Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May 04, 2024 | Jun. 10, 2024 | |
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 | --02-01 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 04, 2024 | |
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 | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,805,082 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 38,233 | $ 44,327 | $ 32,819 |
Inventories, net | 64,024 | 63,499 | 66,489 |
Receivables, net | 9,547 | 8,569 | 13,307 |
Prepaid expenses and other current assets | 12,046 | 11,377 | 13,503 |
Total current assets | 123,850 | 127,772 | 126,118 |
Operating lease right-of-use asset | 72,783 | 73,443 | 73,780 |
Property and equipment, net | 53,897 | 55,262 | 50,385 |
Deferred tax assets | 8,672 | 8,682 | 6,642 |
Other assets, net | 6,074 | 7,166 | 4,785 |
Total Assets | 265,276 | 272,325 | 261,710 |
Current liabilities: | |||
Accounts payable | 14,793 | 16,170 | 13,686 |
Accrued expenses | 19,552 | 19,954 | 27,272 |
Operating lease liability short term | 24,276 | 25,961 | 27,843 |
Gift cards and customer deposits | 16,620 | 18,134 | 18,637 |
Deferred revenue and other | 3,432 | 3,514 | 5,010 |
Total current liabilities | 78,673 | 83,733 | 92,448 |
Operating lease liability long term | 56,906 | 57,609 | 59,030 |
Other long-term liabilities | 1,356 | 1,321 | 1,260 |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at May 4, 2024, February 3, 2024 and April 29, 2023 | 0 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 13,914,176, 14,172,362, and 14,938,825 shares, respectively | 139 | 142 | 149 |
Additional paid-in capital | 64,065 | 66,330 | 70,324 |
Accumulated other comprehensive loss | (12,153) | (12,082) | (12,177) |
Retained earnings | 76,290 | 75,272 | 50,676 |
Total stockholders' equity | 128,341 | 129,662 | 108,972 |
Total Liabilities and Stockholders' Equity | $ 265,276 | $ 272,325 | $ 261,710 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 | 15,000,000 |
Preferred stock, issued (in shares) | 0 | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 13,914,176 | 14,172,362 | 14,938,825 |
Common stock, shares outstanding (in shares) | 13,914,176 | 14,172,362 | 14,938,825 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Revenues: | ||
Revenue | $ 114,730 | $ 120,050 |
Costs and expenses: | ||
Cost of merchandise sold | 52,565 | 55,147 |
Consolidated gross profit | 62,165 | 64,903 |
Selling, general and administrative expense | 47,562 | 45,626 |
Interest income, net | (426) | (76) |
Income before income taxes | 15,029 | 19,353 |
Income tax expense | 3,570 | 4,745 |
Net income | 11,459 | 14,608 |
Foreign currency translation adjustment | (71) | 97 |
Comprehensive income | $ 11,388 | $ 14,705 |
Income per common share: | ||
Basic (in dollars per share) | $ 0.82 | $ 1.01 |
Diluted (in dollars per share) | $ 0.82 | $ 0.98 |
Shares used in computing common per share amounts: | ||
Basic (in shares) | 13,925,957 | 14,457,858 |
Diluted (in shares) | 14,006,400 | 14,974,930 |
Retail [Member] | ||
Revenues: | ||
Revenue | $ 107,868 | $ 112,096 |
Costs and expenses: | ||
Cost of merchandise sold | 49,415 | 50,904 |
Commercial Product and Service [Member] | ||
Revenues: | ||
Revenue | 5,985 | 6,688 |
Costs and expenses: | ||
Cost of merchandise sold | 2,533 | 3,358 |
International Franchising [Member] | ||
Revenues: | ||
Revenue | 877 | 1,266 |
Costs and expenses: | ||
Cost of merchandise sold | $ 617 | $ 885 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Cash flows provided by operating activities: | ||
Net income | $ 11,459 | $ 14,608 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,658 | 3,080 |
Share-based and performance-based stock compensation | 412 | 1,052 |
Provision/adjustments for doubtful accounts | (78) | (316) |
Loss on disposal of property and equipment | 139 | 21 |
Deferred taxes | 0 | (53) |
Change in assets and liabilities: | ||
Inventories, net | (593) | 4,077 |
Receivables, net | (901) | 1,626 |
Prepaid expenses and other assets | 407 | 5,264 |
Accounts payable and accrued expenses | (810) | (6,265) |
Operating leases | (1,716) | (1,840) |
Gift cards and customer deposits | (1,502) | (799) |
Deferred revenue | (110) | (1,669) |
Net cash provided by operating activities | 10,365 | 18,786 |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (2,430) | (3,065) |
Net cash used in investing activities | (2,430) | (3,065) |
Cash flows used in financing activities: | ||
(Purchases) proceeds from the exercise of employee equity awards, net of tax | (1,869) | 94 |
Cash dividends paid | (2,911) | (22,098) |
