Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Aug. 03, 2019 | Sep. 09, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | BUILD A BEAR WORKSHOP INC | |
Entity Central Index Key | 0001113809 | |
Trading Symbol | bbw | |
Current Fiscal Year End Date | --02-01 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 15,220,252 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Aug. 3, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 | |
Current assets: | ||||
Cash and cash equivalents | $ 14,965 | $ 17,894 | $ 20,398 | |
Inventories, net | 62,081 | 58,356 | 47,833 | |
Receivables, net | 8,714 | 10,588 | 8,693 | |
Prepaid expenses and other current assets | 6,889 | 12,960 | 13,686 | |
Total current assets | 92,649 | 99,798 | 90,610 | |
Operating lease right-of-use asset | 137,680 | |||
Property and equipment, net | 64,191 | 66,368 | 76,157 | |
Deferred tax assets | 1,949 | 3,099 | 4,847 | |
Other intangible assets, net | 1,067 | 731 | 1,013 | |
Other assets, net | 1,658 | 2,050 | 2,182 | |
Total Assets | 299,194 | [1] | 172,046 | 174,809 |
Current liabilities: | ||||
Accounts payable | 16,734 | 22,551 | 15,046 | |
Accrued expenses | 8,622 | 10,047 | 12,482 | |
Operating lease liability short term | 30,697 | |||
Gift cards and customer deposits | 16,981 | 21,643 | 14,502 | |
Deferred revenue and other | 2,056 | 1,936 | 2,154 | |
Total current liabilities | 75,090 | 56,177 | 44,184 | |
Operating lease liability long term | 132,613 | |||
Deferred rent | 11 | 18,440 | 18,342 | |
Deferred franchise revenue | 1,399 | 1,625 | 1,100 | |
Other liabilities | 1,576 | 1,490 | 1,854 | |
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at August 3, 2019, February 2, 2019 and August 4, 2018 | ||||
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 15,220,252, 14,953,142 and 14,972,136 shares, respectively | 152 | 150 | 150 | |
Additional paid-in capital | 70,295 | 69,088 | 67,383 | |
Accumulated other comprehensive loss | (11,579) | (12,018) | (12,015) | |
Retained earnings | 29,637 | 37,094 | 53,811 | |
Total stockholders' equity | 88,505 | 94,314 | 109,329 | |
Total Liabilities and Stockholders' Equity | $ 299,194 | $ 172,046 | $ 174,809 | |
[1] | The increase in total assets when comparing August 3, 2019 to August 4, 2018 is the result of the adoption of Topic 842 on leases effective February 3, 2019. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
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) | 15,220,252 | 14,953,142 | 14,972,136 |
Common stock, shares outstanding (in shares) | 15,220,252 | 14,953,142 | 14,972,136 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Revenues: | ||||
Revenue | $ 79,214 | $ 83,178 | $ 163,576 | $ 166,362 |
Costs and expenses: | ||||
Cost of merchandise sold | 44,243 | 47,779 | 90,367 | 93,975 |
Consolidated gross profit | 34,971 | 35,399 | 73,209 | 72,387 |
Selling, general and administrative expense | 35,720 | 37,928 | 71,527 | 74,265 |
Interest expense (income), net | (7) | 16 | 14 | 21 |
Income (loss) before income taxes | (742) | (2,545) | 1,668 | (1,899) |
Income tax expense (benefit) | 482 | (745) | 1,696 | (453) |
Net income (loss) | (1,224) | (1,800) | (28) | (1,446) |
Foreign currency translation adjustment | 544 | (468) | 440 | (1,215) |
Comprehensive income (loss) | $ (680) | $ (2,268) | $ 412 | $ (2,661) |
Income (loss) per common share: | ||||
Basic (in dollars per share) | $ (0.08) | $ (0.12) | $ 0 | $ (0.10) |
Diluted (in dollars per share) | $ (0.08) | $ (0.12) | $ 0 | $ (0.10) |
Shares used in computing common per share amounts: | ||||
Basic (in shares) | 14,726,678 | 14,618,582 | 14,669,626 | 14,600,578 |
Diluted (in shares) | 14,726,678 | 14,618,582 | 14,669,626 | 14,600,578 |
Retail [Member] | ||||
Revenues: | ||||
Revenue | $ 75,214 | $ 81,037 | $ 156,263 | $ 162,462 |
Costs and expenses: | ||||
Cost of merchandise sold | 42,016 | 46,601 | 86,437 | 91,986 |
Commercial Product and Service [Member] | ||||
Revenues: | ||||
Revenue | 3,193 | 1,055 | 5,947 | 2,074 |
Costs and expenses: | ||||
Cost of merchandise sold | 1,211 | 591 | 2,475 | 1,070 |
International Franchising [Member] | ||||
Revenues: | ||||
Revenue | 807 | 1,086 | 1,366 | 1,826 |
