Build-A-Bear Workshop(BBW) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter revenues were $114.7 million, a decrease of 4.4% compared to the same period last year[1] - Net retail sales were $107.9 million, down 3.8%, while consolidated e-commerce demand decreased by 11.3%[2] - Pre-tax income was $15.0 million, representing 13.1% of total revenues, a decrease of 300 basis points from the previous year[2] - Diluted earnings per share (EPS) was $0.82, a decline of 16.3% compared to the prior year[2] - EBITDA for the 13 weeks ended May 4, 2024, was $18,261,000, compared to $22,357,000 for the same period in 2023, reflecting a decrease of 18.5%[22] - Retail gross margin for the 13 weeks ended May 4, 2024, was $58,453,000, representing a margin percentage of 54.2%, down from 54.6% in the same period last year[21] Shareholder Returns - The company returned $12.1 million to shareholders in the first quarter through share repurchases and dividends[1] Guidance and Future Plans - The company plans to open at least 50 new experience locations globally in fiscal 2024[7] - The company reaffirms its fiscal 2024 guidance, expecting total revenue growth on a low-to-mid-single-digit percentage basis[7] Cash and Assets - Cash and cash equivalents at the end of the first quarter totaled $38.2 million, an increase of 16.5% year-over-year[5] - Total current assets decreased to $123,850,000 from $127,772,000 in the previous quarter, a decline of 1.4%[19] - Total assets decreased to $265,276,000 from $272,325,000 in the previous quarter, a decline of 2.3%[19] Liabilities and Equity - Total liabilities decreased to $136,935,000 from $141,342,000 in the previous quarter, a reduction of 3.1%[19] - The total stockholders' equity decreased slightly to $128,341,000 from $129,662,000, a decline of 1%[19] Inventory and Locations - Inventory at quarter end was $64.0 million, reflecting a decline of 3.7% compared to the previous year[5] - The number of corporately-managed retail locations increased to 357, up from 349 year-over-year, indicating a growth of 2.3%[21] - The number of franchised stores increased to 77, up from 63 year-over-year, representing a growth of 22.2%[21] Capital Expenditures - Capital expenditures for fiscal 2024 are expected to be in the range of $18 million to $20 million[7] - Capital expenditures for the 13 weeks ended May 4, 2024, were $2,430,000, down from $3,065,000 in the same period last year, a decrease of 20.7%[21]