Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 30, 2021 | Dec. 06, 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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 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 | |
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 | 16,327,849 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 48,501 | $ 34,840 | $ 25,809 |
Inventories, net | 61,912 | 46,947 | 51,501 |
Receivables, net | 12,788 | 8,295 | 7,950 |
Prepaid expenses and other current assets | 11,186 | 10,111 | 5,427 |
Total current assets | 134,387 | 100,193 | 90,687 |
Operating lease right-of-use asset | 86,888 | 104,825 | 109,757 |
Property and equipment, net | 48,221 | 52,973 | 55,421 |
Other assets, net | 2,502 | 3,381 | 3,572 |
Total Assets | 271,998 | 261,372 | 259,437 |
Current liabilities: | |||
Accounts payable | 25,830 | 17,901 | 14,527 |
Accrued expenses | 20,378 | 17,551 | 19,856 |
Operating lease liability short term | 26,815 | 32,402 | 35,489 |
Gift cards and customer deposits | 18,197 | 19,029 | 19,070 |
Deferred revenue and other | 2,690 | 2,445 | 2,364 |
Total current liabilities | 93,910 | 89,328 | 91,306 |
Operating lease liability long term | 82,700 | 101,462 | 107,653 |
Deferred franchise revenue | 791 | 920 | 866 |
Other liabilities | 1,533 | 2,354 | 2,913 |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at October 30, 2021, January 30, 2021 and October 31, 2020 | 0 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 16,297,362, 15,930,958 and 15,960,262 shares, respectively | 163 | 159 | 160 |
Additional paid-in capital | 75,316 | 72,822 | 72,344 |
Accumulated other comprehensive loss | (12,495) | (12,615) | (12,277) |
Retained earnings/(deficit) | 30,080 | 6,942 | (3,528) |
Total stockholders' equity | 93,064 | 67,308 | 56,699 |
Total Liabilities and Stockholders' Equity | $ 271,998 | $ 261,372 | $ 259,437 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 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) | 16,297,362 | 15,930,958 | 15,960,262 |
Common stock, shares outstanding (in shares) | 16,297,362 | 15,930,958 | 15,960,262 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Revenues: | ||||
Revenue | $ 95,139 | $ 74,673 | $ 281,560 | $ 161,650 |
Costs and expenses: | ||||
Cost of merchandise sold | 45,525 | 39,910 | 133,118 | 111,289 |
Store asset impairment | 0 | 162 | 0 | 7,044 |
Consolidated gross profit | 49,614 | 34,763 | 148,442 | 50,361 |
Selling, general and administrative expense | 41,709 | 33,091 | 117,870 | 81,332 |
Interest (income) expense, net | (2) | 2 | 11 | 6 |
Income (loss) before income taxes | 7,907 | 1,670 | 30,561 | (30,977) |
Income tax expense | 1,984 | 10 | 7,423 | 2,476 |
Net income (loss) | 5,923 | 1,660 | 23,138 | (33,453) |
Foreign currency translation adjustment | 84 | 26 | 120 | (198) |
Comprehensive income (loss) | $ 6,007 | $ 1,686 | $ 23,258 | $ (33,651) |
Income (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.38 | $ 0.11 | $ 1.51 | $ (2.24) |
Diluted (in dollars per share) | $ 0.36 | $ 0.11 | $ 1.44 | $ (2.24) |
Shares used in computing common per share amounts: | ||||
Basic (in shares) | 15,578,389 | 14,999,786 | 15,345,420 | 14,923,304 |
Diluted (in shares) | 16,236,901 | 15,220,432 | 16,042,947 | 14,923,304 |
Retail [Member] | ||||
Revenues: | ||||
Revenue | $ 91,551 | $ 72,368 | $ 272,052 | $ 157,354 |
Costs and expenses: | ||||
Cost of merchandise sold | 43,918 | 38,715 | 128,688 | 102,300 |
Commercial Product and Service [Member] | ||||
Revenues: | ||||
Revenue | 2,749 | 1,858 | 7,804 | 3,056 |
Costs and expenses: | ||||
Cost of merchandise sold | 1,060 | 782 | 3,250 | 1,309 |
International Franchising [Member] | ||||
Revenues: | ||||
Revenue | 839 | 447 | 1,704 | 1,240 |
Costs and expenses: | ||||
Cost of merchandise sold | $ 547 | $ 251 | $ 1,180 | $ 636 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Cash flows provided by (used in) operating activities: | ||||
Net income (loss) | $ 5,923 | $ 1,660 | $ 23,138 | $ (33,453) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 3,032 | 3,194 | 9,152 | 9,905 |
Share-based and performance-based stock compensation | 2,097 | 1,250 | ||
Impairment of right-of-use assets and fixed assets | 0 | 7,044 | ||
Deferred taxes | 0 | 3,388 | ||
Provision for doubtful accounts | 150 | 577 | ||
Loss on disposal of property and equipment | 38 | 162 | ||
Change in assets and liabilities: | ||||
Inventories, net | (14,992) | 1,728 | ||
Receivables, net | (4,627) | 2,944 | ||
Prepaid expenses and other assets | 215 | 1,667 | ||
Accounts payable and accrued expenses | 9,209 | 4,075 | ||