Purchases of Company’s common stock | (9,198) | (3,099) |
Net cash used in financing activities | (13,978) | (25,103) |
Effect of exchange rates on cash | (51) | 3 |
Decrease in cash, cash equivalents, and restricted cash | (6,094) | (9,379) |
Cash, cash equivalents and restricted cash, beginning of period | 44,327 | 42,198 |
Cash, cash equivalents and restricted cash, end of period | 38,233 | 32,819 |
Supplemental disclosure of cash flow information: | ||
Cash and cash equivalents | 37,840 | 32,367 |
Restricted cash from long-term deposits | 392 | 452 |
Total cash, cash equivalents and restricted cash | 38,233 | 32,819 |
Net cash paid during the period for income taxes | $ 210 | $ 646 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. The condensed consolidated financial statements included herein are unaudited and have been prepared by Build-A-Bear Workshop, Inc. and its subsidiaries (collectively, the “Company”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet of the Company as of February 3, 2024 not February 3, 2024 10 April 18, 2024. 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 February 3, 2024. |
Note 2 - Revenue
Note 2 - Revenue | 3 Months Ended |
May 04, 2024 | |
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 first 2024. 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 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 is deferred for single transactions until redemption including any related gift card discounts. Approximately 80% of gift cards are redeemed within three three first twelve 2019 not fourth 2023 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 May 4, 2024 not The Company reserves for “expected” credit losses on financial instruments and other commitments to extend credit rather than the “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions and reasonable and supportable forecasts. For the thirteen May 4, 2024 April 29, 2023 |
Note 3 - Leases
Note 3 - Leases | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 3. The majority of the Company's leases relate to retail stores and corporate offices. For leases with terms greater than 12 five ten may may not The table below presents certain information related to the lease costs for operating leases for the thirteen May 4, 2024 April 29, 2023 Thirteen weeks ended May 4, 2024 April 29, 2023 Operating lease costs $ 9,584 $ 8,982 Variable lease costs (1) 2,191 2,126 Short term lease costs 26 15 Total Operating Lease costs $ 11,801 $ 11,123 ( 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 May 4, 2024 April 29, 2023 Thirteen weeks ended May 4, 2024 April 29, 2023 Operating cash flows for operating leases $ 9,814 $ 9,684 As of May 4, 2024 April 29, 2023 For the thirteen May 4, 2024 thirteen April 29, 2023 Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2024 $ 23,716 2025 20,758 2026 13,428 2027 9,758 2028 6,298 Thereafter 27,133 Total minimum lease payments 101,091 Less: amount of lease payments representing interest (19,909 ) Present value of future minimum lease payments 81,182 Less: current obligations under leases (24,276 ) Long-term lease obligations $ 56,906 As of May 4, 2024 not ilities of $33.8 millio 2024 2025 two twenty |
Note 4 - Other Assets
Note 4 - Other Assets | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 4. Prepaid expenses and other current assets consist of the following (in thousands): May 4, February 3, April 29, 2024 2024 2023 Prepaid occupancy (1) $ 3,807 $ 2,442 $ 3,352 Prepaid insurance 733 1,250 526 Prepaid gift card fees 647 699 768 Prepaid royalties 265 319 449 Prepaid taxes (2) 127 199 28 Other (3) 6,468 6,468 8,380 Total $ 12,046 $ 11,377 $ 13,503 ( 1 Prepaid occupancy consists of prepaid expenses related to variable non-lease components. ( 2 Prepaid taxes consist of prepaid federal and state income tax. ( 3 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): May 4, February 3, April 29, 2024 2024 2023 Entertainment production asset (1) $ 4,736 $ 4,734 $ 3,500 Deferred compensation 1,057 2,121 885 Other (2) 281 311 400 Total $ 6,074 $ 7,166 $ 4,785 ( 1 Entertainment production asset includes the direct costs, production overhead and development costs in producing entertainment assets such as films or music. ( 2 Other consists primarily of deferred financing costs related to the Company's credit facility. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following (in thousands): May 4, February 3, April 29, 2024 2024 2023 Accrued wages, bonuses and related expenses $ 12,007 $ 14,549 $ 12,602 Current income taxes payable 4,891 1,602 7,524 Sales and value added taxes payable 1,617 2,447 2,148 Accrued rent and related expenses (1) 1,037 1,356 898 Accrued expense - other (2) - - 4,100 Total $ 19,552 $ 19,954 $ 27,272 ( 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 | 3 Months Ended |
