Build-A-Bear Workshop (BBW) Q2 2026 Earnings Call August 28, 2025 09:00 AM ET Company ParticipantsGary Schnierow - VP - Investor Relations & Corporate FinanceSharon Price John - President & CEOJ. Christopher Hurt - Chief Operations & Experience Officer, DirectorVoin Todorovic - CFO & PresidentKeegan Cox - Research AssociateConference Call ParticipantsEric Beder - CEO & Senior Research AnalystGreg Gibas - VP & Senior Research AnalystSteve Silver - Senior Equity Research AnalystOperatorGreetings and welcome t ...

It has been about a month since the last earnings report for Hasbro (HAS) . Shares have added about 5.8% in that time frame, outperforming the S&P 500.But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Hasbro due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Hasbro, Inc. before we dive into how investors and analysts have reacted as of late.Has ...

Core Insights - MGM Resorts International reported strong second-quarter 2025 results, with earnings and revenues exceeding expectations, although the bottom line saw a decline [1][10] - The company's performance was bolstered by significant contributions from the BetMGM venture, Regional Operations, and MGM China, with EBITDA growth from these segments being crucial [1][10] Financial Performance - Earnings per share (EPS) for the quarter was 79 cents, surpassing the Zacks Consensus Estimate of 58 cents, but down from 86 cents in the prior-year quarter [3][10] - Quarterly revenues reached $4.41 billion, exceeding the consensus mark by 2.4% and reflecting a year-over-year increase of 1.8% [3][10] - Consolidated adjusted EBITDA rose by 2% year over year to $647.5 million [4][10] Segment Performance - MGM China's net revenues increased by 9% year over year to $1.11 billion, driven by higher casino revenues and an increase in main floor table games drop [5] - Adjusted property EBITDAR for MGM China was $301.3 million, up from $293.9 million in the prior-year quarter [6] - Domestic operations on the Las Vegas Strip reported net revenues of $2.11 billion, a decline of 4% year over year, attributed to room remodels and decreased table games hold [7] - Regional Operations saw net revenues of $964.6 million, an increase from $927.1 million in the prior-year quarter, supported by higher casino revenues [8] - MGM Digital segment reported net revenues of $163.9 million, up from $143.3 million in the prior-year quarter, primarily due to brand expansion [9] Future Outlook - The company anticipates continued strength in Las Vegas, with capital investments and solid convention bookings expected to drive growth in the fourth quarter of 2025 and into 2026 [2] - The BetMGM venture is on track to achieve its $500 million EBITDA goal, and the MGM Digital segment is projected to become profitable in the coming years [2][10] Balance Sheet and Share Repurchase - MGM Resorts ended the second quarter with cash and cash equivalents of $1.96 billion, down from $2.42 billion at the end of 2024, while long-term debt decreased to $6.21 billion from $6.36 billion [12] - In Q2 2025, MGM repurchased nearly 8 million shares for a total of $217 million, with approximately $2.1 billion available under its share repurchase program as of June 30, 2025 [12]