Operating leases | (6,547) | 5,449 | ||
Gift cards and customer deposits | (841) | (1,128) | ||
Deferred revenue | 243 | (540) | ||
Net cash provided by operating activities | 17,235 | 3,068 | ||
Cash flows used in investing activities: | ||||
Purchases of property and equipment | (4,644) | (4,029) | ||
Net cash used in investing activities | (4,644) | (4,029) | ||
Cash flows provided by (used in) financing activities: | ||||
Proceeds from the exercise of employee stock options, net of tax withholding obligation | 924 | (114) | ||
Net cash provided by (used in) financing activities | 924 | (114) | ||
Effect of exchange rates on cash | 146 | 143 | ||
Increase (decrease) in cash, cash equivalents, and restricted cash | 13,661 | (932) | ||
Cash, cash equivalents and restricted cash, beginning of period | 34,840 | 28,395 | ||
Cash, cash equivalents and restricted cash, end of period | 48,501 | 27,463 | 48,501 | 27,463 |
Supplemental disclosure of cash flow information: | ||||
Cash and cash equivalents | 46,804 | 25,809 | 46,804 | 25,809 |
Restricted cash from long-term deposits | 1,697 | 1,654 | 1,697 | 1,654 |
Cash, cash equivalents and restricted cash, end of period | $ 48,501 | $ 27,463 | 48,501 | 27,463 |
Net cash paid (received) during the period for income taxes | $ 9,236 | $ (135) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Oct. 30, 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 Pandemic The Company's results of operations in fiscal 2020 January 30, 2021 March 2020. 2021 April 2021, 2021 first second second second June 2021 second third third 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 not thirteen October 30, 2021 not not thirteen October 31, 2020 thirty-nine October 30, 2021 October 31, 2020 to support businesses through the latest lockdown restrictions. The Company did not thirteen October 30, 2021 October 31, 2020 thirty-nine October 30, 2021 not thirty-nine October 31, 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. For film related costs, the Company expects assets to be monetized individually and will be amortized using the individual film-forecast-computation method which amortizes such costs in the same ratio that current period actual revenue bears to the estimated remaining unrecognized total revenues (ultimate revenue). Ultimate revenue includes estimates over a period not ten Costs of entertainment productions are subject to recoverability assessments, which for content predominantly monetized individually, compare the estimated fair values with the unamortized cost, whenever events or changes in circumstances indicate that the fair value of the film may 3 t. The amount by which the unamortized costs of entertainment assets exceed their estimated fair values are written off. As of October 30, 2021 , January 30, 2021 October 31, 2020 , the Company had capitalized entertainment production costs of million, $1.7 million, and million, respectively. The October 30, 2021 balance for entertainment production costs is mostly comprised of several in-development entertainment projects. In October 2021, not thirteen October 30, 2021 11 third October 30, 2021 |
Note 2 - Revenue
Note 2 - Revenue | 9 Months Ended |
Oct. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Currently, nearly all the Company’s revenue is derived from retail sales (including from its e-commerce sites) and is recognized when control of the merchandise is transferred to the customer. The Company's disaggregated revenue is fully disclosed as net sales to external customers by reporting segment and by geographic area (See Note 11 third 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 alue assigned to the points is deferred until the points are redeemed, forfeited or expired. In regard to the consolidated balance sheet, contract liabilities for gift cards are classified as gift cards and customer deposits, and deferred revenues for the Company's 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 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 The Company also incurs expenses directly related to the startup of new franchises, which may |
Note 3 - Leases
Note 3 - Leases | 9 Months Ended |