May 04, 2024 | |
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 2020 2017 “2017 April 14, 2020 may For the thirteen May 4, 2024 April 29, 2023 May 4, 2024 The following table is a summary of the balances and activity for stock options for the thirteen May 4, 2024 Options Shares Weighted Average Exercise Price Outstanding, February 3, 2024 12,375 $ 17.84 Granted - - Exercised (12,375 ) 17.84 Forfeited - - Canceled or expired - - Outstanding, May 4, 2024 - $ - The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the thirteen May 4, 2024 Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, February 4, 2024 (1) 122,609 $ 18.02 185,082 $ 17.37 Granted (1) 39,270 27.50 62,456 27.50 Vested (59,237 ) 13.89 - - Adjustment for performance achievement - - 53,095 2.78 Earned and Vested - - (106,190 ) 2.78 Forfeited (1) (3,333 ) 24.75 (3,333 ) 24.75 Outstanding, May 4, 2024 (1) 99,309 $ 24.01 191,110 $ 23.09 ( 1 Performance-based restricted stock outstanding, granted, and forfeited are presented at 100% The total fair value of shares vested during the thirteen May 4, 2024 April 29, 2023 The outstanding performance shares as of May 4, 2024 Performance Shares Unearned shares subject to performance-based restrictions at target: 2022 - 2024 consolidated, earnings before interest, taxes, depreciation and amortization (EBITDA) growth objectives 54,596 2022 - 2024 consolidated revenue growth objectives 18,198 2023 - 2025 consolidated pre-tax income growth objectives 36,309 2023 - 2025 consolidated revenue growth objectives 19,551 2024 - 2026 consolidated, cumulative earnings before interest, taxes, depreciation and amortization (EBITDA) objectives 40,596 2024 - 2026 consolidated, cumulative revenue objectives 21,860 Performance shares outstanding, May 4, 2024 191,110 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The Company's effective tax rate was 23.8% for the thirteen May 4, 2024 thirteen April 29, 2023 first 2024, fourth 2023, first 2024, first 2023, |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 8. The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen May 4, 2024 April 29, 2023 For the thirteen weeks ended May 4, 2024 For the thirteen weeks ended April 29, 2023 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 142 $ 66,330 $ (12,082 ) $ 75,272 $ 129,662 $ 148 $ 69,868 $ (12,274 ) $ 61,375 $ 119,117 Adoption of new accounting standard (785 ) (785 ) Subtotal $ 142 $ 66,330 $ (12,082 ) $ 75,272 $ 129,662 $ 148 $ 69,868 $ (12,274 ) $ 60,590 $ 118,332 Shares issued under employee stock plans 1 1,094 1,095 2 691 - - 693 Stock-based compensation 334 334 - 389 - - 389 Shares withheld in lieu of tax withholdings (2,089 ) (2,089 ) - - - - - Share Repurchase (4 ) (1,604 ) (7,591 ) (9,199 ) (1 ) (624 ) - (2,474 ) (3,099 ) Cash Dividends (2,810 ) (2,810 ) - - - (22,048 ) (22,048 ) Other (40 ) (40 ) - - - - - Other comprehensive (loss) income (71 ) (71 ) - - 97 - 97 Net income 11,459 11,459 - - - 14,608 14,608 Balance, ending $ 139 $ 64,065 $ (12,153 ) $ 76,290 $ 128,341 $ 149 $ 70,324 $ (12,177 ) $ 50,676 $ 108,972 ( 1 ( 2 During the thirteen May 4, 2024 August 31, 2022. April 11 March 28 For the thirteen April 29, 2023 326 thirteen April 29, 2023, August 31, 2022. April 6 March 23 |
Note 9 - Net Income Per Share
Note 9 - Net Income Per Share | 3 Months Ended |
May 04, 2024 | |
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 May 4, April 29, 2024 2023 NUMERATOR: Net income $ 11,459 $ 14,608 DENOMINATOR: Weighted average number of common shares outstanding - basic 13,925,957 14,457,858 Dilutive effect of share-based awards: 80,443 517,072 Weighted average number of common shares outstanding - dilutive 14,006,400 14,974,930 Basic net income per common share $ 0.82 $ 1.01 Diluted net income per common share $ 0.82 $ 0.98 In calculating the diluted income per share for the thirteen May 4, 2024 April 29, 2023 not |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. The difference between comprehensive income or loss and net income or loss is the result of foreign currency translation adjustments on the balance sheets of subsidiaries whose functional currency is not May 4, 2024 April 29, 2023 thirteen May 4, 2024 April 29, 2023 no |
Note 11 - Segment Information
Note 11 - Segment Information | 3 Months Ended |