Costs and expenses: | ||||
Cost of merchandise sold | $ 1,016 | $ 587 | $ 1,455 | $ 919 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 03, 2019 | Aug. 04, 2018 | |
Cash flows provided by (used in) operating activities: | ||
Net income (loss) | $ (28) | $ (1,446) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,797 | 8,138 |
Stock-based compensation | 1,454 | 1,689 |
Deferred taxes | 1,145 | (1,264) |
Provision for doubtful accounts | (117) | |
Loss on disposal of property and equipment | 27 | 30 |
Change in assets and liabilities: | ||
Inventories, net | (4,501) | 9,343 |
Receivables, net | 1,725 | (326) |
Prepaid expenses and other assets | 5,975 | (632) |
Accounts payable and accrued expenses | (6,948) | (4,293) |
Operating leases | 2,027 | 867 |
Gift cards and customer deposits | (5,033) | (4,717) |
Deferred revenue | (1,174) | 326 |
Net cash provided by (used in) operating activities | 1,349 | 7,715 |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (4,945) | (7,111) |
Proceeds from property insurance | 82 | |
Net cash used in investing activities | (4,945) | (7,029) |
Cash flows used in financing activities: | ||
Proceeds from the exercise of employee stock options, net of withholding tax payments | (244) | (357) |
Purchases of Company’s common stock | (1,429) | |
Net cash used in financing activities | (244) | (1,786) |
Effect of exchange rates on cash | 911 | (1) |
Net increase (decrease) in cash and cash equivalents | (2,929) | (1,101) |
Cash and cash equivalents, beginning of period | 17,894 | 21,499 |
Cash and cash equivalents, end of period | 14,965 | 20,398 |
Supplemental disclosure of cash flow information: | ||
Net cash paid (received) during the period for income taxes | $ (1,946) | $ 1,721 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Aug. 03, 2019 | |
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 2, 2019 not February 2, 2019, 10 April 18, 2019. Recent Accounting Pronouncements – Adopted in the C urrent Y ear Effective February 3, 2019, 842” not See Note 3 |
Note 2 - Revenue
Note 2 - Revenue | 6 Months Ended |
Aug. 03, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Nearly all the Company’s revenue is derived from retail sales (including 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 96% 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 online sales. 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 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 tenth one For the Company’s gift cards, revenue is deferred for single transactions until redemption including any related gift card discounts. Historically, most gift card redemptions have occurred within three 75% first twelve 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. In regard to the consolidated balance sheet, contract liabilities for gift cards are classified as gift cards and customer deposits. The Company’s commercial segment includes transactions with other businesses and are 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 agreement are ongoing and include operations and product development support and training, generally concentrated around new store openings. These obligations are highly interrelated rights that are not one may 25 one The Company also incurs expenses directly related to the startup of new franchises, including finder’s fees, legal and travel costs as well as expenses related to its ongoing support of the franchisees, predominantly travel and employee compensation. Accordingly, the Company’s policy is to capitalize the finder’s fee, an incremental cost, and expense all other costs as incurred. Additionally, the Company amortizes these capitalized costs into expense in the same pattern as the development fee's recording of revenue as described previously. |
Note 3 - Leases
Note 3 - Leases | 6 Months Ended |
