 May 2, 2020 Thirteen weeks ended May 1, 2021 May 2, 2020 Operating cash flows for operating leases 11,129 7,455 Operating cash flow for the fiscal 2021 first 2021, 2020 2021. 2021. As of May 1, 2021 May 2, 2020 For the thirteen May 1, 2021 not thirteen May 2, 2020 Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2021 28,659 2022 31,804 2023 26,416 2024 22,030 2025 16,438 Thereafter 20,642 Total minimum lease payments 145,989 Less: amount of lease payments representing interest (19,704 ) Present value of future minimum lease payments 126,285 Less: current obligations under leases (30,631 ) Long-term lease obligations $ 95,654 As of May 1, 2021 not ilities of $0.2 millio 2021 two |
Note 4 - Other Assets
Note 4 - Other Assets | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 4. Prepaid expenses and other current assets consist of the following (in thousands): May 1, January 30, May 2, 2021 2021 2020 Prepaid occupancy (1) $ 1,476 $ 1,367 $ 239 Prepaid taxes (2) 326 473 463 Prepaid insurance 424 884 282 Prepaid gift card fees 1,199 1,291 1,266 Other (3) 6,373 6,096 3,646 Total $ 9,798 $ 10,111 $ 5,896 ( 1 Prepaid occupancy consists of prepaid expenses related to non-lease components. ( 2 Prepaid taxes consists of prepaid federal and state income tax and other taxes. ( 3 Other consists primarily of prepaid expense related to IT maintenance contracts and software as a service. Other non-current assets consist of the following (in thousands): May 1, January 30, May 2, 2021 2021 2020 Entertainment production asset $ 4,971 $ 1,715 $ 299 Deferred compensation 1,119 1,037 2,700 Other (1) 595 629 6 Total $ 6,685 $ 3,381 $ 3,005 ( 1 Other consists primarily of deferred financing costs related to the Company's credit facility |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following (in thousands): May 1, January 30, May 2, 2021 2021 2020 Accrued wages, bonuses and related expenses $ 10,514 $ 13,185 $ 9,145 Sales and value added taxes payable 1,831 2,048 1,084 Accrued rent and related expenses (1) 1,411 1,993 69 Current income taxes payable 2,873 325 97 Total $ 16,629 $ 17,551 $ 10,395 ( 1 Accrued rent and related expenses consist of accrued costs associated with non-lease components. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
May 01, 2021 | |
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 May 1, 2021 May 2, 2020 May 1, 2021 The following table is a summary of the balances and activity for stock options for the thirteen May 1, 2021 Options Shares Weighted Average Exercise Price Outstanding, January 30, 2021 805,701 $ 9.96 Granted - - Exercised (48,092 ) 6.21 Forfeited - - Canceled or expired (26,711 ) 8.13 Outstanding, May 1, 2021 730,898 $ 10.28 The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the thirteen May 1, 2021 Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, January 30, 2021 931,172 $ 3.26 336,441 $ 5.03 Granted 124,392 8.24 53,095 8.24 Vested (360,828 ) 3.54 (32,521 ) 8.60 Forfeited (9,850 ) 6.35 Canceled or expired - - (50,735 ) 8.60 Outstanding, May 1, 2021 684,886 $ 3.97 306,280 $ 3.56 The total fair value of shares vested during the thirteen May 1, 2021 May 2, 2020 s $1.6 million and $1.9 million, In April 2021, three 2021, 2022, 2023, The outstanding performance shares as of May 1, 2021 Performance Shares Unearned shares subject to performance-based restrictions at target: 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 2021 - 2023 consolidated, cumulative earnings before interest, taxes, depreciation and amortization objectives 39,821 2021 - 2023 consolidated revenue growth objectives 13,274 Performance shares outstanding, May 1, 2021 306,280 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The Company's effective tax rate was 21.3% for the thirteen May 1, 2021 thirteen May 2, 2020 first 2021 first 2021 first thirteen 2020 no 2020 first |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen May 1, 2021 May 2, 2020 For the thirteen weeks ended May 1, 2021 For the thirteen weeks ended May 2, 2020 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 159 $ 72,822 $ (12,615 ) $ 6,942 $ 67,308 $ 152 $ 70,633 $ (12,079 ) $ 29,925 $ 88,631 Issuance of restricted/performance stock $ 5 $ 574 579 4 496 500 Stock-based compensation 551 551 476 476 Shares withheld in lieu of tax withholdings (1 ) (923 ) (924 ) (1 ) (114 ) (115 ) Other - (1 ) (1 ) Other comprehensive income (loss) 83 83 170 170 Net income (loss) 10,380 10,380 (21,204 ) (21,204 ) Balance, ending $ 163 $ 73,024 $ (12,532 ) $ 17,322 $ 77,977 $ 155 $ 71,491 $ (11,909 ) $ 8,720 $ 68,457 ( 1 ( 2 |