May 04, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. The Company’s operations are conducted through three third three Following is a summary of the financial information for the Company’s reportable segments (in thousands): Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended May 4, 2024 Net sales to external customers $ 107,868 $ 5,985 $ 877 $ 114,730 Income before income taxes 11,722 3,107 200 15,029 Capital expenditures 2,430 - - 2,430 Depreciation and amortization 3,606 52 - 3,658 Thirteen weeks ended April 29, 2023 Net sales to external customers $ 112,096 $ 6,688 $ 1,266 $ 120,050 Income before income taxes 15,955 2,890 508 19,353 Capital expenditures 3,065 - - 3,065 Depreciation and amortization 2,973 107 - 3,080 Total Assets as of: May 4, 2024 $ 254,951 $ 8,948 $ 1,377 $ 265,276 February 3, 2024 262,299 8,801 1,225 272,325 April 29, 2023 253,338 6,902 1,470 261,710 The Company’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may North America (1) Europe (2) Other (3) Total Thirteen weeks ended May 4, 2024 Net sales to external customers $ 99,451 $ 14,449 $ 830 $ 114,730 Thirteen weeks ended April 29, 2023 Net sales to external customers $ 106,864 $ 12,658 $ 528 $ 120,050 For purposes of this table only: ( 1 ( 2 ( 3 |
Note 12 - Contingencies
Note 12 - Contingencies | 3 Months Ended |
May 04, 2024 | |
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 , May 4, 2024 not |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 04, 2024 shares | |
ecd_TradingArrByIndTable | |
Material Terms of Trading Arrangement [Text Block] | Item 5. Security Trading Plans of Directors and Executive Officers On March 22, 2024 Sharon John President and Chief Executive Officer adopted 10b5 1 10b5 1 10b5 1 December 6, 2024, On April 8, 2024, adopted 10b5 1 10b5 1 10b5 1 January 31, 2025, |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
BBW_Sharon John [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement Adoption Date | March 22, 2024 |
Trading Arrangement, Individual Name | Sharon John |
Trading Arrangement, Individual Title | President and Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted [Flag] | true |
Trading Arrangement, Securities Aggregate Available Amount | 91,034 |
BBW_Voin Todorovic [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement Adoption Date | April 8, 2024 |
Trading Arrangement, Individual Name | Voin Todorovic |
Trading Arrangement, Individual Title | Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted [Flag] | true |
Trading Arrangement, Securities Aggregate Available Amount | 22,929 |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen weeks ended May 4, 2024 April 29, 2023 Operating lease costs $ 9,584 $ 8,982 Variable lease costs (1) 2,191 2,126 Short term lease costs 26 15 Total Operating Lease costs $ 11,801 $ 11,123 Thirteen weeks ended May 4, 2024 April 29, 2023 Operating cash flows for operating leases $ 9,814 $ 9,684 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Leases 2024 $ 23,716 2025 20,758 2026 13,428 2027 9,758 2028 6,298 Thereafter 27,133 Total minimum lease payments 101,091 Less: amount of lease payments representing interest (19,909 ) Present value of future minimum lease payments 81,182 Less: current obligations under leases (24,276 ) Long-term lease obligations $ 56,906 |
Note 4 - Other Assets (Tables)
Note 4 - Other Assets (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | May 4, February 3, April 29, 2024 2024 2023 Prepaid occupancy (1) $ 3,807 $ 2,442 $ 3,352 Prepaid insurance 733 1,250 526 Prepaid gift card fees 647 699 768 Prepaid royalties 265 319 449 Prepaid taxes (2) 127 199 28 Other (3) 6,468 6,468 8,380 Total $ 12,046 $ 11,377 $ 13,503 |
Schedule of Other Assets, Noncurrent [Table Text Block] | May 4, February 3, April 29, 2024 2024 2023 Entertainment production asset (1) $ 4,736 $ 4,734 $ 3,500 Deferred compensation 1,057 2,121 885 Other (2) 281 311 400 Total $ 6,074 $ 7,166 $ 4,785 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | May 4, February 3, April 29, 2024 2024 2023 Accrued wages, bonuses and related expenses $ 12,007 $ 14,549 $ 12,602 Current income taxes payable 4,891 1,602 7,524 Sales and value added taxes payable 1,617 2,447 2,148 Accrued rent and related expenses (1) 1,037 1,356 898 Accrued expense - other (2) - - 4,100 Total $ 19,552 $ 19,954 $ 27,272 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Outstanding, February 3, 2024 12,375 $ 17.84 Granted - - Exercised (12,375 ) 17.84 Forfeited - - Canceled or expired - - Outstanding, May 4, 2024 - $ - |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, February 4, 2024 (1) 122,609 $ 18.02 185,082 $ 17.37 Granted (1) 39,270 27.50 62,456 27.50 Vested (59,237 ) 13.89 - - Adjustment for performance achievement - - 53,095 2.78 Earned and Vested - - (106,190 ) 2.78 Forfeited (1) (3,333 ) 24.75 (3,333 ) 24.75 Outstanding, May 4, 2024 (1) 99,309 $ 24.01 191,110 $ 23.09 |
