Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 29, 2023 | Sep. 04, 2023 | |
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 | --01-27 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 29, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-32320 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-1883836 | |
Entity Address, Address Line One | 415 South 18th St. | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63103 | |
City Area Code | 314 | |
Local Phone Number | 423-8000 | |
Title of 12(b) Security | Common stock | |
Trading Symbol | BBW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,531,574 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 | Jul. 30, 2022 |
Current assets: | |||
Cash and cash equivalents | $ 32,642 | $ 42,198 | $ 14,437 |
Inventories, net | 66,329 | 70,485 | 87,722 |
Receivables, net | 13,120 | 15,374 | 15,337 |
Prepaid expenses and other current assets | 11,898 | 19,374 | 12,910 |
Total current assets | 123,989 | 147,431 | 130,406 |
Operating lease right-of-use asset | 70,915 | 71,791 | 76,560 |
Property and equipment, net | 50,435 | 50,759 | 46,689 |
Deferred Tax Assets | 6,828 | 6,592 | 7,596 |
Other assets, net | 6,246 | 4,221 | 2,184 |
Total Assets | 258,413 | 280,794 | 263,435 |
Current liabilities: | |||
Accounts payable | 15,598 | 10,286 | 29,086 |
Accrued expenses | 28,347 | 37,358 | 22,873 |
Operating lease liability short term | 27,194 | 27,436 | 25,244 |
Gift cards and customer deposits | 18,305 | 19,425 | 17,969 |
Deferred revenue and other | 4,444 | 6,646 | 4,416 |
Total current liabilities | 93,888 | 101,151 | 99,588 |
Operating lease liability long term | 55,368 | 59,080 | 68,291 |
Other long-term liabilities | 1,291 | 1,446 | 1,692 |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at July 29, 2023, January 28, 2023 and July 30, 2022 | 0 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 14,526,600, 14,802,338, and 15,032,708 shares, respectively | 145 | 148 | 150 |
Additional paid-in capital | 66,773 | 69,868 | 69,409 |
Accumulated other comprehensive loss | (12,017) | (12,274) | (12,385) |
Retained earnings | 52,965 | 61,375 | 36,690 |
Total stockholders' equity | 107,866 | 119,117 | 93,864 |
Total Liabilities and Stockholders' Equity | $ 258,413 | $ 280,794 | $ 263,435 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jul. 29, 2023 | Jan. 28, 2023 | Jul. 30, 2022 |
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) | 14,526,600 | 14,802,338 | 15,032,708 |
Common stock, shares outstanding (in shares) | 14,526,600 | 14,802,338 | 15,032,708 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Revenues: | ||||
Revenue | $ 109,225 | $ 100,685 | $ 229,275 | $ 218,347 |
Costs and expenses: | ||||
Cost of merchandise sold | 50,589 | 50,773 | 105,736 | 106,607 |
Consolidated gross profit | 58,636 | 49,912 | 123,539 | 111,740 |
Selling, general and administrative expense | 48,324 | 42,264 | 93,950 | 85,884 |
Interest (income) expense, net | (167) | 3 | (243) | 22 |
Income before income taxes | 10,479 | 7,645 | 29,832 | 25,834 |
Income tax expense | 2,141 | 1,815 | 6,886 | 5,814 |
Net income | 8,338 | 5,829 | 22,946 | 20,020 |
Foreign currency translation adjustment | 160 | 67 | 257 | 85 |
Comprehensive income | $ 8,498 | $ 5,897 | $ 23,203 | $ 20,105 |
Income per common share: | ||||
Basic (in dollars per share) | $ 0.58 | $ 0.38 | $ 1.59 | $ 1.30 |
Diluted (in dollars per share) | $ 0.57 | $ 0.38 | $ 1.57 | $ 1.27 |
Shares used in computing common per share amounts: | ||||
Basic (in shares) | 14,419,365 | 15,274,770 | 14,438,611 | 15,375,250 |
Diluted (in shares) | 14,500,971 | 15,536,308 | 14,630,089 | 15,749,058 |
Retail [Member] | ||||
Revenues: | ||||
Revenue | $ 103,465 | $ 95,882 | $ 215,561 | $ 208,772 |
Costs and expenses: | ||||
Cost of merchandise sold | 47,710 | 48,387 | 98,614 | 101,987 |
Commercial Product and Service [Member] | ||||
Revenues: | ||||
Revenue | 4,978 | 4,054 | 11,665 | 8,340 |
Costs and expenses: | ||||
Cost of merchandise sold | 2,425 | 1,949 | 5,783 | 3,895 |
International Franchising [Member] | ||||
Revenues: | ||||
Revenue | 782 | 749 | 2,049 | 1,235 |
Costs and expenses: | ||||
Cost of merchandise sold | $ 454 | $ 437 | $ 1,339 | $ 725 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 29, 2023 | Jul. 30, 2022 | |
Cash flows provided by operating activities: | ||
Net income | $ 22,946 | $ 20,020 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,309 | 6,276 |
Share-based and performance-based stock compensation | 1,755 | 1,292 |
Provision/adjustments for doubtful accounts | (90) | (81) |
Loss on disposal of property and equipment | 37 | 92 |
Deferred Taxes | (41) | 16 |
Change in assets and liabilities: | ||
Inventories, net | 4,436 | (16,929) |
Receivables, net | 1,640 | (3,754) |
Prepaid expenses and other assets | 7,525 | (185) |
Accounts payable and accrued expenses | (5,845) | 5,804 |
Operating leases | (3,433) | (3,565) |
Gift cards and customer deposits | (1,165) | (2,926) |
Deferred revenue | (2,261) | 630 |
Net cash provided by operating activities | 31,813 | 6,690 |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (6,138) | (4,064) |
Net cash used in investing activities | (6,138) | (4,064) |
Cash flows used in financing activities: | ||
Proceeds from the exercise of employee equity awards, net of tax | (1,972) | (1,865) |
Cash dividends paid on vested participating securities | (22,098) | (292) |
Purchases of Company’s common stock | (11,199) | (19,383) |