Note 9 - Income Per Share
Note 9 - Income Per Share | 3 Months Ended |
May 01, 2021 | |
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 May 1, May 2, 2021 2020 NUMERATOR: Net income (loss) $ 10,380 $ (21,204 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 15,062,025 14,926,097 Dilutive effect of share-based awards: 695,008 - Weighted average number of common shares outstanding - dilutive 15,757,033 14,926,097 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.69 $ (1.42 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.66 $ (1.42 ) In calculating the diluted income per share for the thirteen May 1, 2021 not thirteen May 2, 2020 not |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income (Loss) | 3 Months Ended |
May 01, 2021 | |
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 May 1, 2021 May 2, 2020 thirteen May 1, 2021 May 2, 2020 |
Note 11 - Segment Information
Note 11 - Segment Information | 3 Months Ended |
May 01, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. The Company’s operations are conducted through three third three Following is a summary of the financial information for the Company’s reportable segments (in thousands): Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended May 1, 2021 Net sales to external customers $ 89,212 $ 2,109 $ 372 $ 91,693 Income before income taxes 12,481 818 (118 ) 13,181 Capital expenditures 491 - - 491 Depreciation and amortization 3,122 5 - 3,127 Thirteen weeks ended May 2, 2020 Net sales to external customers $ 45,647 $ 333 $ 644 $ 46,624 (Loss) Income before income taxes (18,370 ) (45 ) (249 ) (18,664 ) Capital expenditures 2,849 - - 2,849 Depreciation and amortization 3,450 7 - 3,457 Total Assets as of: May 1, 2021 $ 248,283 $ 7,210 $ 8,890 $ 264,383 May 2, 2020 262,693 6,563 7,571 276,827 The Company’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may North America (1) Europe (2) Other (3) Total Thirteen weeks ended May 1, 2021 Net sales to external customers $ 85,753 $ 5,409 $ 531 $ 91,693 Property and equipment, net 46,575 3,842 - 50,417 Thirteen weeks ended May 2, 2020 Net sales to external customers $ 39,651 $ 6,665 $ 308 $ 46,624 Property and equipment, net 56,915 4,704 7 61,626 For purposes of this table only: ( 1 ( 2 ( 3 |
Note 12 - Contingencies
Note 12 - Contingencies | 3 Months Ended |
May 01, 2021 | |
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 March 2021 not May 1, 2021 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
May 01, 2021 | |
Accounting Policies [Abstract] | |
Government Grants Policy [Policy Text Block] | Government Grants As a result of the pandemic, governments enacted relief legislation and stimulus packages to help combat the economic effects through such things as payroll expense reimbursement and business and restart grants. Due to the nature of these grants relating to income, they can be presented in one two 1 2 19 not thirteen May 1, 2021 thirteen May 2, 2020 not thirteen May 1, 2021 not thirteen May 2, 2020 |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen weeks ended May 1, 2021 May 2, 2020 Operating lease costs 8,580 9,656 Variable lease costs 879 274 Short term lease costs 14 88 Total Operating Lease costs $ 9,473 $ 10,018 Thirteen weeks ended May 1, 2021 May 2, 2020 Operating cash flows for operating leases 11,129 7,455 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2021 28,659 2022 31,804 2023 26,416 2024 22,030 2025 16,438 Thereafter 20,642 Total minimum lease payments 145,989 Less: amount of lease payments representing interest (19,704 ) Present value of future minimum lease payments 126,285 Less: current obligations under leases (30,631 ) Long-term lease obligations $ 95,654 |