Share-Based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | Performance Shares Unearned shares subject to performance-based restrictions at target: 2022 - 2024 consolidated, earnings before interest, taxes, depreciation and amortization (EBITDA) growth objectives 54,596 2022 - 2024 consolidated revenue growth objectives 18,198 2023 - 2025 consolidated pre-tax income growth objectives 36,309 2023 - 2025 consolidated revenue growth objectives 19,551 2024 - 2026 consolidated, cumulative earnings before interest, taxes, depreciation and amortization (EBITDA) objectives 40,596 2024 - 2026 consolidated, cumulative revenue objectives 21,860 Performance shares outstanding, May 4, 2024 191,110 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | For the thirteen weeks ended May 4, 2024 For the thirteen weeks ended April 29, 2023 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 142 $ 66,330 $ (12,082 ) $ 75,272 $ 129,662 $ 148 $ 69,868 $ (12,274 ) $ 61,375 $ 119,117 Adoption of new accounting standard (785 ) (785 ) Subtotal $ 142 $ 66,330 $ (12,082 ) $ 75,272 $ 129,662 $ 148 $ 69,868 $ (12,274 ) $ 60,590 $ 118,332 Shares issued under employee stock plans 1 1,094 1,095 2 691 - - 693 Stock-based compensation 334 334 - 389 - - 389 Shares withheld in lieu of tax withholdings (2,089 ) (2,089 ) - - - - - Share Repurchase (4 ) (1,604 ) (7,591 ) (9,199 ) (1 ) (624 ) - (2,474 ) (3,099 ) Cash Dividends (2,810 ) (2,810 ) - - - (22,048 ) (22,048 ) Other (40 ) (40 ) - - - - - Other comprehensive (loss) income (71 ) (71 ) - - 97 - 97 Net income 11,459 11,459 - - - 14,608 14,608 Balance, ending $ 139 $ 64,065 $ (12,153 ) $ 76,290 $ 128,341 $ 149 $ 70,324 $ (12,177 ) $ 50,676 $ 108,972 |
Note 9 - Net Income Per Share (
Note 9 - Net Income Per Share (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended May 4, April 29, 2024 2023 NUMERATOR: Net income $ 11,459 $ 14,608 DENOMINATOR: Weighted average number of common shares outstanding - basic 13,925,957 14,457,858 Dilutive effect of share-based awards: 80,443 517,072 Weighted average number of common shares outstanding - dilutive 14,006,400 14,974,930 Basic net income per common share $ 0.82 $ 1.01 Diluted net income per common share $ 0.82 $ 0.98 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 3 Months Ended |
May 04, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended May 4, 2024 Net sales to external customers $ 107,868 $ 5,985 $ 877 $ 114,730 Income before income taxes 11,722 3,107 200 15,029 Capital expenditures 2,430 - - 2,430 Depreciation and amortization 3,606 52 - 3,658 Thirteen weeks ended April 29, 2023 Net sales to external customers $ 112,096 $ 6,688 $ 1,266 $ 120,050 Income before income taxes 15,955 2,890 508 19,353 Capital expenditures 3,065 - - 3,065 Depreciation and amortization 2,973 107 - 3,080 Total Assets as of: May 4, 2024 $ 254,951 $ 8,948 $ 1,377 $ 265,276 February 3, 2024 262,299 8,801 1,225 272,325 April 29, 2023 253,338 6,902 1,470 261,710 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | North America (1) Europe (2) Other (3) Total Thirteen weeks ended May 4, 2024 Net sales to external customers $ 99,451 $ 14,449 $ 830 $ 114,730 Thirteen weeks ended April 29, 2023 Net sales to external customers $ 106,864 $ 12,658 $ 528 $ 120,050 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Estimated Percentage of Gift Card Redemptions Within Three Years of Issuance | 80% | |
Gift Card Redemption Period (Year) | 3 years | |
Estimated Percentage of Gift Card Redemptions Within First Twelve Months | 65% | |
Financing Receivable, Allowance for Credit Loss | $ 6.9 | $ 6.3 |
International Franchising [Member] | ||
Capitalized Contract Cost, Amortization Period (Year) | 25 years | |
Scenario, Change in Gift Card Breakage Rate [Member] | ||
Estimated Increase (Decrease) in Gift Card Breakage Rate (in dollars per share) | $ 1 | |
Contract with Customer, Liability, Revenue Recognized | $ 1 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Direct-to-consumer Reporting Segment [Member] | ||
Concentration Risk, Percentage | 94% |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 9 months 18 days | 4 years |
Operating Lease, Weighted Average Discount Rate, Percent | 6.90% | 6.30% |