Oct. 30, 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 thirty-nine October 30, 2021 October 31, 2020 Thirteen weeks ended Thirty-nine weeks ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Operating lease costs 8,537 8,880 25,849 28,464 Variable lease costs 1,596 1,000 3,762 1,422 Short term lease costs 16 17 46 111 Total Operating Lease costs $ 10,149 $ 9,897 $ 29,657 $ 29,997 Other information The table below presents supplemental cash flow information related to leases for the thirteen thirty-nine October 30, 2021 October 31, 2020 Thirteen weeks ended Thirty-nine weeks ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Operating cash flows for operating leases 10,817 9,949 33,289 25,878 Operating cash flow for operating leases for the third 2021 2021, 2020 2021. 2021, As of October 30, 2021 October 31, 2020 6.0% For the thirteen thirty-nine October 30, 2021 not thirteen thirty-nine October 31, 2020 Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2021 7,635 2022 32,407 2023 26,384 2024 21,980 2025 16,379 Thereafter 21,111 Total minimum lease payments 125,896 Less: amount of lease payments representing interest (16,381 ) Present value of future minimum lease payments 109,515 Less: current obligations under leases (26,815 ) Long-term lease obligations $ 82,700 As of October 30, 2021 not ilities of $1.5 millio fourth 2021 five ten |
Note 4 - Other Assets
Note 4 - Other Assets | 9 Months Ended |
Oct. 30, 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): October 30, January 30, October 31, 2021 2021 2020 Prepaid occupancy (1) $ 1,681 $ 1,367 $ 508 Prepaid taxes (2) 2,855 473 415 Prepaid insurance 88 884 31 Prepaid gift card fees 1,142 1,291 1,312 Other (3) 5,420 6,096 3,161 Total $ 11,186 $ 10,111 $ 5,427 ( 1 Prepaid occupancy consists of prepaid expenses related to non-lease components. ( 2 Prepaid taxes consist 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): October 30, January 30, October 31, 2021 2021 2020 Entertainment production asset $ 771 $ 1,715 $ 391 Deferred compensation 1,204 1,037 2,647 Other (1) 527 629 534 Total $ 2,502 $ 3,381 $ 3,572 ( 1 Other consists primarily of deferred financing costs related to the Company's credit facility |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 9 Months Ended |
Oct. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following (in thousands): October 30, January 30, October 31, 2021 2021 2020 Accrued wages, bonuses and related expenses $ 16,851 $ 13,185 $ 14,844 Sales and value added taxes payable 2,254 2,048 3,317 Accrued rent and related expenses (1) 890 1,993 1,596 Current income taxes payable 383 325 99 Total $ 20,378 $ 17,551 $ 19,856 ( 1 Accrued rent and related expenses consist of accrued costs associated with non-lease components. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Oct. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. On April 14, 2020, 2020 “2020 June 11, 2020, 2020 2020 2020 Committee of the Board (the "Compensation Committee"), permits the grant of stock options (including both incentive and non-qualified stock options), stock appreciation rights, other stock-based awards, including restricted stock and restricted stock units, cash-based awards, and performance awards pursuant to the terms of the 2020 2020 April 14, 2030, 2020 2017 “2017 2020 2017 April 14, 2020 may For the thirteen October 30, 2021 October 31, 2020 thirty-nine October 30, 2021 October 31, 2020 October 30, 2021 The following table is a summary of the balances and activity for stock options for the thirty-nine October 30, 2021 Options Shares Weighted Average Exercise Price Outstanding, January 30, 2021 805,701 $ 9.96 Granted - - Exercised (356,289 ) 7.20 Forfeited - - Canceled or expired (26,711 ) 8.13 Outstanding, October 30, 2021 422,701 $ 12.40 The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the thirty-nine October 30, 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 143,755 9.46 53,095 8.24 Vested (606,443 ) 3.14 (32,521 ) 8.60 Forfeited (9,850 ) 6.35 Canceled or expired - - (50,735 ) 8.60 Outstanding, October 30, 2021 458,634 $ 5.30 306,280 $ 3.56 The total fair value of shares vested during the thirty-nine October 30, 2021 October 31, 2020 s $2.2 million and $2.3 million, The outstanding performance shares as of October 30, 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 (EBITDA) objectives 39,821 2021 - 2023 consolidated revenue growth objectives 13,274 Performance shares outstanding, October 30, 2021 306,280 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Oct. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The Company's effective tax rate was 25.1% and 24.3% for the thirteen thirty-nine October 30, 2021 thirteen thirty-nine October 31, 2020 2021 first thirty-nine 2021 first thirty-nine 2020 no first thirty-nine 2020 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 9 Months Ended |