Aug. 03, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 3. Effective February 3, 2019, 842” twelve 842 may not 842, not not not not The majority of the Company's leases relate to retail stores and corporate offices. For leases with terms greater than 12 five ten not may not The Company's leases typically contain rent escalations over the lease term and recognizes expense for these leases on a straight-line basis over the lease term. Additionally, certain leases contain incentives, such as construction allowances from landlords and/or rent abatements subsequent to taking possession of the leased property. These incentives reduce our right-of-use asset related to the lease and are amortized through the right-of-use asset as reductions of expense over the lease term. Some of the Company's leases include rent escalations based on inflation indexes and fair market value adjustments. Certain leases contain contingent rental provisions that include a fixed base rent plus an additional percentage of the store’s sales in excess of stipulated amounts. Operating lease liabilities are calculated using the prevailing index or rate at lease commencement. Subsequent escalations in the index or rate and contingent rental payments are recognized as variable lease expenses. For leases entered into or reassessed after the adoption of the new standard, the Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease component. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities. Most of the Company’s leases do not one Upon adoption and transition, the Company recognized a cumulative-effect charge of $7.4 Lease position as of February 3, 2019 The table below presents the lease-related assets and liabilities recorded on the balance sheet. February 3, (in thousands) Classification on the Balance Sheet 2019 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 151,513 Liabilities Current - Operating Operating lease liability short term 34,672 Noncurrent - Operating Operating lease liability long term 141,519 Total lease liabilities $ 176,191 The table below presents certain information related to the lease costs for operating leases for the thirteen August 3, 2019 Thirteen weeks ended Twenty-six weeks ended (in thousands) August 3, 2019 August 3, 2019 Operating lease costs 9,273 20,770 Variable lease costs 694 1,314 Short term lease costs 298 685 Total Operating Lease costs $ 10,265 $ 22,769 Other information The table below presents supplemental cash flow information related to leases for the thirteen August 3, 2019 Thirteen weeks ended Twenty-six weeks ended (in thousands) August 3, 2019 August 3, 2019 Operating cash flows for operating leases 10,990 22,188 As of August 3, 2019 6.0 5.9 Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases (in thousands) 2019 21,111 2020 35,861 2021 31,715 2022 29,306 2023 24,942 Thereafter 51,551 Total minimum lease payments 194,486 Less: amount of lease payments representing interest (31,176 ) Present value of future minimum lease payments 163,310 Less: current obligations under leases (30,697 ) Long-term lease obligations $ 132,613 As of August 3, 2019 not $5.3 2019 five In accordance with Accounting Standards Codification ("ASC") 840, February 2, 2019 Operating Leases (in thousands) 2019 $ 41,800 2020 35,192 2021 31,940 2022 29,265 2023 24,961 Subsequent to 2023 49,782 Total $ 212,940 |
Note 4 - Prepaid Expenses and O
Note 4 - Prepaid Expenses and Other Current Assets | 6 Months Ended |
Aug. 03, 2019 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 4. Prepaid expenses and other current assets consist of the following (in thousands): August 3, February 2, August 4, 2019 2019 2018 Prepaid occupancy (1) $ 1,634 $ 5,497 $ 7,137 Prepaid income taxes $ 408 2,245 1,257 Other $ 4,847 5,218 5,292 Total $ 6,889 $ 12,960 $ 13,686 ( 1 Prepaid occupancy consists of prepaid expenses related to non-lease components. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 6 Months Ended |
Aug. 03, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following (in thousands): August 3, February 2, August 4, 2019 2019 2018 Accrued wages, bonuses and related expenses $ 6,093 $ 5,453 $ 5,864 Sales tax payable 1,826 1,286 3,050 Accrued rent and related expenses (1) 642 3,233 3,294 Current income taxes payable 61 75 274 Total $ 8,622 $ 10,047 $ 12,482 ( 1 Accrued rent and related expenses consist of accrued costs associated with non-lease components. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 6 Months Ended |