Net cash used in financing activities | (35,269) | (21,540) |
Effect of exchange rates on cash | 38 | 506 |
Decrease in cash, cash equivalents, and restricted cash | (9,556) | (18,408) |
Cash, cash equivalents and restricted cash, beginning of period | 42,198 | 32,845 |
Cash, cash equivalents and restricted cash, end of period | 32,642 | 14,437 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 32,246 | 13,989 |
Restricted cash from long-term deposits | 396 | 448 |
Cash, cash equivalents and restricted cash, end of period | 32,642 | 14,437 |
Net cash paid during the period for income taxes | $ 7,385 | $ 7,396 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jul. 29, 2023 | |
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 28, 2023 not January 28, 2023 10 April 13, 2023. Certain prior period amounts in the notes to the condensed consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications did not Significant Accounting Policies The Company's significant accounting policies are summarized in Note 2 10 January 28, 2023. first 2023. Receivables Receivables consist primarily of amounts due to the Company in relation to wholesale and corporate product sales, franchisee royalties and product sales, tenant allowances, certain amounts due from taxing authorities, receivables due from insurance providers, and licensing revenue. The Company assesses the collectability of all receivables on an ongoing basis by considering its historical credit loss experience, current economic conditions, and other relevant factors. At the beginning of fiscal 2023, No. 2016 13, 326 $0.8 |
Note 2 - Revenue
Note 2 - Revenue | 6 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Currently, most of the Company’s revenue is derived from retail sales (including from its e-commerce sites) and is recognized when control of the merchandise is transferred to the customer. The Company's disaggregated revenue is fully disclosed as net sales to external customers by reporting segment and by geographic area (See Note 11 second 2023. 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-operated stores, other retail-delivered operations and e-commerce demand (orders generated online to be fulfilled from either the Company's warehouse or its stores). 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, three three three first twelve In regard to the consolidated balance sheet, contract liabilities for gift cards are classified as gift cards and customer deposits. Subsequent to stores reopening following shutdowns caused by the COVID- 19 2019 fourth For certain qualifying transactions, a portion of revenue transactions are deferred for the obligation related to the Company’s loyalty program or when a material right in the form of a future discount is granted. In these transactions, the transaction price is allocated to the separate performance obligations based on the relative standalone selling price. The standalone selling price for the points earned for the Company’s loyalty program is estimated using the net retail value of the merchandise purchased, adjusted for estimated breakage based on historical redemption patterns. The revenue associated with the initial merchandise purchased is recognized immediately and the value assigned to the points is deferred until the points are redeemed, forfeited or expired. The Company issues certificates daily to loyalty program members who have earned 100 50 six not The Company’s commercial segment includes transactions with other businesses and is 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 thirteen twenty-six July 29, 2023 not |
Note 3 - Leases
Note 3 - Leases | 6 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 3. The majority of the Company's leases relate to retail stores and corporate offices. For leases with terms greater than 12 five ten may may not The table below presents certain information related to the lease costs for operating leases for the thirteen twenty-six July 29, 2023 July 30, 2022 Thirteen weeks ended Twenty-six weeks ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Operating lease costs 9,113 8,625 18,095 16,969 Variable lease costs (1) 2,115 2,060 4,241 4,190 Short term lease costs 25 8 40 27 Total Operating Lease costs $ 11,253 $ 10,693 $ 22,376 $ 21,186 ( 1 Variable lease costs consist of leases with variable rent structures, which are intended to increase flexibility in an environment with expected high sales volatility and provide a natural hedge against potential sales declines. Other information The table below presents supplemental cash flow information related to leases for the thirteen twenty-six July 29, 2023 July 30, 2022 Thirteen weeks ended Twenty-six weeks ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Operating cash flows for operating leases 10,097 9,534 19,781 18,275 As of July 29, 2023 July 30, 2022 For the thirteen twenty-six July 29, 2023 thirteen twenty-six July 30, 2022 not Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2023 15,179 2024 29,723 2025 19,767 2026 11,791 2027 7,075 Thereafter 10,495 Total minimum lease payments 94,030 Less: amount of lease payments representing interest (11,468 ) Present value of future minimum lease payments 82,562 Less: current obligations under leases (27,194 ) Long-term lease obligations $ 55,368 As of July 29, 2023 not ilities of $2.3 millio third 2023 two ten |
Note 4 - Other Assets