Oct. 30, 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 October 30, 2021 October 31, 2020 For the thirteen weeks ended October 30, 2021 For the thirteen weeks ended October 31, 2020 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 160 $ 73,397 $ (12,579 ) $ 24,157 $ 85,135 $ 156 $ 71,906 $ (12,303 ) $ (5,188 ) $ 54,571 Shares issued under employee stock plans 3 2,265 2,268 4 (4 ) - Stock-based compensation 372 372 441 441 Shares withheld in lieu of tax withholdings (1 ) (718 ) (719 ) - Other 1 1 1 1 Other comprehensive income 84 84 26 26 Net income 5,923 5,923 1,660 1,660 Balance, ending $ 163 $ 75,316 $ (12,495 ) $ 30,080 $ 93,064 $ 160 $ 72,344 $ (12,277 ) $ (3,528 ) $ 56,699 ( 1 ( 2 The following table sets forth the changes in stockholders’ equity (in thousands) for the thirty-nine October 30, 2021 October 31, 2020 For the thirty-nine weeks ended October 30, 2021 For the thirty-nine weeks ended October 31, 2020 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 159 $ 72,822 $ (12,615 ) $ 6,942 $ 67,308 $ 152 $ 70,633 $ (12,079 ) $ 29,925 $ 88,631 Shares issued under employee stock plans 8 2,838 2,846 8 491 499 Stock-based compensation 1,293 1,293 1,334 1,334 Shares withheld in lieu of tax withholdings (2 ) (1,640 ) (1,642 ) (1 ) (114 ) (115 ) Other (2 ) 3 1 1 1 Other comprehensive income (loss) 120 120 (198 ) (198 ) Net income (loss) 23,138 23,138 (33,453 ) (33,453 ) Balance, ending $ 163 $ 75,316 $ (12,495 ) $ 30,080 $ 93,064 $ 160 $ 72,344 $ (12,277 ) $ (3,528 ) $ 56,699 ( 1 ( 2 |
Note 9 - Income Per Share
Note 9 - Income Per Share | 9 Months Ended |
Oct. 30, 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 Thirty-nine weeks ended October 30, October 31, October 30, October 31, 2021 2020 2021 2020 NUMERATOR: Net income (loss) $ 5,923 $ 1,660 $ 23,138 $ (33,453 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 15,578,389 14,999,786 15,345,420 14,923,304 Dilutive effect of share-based awards: 658,512 220,646 697,527 - Weighted average number of common shares outstanding - dilutive 16,236,901 15,220,432 16,042,947 14,923,304 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.38 $ 0.11 $ 1.51 $ (2.24 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.36 $ 0.11 $ 1.44 $ (2.24 ) In calculating the diluted income per share for the thirteen thirty-nine October 30, 2021 not thirteen thirty-nine October 31, 2020 not |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income (Loss) | 9 Months Ended |
Oct. 30, 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 October 30, 2021 October 31, 2020 thirteen October 30, 2021 October 31, 2020 |
Note 11 - Segment Information
Note 11 - Segment Information | 9 Months Ended |
Oct. 30, 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 October 30, 2021 Net sales to external customers $ 91,551 $ 2,749 $ 839 $ 95,139 Income before income taxes 7,011 561 335 7,907 Capital expenditures 3,091 0 0 3,091 Depreciation and amortization 3,021 11 0 3,032 Thirteen weeks ended October 31, 2020 Net sales to external customers $ 72,368 $ 1,858 $ 447 $ 74,673 Income before income taxes 713 803 154 1,670 Capital expenditures 651 - - 651 Depreciation and amortization 3,186 8 - 3,194 Thirty-nine weeks ended October 30, 2021 Net sales to external customers $ 272,052 $ 7,804 $ 1,704 $ 281,560 Income before income taxes 27,524 2,727 310 30,561 Capital expenditures 4,644 - - 4,644 Depreciation and amortization 9,129 23 - 9,152 Thirty-nine weeks ended October 31, 2020 Net sales to external customers $ 157,354 $ 3,056 $ 1,240 $ 161,650 (Loss) Income before income taxes (31,802 ) 997 (172 ) (30,977 ) Capital expenditures 4,029 - - 4,029 Depreciation and amortization 9,882 23 - 9,905 Total Assets as of: October 30, 2021 $ 254,697 $ 6,095 $ 11,206 $ 271,998 January 30, 2021 246,341 6,353 8,678 261,372 October 31, 2020 244,030 7,088 8,319 259,437 The Company’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may North America (1) Europe (2) Other (3) Total Thirteen weeks ended October 30, 2021 Net sales to external customers $ 79,576 $ 14,753 $ 810 $ 95,139 Thirteen weeks ended October 31, 2020 Net sales to external customers $ 62,768 $ 11,320 $ 585 $ 74,673 Thirty-nine weeks ended October 30, 2021 Net sales to external customers $ 247,508 $ 32,257 $ 1,795 $ 281,560 Property and equipment, net 44,874 3,347 - 48,221 Thirty-nine weeks ended October 31, 2020 Net sales to external customers $ 137,404 $ 23,126 $ 1,120 $ 161,650 Property and equipment, net 51,314 4,107 - 55,421 For purposes of this table only: ( 1 ( 2 ( 3 May 2021. |
Note 12 - Contingencies
Note 12 - Contingencies | 9 Months Ended |