Note 4 - Other Assets (Tables)
Note 4 - Other Assets (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | May 1, January 30, May 2, 2021 2021 2020 Prepaid occupancy (1) $ 1,476 $ 1,367 $ 239 Prepaid taxes (2) 326 473 463 Prepaid insurance 424 884 282 Prepaid gift card fees 1,199 1,291 1,266 Other (3) 6,373 6,096 3,646 Total $ 9,798 $ 10,111 $ 5,896 |
Schedule of Other Assets, Noncurrent [Table Text Block] | May 1, January 30, May 2, 2021 2021 2020 Entertainment production asset $ 4,971 $ 1,715 $ 299 Deferred compensation 1,119 1,037 2,700 Other (1) 595 629 6 Total $ 6,685 $ 3,381 $ 3,005 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | May 1, January 30, May 2, 2021 2021 2020 Accrued wages, bonuses and related expenses $ 10,514 $ 13,185 $ 9,145 Sales and value added taxes payable 1,831 2,048 1,084 Accrued rent and related expenses (1) 1,411 1,993 69 Current income taxes payable 2,873 325 97 Total $ 16,629 $ 17,551 $ 10,395 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Outstanding, January 30, 2021 805,701 $ 9.96 Granted - - Exercised (48,092 ) 6.21 Forfeited - - Canceled or expired (26,711 ) 8.13 Outstanding, May 1, 2021 730,898 $ 10.28 |
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, January 30, 2021 931,172 $ 3.26 336,441 $ 5.03 Granted 124,392 8.24 53,095 8.24 Vested (360,828 ) 3.54 (32,521 ) 8.60 Forfeited (9,850 ) 6.35 Canceled or expired - - (50,735 ) 8.60 Outstanding, May 1, 2021 684,886 $ 3.97 306,280 $ 3.56 |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | Performance Shares Unearned shares subject to performance-based restrictions at target: 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 2021 - 2023 consolidated, cumulative earnings before interest, taxes, depreciation and amortization objectives 39,821 2021 - 2023 consolidated revenue growth objectives 13,274 Performance shares outstanding, May 1, 2021 306,280 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | For the thirteen weeks ended May 1, 2021 For the thirteen weeks ended May 2, 2020 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 159 $ 72,822 $ (12,615 ) $ 6,942 $ 67,308 $ 152 $ 70,633 $ (12,079 ) $ 29,925 $ 88,631 Issuance of restricted/performance stock $ 5 $ 574 579 4 496 500 Stock-based compensation 551 551 476 476 Shares withheld in lieu of tax withholdings (1 ) (923 ) (924 ) (1 ) (114 ) (115 ) Other - (1 ) (1 ) Other comprehensive income (loss) 83 83 170 170 Net income (loss) 10,380 10,380 (21,204 ) (21,204 ) Balance, ending $ 163 $ 73,024 $ (12,532 ) $ 17,322 $ 77,977 $ 155 $ 71,491 $ (11,909 ) $ 8,720 $ 68,457 |
Note 9 - Income Per Share (Tabl
Note 9 - Income Per Share (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended May 1, May 2, 2021 2020 NUMERATOR: Net income (loss) $ 10,380 $ (21,204 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 15,062,025 14,926,097 Dilutive effect of share-based awards: 695,008 - Weighted average number of common shares outstanding - dilutive 15,757,033 14,926,097 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.69 $ (1.42 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.66 $ (1.42 ) |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 3 Months Ended |
May 01, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended May 1, 2021 Net sales to external customers $ 89,212 $ 2,109 $ 372 $ 91,693 Income before income taxes 12,481 818 (118 ) 13,181 Capital expenditures 491 - - 491 Depreciation and amortization 3,122 5 - 3,127 Thirteen weeks ended May 2, 2020 Net sales to external customers $ 45,647 $ 333 $ 644 $ 46,624 (Loss) Income before income taxes (18,370 ) (45 ) (249 ) (18,664 ) Capital expenditures 2,849 - - 2,849 Depreciation and amortization 3,450 7 - 3,457 Total Assets as of: May 1, 2021 $ 248,283 $ 7,210 $ 8,890 $ 264,383 May 2, 2020 262,693 6,563 7,571 276,827 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | North America (1) Europe (2) Other (3) Total Thirteen weeks ended May 1, 2021 Net sales to external customers $ 85,753 $ 5,409 $ 531 $ 91,693 Property and equipment, net 46,575 3,842 - 50,417 Thirteen weeks ended May 2, 2020 Net sales to external customers $ 39,651 $ 6,665 $ 308 $ 46,624 Property and equipment, net 56,915 4,704 7 61,626 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Film, Capitalized Cost, Total | $ 5,000 | $ 300 |