Note 4 - Other Assets | 6 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 4. Prepaid expenses and other current assets consist of the following (in thousands): July 29, January 28, July 30, 2023 2023 2022 Prepaid occupancy (1) $ 2,984 $ 2,196 $ 3,610 Prepaid merchandise (2) - 6,047 - Prepaid insurance 779 1,221 878 Prepaid gift card fees 732 835 1,188 Prepaid royalties 345 301 620 Prepaid taxes (3) 538 73 1,355 Other (4) 6,520 8,701 5,259 Total $ 11,898 $ 19,374 $ 12,910 ( 1 Prepaid occupancy consists of prepaid expenses related to variable non-lease components. ( 2 Prepaid merchandise consists of prepaid purchase orders of inventory that are not ( 3 Prepaid taxes consist of prepaid federal and state income tax. ( 4 Other consists primarily of prepaid expense related to information technology maintenance contracts and software as a service. Other non-current assets consist of the following (in thousands): July 29, January 28, July 30, 2023 2023 2022 Entertainment production asset $ 4,922 $ 2,939 $ 1,098 Deferred compensation $ 953 853 602 Other (1) $ 371 429 484 Total $ 6,246 $ 4,221 $ 2,184 ( 1 Other consists primarily of deferred financing costs related to the Company's credit facility. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 6 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following (in thousands): July 29, January 28, July 30, 2023 2023 2022 Accrued wages, bonuses and related expenses $ 17,629 $ 23,767 $ 15,063 Sales and value added taxes payable 2,156 4,561 2,266 Accrued rent and related expenses (1) 1,049 1,512 1,295 Current income taxes payable 3,413 3,418 149 Accrued Expense - Other (2) 4,100 4,100 4,100 Total $ 28,347 $ 37,358 $ 22,873 ( 1 Accrued rent and related expenses consist of accrued costs associated with non-lease components. ( 2 Accrued expense - Other consists of accrued costs associated with a legal reserve accrual. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 6 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 6. On April 14, 2020, 2020 “2020 June 11, 2020, 2020 April 11, 2023, 2020 2020 June 8, 2023, 2023 2020 2020 2020 2020 April 11, 2033, 2020 1,800,000 2020 2017 “2017 April 14, 2020 may For the thirteen July 29, 2023 July 30, 2022 twenty-six July 29, 2023 July 30, 2022 July 29, 2023 The following table is a summary of the balances and activity for stock options for the twenty-six July 29, 2023 Options Shares Weighted Average Exercise Price Outstanding, January 28, 2023 177,519 $ 14.20 Granted - - Exercised (131,811 ) 12.65 Forfeited - - Canceled or expired - - Outstanding, July 29, 2023 45,708 $ 18.67 The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the twenty-six July 29, 2023 Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, January 28, 2023 287,983 $ 8.78 295,048 $ 8.13 Granted 65,759 23.52 65,254 24.75 Vested (208,620 ) 7.20 - - Earned and Vested - - (215,130 ) 2.78 Forfeited (4,838 ) 12.91 (3,466 ) 18.03 Canceled or expired - - 57,756 2.87 Outstanding, July 29, 2023 140,283 $ 17.89 199,462 $ 17.62 The total fair value of shares vested during the twenty-six July 29, 2023 July 30, 2022 The outstanding performance shares as of July 29, 2023 Performance Shares Unearned shares subject to performance-based restrictions at target: 2021 - 2023 consolidated, cumulative earnings before interest, taxes, depreciation and amortization (EBITDA) objectives 39,821 2021 - 2023 consolidated revenue growth objectives 13,274 2022 - 2024 consolidated, earnings before interest, taxes, depreciation and amortization (EBITDA) growth objectives 60,835 2022 - 2024 consolidated revenue growth objectives 20,278 2023 - 2025 consolidated pre-tax income growth objectives 42,415 2023 - 2025 consolidated revenue growth objectives 22,839 Performance shares outstanding, July 29, 2023 199,462 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The Company's effective tax rate was 20.4% and 23.1% for the thirteen twenty-six July 29, 2023 thirteen twenty-six July 30, 2022 2023 2022 second 2023 2022, |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 6 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 8. The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen July 29, 2023 July 30, 2022 For the thirteen weeks ended July 29, 2023 For the thirteen weeks ended July 30, 2022 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 149 $ 70,324 $ (12,177 ) $ 50,676 $ 108,972 $ 157 $ 71,962 $ (12,452 ) $ 38,872 $ 98,540 Issuance of Restricted Stock - Shares issued under employee stock plans 2 1,572 1,574 272 272 Stock-based compensation 369 369 379 379 Shares withheld in lieu of tax withholdings (2 ) (3,639 ) (3,641 ) - Share Repurchase (4 ) (1,853 ) (6,244 ) (8,101 ) (7 ) (3,208 ) (8,030 ) (11,245 ) Option Exercises - Cash Dividends - - Other 196 196 4 19 23 Other comprehensive income 160 160 67 67 Net income 8,338 8,338 5,829 5,829 Balance, ending $ 145 $ 66,773 $ (12,017 ) $ 52,965 $ 107,866 $ 150 $ 69,409 $ (12,385 ) $ 36,690 $ 93,864 ( 1 ( 2 The following table sets forth the changes in stockholders’ equity (in thousands) for the twenty-six July 29, 2023 July 30, 2022 For the twenty-six weeks ended July 29, 2023 For the twenty-six weeks ended July 30, 2022 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 148 $ 69,868 $ (12,274 ) $ 61,375 $ 119,117 $ 162 $ 75,490 $ (12,470 ) $ 30,501 $ 93,683 Adoption of new accounting standard $ (785 ) Subtotal $ 148 $ 69,868 $ (12,274 ) $ 60,590 $ 118,332 $ 162 $ 75,490 $ (12,470 ) $ 30,501 $ 93,683 Issuance of Restricted Stock - Shares issued under employee stock plans 4 2,261 2,265 2 810 812 Stock-based compensation 758 758 807 807 Shares withheld in lieu of tax withholdings (2 ) (3,638 ) (3,640 ) (1 ) (2,178 ) (2,179 ) Share Repurchase (5 ) (2,476 ) (8,718 ) (11,199 ) (12 ) (5,521 ) (13,850 ) (19,383 ) Options Exercises - - Other 196 196 19 19 Dividend (22,049 ) (22,049 ) - Other comprehensive income 257 257 85 85 Net income 22,946 22,946 20,020 20,020 Balance, ending $ 145 $ 66,773 $ (12,017 ) $ 52,965 $ 107,866 $ 150 $ 69,409 $ (12,385 ) $ 36,690 $ 93,864 ( 1 ( 2 For the thirteen twenty-six July 29, 2023 326 During the first 2023, August 31, 2022. April 6, 2023 March 23, 2023 November 30, 2021 |