Oct. 30, 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 November 2021, not 2022. October 30, 2021 not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Oct. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. On November 30, 2021 through November 30, 2023, not may On November 30, 2021 December 27, 2021 December 10, 2021. |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Operating lease costs 8,537 8,880 25,849 28,464 Variable lease costs 1,596 1,000 3,762 1,422 Short term lease costs 16 17 46 111 Total Operating Lease costs $ 10,149 $ 9,897 $ 29,657 $ 29,997 Thirteen weeks ended Thirty-nine weeks ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Operating cash flows for operating leases 10,817 9,949 33,289 25,878 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2021 7,635 2022 32,407 2023 26,384 2024 21,980 2025 16,379 Thereafter 21,111 Total minimum lease payments 125,896 Less: amount of lease payments representing interest (16,381 ) Present value of future minimum lease payments 109,515 Less: current obligations under leases (26,815 ) Long-term lease obligations $ 82,700 |
Note 4 - Other Assets (Tables)
Note 4 - Other Assets (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | October 30, January 30, October 31, 2021 2021 2020 Prepaid occupancy (1) $ 1,681 $ 1,367 $ 508 Prepaid taxes (2) 2,855 473 415 Prepaid insurance 88 884 31 Prepaid gift card fees 1,142 1,291 1,312 Other (3) 5,420 6,096 3,161 Total $ 11,186 $ 10,111 $ 5,427 |
Schedule of Other Assets, Noncurrent [Table Text Block] | October 30, January 30, October 31, 2021 2021 2020 Entertainment production asset $ 771 $ 1,715 $ 391 Deferred compensation 1,204 1,037 2,647 Other (1) 527 629 534 Total $ 2,502 $ 3,381 $ 3,572 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | October 30, January 30, October 31, 2021 2021 2020 Accrued wages, bonuses and related expenses $ 16,851 $ 13,185 $ 14,844 Sales and value added taxes payable 2,254 2,048 3,317 Accrued rent and related expenses (1) 890 1,993 1,596 Current income taxes payable 383 325 99 Total $ 20,378 $ 17,551 $ 19,856 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 9 Months Ended |
Oct. 30, 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 (356,289 ) 7.20 Forfeited - - Canceled or expired (26,711 ) 8.13 Outstanding, October 30, 2021 422,701 $ 12.40 |
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 143,755 9.46 53,095 8.24 Vested (606,443 ) 3.14 (32,521 ) 8.60 Forfeited (9,850 ) 6.35 Canceled or expired - - (50,735 ) 8.60 Outstanding, October 30, 2021 458,634 $ 5.30 306,280 $ 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 (EBITDA) objectives 39,821 2021 - 2023 consolidated revenue growth objectives 13,274 Performance shares outstanding, October 30, 2021 306,280 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | For the thirteen weeks ended October 30, 2021 For the thirteen weeks ended October 31, 2020 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 160 $ 73,397 $ (12,579 ) $ 24,157 $ 85,135 $ 156 $ 71,906 $ (12,303 ) $ (5,188 ) $ 54,571 Shares issued under employee stock plans 3 2,265 2,268 4 (4 ) - Stock-based compensation 372 372 441 441 Shares withheld in lieu of tax withholdings (1 ) (718 ) (719 ) - Other 1 1 1 1 Other comprehensive income 84 84 26 26 Net income 5,923 5,923 1,660 1,660 Balance, ending $ 163 $ 75,316 $ (12,495 ) $ 30,080 $ 93,064 $ 160 $ 72,344 $ (12,277 ) $ (3,528 ) $ 56,699 For the thirty-nine weeks ended October 30, 2021 For the thirty-nine weeks ended October 31, 2020 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 159 $ 72,822 $ (12,615 ) $ 6,942 $ 67,308 $ 152 $ 70,633 $ (12,079 ) $ 29,925 $ 88,631 Shares issued under employee stock plans 8 2,838 2,846 8 491 499 Stock-based compensation 1,293 1,293 1,334 1,334 Shares withheld in lieu of tax withholdings (2 ) (1,640 ) (1,642 ) (1 ) (114 ) (115 ) Other (2 ) 3 1 1 1 Other comprehensive income (loss) 120 120 (198 ) (198 ) Net income (loss) 23,138 23,138 (33,453 ) (33,453 ) Balance, ending $ 163 $ 75,316 $ (12,495 ) $ 30,080 $ 93,064 $ 160 $ 72,344 $ (12,277 ) $ (3,528 ) $ 56,699 |
Note 9 - Income Per Share (Tabl