Selling, General and Administrative Expenses [Member] | ||
Payroll Expense Reimbursement | 1,000 | 1,500 |
Business Grants | $ 900 | $ 0 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) | 3 Months Ended |
May 01, 2021 | |
Gift Card Redemption Period (Year) | 2 years |
Estimated Percentage of Gift Card Redemptions Within First Twelve Months | 75.00% |
Direct to Consumer [Member] | |
Segment Revenue of Consolidated Revenue, Percentage | 97.00% |
International Franchising [Member] | |
Capitalized Contract Cost, Amortization Period (Year) | 25 years |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 3,600 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 8 months 12 days | 5 years 7 months 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.00% | 6.10% |
Operating Lease, Impairment Loss | $ 0 | $ 2,400 |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 200 | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 2 years | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 10 years |
Note 3 - Leases - Lease Costs (
Note 3 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Operating lease costs | $ 8,580 | $ 9,656 |
Variable lease costs | 879 | 274 |
Short term lease costs | 14 | 88 |
Total Operating Lease costs | 9,473 | 10,018 |
Operating cash flows for operating leases | $ 11,129 | $ 7,455 |
Note 3 - Leases - Reconciliatio
Note 3 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 |
2021 | $ 28,659 | ||
2022 | 31,804 | ||
2023 | 26,416 | ||
2024 | 22,030 | ||
2025 | 16,438 | ||
Thereafter | 20,642 | ||
Total minimum lease payments | 145,989 | ||
Less: amount of lease payments representing interest | (19,704) | ||
Present value of future minimum lease payments | 126,285 | ||
Less: current obligations under leases | (30,631) | $ (32,402) | $ (32,963) |
Long-term lease obligations | $ 95,654 | $ 101,462 | $ 118,416 |
Note 4 - Other Assets - Summary
Note 4 - Other Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 | |
Prepaid occupancy | [1] | $ 1,476 | $ 1,367 | $ 239 |
Prepaid taxes | [2] | 326 | 473 | 463 |
Prepaid insurance | 424 | 884 | 282 | |
Prepaid gift card fees | 1,199 | 1,291 | 1,266 | |
Other | [3] | 6,373 | 6,096 | 3,646 |
Total | $ 9,798 | $ 10,111 | $ 5,896 | |
[1] | Prepaid occupancy consists of prepaid expenses related to non-lease components. | |||
[2] | Prepaid taxes consists of prepaid federal and state income tax and other taxes. | |||
[3] | Other consists primarily of prepaid expense related to IT maintenance contracts and software as a service. |
Note 4 - Other Assets - Other N
Note 4 - Other Assets - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 | |
Entertainment production asset | $ 4,971 | $ 1,715 | $ 299 | |
Deferred compensation | 1,119 | 1,037 | 2,700 | |
Other (1) | [1] | 595 | 629 | 6 |
Total | $ 6,685 | $ 3,381 | $ 3,005 | |
[1] | Other consists primarily of deferred financing costs related to the Company's credit facility |
Note 5 - Accrued Expenses - Sum
Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | May 01, 2021 | Jan. 30, 2021 | May 02, 2020 | |
Accrued wages, bonuses and related expenses | $ 10,514 | $ 13,185 | $ 9,145 | |
Sales and value added taxes payable | 1,831 | 2,048 | 1,084 | |
Accrued rent and related expenses | [1] | 1,411 | 1,993 | 69 |
Current income taxes payable | 2,873 | 325 | 97 | |
Total | $ 16,629 | $ 17,551 | $ 10,395 | |
[1] | Accrued rent and related expenses consist of accrued costs associated with non-lease components. |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | Apr. 14, 2020 | |
Options and Restricted Stock [Member] | |||
Share-based Payment Arrangement, Expense | $ 0.6 | $ 0.3 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3.3 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | ||
Time-based and Performance-based Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1.6 | $ 1.9 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 3 years | ||