Note 9 - Income Per Share
Note 9 - Income Per Share | 6 Months Ended |
Jul. 29, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. The following table sets forth the computation of basic and diluted net income per share (in thousands, except share and per share data): Thirteen weeks ended Twenty-six weeks ended July 29, July 30, July 29, July 30, 2023 2022 2023 2022 NUMERATOR: Net income $ 8,338 $ 5,830 $ 22,946 $ 20,020 DENOMINATOR: Weighted average number of common shares outstanding - basic 14,419,365 15,274,770 14,438,611 15,375,250 Dilutive effect of share-based awards: 81,606 261,538 191,478 373,808 Weighted average number of common shares outstanding - dilutive 14,500,971 15,536,308 14,630,089 15,749,058 Basic net income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.58 $ 0.38 $ 1.59 $ 1.30 Diluted net income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.57 $ 0.38 $ 1.57 $ 1.27 In calculating the diluted income per share for the thirteen twenty-six July 29, 2023 not thirteen twenty-six July 30, 2022 not |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income (Loss) | 6 Months Ended |
Jul. 29, 2023 | |
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 July 29, 2023 July 30, 2022 thirteen July 29, 2023 July 30, 2022 |
Note 11 - Segment Information
Note 11 - Segment Information | 6 Months Ended |
Jul. 29, 2023 | |
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 July 29, 2023 Net sales to external customers $ 103,465 $ 4,978 $ 782 $ 109,225 Income before income taxes 8,037 2,252 190 10,479 Capital expenditures 3,073 - - 3,073 Depreciation and amortization 2,973 107 - 3,080 Thirteen weeks ended July 30, 2022 Net sales to external customers $ 95,882 $ 4,054 $ 749 $ 100,685 Income before income taxes $ 5,410 $ 1,707 $ 528 $ 7,645 Capital expenditures $ 2,995 $ - $ - $ 2,995 Depreciation and amortization $ 2,932 $ 94 $ - $ 3,026 Twenty-six weeks ended July 29, 2023 Net sales to external customers $ 215,561 $ 11,665 $ 2,049 $ 229,275 Income before income taxes 23,992 5,142 698 29,832 Capital expenditures 6,138 - - 6,138 Depreciation and amortization 6,114 195 - 6,309 Twenty-six weeks ended July 30, 2022 Net sales to external customers $ 208,772 $ 8,340 $ 1,235 $ 218,347 Income before income taxes 21,403 3,696 735 25,834 Capital expenditures 4,064 - - 4,064 Depreciation and amortization 5,964 312 - 6,276 Total Assets as of: July 29, 2023 $ 249,021 $ 8,379 $ 1,013 $ 258,413 January 28, 2023 272,221 7,466 1,107 280,794 July 29, 2022 258,719 3,836 880 263,435 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 July 29, 2023 Net sales to external customers $ 97,336 $ 11,127 $ 762 $ 109,225 Thirteen weeks ended July 30, 2022 Net sales to external customers $ 89,017 $ 10,908 $ 760 $ 100,685 Twenty-six weeks ended July 29, 2023 Net sales to external customers $ 204,200 $ 23,785 $ 1,290 $ 229,275 Property and equipment, net $ 47,062 $ 3,373 $ - $ 50,435 Twenty-six weeks ended July 30, 2022 Net sales to external customers $ 192,191 $ 24,903 $ 1,253 $ 218,347 Property and equipment, net $ 44,060 $ 2,629 $ - $ 46,689 For purposes of this table only: ( 1 ( 2 ( 3 |
Note 12 - Contingencies
Note 12 - Contingencies | 6 Months Ended |
Jul. 29, 2023 | |
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 first 2022, third 2022. fourth 2022 , July 29, 2023 not In August 2021, Not $500 $1,500 not |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Operating lease costs 9,113 8,625 18,095 16,969 Variable lease costs (1) 2,115 2,060 4,241 4,190 Short term lease costs 25 8 40 27 Total Operating Lease costs $ 11,253 $ 10,693 $ 22,376 $ 21,186 Thirteen weeks ended Twenty-six weeks ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Operating cash flows for operating leases 10,097 9,534 19,781 18,275 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Leases 2023 15,179 2024 29,723 2025 19,767 2026 11,791 2027 7,075 Thereafter 10,495 Total minimum lease payments 94,030 Less: amount of lease payments representing interest (11,468 ) Present value of future minimum lease payments 82,562 Less: current obligations under leases (27,194 ) Long-term lease obligations $ 55,368 |
Note 4 - Other Assets (Tables)
Note 4 - Other Assets (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | July 29, January 28, July 30, 2023 2023 2022 Prepaid occupancy (1) $ 2,984 $ 2,196 $ 3,610 Prepaid merchandise (2) - 6,047 - Prepaid insurance 779 1,221 878 Prepaid gift card fees 732 835 1,188 Prepaid royalties 345 301 620 Prepaid taxes (3) 538 73 1,355 Other (4) 6,520 8,701 5,259 Total $ 11,898 $ 19,374 $ 12,910 |