Aug. 03, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. On March 14, 2017, 2017 “2017 May 11, 2017, 2017 2017 2017 may 2017 may 2017 2017 2017 March 14, 2027, 2017 1,000,000, 2004 March 21, 2017 may For the thirteen twenty-six August 3, 2019 $0.7 $1.5 thirteen twenty-six August 4, 2018 s $0.9 $1.7 August 3, 2019 s $3.9 1.5 The following table is a summary of the balances and activity for stock options for the twenty-six August 3, 2019 Options Shares Weighted Average Exercise Price Outstanding, February 2, 2019 950,678 $ 9.67 Granted - - Exercised (5,980 ) 4.90 Forfeited - - Canceled or expired (20,983 ) 7.21 Outstanding, August 3, 2019 923,715 $ 9.76 The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the twenty-six August 3, 2019 Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, February 2, 2019 379,778 $ 9.31 167,153 $ 8.73 Granted 319,831 5.64 95,811 5.61 Vested (217,458 ) 9.75 — — Forfeited (14,345 ) 6.15 — — Canceled or expired — — — — Outstanding, August 3, 2019 467,806 $ 6.69 262,964 $ 7.59 The total fair value of shares vested during the twenty-six August 3, 2019 August 4, 2018 $2.1 $2.2 In April 2019, three 2019, 2020 2021. 2018, three 2018, 2019 2020. three 2018, 2019 2020. 2017, three 2017, 2018 2019. 25% 200% The outstanding performance shares as of August 3, 2019 Performance Shares Unearned shares subject to performance-based restrictions at target: 2017 - 2019 consolidated pre-tax income growth objectives 83,897 2018 - 2020 consolidated total revenue growth objectives 20,756 2018 - 2020 consolidated pre-tax income growth objectives 62,500 2019 - 2021 consolidated pre-tax income growth objectives 95,811 Performance shares outstanding, August 3, 2019 262,964 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Aug. 03, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The effective tax rate was - 65.1% 101.7% thirteen twenty-six August 3, 2019 29.3% 23.9% thirteen twenty-six August 4, 2018 2019 21% $0.2 2018 21% |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 6 Months Ended |
Aug. 03, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen August 3, 2019 August 4, 2018 For the thirteen weeks ended August 3, 2019 For the thirteen weeks ended August 4, 2018 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 149 $ 69,550 $ (12,123 ) $ 30,861 88,437 $ 151 $ 66,908 $ (11,546 ) $ 55,904 $ 111,417 Share repurchase and retirement - - - - - (1 ) (405 ) - (293 ) (699 ) Stock-based compensation - 734 - - 734 - 849 - - 849 Shares issued under employee stock plans 3 11 - - 14 - 31 - - 31 Other comprehensive income (loss) - - 544 - 544 - - (468 ) - (468 ) Net loss - - - (1,224 ) (1,224 ) - - - (1,800 ) (1,800 ) Balance, ending $ 152 $ 70,295 $ (11,579 ) $ 29,637 $ 88,505 $ 150 $ 67,383 $ (12,015 ) $ 53,811 $ 109,329 ( 1 ( 2 The following table sets forth the changes in stockholders’ equity (in thousands) for the twenty-six August 3, 2019 August 4, 2018 For the twenty-six weeks ended August 3, 2019 For the twenty-six weeks ended August 4, 2018 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 150 $ 69,088 $ (12,018 ) $ 37,094 $ 94,314 $ 150 $ 66,843 $ (10,800 ) $ 55,909 $ 112,102 Adoption of new accounting standard - - - (7,430 ) (7,430 ) - - - - - Subtotal $ 150 $ 69,088 $ (12,018 ) $ 29,664 $ 86,884 $ 150 $ 66,843 $ (10,800 ) $ 55,909 $ 112,102 Share repurchase and retirement - - - - - (2 ) (791 ) - (636 ) (1,429 ) Stock-based compensation - 1,454 - - 1,454 - 1,689 - - 1,689 Shares issued under employee stock plans 2 (246 ) - - (244 ) 2 (359 ) - - (357 ) Other comprehensive income (loss) - - 440 - 440 - - (1,215 ) - (1,215 ) Other - - - - - - - - (16 ) (16 ) Net loss - - - (28 ) (28 ) - - - (1,446 ) (1,446 ) Balance, ending $ 152 $ 70,295 $ (11,579 ) $ 29,637 $ 88,505 $ 150 $ 67,383 $ (12,015 ) $ 53,811 $ 109,329 ( 1 ( 2 In August 2017, $20.0 August 3, 2019 1.3 $8.75 $11.2 $8.8 |
Note 9 - Income Per Share
Note 9 - Income Per Share | 6 Months Ended |