Incentive Plan 2020 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,000,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Activity for Stock Options (Details) | 3 Months Ended |
May 01, 2021$ / sharesshares | |
Outstanding (in shares) | shares | 805,701 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.96 |
Granted (in shares) | shares | 0 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised (in shares) | shares | (48,092) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 6.21 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Canceled or expired (in shares) | shares | (26,711) |
Canceled or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 8.13 |
Outstanding (in shares) | shares | 730,898 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 10.28 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) | 3 Months Ended |
May 01, 2021$ / sharesshares | |
Restricted Stock [Member] | |
Outstanding (in shares) | shares | 931,172 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.26 |
Granted (in shares) | shares | 124,392 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.24 |
Vested (in shares) | shares | (360,828) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.54 |
Forfeited (in shares) | shares | (9,850) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.35 |
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 | 684,886 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.97 |
Performance Shares [Member] | |
Outstanding (in shares) | shares | 336,441 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.03 |
Granted (in shares) | shares | 53,095 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.24 |
Vested (in shares) | shares | (32,521) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.60 |
Forfeited (in shares) | shares | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | |
Canceled or expired (in shares) | shares | (50,735) |
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.60 |
Outstanding (in shares) | shares | 306,280 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.56 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Outstanding Performance Shares (Details) - Performance Shares [Member] - shares | May 01, 2021 | Jan. 30, 2021 |
Performance shares (in shares) | 306,280 | 336,441 |
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 | |
Vesting Upon Achievement of 2021 - 2023 Consolidated, Cumulative Earnings Before Interest, Taxes, Depreciation and Amortization Objectives [Member] | ||
Performance shares (in shares) | 39,821 | |
Vesting Upon Achievement of 2021 - 2023 Consolidated Growth Revenue Objectives [Member] | ||
Performance shares (in shares) | 13,274 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.30% | (13.60%) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Effective Income Tax Rate Reconciliation, Coronavirus Aid, Amount | $ 0.8 | |
North America [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 3.3 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | ||
Balance | $ 67,308 | $ 88,631 | |
Issuance of restricted/performance stock | 579 | 500 | |
Stock-based compensation | 551 | 476 | |
Shares withheld in lieu of tax withholdings | 924 | 115 | |
Other | 0 | (1) | |
Other comprehensive income (loss) | 83 | 170 | |
Net income (loss) | 10,380 | (21,204) | |
Balance, ending | 77,977 | 68,457 | |
Common Stock [Member] | |||
Balance | 159 | 152 | |
Issuance of restricted/performance stock | 5 | 4 | |
Stock-based compensation | |||
Shares withheld in lieu of tax withholdings | 1 | 1 | |
Other | |||
Other comprehensive income (loss) | |||
Net income (loss) | |||
Balance, ending | 163 | 155 | |
Additional Paid-in Capital [Member] | |||
Balance | [1] | 72,822 | 70,633 |
Issuance of restricted/performance stock | [1] | 574 | 496 |
Stock-based compensation | [1] | 551 | 476 |
Shares withheld in lieu of tax withholdings | [1] | 923 | 114 |
Other | [1] | ||
Other comprehensive income (loss) | [1] | ||
Net income (loss) | [1] | ||
Balance, ending | [1] | 73,024 | 71,491 |
AOCI Attributable to Parent [Member] | |||
Balance | [2] | (12,615) | (12,079) |