Schedule of Other Assets, Noncurrent [Table Text Block] | July 29, January 28, July 30, 2023 2023 2022 Entertainment production asset $ 4,922 $ 2,939 $ 1,098 Deferred compensation $ 953 853 602 Other (1) $ 371 429 484 Total $ 6,246 $ 4,221 $ 2,184 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | July 29, January 28, July 30, 2023 2023 2022 Accrued wages, bonuses and related expenses $ 17,629 $ 23,767 $ 15,063 Sales and value added taxes payable 2,156 4,561 2,266 Accrued rent and related expenses (1) 1,049 1,512 1,295 Current income taxes payable 3,413 3,418 149 Accrued Expense - Other (2) 4,100 4,100 4,100 Total $ 28,347 $ 37,358 $ 22,873 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Outstanding, January 28, 2023 177,519 $ 14.20 Granted - - Exercised (131,811 ) 12.65 Forfeited - - Canceled or expired - - Outstanding, July 29, 2023 45,708 $ 18.67 |
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 28, 2023 287,983 $ 8.78 295,048 $ 8.13 Granted 65,759 23.52 65,254 24.75 Vested (208,620 ) 7.20 - - Earned and Vested - - (215,130 ) 2.78 Forfeited (4,838 ) 12.91 (3,466 ) 18.03 Canceled or expired - - 57,756 2.87 Outstanding, July 29, 2023 140,283 $ 17.89 199,462 $ 17.62 |
Share-Based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | Performance Shares Unearned shares subject to performance-based restrictions at target: 2021 - 2023 consolidated, cumulative earnings before interest, taxes, depreciation and amortization (EBITDA) objectives 39,821 2021 - 2023 consolidated revenue growth objectives 13,274 2022 - 2024 consolidated, earnings before interest, taxes, depreciation and amortization (EBITDA) growth objectives 60,835 2022 - 2024 consolidated revenue growth objectives 20,278 2023 - 2025 consolidated pre-tax income growth objectives 42,415 2023 - 2025 consolidated revenue growth objectives 22,839 Performance shares outstanding, July 29, 2023 199,462 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | For the thirteen weeks ended July 29, 2023 For the thirteen weeks ended July 30, 2022 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 149 $ 70,324 $ (12,177 ) $ 50,676 $ 108,972 $ 157 $ 71,962 $ (12,452 ) $ 38,872 $ 98,540 Issuance of Restricted Stock - Shares issued under employee stock plans 2 1,572 1,574 272 272 Stock-based compensation 369 369 379 379 Shares withheld in lieu of tax withholdings (2 ) (3,639 ) (3,641 ) - Share Repurchase (4 ) (1,853 ) (6,244 ) (8,101 ) (7 ) (3,208 ) (8,030 ) (11,245 ) Option Exercises - Cash Dividends - - Other 196 196 4 19 23 Other comprehensive income 160 160 67 67 Net income 8,338 8,338 5,829 5,829 Balance, ending $ 145 $ 66,773 $ (12,017 ) $ 52,965 $ 107,866 $ 150 $ 69,409 $ (12,385 ) $ 36,690 $ 93,864 For the twenty-six weeks ended July 29, 2023 For the twenty-six weeks ended July 30, 2022 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 148 $ 69,868 $ (12,274 ) $ 61,375 $ 119,117 $ 162 $ 75,490 $ (12,470 ) $ 30,501 $ 93,683 Adoption of new accounting standard $ (785 ) Subtotal $ 148 $ 69,868 $ (12,274 ) $ 60,590 $ 118,332 $ 162 $ 75,490 $ (12,470 ) $ 30,501 $ 93,683 Issuance of Restricted Stock - Shares issued under employee stock plans 4 2,261 2,265 2 810 812 Stock-based compensation 758 758 807 807 Shares withheld in lieu of tax withholdings (2 ) (3,638 ) (3,640 ) (1 ) (2,178 ) (2,179 ) Share Repurchase (5 ) (2,476 ) (8,718 ) (11,199 ) (12 ) (5,521 ) (13,850 ) (19,383 ) Options Exercises - - Other 196 196 19 19 Dividend (22,049 ) (22,049 ) - Other comprehensive income 257 257 85 85 Net income 22,946 22,946 20,020 20,020 Balance, ending $ 145 $ 66,773 $ (12,017 ) $ 52,965 $ 107,866 $ 150 $ 69,409 $ (12,385 ) $ 36,690 $ 93,864 |
Note 9 - Income Per Share (Tabl
Note 9 - Income Per Share (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended July 29, July 30, July 29, July 30, 2023 2022 2023 2022 NUMERATOR: Net income $ 8,338 $ 5,830 $ 22,946 $ 20,020 DENOMINATOR: Weighted average number of common shares outstanding - basic 14,419,365 15,274,770 14,438,611 15,375,250 Dilutive effect of share-based awards: 81,606 261,538 191,478 373,808 Weighted average number of common shares outstanding - dilutive 14,500,971 15,536,308 14,630,089 15,749,058 Basic net income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.58 $ 0.38 $ 1.59 $ 1.30 Diluted net income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.57 $ 0.38 $ 1.57 $ 1.27 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 6 Months Ended |
Jul. 29, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended July 29, 2023 Net sales to external customers $ 103,465 $ 4,978 $ 782 $ 109,225 Income before income taxes 8,037 2,252 190 10,479 Capital expenditures 3,073 - - 3,073 Depreciation and amortization 2,973 107 - 3,080 Thirteen weeks ended July 30, 2022 Net sales to external customers $ 95,882 $ 4,054 $ 749 $ 100,685 Income before income taxes $ 5,410 $ 1,707 $ 528 $ 7,645 Capital expenditures $ 2,995 $ - $ - $ 2,995 Depreciation and amortization $ 2,932 $ 94 $ - $ 3,026 Twenty-six weeks ended July 29, 2023 Net sales to external customers $ 215,561 $ 11,665 $ 2,049 $ 229,275 Income before income taxes 23,992 5,142 698 29,832 Capital expenditures 6,138 - - 6,138 Depreciation and amortization 6,114 195 - 6,309 Twenty-six weeks ended July 30, 2022 Net sales to external customers $ 208,772 $ 8,340 $ 1,235 $ 218,347 Income before income taxes 21,403 3,696 735 25,834 Capital expenditures 4,064 - - 4,064 Depreciation and amortization 5,964 312 - 6,276 Total Assets as of: July 29, 2023 $ 249,021 $ 8,379 $ 1,013 $ 258,413 January 28, 2023 272,221 7,466 1,107 280,794 July 29, 2022 258,719 3,836 880 263,435 |