Aug. 03, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data), in periods of net loss, no not Thirteen weeks ended Twenty-six weeks ended August 3, August 4, August 3, August 4, 2019 2018 2019 2018 NUMERATOR: Net income (loss) before allocation of earnings to participating securities $ (1,224 ) $ (1,800 ) $ (28 ) $ (1,446 ) Less: Earnings allocated to participating securities - - - - Net income (loss) $ (1,224 ) $ (1,800 ) $ (28 ) $ (1,446 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 14,726,678 14,618,582 14,669,626 14,600,578 Dilutive effect of share-based awards: - - - - Weighted average number of common shares outstanding - dilutive 14,726,678 14,618,582 14,669,626 14,600,578 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (0.08 ) $ (0.12 ) $ (0.00 ) $ (0.10 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (0.08 ) $ (0.12 ) $ (0.00 ) $ (0.10 ) In calculating diluted income (loss) per share for the thirteen August 3, 2019 August 4, 2018 938,622 478,996; not |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income (Loss) | 6 Months Ended |
Aug. 03, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. The difference between comprehensive income or loss and net income or loss results from foreign currency translation adjustments on the balance sheets of subsidiaries whose functional currency is not August 3, 2019 August 4, 2018 thirteen August 3, 2019 August 4, 2018 no |
Note 11 - Segment Information
Note 11 - Segment Information | 6 Months Ended |
Aug. 03, 2019 | |
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 August 3, 2019 Net sales to external customers $ 75,214 $ 3,193 $ 807 $ 79,214 Income (loss) before income taxes (1,900 ) 1,520 (362 ) (742 ) Capital expenditures 2,505 - - 2,505 Depreciation and amortization 3,283 - 2 3,285 Thirteen weeks ended August 4, 2018 Net sales to external customers $ 81,037 $ 1,055 $ 1,086 $ 83,178 Income (loss) before income taxes (3,148 ) 289 314 (2,545 ) Capital expenditures 4,081 - - 4,081 Depreciation and amortization 4,021 - 2 4,023 Twenty-six weeks ended August 3, 2019 Net sales to external customers $ 156,262 $ 5,947 $ 1,367 $ 163,576 Income (loss) before income taxes (806 ) 2,735 (261 ) 1,668 Capital expenditures 4,945 - - 4,945 Depreciation and amortization 6,793 - 4 6,797 Twenty-six weeks ended August 4, 2018 Net sales to external customers $ 162,462 $ 2,074 $ 1,826 $ 166,362 Income (loss) before income taxes (3,171 ) 651 621 (1,899 ) Capital expenditures 7,111 - - 7,111 Depreciation and amortization 8,137 1 - 8,138 Total Assets as of: August 3, 2019 (1) 285,196 7,796 6,202 $ 299,194 August 4, 2018 163,907 5,847 5,055 174,809 For purposes of this table only: ( 1 August 3, 2019 August 4, 2018 842 February 3, 2019. 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 August 3, 2019 Net sales to external customers $ 68,456 $ 10,195 $ 563 $ 79,214 Thirteen weeks ended August 4, 2018 Net sales to external customers $ 71,964 $ 10,604 $ 610 $ 83,178 Twenty-six weeks ended August 3, 2019 Net sales to external customers $ 141,397 $ 21,082 $ 1,097 $ 163,576 Property and equipment, net 59,008 5,170 13 64,191 Twenty-six weeks ended August 4, 2018 Net sales to external customers $ 141,932 $ 23,430 $ 1,000 $ 166,362 Property and equipment, net 66,606 9,530 21 76,157 For purposes of this table only: ( 1 ( 2 ( 3 |
Note 12 - Contingencies
Note 12 - Contingencies | 6 Months Ended |
Aug. 03, 2019 | |
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 August 3, 2019 $3.9 $3.0 $0.9 not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Aug. 03, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. On September 11, 2019, twentieth twentieth $20.0 66% December 31, 2020 may may not 0.25% 3.25%. third 2019 fourth 2019 not fourth 2019 $1.0 second 2019. |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Notes Tables | |
Schedule of Operating Lease Assets and Liabilities [Table Text Block] | February 3, (in thousands) Classification on the Balance Sheet 2019 Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 151,513 Liabilities Current - Operating Operating lease liability short term 34,672 Noncurrent - Operating Operating lease liability long term 141,519 Total lease liabilities $ 176,191 |