Operating Lease, Impairment Loss | $ 0 | $ 0 |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 33,800 | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |
Lessor, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 2 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |
Lessor, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 20 years |
Note 3 - Leases - Lease Costs (
Note 3 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 04, 2024 | Apr. 29, 2023 | Feb. 03, 2024 | Jan. 28, 2023 | ||
Operating lease costs | $ 9,584 | $ 8,982 | |||
Variable lease costs (1) | [1] | 2,191 | 2,126 | ||
Short term lease costs | 26 | 15 | |||
Total Operating Lease costs | $ 11,801 | $ 11,123 | |||
Operating cash flows for operating leases | $ 9,814 | $ 9,684 | |||
[1]Prepaid occupancy consists of prepaid expenses related to variable non-lease components. |
Note 3 - Leases - Reconciliatio
Note 3 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
2024 | $ 23,716 | ||
2025 | 20,758 | ||
2026 | 13,428 | ||
2027 | 9,758 | ||
2028 | 6,298 | ||
Thereafter | 27,133 | ||
Total minimum lease payments | 101,091 | ||
Less: amount of lease payments representing interest | (19,909) | ||
Present value of future minimum lease payments | 81,182 | ||
Less: current obligations under leases | (24,276) | $ (25,961) | $ (27,843) |
Long-term lease obligations | $ 56,906 | $ 57,609 | $ 59,030 |
Note 4 - Other Assets - Summary
Note 4 - Other Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 | Feb. 03, 2023 | |
Prepaid occupancy | [1] | $ 3,807 | $ 3,352 | $ 2,442 | |
Prepaid insurance | 733 | 526 | 1,250 | ||
Prepaid gift card fees | 647 | 768 | 699 | ||
Prepaid royalties | 265 | 449 | 319 | ||
Prepaid taxes | [2] | 127 | 28 | 199 | |
Other | [3] | 6,468 | 8,380 | 6,468 | |
Total | $ 12,046 | $ 11,377 | $ 13,503 | $ 11,377 | |
[1]Prepaid occupancy consists of prepaid expenses related to variable non-lease components.[2]Prepaid taxes consist of prepaid federal and state income tax.[3]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 | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 | Feb. 03, 2023 | |
Entertainment production asset (1) | [1] | $ 4,736 | $ 3,500 | $ 4,734 | |
Deferred compensation | 1,057 | 885 | 2,121 | ||
Other (2) | [2] | 281 | 400 | 311 | |
Total | $ 6,074 | $ 7,166 | $ 4,785 | $ 7,166 | |
[1]Entertainment production asset includes the direct costs, production overhead and development costs in producing entertainment assets such as films or music.[2]Other consists primarily of deferred financing costs related to the Company's credit facility. |
Note 5 - Accrued Expenses - Sum
Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 | |
Accrued wages, bonuses and related expenses | $ 12,007 | $ 14,549 | $ 12,602 | |
Current income taxes payable | 4,891 | 1,602 | 7,524 | |
Sales and value added taxes payable | 1,617 | 2,447 | 2,148 | |
Accrued rent and related expenses | [1] | 1,037 | 1,356 | 898 |
Accrued expense - other | [2] | 0 | 0 | 4,100 |
Total | $ 19,552 | $ 19,954 | $ 27,272 | |
[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 | ||
Apr. 11, 2033 | May 04, 2024 | Apr. 29, 2023 | |
Options and Restricted Stock [Member] | |||
Share-Based Payment Arrangement, Expense | $ 0.4 | $ 1.1 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 4.1 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 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 | $ 1.6 | |
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) | 3 Months Ended |
May 04, 2024 $ / shares shares | |
Outstanding (in shares) | shares | 12,375 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 17.84 |
Granted (in shares) | shares | 0 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised (in shares) | shares | (12,375) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 17.84 |
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 | 0 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) | 3 Months Ended | |
May 04, 2024 $ / shares shares | ||
Restricted Stock [Member] | ||
Outstanding (in shares) | shares | 122,609 | [1] |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.02 | [1] |
Granted (1) (in shares) | shares | 39,270 | [1] |
Granted (1), weighted average grant date fair value (in dollars per share) | $ / shares | $ 27.5 | [1] |
Vested (in shares) | shares | (59,237) | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.89 | |
Adjustment for performance achievement (in shares) | shares | 0 | |
Adjustment for performance achievement, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | |
Earned and Vested (in shares) | shares | 0 | |
Earned and Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | |
Forfeited (1) (in shares) | shares | (3,333) | [1] |
Forfeited (1), weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.75 | [1] |
Outstanding (in shares) | shares | 99,309 | [1] |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.01 | [1] |
Performance Shares [Member] | ||
Outstanding (in shares) | shares | 185,082 | [1] |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.37 | [1] |
Granted (1) (in shares) | shares | 62,456 | [1] |
Granted (1), weighted average grant date fair value (in dollars per share) | $ / shares | $ 27.5 | [1] |
Vested (in shares) | shares | 0 | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | |
Adjustment for performance achievement (in shares) | shares | 53,095 | |
Adjustment for performance achievement, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.78 | |
Earned and Vested (in shares) | shares | (106,190) | |
Earned and Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.78 | |
Forfeited (1) (in shares) | shares | (3,333) | [1] |
Forfeited (1), weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.75 | [1] |
Outstanding (in shares) | shares | 191,110 | [1] |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.09 | [1] |
[1]Performance-based restricted stock outstanding, granted, and forfeited are presented at 100% of target. |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Outstanding Performance Shares (Details) - Performance Shares [Member] - shares | May 04, 2024 | Feb. 03, 2024 | |
Performance shares (in shares) | [1] | 191,110 | 185,082 |
Vesting Upon Achievement of 2022 - 2024 Consolidated, Cumulative Earnings Before Interest, Taxes, Depreciation and Amortization Objectives [Member] | |||
Performance shares (in shares) | 54,596 | ||
Vesting Upon Achievement of 2022 - 2024 Consolidated Growth Revenue Objectives [Member] | |||
Performance shares (in shares) | 18,198 | ||
Vesting Upon Achievement of 2023 - 2025 Pretax Income Growth Objectives [Member] | |||
Performance shares (in shares) | 36,309 | ||
Vesting Upon Achievement of 2023 - 2025 Consolidated Revenue Growth Objectives [Member] | |||
Performance shares (in shares) | 19,551 | ||
Vesting Upon Achievement of 2024 - 2026 Consolidated, Cumulative Earnings Before Interest, Taxes, Depreciation and Amortization Objectives [Member] | |||
Performance shares (in shares) | 40,596 | ||
Vesting Upon Achievement of 2024 - 2026 Cumulative Revenue Objectives [Member] | |||
Performance shares (in shares) | 21,860 | ||
[1]Performance-based restricted stock outstanding, granted, and forfeited are presented at 100% of target. |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 23.80% | 24.50% |
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 | |||
May 04, 2024 | Apr. 29, 2023 | Apr. 11, 2024 | Apr. 06, 2023 | |
Payments for Repurchase of Common Stock | $ 9,198 | $ 3,099 | ||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.2 | $ 1.5 | ||
Dividends Payable, Date to be Paid | Apr. 11, 2024 | Apr. 06, 2023 | ||
Dividends Payable, Date of Record | Mar. 28, 2024 | Mar. 23, 2023 | ||
Credit Impairment Charges, Trade Receivables Credit Losses Recognized in Retained Earnings | $ 800 | |||
Share Repurchase Program 2022 [Member] | ||||
Payments for Repurchase of Common Stock | $ 9,200 | $ 3,100 | ||
Stock Repurchased During Period, Shares (in shares) | 343,406 | 132,385 | ||
Share 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 | ||
May 04, 2024 | Apr. 29, 2023 | ||
Balance | $ 129,662 | $ 119,117 | |
Shares issued under employee stock plans | 1,095 | 693 | |
Stock-based compensation | 334 | 389 | |
Shares withheld in lieu of tax withholdings | (2,089) | 0 | |
Share Repurchase | (9,199) | (3,099) | |
Cash Dividends | (2,810) | (22,048) | |
Other | (40) | 0 | |
Other comprehensive (loss) income | (71) | 97 | |
Net income | 11,459 | 14,608 | |
Balance, ending | 128,341 | 108,972 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | (785) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | 129,662 | 118,332 | |
Common Stock [Member] | |||
Balance | 142 | 148 | |
Shares issued under employee stock plans | 1 | 2 | |
Stock-based compensation | 0 | ||
Shares withheld in lieu of tax withholdings | 0 | ||
Share Repurchase | (4) | (1) | |
Cash Dividends | 0 | ||
Other | 0 | ||
Other comprehensive (loss) income | 0 | ||
Net income | 0 | ||
Balance, ending | 139 | 149 | |
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 | 142 | 148 | |
Additional Paid-in Capital [Member] | |||
Balance | [1] | 66,330 | 69,868 |