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 July 29, 2023 Net sales to external customers $ 97,336 $ 11,127 $ 762 $ 109,225 Thirteen weeks ended July 30, 2022 Net sales to external customers $ 89,017 $ 10,908 $ 760 $ 100,685 Twenty-six weeks ended July 29, 2023 Net sales to external customers $ 204,200 $ 23,785 $ 1,290 $ 229,275 Property and equipment, net $ 47,062 $ 3,373 $ - $ 50,435 Twenty-six weeks ended July 30, 2022 Net sales to external customers $ 192,191 $ 24,903 $ 1,253 $ 218,347 Property and equipment, net $ 44,060 $ 2,629 $ - $ 46,689 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) | 6 Months Ended |
Jul. 29, 2023 | |
Gift Card Redemption Period (Year) | 3 years |
Estimated Percentage of Gift Card Redemptions Within First Twelve Months | 60% |
International Franchising [Member] | |
Capitalized Contract Cost, Amortization Period (Year) | 25 years |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Direct-to-consumer Reporting Segment [Member] | |
Concentration Risk, Percentage | 95% |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 10 months 24 days | 4 years 3 months 18 days | 3 years 10 months 24 days | 4 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.40% | 5.70% | 6.40% | 5.70% |
Operating Lease, Impairment Loss | $ 0 | $ 0 | $ 0 | $ 0 |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 2,300 | $ 2,300 | ||
Minimum [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | 5 years | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 2 years | 2 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 | 6 Months Ended | |||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | ||
Operating lease costs | $ 9,113 | $ 8,625 | $ 18,095 | $ 16,969 | |
Variable lease costs (1) | [1] | 2,115 | 2,060 | 4,241 | 4,190 |
Short term lease costs | 25 | 8 | 40 | 27 | |
Total Operating Lease costs | 11,253 | 10,693 | 22,376 | 21,186 | |
Operating cash flows for operating leases | $ 10,097 | $ 9,534 | $ 19,781 | $ 18,275 | |
[1]Variable lease costs consist of leases with variable rent structures, which are intended to increase flexibility in an environment with expected high sales volatility and provide a natural hedge against potential sales declines. |
Note 3 - Leases - Reconciliatio
Note 3 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 | Jul. 30, 2022 |
2023 | $ 15,179 | ||
2024 | 29,723 | ||
2025 | 19,767 | ||
2026 | 11,791 | ||
2027 | 7,075 | ||
Thereafter | 10,495 | ||
Total minimum lease payments | 94,030 | ||
Less: amount of lease payments representing interest | (11,468) | ||
Present value of future minimum lease payments | 82,562 | ||
Less: current obligations under leases | (27,194) | $ (27,436) | $ (25,244) |
Long-term lease obligations | $ 55,368 | $ 59,080 | $ 68,291 |
Note 4 - Other Assets - Summary
Note 4 - Other Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 | Jul. 30, 2022 | |
Prepaid occupancy | [1] | $ 2,984 | $ 2,196 | $ 3,610 |
Prepaid merchandise (2) | [2] | 0 | 6,047 | 0 |
Prepaid insurance | 779 | 1,221 | 878 | |
Prepaid gift card fees | 732 | 835 | 1,188 | |
Prepaid royalties | 345 | 301 | 620 | |
Prepaid taxes | [3],[4] | 538 | 73 | 1,355 |
Other | [5] | 6,520 | 8,701 | 5,259 |
Total | $ 11,898 | $ 19,374 | $ 12,910 | |
[1]Prepaid occupancy consists of prepaid expenses related to variable non-lease components.[2]Prepaid merchandise consists of prepaid purchase orders of inventory that are not in transit.[3]Prepaid taxes consist of prepaid federal and state income tax.[4]Prepaid taxes consist of prepaid federal and state income tax.[5]Other consists primarily of prepaid expense related to information technology maintenance contracts and software as a service. |
Note 4 - Other Assets - Other N
Note 4 - Other Assets - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Jul. 29, 2023 | Jan. 28, 2023 | Jul. 30, 2022 | |
Entertainment production asset | $ 4,922 | $ 2,939 | $ 1,098 | |
Deferred compensation | 953 | 853 | 602 | |
Other (1) | [1] | 371 | 429 | 484 |
Total | $ 6,246 | $ 4,221 | $ 2,184 | |
[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 | Jul. 29, 2023 | Jan. 28, 2023 | Jul. 30, 2022 | |
Accrued wages, bonuses and related expenses | $ 17,629 | $ 23,767 | $ 15,063 | |
Sales and value added taxes payable | 2,156 | 4,561 | 2,266 | |
Accrued rent and related expenses | [1] | 1,049 | 1,512 | 1,295 |
Current income taxes payable | 3,413 | 3,418 | 149 | |
Accrued Expense - Other (2) | [2] | 4,100 | 4,100 | 4,100 |
Total | $ 28,347 | $ 37,358 | $ 22,873 | |
[1]Accrued rent and related expenses consist of accrued costs associated with non-lease components.[2]Accrued expense - Other consists of accrued costs associated with a legal reserve accrual. |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 11, 2033 | Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Options and Restricted Stock [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 0.7 | $ 0.6 | $ 1.8 | $ 1.3 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2.1 | $ 2.1 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 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 | $ 2.1 | $ 2 | |||
Incentive Plan 2020 [Member] | Forecast [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 800,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,800,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Activity for Stock Options (Details) | 6 Months Ended |
Jul. 29, 2023 $ / shares shares | |
Outstanding (in shares) | shares | 177,519 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 14.20 |