Lease, Cost [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended (in thousands) August 3, 2019 August 3, 2019 Operating lease costs 9,273 20,770 Variable lease costs 694 1,314 Short term lease costs 298 685 Total Operating Lease costs $ 10,265 $ 22,769 Thirteen weeks ended Twenty-six weeks ended (in thousands) August 3, 2019 August 3, 2019 Operating cash flows for operating leases 10,990 22,188 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases (in thousands) 2019 21,111 2020 35,861 2021 31,715 2022 29,306 2023 24,942 Thereafter 51,551 Total minimum lease payments 194,486 Less: amount of lease payments representing interest (31,176 ) Present value of future minimum lease payments 163,310 Less: current obligations under leases (30,697 ) Long-term lease obligations $ 132,613 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating Leases (in thousands) 2019 $ 41,800 2020 35,192 2021 31,940 2022 29,265 2023 24,961 Subsequent to 2023 49,782 Total $ 212,940 |
Note 4 - Prepaid Expenses and_2
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | August 3, February 2, August 4, 2019 2019 2018 Prepaid occupancy (1) $ 1,634 $ 5,497 $ 7,137 Prepaid income taxes $ 408 2,245 1,257 Other $ 4,847 5,218 5,292 Total $ 6,889 $ 12,960 $ 13,686 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | August 3, February 2, August 4, 2019 2019 2018 Accrued wages, bonuses and related expenses $ 6,093 $ 5,453 $ 5,864 Sales tax payable 1,826 1,286 3,050 Accrued rent and related expenses (1) 642 3,233 3,294 Current income taxes payable 61 75 274 Total $ 8,622 $ 10,047 $ 12,482 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Outstanding, February 2, 2019 950,678 $ 9.67 Granted - - Exercised (5,980 ) 4.90 Forfeited - - Canceled or expired (20,983 ) 7.21 Outstanding, August 3, 2019 923,715 $ 9.76 |
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 2, 2019 379,778 $ 9.31 167,153 $ 8.73 Granted 319,831 5.64 95,811 5.61 Vested (217,458 ) 9.75 — — Forfeited (14,345 ) 6.15 — — Canceled or expired — — — — Outstanding, August 3, 2019 467,806 $ 6.69 262,964 $ 7.59 |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | Performance Shares Unearned shares subject to performance-based restrictions at target: 2017 - 2019 consolidated pre-tax income growth objectives 83,897 2018 - 2020 consolidated total revenue growth objectives 20,756 2018 - 2020 consolidated pre-tax income growth objectives 62,500 2019 - 2021 consolidated pre-tax income growth objectives 95,811 Performance shares outstanding, August 3, 2019 262,964 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | For the thirteen weeks ended August 3, 2019 For the thirteen weeks ended August 4, 2018 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 149 $ 69,550 $ (12,123 ) $ 30,861 88,437 $ 151 $ 66,908 $ (11,546 ) $ 55,904 $ 111,417 Share repurchase and retirement - - - - - (1 ) (405 ) - (293 ) (699 ) Stock-based compensation - 734 - - 734 - 849 - - 849 Shares issued under employee stock plans 3 11 - - 14 - 31 - - 31 Other comprehensive income (loss) - - 544 - 544 - - (468 ) - (468 ) Net loss - - - (1,224 ) (1,224 ) - - - (1,800 ) (1,800 ) Balance, ending $ 152 $ 70,295 $ (11,579 ) $ 29,637 $ 88,505 $ 150 $ 67,383 $ (12,015 ) $ 53,811 $ 109,329 For the twenty-six weeks ended August 3, 2019 For the twenty-six weeks ended August 4, 2018 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 150 $ 69,088 $ (12,018 ) $ 37,094 $ 94,314 $ 150 $ 66,843 $ (10,800 ) $ 55,909 $ 112,102 Adoption of new accounting standard - - - (7,430 ) (7,430 ) - - - - - Subtotal $ 150 $ 69,088 $ (12,018 ) $ 29,664 $ 86,884 $ 150 $ 66,843 $ (10,800 ) $ 55,909 $ 112,102 Share repurchase and retirement - - - - - (2 ) (791 ) - (636 ) (1,429 ) Stock-based compensation - 1,454 - - 1,454 - 1,689 - - 1,689 Shares issued under employee stock plans 2 (246 ) - - (244 ) 2 (359 ) - - (357 ) Other comprehensive income (loss) - - 440 - 440 - - (1,215 ) - (1,215 ) Other - - - - - - - - (16 ) (16 ) Net loss - - - (28 ) (28 ) - - - (1,446 ) (1,446 ) Balance, ending $ 152 $ 70,295 $ (11,579 ) $ 29,637 $ 88,505 $ 150 $ 67,383 $ (12,015 ) $ 53,811 $ 109,329 |
Note 9 - Income Per Share (Tabl