Shares issued under employee stock plans | [1] | 1,094 | 691 |
Stock-based compensation | [1] | 334 | 389 |
Shares withheld in lieu of tax withholdings | [1] | (2,089) | 0 |
Share Repurchase | [1] | (1,604) | (624) |
Cash Dividends | [1] | 0 | |
Other | [1] | 0 | |
Other comprehensive (loss) income | [1] | 0 | |
Net income | [1] | 0 | |
Balance, ending | [1] | 64,065 | 70,324 |
Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | [1] | ||
Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | [1] | 66,330 | 69,868 |
AOCI Attributable to Parent [Member] | |||
Balance | [2] | (12,082) | (12,274) |
Shares issued under employee stock plans | [2] | 0 | |
Stock-based compensation | [2] | 0 | |
Shares withheld in lieu of tax withholdings | [2] | 0 | |
Share Repurchase | [2] | 0 | |
Cash Dividends | [2] | 0 | |
Other | [2] | 0 | |
Other comprehensive (loss) income | [2] | (71) | 97 |
Net income | [2] | 0 | |
Balance, ending | [2] | (12,153) | (12,177) |
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | [2] | ||
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | [2] | (12,082) | (12,274) |
Retained Earnings [Member] | |||
Balance | 75,272 | 61,375 | |
Stock-based compensation | 0 | ||
Shares withheld in lieu of tax withholdings | 0 | ||
Share Repurchase | (7,591) | (2,474) | |
Cash Dividends | (2,810) | (22,048) | |
Other | (40) | 0 | |
Other comprehensive (loss) income | 0 | ||
Net income | 11,459 | 14,608 | |
Balance, ending | 76,290 | 50,676 | |
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 | $ 75,272 | $ 60,590 | |
[1]Additional paid-in capital (“APIC”)[2]Accumulated other comprehensive income (loss) (“AOCI”) |
Note 9 - Net Income Per Share_2
Note 9 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 8,199 | 9,069 |
Note 9 - Income Per Share - Com
Note 9 - Income Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Net income | $ 11,459 | $ 14,608 |
Weighted average number of common shares outstanding - basic (in shares) | 13,925,957 | 14,457,858 |
Dilutive effect of share-based awards: (in shares) | 80,443 | 517,072 |
Weighted average number of common shares outstanding - dilutive (in shares) | 14,006,400 | 14,974,930 |
Basic net income per common share (in dollars per share) | $ 0.82 | $ 1.01 |
Diluted net income per common share (in dollars per share) | $ 0.82 | $ 0.98 |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Translation Adjustment Functional to Reporting Currency, Gain (Loss), Reclassified to Earnings, Net of Tax | $ 0 | $ 0 |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 3 Months Ended |
May 04, 2024 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 11 - Segment Information -
Note 11 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | Feb. 03, 2024 | |
Net sales to external customers | $ 114,730 | $ 120,050 | |
Income (loss) before income taxes | 15,029 | 19,353 | |
Capital expenditures, net | 2,430 | 3,065 | |
Depreciation and amortization | 3,658 | 3,080 | |
Total assets | 265,276 | 261,710 | $ 272,325 |
Direct to Consumer [Member] | |||
Net sales to external customers | 107,868 | 112,096 | |
Income (loss) before income taxes | 11,722 | 15,955 | |
Capital expenditures, net | 2,430 | 3,065 | |
Depreciation and amortization | 3,606 | 2,973 | |
Total assets | 254,951 | 253,338 | 262,299 |
Commercial [Member] | |||
Net sales to external customers | 5,985 | 6,688 | |
Income (loss) before income taxes | 3,107 | 2,890 | |
Capital expenditures, net | 0 | 0 | |
Depreciation and amortization | 52 | 107 | |
Total assets | 8,948 | 6,902 | 8,801 |
International Franchising [Member] | |||
Net sales to external customers | 877 | 1,266 | |
Income (loss) before income taxes | 200 | 508 | |
Capital expenditures, net | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Total assets | $ 1,377 | $ 1,470 | $ 1,225 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | ||
Net sales to external customers | $ 114,730 | $ 120,050 | |
North America [Member] | |||
Net sales to external customers | [1] | 99,451 | 106,864 |
Europe [Member] | |||
Net sales to external customers | [2] | 14,449 | 12,658 |
Other Geographic Region [Member] | |||
Net sales to external customers | [3] | $ 830 | $ 528 |
[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 and sales to wholesale customers in Europe.[3]Other includes franchise businesses outside of North America and Europe |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Millions | May 04, 2024 USD ($) |
Litigation Receivable, Gross | $ 4.8 |
Litigation Receivables, Reserve | 3.7 |
Litigation Receivables, Net | $ 1.1 |