Note 9 - Income Per Share (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 30, October 31, October 30, October 31, 2021 2020 2021 2020 NUMERATOR: Net income (loss) $ 5,923 $ 1,660 $ 23,138 $ (33,453 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 15,578,389 14,999,786 15,345,420 14,923,304 Dilutive effect of share-based awards: 658,512 220,646 697,527 - Weighted average number of common shares outstanding - dilutive 16,236,901 15,220,432 16,042,947 14,923,304 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.38 $ 0.11 $ 1.51 $ (2.24 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.36 $ 0.11 $ 1.44 $ (2.24 ) |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended October 30, 2021 Net sales to external customers $ 91,551 $ 2,749 $ 839 $ 95,139 Income before income taxes 7,011 561 335 7,907 Capital expenditures 3,091 0 0 3,091 Depreciation and amortization 3,021 11 0 3,032 Thirteen weeks ended October 31, 2020 Net sales to external customers $ 72,368 $ 1,858 $ 447 $ 74,673 Income before income taxes 713 803 154 1,670 Capital expenditures 651 - - 651 Depreciation and amortization 3,186 8 - 3,194 Thirty-nine weeks ended October 30, 2021 Net sales to external customers $ 272,052 $ 7,804 $ 1,704 $ 281,560 Income before income taxes 27,524 2,727 310 30,561 Capital expenditures 4,644 - - 4,644 Depreciation and amortization 9,129 23 - 9,152 Thirty-nine weeks ended October 31, 2020 Net sales to external customers $ 157,354 $ 3,056 $ 1,240 $ 161,650 (Loss) Income before income taxes (31,802 ) 997 (172 ) (30,977 ) Capital expenditures 4,029 - - 4,029 Depreciation and amortization 9,882 23 - 9,905 Total Assets as of: October 30, 2021 $ 254,697 $ 6,095 $ 11,206 $ 271,998 January 30, 2021 246,341 6,353 8,678 261,372 October 31, 2020 244,030 7,088 8,319 259,437 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | North America (1) Europe (2) Other (3) Total Thirteen weeks ended October 30, 2021 Net sales to external customers $ 79,576 $ 14,753 $ 810 $ 95,139 Thirteen weeks ended October 31, 2020 Net sales to external customers $ 62,768 $ 11,320 $ 585 $ 74,673 Thirty-nine weeks ended October 30, 2021 Net sales to external customers $ 247,508 $ 32,257 $ 1,795 $ 281,560 Property and equipment, net 44,874 3,347 - 48,221 Thirty-nine weeks ended October 31, 2020 Net sales to external customers $ 137,404 $ 23,126 $ 1,120 $ 161,650 Property and equipment, net 51,314 4,107 - 55,421 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) Pure in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 30, 2021USD ($) | Oct. 31, 2020USD ($) | Oct. 30, 2021USD ($) | Oct. 31, 2020USD ($) | Jan. 30, 2021USD ($) | |
Payroll Expense Reimbursement | $ 400 | $ 300 | $ 1,400 | $ 3,300 | $ 0 |
Business and Restart Grants, Income | 0 | 0 | 0 | ||
Film, Capitalized Cost, Total | 800 | $ 400 | 800 | $ 400 | $ 1,700 |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 4,000 | 4,000 | |||
Selling, General and Administrative Expenses [Member] | |||||
Business and Restart Grants, Income | $ 900 | ||||
COVID-19 Pandemic [Member] | CANADA | |||||
Number of Stores Closed | 0 | 0 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) | 3 Months Ended | 9 Months Ended |
Oct. 30, 2021 | Oct. 30, 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 | 96.00% | |
International Franchising [Member] | ||
Capitalized Contract Cost, Amortization Period (Year) | 25 years | 25 years |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | |
Lessee, Operating Lease, Rent Deferrals Liability, Payments Remainder of Fiscal Year | $ 700 | $ 700 | |||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 6 months | 5 years | 4 years 6 months | 5 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.00% | 6.00% | 6.00% | 6.00% | |
Operating Lease, Impairment Loss | $ 0 | $ 100 | $ 0 | $ 3,600 | |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 1,500 | ||||
Minimum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | 5 years | |||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 5 years | 5 years | |||
Maximum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | 10 years | |||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 10 years | 10 years |
Note 3 - Leases - Lease Costs (
Note 3 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Operating lease costs | $ 8,537 | $ 8,880 | $ 25,849 | $ 28,464 |
Variable lease costs | 1,596 | 1,000 | 3,762 | 1,422 |
Short term lease costs | 16 | 17 | 46 | 111 |
Total Operating Lease costs | 10,149 | 9,897 | 29,657 | 29,997 |
Operating cash flows for operating leases | $ 10,817 | $ 9,949 | $ 33,289 | $ 25,878 |
Note 3 - Leases - Reconciliatio
Note 3 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
2021 | $ 7,635 | ||
2022 | 32,407 | ||
2023 | 26,384 | ||
2024 | 21,980 | ||
2025 | 16,379 | ||
Thereafter | 21,111 | ||
Total minimum lease payments | 125,896 | ||
Less: amount of lease payments representing interest | (16,381) | ||
Present value of future minimum lease payments | 109,515 | ||
Less: current obligations under leases | (26,815) | $ (32,402) | $ (35,489) |
Long-term lease obligations | $ 82,700 | $ 101,462 | $ 107,653 |
Note 4 - Other Assets - Summary
Note 4 - Other Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | |
Prepaid occupancy | [1] | $ 1,681 | $ 1,367 | $ 508 |
Prepaid taxes | [2] | 2,855 | 473 | 415 |
Prepaid insurance | 88 | 884 | 31 | |
Prepaid gift card fees | 1,142 | 1,291 | 1,312 | |
Other | [3] | 5,420 | 6,096 | 3,161 |
Total | $ 11,186 | $ 10,111 | $ 5,427 | |
[1] | Prepaid occupancy consists of prepaid expenses related to non-lease components. | |||
[2] | Prepaid taxes consist 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 | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | |
Entertainment production asset | $ 771 | $ 1,715 | $ 391 | |
Deferred compensation | 1,204 | 1,037 | 2,647 | |
Other (1) | [1] | 527 | 629 | 534 |
Total | $ 2,502 | $ 3,381 | $ 3,572 | |
[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 | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | |
Accrued wages, bonuses and related expenses | $ 16,851 | $ 13,185 | $ 14,844 | |
Sales and value added taxes payable | 2,254 | 2,048 | 3,317 | |
Accrued rent and related expenses | [1] | 890 | 1,993 | 1,596 |
Current income taxes payable | 383 | 325 | 99 | |
Total | $ 20,378 | $ 17,551 | $ 19,856 | |
[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 | Oct. 30, 2021 | Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | Apr. 14, 2020 |
Options and Restricted Stock [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 0.6 | $ 0.5 | $ 2.1 | $ 1.3 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3 | $ 3 | 3 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | |||||
Time-based and Performance-based Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.2 | $ 2.3 | ||||
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) | 9 Months Ended |
Oct. 30, 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 | (356,289) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 7.20 |
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 | 422,701 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 12.40 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) | 9 Months Ended |
Oct. 30, 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 | 143,755 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.46 |
Vested (in shares) | shares | (606,443) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.14 |
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 | 458,634 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.30 |
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 | Oct. 30, 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 | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.10% | 0.60% | 24.30% | (8.00%) |
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 | 9 Months Ended | ||||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |||
Balance | $ 85,135 | $ 54,571 | $ 67,308 | $ 88,631 | ||
Shares issued under employee stock plans | 2,268 | [1] | 0 | 2,846 | 499 | |
Stock-based compensation | 372 | 441 | 1,293 | 1,334 | ||
Shares withheld in lieu of tax withholdings | 719 | 0 | 1,642 | 115 | ||
Other | 1 | 1 | 1 | 1 | ||
Other comprehensive income | 84 | 26 | 120 | (198) | ||
Net income (loss) | 5,923 | 1,660 | 23,138 | (33,453) | ||
Shares withheld in lieu of tax withholdings | (719) | 0 | (1,642) | (115) | ||
Balance, ending | 93,064 | 56,699 | 93,064 | 56,699 | ||
Common Stock [Member] | ||||||
Balance | 160 | 156 | 159 | 152 | ||
Shares issued under employee stock plans | 3 | 4 | 8 | 8 | ||
Stock-based compensation | ||||||
Shares withheld in lieu of tax withholdings | 1 | 2 | 1 | |||
Other | 1 | (2) | 1 | |||
Other comprehensive income | ||||||
Net income (loss) | ||||||
Shares withheld in lieu of tax withholdings | (1) | (2) | (1) | |||
Balance, ending | 163 | 160 | 163 | 160 | ||
Additional Paid-in Capital [Member] | ||||||
Balance | [1] | 73,397 | 71,906 | 72,822 | 70,633 | |
Shares issued under employee stock plans | [1] | 2,265 | (4) | 2,838 | 491 | |
Stock-based compensation | [1] | 372 | 441 | 1,293 | 1,334 | |
Shares withheld in lieu of tax withholdings | [1] | 718 | 1,640 | 114 | ||
Other | [1] | 1 | 3 | |||
Other comprehensive income | [1] | |||||
Net income (loss) | [1] | |||||
Shares withheld in lieu of tax withholdings | [1] | (718) | (1,640) | (114) | ||
Balance, ending | [1] | 75,316 | 72,344 | 75,316 | 72,344 | |
AOCI Attributable to Parent [Member] | ||||||
Balance | [2] | (12,579) | (12,303) | (12,615) | (12,079) | |
Shares issued under employee stock plans | ||||||
Stock-based compensation | [2] | |||||
Shares withheld in lieu of tax withholdings | [2] | |||||
Other | [2] | |||||
Other comprehensive income | [2] | 84 | 26 | 120 | (198) | |
Net income (loss) | [2] | |||||
Shares withheld in lieu of tax withholdings | [2] | |||||