Issuance of restricted/performance stock | [2] | ||
Stock-based compensation | [2] | ||
Shares withheld in lieu of tax withholdings | [2] | ||
Other | [2] | ||
Other comprehensive income (loss) | [2] | 83 | 170 |
Net income (loss) | [2] | ||
Balance, ending | [2] | (12,532) | (11,909) |
Retained Earnings [Member] | |||
Balance | 6,942 | 29,925 | |
Issuance of restricted/performance stock | |||
Stock-based compensation | |||
Shares withheld in lieu of tax withholdings | |||
Other | (1) | ||
Other comprehensive income (loss) | |||
Net income (loss) | 10,380 | (21,204) | |
Balance, ending | $ 17,322 | $ 8,720 | |
[1] | Additional paid-in capital ("APIC") | ||
[2] | Accumulated other comprehensive income (loss) ("AOCI") |
Note 9 - Income Per Share (Deta
Note 9 - Income Per Share (Details Textual) - shares | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 559,991 | 892,339 |
Note 9 - Income Per Share - Com
Note 9 - Income Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Net income (loss) | $ 10,380 | $ (21,204) |
Weighted average number of common shares outstanding - basic (in shares) | 15,062,025 | 14,926,097 |
Dilutive effect of share-based awards: (in shares) | 695,008 | 0 |
Weighted average number of common shares outstanding - dilutive (in shares) | 15,757,033 | 14,926,097 |
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.69 | $ (1.42) |
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.66 | $ (1.42) |
Note 10 - Comprehensive Incom_2
Note 10 - Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
May 01, 2021 | May 02, 2020 | |
Translation Adjustment Functional to Reporting Currency, Gain (Loss), Reclassified to Earnings, Net of Tax | $ 0 | $ 0 |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 3 Months Ended |
May 01, 2021 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 11 - Segment Information -
Note 11 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 01, 2021 | May 02, 2020 | Jan. 30, 2021 | |
Net sales to external customers | $ 91,693 | $ 46,624 | |
Income before income taxes | 13,181 | (18,664) | |
Capital expenditures, net | 491 | 2,849 | |
Depreciation and amortization | 3,127 | 3,457 | |
Total assets | 264,383 | 276,827 | $ 261,372 |
Direct to Consumer [Member] | |||
Net sales to external customers | 89,212 | 45,647 | |
Income before income taxes | 12,481 | (18,370) | |
Capital expenditures, net | 491 | 2,849 | |
Depreciation and amortization | 3,122 | 3,450 | |
Total assets | 248,283 | 262,693 | |
Commercial [Member] | |||
Net sales to external customers | 2,109 | 333 | |
Income before income taxes | 818 | (45) | |
Capital expenditures, net | 0 | 0 | |
Depreciation and amortization | 5 | 7 | |
Total assets | 7,210 | 6,563 | |
International Franchising [Member] | |||
Net sales to external customers | 372 | 644 | |
Income before income taxes | (118) | (249) | |
Capital expenditures, net | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Total assets | $ 8,890 | $ 7,571 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
May 01, 2021 | May 02, 2020 | Jan. 30, 2021 | ||
Net sales to external customers | $ 91,693 | $ 46,624 | ||
Property and equipment, net | 50,417 | 61,626 | $ 52,973 | |
North America [Member] | ||||
Net sales to external customers | [1] | 85,753 | 39,651 | |
Property and equipment, net | [1] | 46,575 | 56,915 | |
Europe [Member] | ||||
Net sales to external customers | [2] | 5,409 | 6,665 | |
Property and equipment, net | [2] | 3,842 | 4,704 | |
Other Geographic Region [Member] | ||||
Net sales to external customers | [3] | 531 | 308 | |
Property and equipment, net | [3] | $ 0 | $ 7 | |
[1] | North America includes corporately-managed locations in the United States and Canada. | |||
[2] | Europe includes corporately-managed locations in the U.K. and Ireland. | |||
[3] | Other includes franchise businesses outside of North America and Europe and includes a corporately-managed location in China that recently closed. |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Millions | May 01, 2021USD ($) |
Litigation Receivable, Gross | $ 4.6 |
Litigation Receivables, Reserve | 3.6 |
Litigation Receivables, Net | $ 1 |