Workflow
Build-A-Bear Workshop(BBW) - 2025 Q4 - Annual Results
BBWBuild-A-Bear Workshop(BBW)2025-03-13 11:00

Financial Performance - Fourth quarter revenues reached 150.4million,a0.8150.4 million, a 0.8% increase on a GAAP basis, and a 5.7% increase when excluding the extra week of operations in the fourth quarter of 2023[4] - Pre-tax income for the fourth quarter was 27.5 million, reflecting a 5.1% year-over-year increase, and a 15.8% increase when excluding the extra week of operations in the fourth quarter of 2023[4] - For fiscal year 2024, total revenues were 496.4million,a2.1496.4 million, a 2.1% increase on a GAAP basis, and a 3.6% increase when excluding the extra week of operations in fiscal 2023[12] - Total revenues for the 52 weeks ended February 1, 2025, were 496,404 thousand, compared to 486,114thousandforthe53weeksendedFebruary3,2024[29]−Netincomeforthe13weeksendedFebruary1,2025,was486,114 thousand for the 53 weeks ended February 3, 2024[29] - Net income for the 13 weeks ended February 1, 2025, was 21,678 thousand, compared to 22,273thousandforthesameperiodin2024,reflectingadecreaseof2.722,273 thousand for the same period in 2024, reflecting a decrease of 2.7%[27] - Adjusted net income for the year ended February 1, 2025, was 51,349 million, up from 49,546millioninthepreviousyear,representingagrowthof3.649,546 million in the previous year, representing a growth of 3.6%[37] - Adjusted net income per diluted share (adjusted EPS) increased to 3.77 in 2025 from 3.42in2024,markinganincreaseof10.33.42 in 2024, marking an increase of 10.3%[37] - Net income for Q1 2025 was 21,678 million, slightly down from 22,273millioninQ12024,adecreaseof2.722,273 million in Q1 2024, a decrease of 2.7%[37] Shareholder Returns - The company returned 42.0 million to shareholders in fiscal 2024 through share repurchases and dividends, including a 10% increase in quarterly dividend to 0.22pershare[4]GrowthandExpansion−Build−A−Bearopened64netnewretailunitsinfiscal2024,expandingitsinternationalpresencetoover25countries[2]−Thecompanyhadnetnewunitgrowthof24globalexperiencelocationsinthefourthquarter,totaling589locationsatyear−end[9]−Thecompanyexpectsmid−single−digitrevenuegrowthandpre−taxincometorangefromalow−single−digitdeclinetolow−single−digitgrowthforfiscal2025[17]CapitalExpenditures−Capitalexpendituresforfiscal2025areprojectedtobebetween0.22 per share[4] Growth and Expansion - Build-A-Bear opened 64 net new retail units in fiscal 2024, expanding its international presence to over 25 countries[2] - The company had net new unit growth of 24 global experience locations in the fourth quarter, totaling 589 locations at year-end[9] - The company expects mid-single-digit revenue growth and pre-tax income to range from a low-single-digit decline to low-single-digit growth for fiscal 2025[17] Capital Expenditures - Capital expenditures for fiscal 2025 are projected to be between 20 million and 25million[17]−Capitalexpendituresforthe13weeksendedFebruary1,2025,were25 million[17] - Capital expenditures for the 13 weeks ended February 1, 2025, were 9,746 thousand, an increase from 7,171thousandintheprioryear[33]CashandAssets−Atfiscalyear−end,cashandcashequivalentstotaled7,171 thousand in the prior year[33] Cash and Assets - At fiscal year-end, cash and cash equivalents totaled 27.8 million, down from 44.3millionthepreviousyear,impactedbyhigherinventoryinvestment[10]−Totalcurrentassetsdecreasedto44.3 million the previous year, impacted by higher inventory investment[10] - Total current assets decreased to 126,298 thousand as of February 1, 2025, from 127,772thousandayearearlier[31]E−commerceandFranchisePerformance−Consolidatede−commercedemanddecreasedby11.6127,772 thousand a year earlier[31] E-commerce and Franchise Performance - Consolidated e-commerce demand decreased by 11.6% in the fourth quarter, while commercial and international franchise revenues increased by 20.5%[8] - Net retail sales accounted for 139,499 thousand, representing 92.7% of total revenues for the 13 weeks ended February 1, 2025[27] Profitability Metrics - Consolidated gross profit for the 13 weeks ended February 1, 2025, was 85,144thousand,upfrom85,144 thousand, up from 84,217 thousand in the previous year[27] - The company reported a retail gross margin of 56.9% for the 13 weeks ended February 1, 2025, slightly up from 56.7% in the previous year[33] - Adjusted income before income taxes for Q1 2025 was 27,486million,comparedto27,486 million, compared to 23,729 million in Q1 2024, reflecting a year-over-year increase of 15.5%[37] - EBITDA for Q1 2025 was reported at 31,138million,comparedto31,138 million, compared to 29,861 million in Q1 2024, indicating a growth of 4.3%[38] - Adjusted EBITDA for the year ended February 1, 2025, was 81,052million,upfrom81,052 million, up from 76,637 million in 2024, reflecting a year-over-year increase of 5.0%[38] Tax and Interest Expenses - The company recorded a valuation allowance of 436milliononitsnetdeferredtaxassetsintheUKfortheyearendedFebruary1,2025[37]−TheinterestexpensefortheyearendedFebruary1,2025,was436 million on its net deferred tax assets in the UK for the year ended February 1, 2025[37] - The interest expense for the year ended February 1, 2025, was (861) million, compared to (929)millionin2024,showingadecreaseof7.3(929) million in 2024, showing a decrease of 7.3%[37] Other Financial Impacts - The impact of the 53rd week on income was estimated at (2,420) million, affecting both EBITDA and adjusted EBITDA calculations[38] - The company undertook international restructuring, which had a tax impact of $1,102 million in the previous year[37]