Balance, ending | [2] | (12,495) | (12,277) | (12,495) | (12,277) | |
Retained Earnings [Member] | ||||||
Balance | 24,157 | (5,188) | 6,942 | 29,925 | ||
Shares issued under employee stock plans | ||||||
Stock-based compensation | ||||||
Shares withheld in lieu of tax withholdings | ||||||
Other | ||||||
Other comprehensive income | ||||||
Net income (loss) | 5,923 | 1,660 | 23,138 | (33,453) | ||
Shares withheld in lieu of tax withholdings | ||||||
Balance, ending | $ 30,080 | $ (3,528) | $ 30,080 | $ (3,528) | ||
[1] | Additional paid-in capital (“APIC”) | |||||
[2] | Accumulated other comprehensive income (loss) (“AOCI”) |
Note 9 - Income Per Share (Deta
Note 9 - Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 52,812 | 822,360 | 242,445 | 849,351 |
Note 9 - Income Per Share - Com
Note 9 - Income Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Net income (loss) | $ 5,923 | $ 1,660 | $ 23,138 | $ (33,453) |
Weighted average number of common shares outstanding - basic (in shares) | 15,578,389 | 14,999,786 | 15,345,420 | 14,923,304 |
Dilutive effect of share-based awards: (in shares) | 658,512 | 220,646 | 697,527 | 0 |
Weighted average number of common shares outstanding - dilutive (in shares) | 16,236,901 | 15,220,432 | 16,042,947 | 14,923,304 |
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.38 | $ 0.11 | $ 1.51 | $ (2.24) |
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.36 | $ 0.11 | $ 1.44 | $ (2.24) |
Note 10 - Comprehensive Incom_2
Note 10 - Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 30, 2021 | Oct. 31, 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) | 9 Months Ended |
Oct. 30, 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 | 9 Months Ended | |||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | Jan. 30, 2021 | |
Net sales to external customers | $ 95,139 | $ 74,673 | $ 281,560 | $ 161,650 | |
Income before income taxes | 7,907 | 1,670 | 30,561 | (30,977) | |
Capital expenditures, net | 3,091 | 651 | 4,644 | 4,029 | |
Depreciation and amortization | 3,032 | 3,194 | 9,152 | 9,905 | |
Total assets | 271,998 | 259,437 | 271,998 | 259,437 | $ 261,372 |
Direct to Consumer [Member] | |||||
Net sales to external customers | 91,551 | 72,368 | 272,052 | 157,354 | |
Income before income taxes | 7,011 | 713 | 27,524 | (31,802) | |
Capital expenditures, net | 3,091 | 651 | 4,644 | 4,029 | |
Depreciation and amortization | 3,021 | 3,186 | 9,129 | 9,882 | |
Total assets | 254,697 | 244,030 | 254,697 | 244,030 | 246,341 |
Commercial [Member] | |||||
Net sales to external customers | 2,749 | 1,858 | 7,804 | 3,056 | |
Income before income taxes | 561 | 803 | 2,727 | 997 | |
Capital expenditures, net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 11 | 8 | 23 | 23 | |
Total assets | 6,095 | 7,088 | 6,095 | 7,088 | 6,353 |
International Franchising [Member] | |||||
Net sales to external customers | 839 | 447 | 1,704 | 1,240 | |
Income before income taxes | 335 | 154 | 310 | (172) | |
Capital expenditures, net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Total assets | $ 11,206 | $ 8,319 | $ 11,206 | $ 8,319 | $ 8,678 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | Jan. 30, 2021 | ||
Net sales to external customers | $ 95,139 | $ 74,673 | $ 281,560 | $ 161,650 | ||
Revenue | 95,139 | 74,673 | 281,560 | 161,650 | ||
Property and equipment, net | 48,221 | 55,421 | 48,221 | 55,421 | $ 52,973 | |
North America [Member] | ||||||
Net sales to external customers | [1] | 79,576 | 62,768 | 247,508 | 137,404 | |
Revenue | [1] | 79,576 | 62,768 | 247,508 | 137,404 | |
Property and equipment, net | [1] | 44,874 | 51,314 | 44,874 | 51,314 | |
Europe [Member] | ||||||
Net sales to external customers | [2] | 14,753 | 11,320 | 32,257 | 23,126 | |
Revenue | [2] | 14,753 | 11,320 | 32,257 | 23,126 | |
Property and equipment, net | [2] | 3,347 | 4,107 | 3,347 | 4,107 | |
Other Geographic Region [Member] | ||||||
Net sales to external customers | [3] | 810 | 585 | 1,795 | 1,120 | |
Revenue | [3] | 810 | 585 | 1,795 | 1,120 | |
Property and equipment, net | [3] | $ 0 | $ 0 | $ 0 | $ 0 | |
[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 closed in May 2021. |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Millions | Oct. 30, 2021USD ($) |
Litigation Receivable, Gross | $ 4.9 |
Litigation Receivables, Reserve | 3.7 |
Litigation Receivables, Net | $ 1.2 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) $ / shares in Units, $ in Millions | Nov. 30, 2021USD ($)$ / shares |
Stock Repurchase Program, Authorized Amount | $ | $ 25 |
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 1.25 |