Granted (in shares) | shares | 0 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised (in shares) | shares | (131,811) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 12.65 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Canceled or expired (in shares) | shares | 0 |
Canceled or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 45,708 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 18.67 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) | 6 Months Ended |
Jul. 29, 2023 $ / shares shares | |
Restricted Stock [Member] | |
Outstanding (in shares) | shares | 287,983 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.78 |
Granted (in shares) | shares | 65,759 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.52 |
Vested (in shares) | shares | (208,620) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.20 |
Earned and Vested (in shares) | shares | 0 |
Earned and Vested (in dollars per share) | $ / shares | $ 0 |
Forfeited (in shares) | shares | (4,838) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 12.91 |
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 | 140,283 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.89 |
Performance Shares [Member] | |
Outstanding (in shares) | shares | 295,048 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.13 |
Granted (in shares) | shares | 65,254 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.75 |
Vested (in shares) | shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Earned and Vested (in shares) | shares | (215,130) |
Earned and Vested (in dollars per share) | $ / shares | $ 2.78 |
Forfeited (in shares) | shares | (3,466) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.03 |
Canceled or expired (in shares) | shares | 57,756 |
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.87 |
Outstanding (in shares) | shares | 199,462 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.62 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Outstanding Performance Shares (Details) - Performance Shares [Member] - shares | Jul. 29, 2023 | Jan. 28, 2023 |
Performance shares (in shares) | 199,462 | 295,048 |
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 | |
Vesting Upon Achievement of 2022 - 2024 Consolidated, Cumulative Earnings Before Interest, Taxes, Depreciation and Amortization Objectives [Member] | ||
Performance shares (in shares) | 60,835 | |
Vesting Upon Achievement of 2022 - 2024 Consolidated Growth Revenue Objectives [Member] | ||
Performance shares (in shares) | 20,278 | |
Vesting Upon Achievement of 2023 - 2025 Pretax Income Growth Objectives [Member] | ||
Performance shares (in shares) | 42,415 | |
Vesting Upon Achievement of 2023 - 2025 Consolidated Revenue Growth Objectives [Member] | ||
Performance shares (in shares) | 22,839 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 20.40% | 23.50% | 23.10% | 22.40% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2023 | Jul. 29, 2023 | Jul. 30, 2022 | Apr. 06, 2023 | Nov. 30, 2021 | |
Credit Impairment Charges, Trade Receivables Credit Losses Recognized in Retained Earnings | $ 800 | $ 800 | |||
Payments for Repurchase of Common Stock | 11,199 | $ 19,383 | |||
Dividends Payable, Amount Per Share (in dollars per share) | $ 1.50 | $ 1.25 | |||
Share Repurchase Program 2022 [Member] | |||||
Payments for Repurchase of Common Stock | $ 8,100 | ||||
Stock Repurchased During Period, Shares (in shares) | 394,321 | ||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | $ 50,000 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | ||
Balance | $ 108,972 | $ 98,540 | $ 119,117 | $ 93,683 | |
Shares issued under employee stock plans | 1,574 | 272 | 2,265 | 812 | |
Stock-based compensation | 369 | 379 | 758 | 807 | |
Shares withheld in lieu of tax withholdings | 3,641 | 0 | 3,640 | 2,179 | |
Share Repurchase | (8,101) | (11,245) | (11,199) | (19,383) | |
Cash Dividends | 0 | 0 | (22,049) | 0 | |
Other | 196 | 23 | 196 | 19 | |
Other comprehensive income | 160 | 67 | 257 | 85 | |
Net income | 8,338 | 5,829 | 22,946 | 20,020 | |
Balance, ending | 107,866 | 93,864 | 107,866 | 93,864 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Balance | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Balance | 118,332 | 93,683 | |||
Common Stock [Member] | |||||
Balance | 149 | 157 | 148 | 162 | |
Shares issued under employee stock plans | 2 | 4 | 2 | ||
Stock-based compensation | |||||
Shares withheld in lieu of tax withholdings | 2 | 2 | 1 | ||
Share Repurchase | (4) | (7) | (5) | (12) | |
Cash Dividends | |||||
Other | |||||
Other comprehensive income | |||||
Net income | |||||
Balance, ending | 145 | 150 | 145 | 150 | |
Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Balance | |||||
Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Balance | 148 | 162 | |||
Additional Paid-in Capital [Member] | |||||
Balance | [1] | 70,324 | 71,962 | 69,868 | 75,490 |
Shares issued under employee stock plans | [1] | 1,572 | 272 | 2,261 | 810 |
Stock-based compensation | [1] | 369 | 379 | 758 | 807 |
Shares withheld in lieu of tax withholdings | 3,639 | 3,638 | 2,178 | ||
Share Repurchase | [1] | (1,853) | (3,208) | (2,476) | (5,521) |
Cash Dividends | |||||
Other | [1] | 4 | |||
Other comprehensive income | [1] | ||||
Net income | [1] | ||||
Balance, ending | [1] | 66,773 | 69,409 | 66,773 | 69,409 |
Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Balance | |||||
Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Balance | 69,868 | 75,490 | |||
AOCI Attributable to Parent [Member] | |||||
Balance | [2] | (12,177) | (12,452) | (12,274) | (12,470) |
Shares issued under employee stock plans | [2] | ||||
Stock-based compensation | [2] | ||||
Shares withheld in lieu of tax withholdings | |||||
Share Repurchase | [2] | ||||
Cash Dividends | |||||
Other | [2] | ||||
Other comprehensive income | [2] | 160 | 67 | 257 | 85 |
Net income | [2] | ||||
Balance, ending | [2] | (12,017) | (12,385) | (12,017) | (12,385) |
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Balance | |||||
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Balance | (12,274) | (12,470) | |||
Retained Earnings [Member] | |||||
Balance | 50,676 | 38,872 | 61,375 | 30,501 | |
Shares issued under employee stock plans | |||||
Stock-based compensation | |||||
Shares withheld in lieu of tax withholdings | |||||
Share Repurchase | (6,244) | (8,030) | (8,718) | (13,850) | |
Cash Dividends | (22,049) | ||||
Other | 196 | 19 | 196 | 19 | |
Other comprehensive income | |||||
Net income | 8,338 | 5,829 | 22,946 | 20,020 | |
Balance, ending | $ 52,965 | $ 36,690 | 52,965 | 36,690 | |
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Balance | (785) | ||||
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Balance | $ 60,590 | $ 30,501 | |||
[1]Additional paid-in capital (“APIC”)[2]Accumulated other comprehensive income (loss) (“AOCI”) |
Note 9 - Income Per Share (Deta
Note 9 - Income Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 56,191 | 89,558 | 32,630 | 137,137 |
Note 9 - Income Per Share - Com
Note 9 - Income Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | |
Net income | $ 8,338 | $ 5,830 | $ 22,946 | $ 20,020 |
Weighted average number of common shares outstanding - basic (in shares) | 14,419,365 | 15,274,770 | 14,438,611 | 15,375,250 |
Dilutive effect of share-based awards: (in shares) | 81,606 | 261,538 | 191,478 | 373,808 |
Weighted average number of common shares outstanding - dilutive (in shares) | 14,500,971 | 15,536,308 | 14,630,089 | 15,749,058 |
Basic net income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.58 | $ 0.38 | $ 1.59 | $ 1.30 |
Diluted net income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.57 | $ 0.38 | $ 1.57 | $ 1.27 |
Note 10 - Comprehensive Incom_2
Note 10 - Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 29, 2023 | Jul. 30, 2022 | |
Translation Adjustment Functional to Reporting Currency, Gain (Loss), Reclassified to Earnings, Net of Tax | $ 0 | $ 0 |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 6 Months Ended |
Jul. 29, 2023 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 11 - Segment Information -
Note 11 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | Jan. 28, 2023 | |
Net sales to external customers | $ 109,225 | $ 100,685 | $ 229,275 | $ 218,347 | |
Income (loss) before income taxes | 10,479 | 7,645 | 29,832 | 25,834 | |
Capital expenditures, net | 3,073 | 2,995 | 6,138 | 4,064 | |
Depreciation and amortization | 3,080 | 3,026 | 6,309 | 6,276 | |
Total assets | 258,413 | 263,435 | 258,413 | 263,435 | $ 280,794 |
Direct to Consumer [Member] | |||||
Net sales to external customers | 103,465 | 95,882 | 215,561 | 208,772 | |
Income (loss) before income taxes | 8,037 | 5,410 | 23,992 | 21,403 | |
Capital expenditures, net | 3,073 | 2,995 | 6,138 | 4,064 | |
Depreciation and amortization | 2,973 | 2,932 | 6,114 | 5,964 | |
Total assets | 249,021 | 258,719 | 249,021 | 258,719 | 272,221 |
Commercial [Member] | |||||
Net sales to external customers | 4,978 | 4,054 | 11,665 | 8,340 | |
Income (loss) before income taxes | 2,252 | 1,707 | 5,142 | 3,696 | |
Capital expenditures, net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 107 | 94 | 195 | 312 | |
Total assets | 8,379 | 3,836 | 8,379 | 3,836 | 7,466 |
International Franchising [Member] | |||||
Net sales to external customers | 782 | 749 | 2,049 | 1,235 | |
Income (loss) before income taxes | 190 | 528 | 698 | 735 | |
Capital expenditures, net | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Total assets | $ 1,013 | $ 880 | $ 1,013 | $ 880 | $ 1,107 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jul. 29, 2023 | Jul. 30, 2022 | Jul. 29, 2023 | Jul. 30, 2022 | Jan. 28, 2023 | ||||
Net sales to external customers | $ 109,225 | $ 100,685 | $ 229,275 | $ 218,347 | ||||
Property and equipment, net | 50,435 | 46,689 | 50,435 | 46,689 | $ 50,759 | |||
North America [Member] | ||||||||
Net sales to external customers | 97,336 | [1] | 89,017 | [1] | 204,200 | 192,191 | ||
Property and equipment, net | [1] | 47,062 | 44,060 | 47,062 | 44,060 | |||
Europe [Member] | ||||||||
Net sales to external customers | 11,127 | [2] | 10,908 | [2] | 23,785 | 24,903 | ||
Property and equipment, net | [2] | 3,373 | 2,629 | 3,373 | 2,629 | |||
Other Geographic Region [Member] | ||||||||
Net sales to external customers | 762 | [3] | 760 | [3] | 1,290 | 1,253 | ||
Property and equipment, net | [3] | $ 0 | $ 0 | $ 0 | $ 0 | |||
[1]North America includes corporately-operated locations in the United States and Canada.[2]Europe includes corporately-operated locations in the U.K. and Ireland.[3]Other includes franchise businesses outside of North America and Europe |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Millions | Jul. 29, 2023 USD ($) |
Litigation Receivable, Gross | $ 4.7 |
Litigation Receivables, Reserve | 3.7 |
Litigation Receivables, Net | $ 1 |