Core Insights - Starbucks Corporation (SBUX) reported mixed results for the third quarter of fiscal 2025, with earnings per share (EPS) missing estimates while net revenues exceeded expectations [1][4] - The company made a one-time investment impacting EPS by 11 cents, and the overall performance reflected progress in its turnaround strategy [1][3] Financial Performance - EPS for the quarter was 50 cents, missing the Zacks Consensus Estimate of 65 cents by 23.1%, and down 46.2% from 93 cents in the prior-year quarter [4] - Net revenues reached $9.46 billion, beating the consensus mark of $9.3 billion by 1.7%, and increased 3.8% from $9.11 billion in the prior-year quarter [4] - Global comparable store sales declined 2% year over year, with a 2% decrease in comparable transactions partially offset by a 1% increase in average tickets [5] Segment Analysis - North America segment net revenues were $6.93 billion, up 2% year over year, with comparable store sales also declining 2% [7] - International segment net revenues increased 9% year over year to $2.01 billion, with comparable store sales at breakeven compared to a 7% decline in the prior-year quarter [8] - Channel Development segment net revenues rose 10% year over year to $483.8 million, driven by contributions to the Global Coffee Alliance [10] Margin and Cost Analysis - Non-GAAP operating margin contracted 660 basis points to 10.1% year over year, primarily due to investments in the "Back to Starbucks" initiative and inflation [6] - Operating margin in North America fell 770 basis points to 13.3%, while the International segment's margin contracted 200 basis points to 13.6% [8][9] - The Channel Development segment's operating margin decreased 860 basis points to 45.1% due to higher global product costs [11] Cash and Dividend Information - As of the end of the fiscal third quarter, the company had cash and cash equivalents of $4.17 billion, up from $3.29 billion at the end of fiscal 2024 [12] - Management declared a quarterly cash dividend of 61 cents per share, payable on August 29, 2025 [13]

Financial Data and Key Metrics Changes - Total revenues for fiscal year 2024 reached $496.4 million, an increase of 3.6% year-over-year [28] - Pre-tax income grew by 5.1% to $67.1 million, marking a record for the company [28] - Adjusted EPS increased by 10.2% to $3.77 [28] - For Q4, total revenues were $150.4 million, up 5.7%, with net retail sales increasing by 4.7% [25][28] - Gross margin improved to 56.6%, a 20 basis points increase from the previous year [26] Business Line Data and Key Metrics Changes - The commercial revenue segment, which includes wholesale sales and international franchise revenue, rose by 20.5% compared to the prior year [26] - Store traffic increased by 3%, significantly outpacing the national average decline of nearly 1% [25][26] - The company opened 24 new locations in 2024, contributing to a total of 64 new locations opened over the year [64] Market Data and Key Metrics Changes - The company expanded its global footprint by over 100 additional locations in the past two years, primarily through partner-operated models [8] - The largest unit expansion occurred in Italy, with 13 partner-operated locations now established [11] Company Strategy and Development Direction - The company is focused on three key initiatives: expanding experiential retail locations, advancing digital transformation, and increasing investments to drive profitable growth [8][15] - Plans to open at least 50 new net locations in 2025, with a majority being partner-operated internationally [30][64] - The introduction of a new retail experience in ICON Park, Orlando, is set to enhance the brand's presence in tourist destinations [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for fiscal year 2025, anticipating continued revenue growth despite potential tariff impacts [6][30] - The company has successfully navigated previous economic challenges, including the retail apocalypse and COVID-19 [19] - Positive early reactions to spring and Easter offerings were noted, alongside strong social media engagement [20] Other Important Information - The Board of Directors increased the quarterly dividend by 10% to $0.22 per share [23] - The company returned $42 million to shareholders through dividends and share repurchases during the year [23] Q&A Session Summary Question: Overall consumer environment and business reaction to a slowdown - Management noted positive quarter-to-date results, with traffic outpacing national levels, and highlighted the toy industry's recession-resistant nature [36][37] Question: Progress in e-commerce - Management acknowledged the need for improvement in e-commerce and emphasized the importance of an integrated omnichannel strategy [38] Question: Tariff impacts and dependence on China - The company has diversified its supply chain, reducing dependency on China to less than 50% of inventory shipped to North America [46] Question: Future of same-day delivery partnerships - Management highlighted the importance of partnerships like Uber for enhancing customer convenience, especially during peak seasons [50][52] Question: Plans for MiniBeans product line expansion - The MiniBeans collection has sold over 1.25 million units, and the company plans to extend its reach into wholesale retail locations [57][59] Question: Inventory levels and expansion - Management indicated that inventory levels would rise to support new store openings, but overall growth would be managed carefully [70] Question: Revenue guidance and macroeconomic headwinds - Management provided mid-single-digit revenue growth guidance, accounting for potential macroeconomic challenges while remaining optimistic about store performance [75][76]