Note 9 - Income Per Share (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended August 3, August 4, August 3, August 4, 2019 2018 2019 2018 NUMERATOR: Net income (loss) before allocation of earnings to participating securities $ (1,224 ) $ (1,800 ) $ (28 ) $ (1,446 ) Less: Earnings allocated to participating securities - - - - Net income (loss) $ (1,224 ) $ (1,800 ) $ (28 ) $ (1,446 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 14,726,678 14,618,582 14,669,626 14,600,578 Dilutive effect of share-based awards: - - - - Weighted average number of common shares outstanding - dilutive 14,726,678 14,618,582 14,669,626 14,600,578 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (0.08 ) $ (0.12 ) $ (0.00 ) $ (0.10 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ (0.08 ) $ (0.12 ) $ (0.00 ) $ (0.10 ) |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 6 Months Ended |
Aug. 03, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended August 3, 2019 Net sales to external customers $ 75,214 $ 3,193 $ 807 $ 79,214 Income (loss) before income taxes (1,900 ) 1,520 (362 ) (742 ) Capital expenditures 2,505 - - 2,505 Depreciation and amortization 3,283 - 2 3,285 Thirteen weeks ended August 4, 2018 Net sales to external customers $ 81,037 $ 1,055 $ 1,086 $ 83,178 Income (loss) before income taxes (3,148 ) 289 314 (2,545 ) Capital expenditures 4,081 - - 4,081 Depreciation and amortization 4,021 - 2 4,023 Twenty-six weeks ended August 3, 2019 Net sales to external customers $ 156,262 $ 5,947 $ 1,367 $ 163,576 Income (loss) before income taxes (806 ) 2,735 (261 ) 1,668 Capital expenditures 4,945 - - 4,945 Depreciation and amortization 6,793 - 4 6,797 Twenty-six weeks ended August 4, 2018 Net sales to external customers $ 162,462 $ 2,074 $ 1,826 $ 166,362 Income (loss) before income taxes (3,171 ) 651 621 (1,899 ) Capital expenditures 7,111 - - 7,111 Depreciation and amortization 8,137 1 - 8,138 Total Assets as of: August 3, 2019 (1) 285,196 7,796 6,202 $ 299,194 August 4, 2018 163,907 5,847 5,055 174,809 |
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 August 3, 2019 Net sales to external customers $ 68,456 $ 10,195 $ 563 $ 79,214 Thirteen weeks ended August 4, 2018 Net sales to external customers $ 71,964 $ 10,604 $ 610 $ 83,178 Twenty-six weeks ended August 3, 2019 Net sales to external customers $ 141,397 $ 21,082 $ 1,097 $ 163,576 Property and equipment, net 59,008 5,170 13 64,191 Twenty-six weeks ended August 4, 2018 Net sales to external customers $ 141,932 $ 23,430 $ 1,000 $ 166,362 Property and equipment, net 66,606 9,530 21 76,157 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) | 6 Months Ended |
Aug. 03, 2019 | |
Gift Card Redemption Period | 3 years |
Estimated Percentage of Gift Card Redemptions Within First Twelve Months | 75.00% |
Direct to Consumer [Member] | |
Segment Revenue of Consolidated Revenue, Percentage | 96.00% |
International Franchising [Member] | |
Capitalized Contract Cost, Amortization Period | 25 years |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 29,637 | $ 37,094 | $ 53,811 | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.90% | |||
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 5,300 | |||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 5 years 182 days | |||
Accounting Standards Update 2016-02 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (7,400) | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Term of Contract | 10 years |
Note 3 - Leases - Lease Assets
Note 3 - Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
Operating lease right-of-use assets | $ 137,680 | $ 151,513 | ||
Current - Operating | 30,697 | 34,672 | ||
Long-term lease obligations | 132,613 | 141,519 | ||
Total lease liabilities | $ 163,310 | $ 176,191 |
Note 3 - Leases - Lease Costs (
Note 3 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Aug. 03, 2019 | Aug. 03, 2019 | |
Operating lease costs | $ 9,273 | $ 20,770 |
Variable lease costs | 694 | 1,314 |
Short term lease costs | 298 | 685 |
Total Operating Lease costs | 10,265 | 22,769 |
Operating cash flows for operating leases | $ 10,990 | $ 22,188 |
Note 3 - Leases - Reconciliatio
Note 3 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 |
2019 | $ 21,111 | |||
2020 | 35,861 | |||
2021 | 31,715 | |||
2022 | 29,306 | |||
2023 | 24,942 | |||
Thereafter | 51,551 | |||
Total minimum lease payments | 194,486 | |||
Less: amount of lease payments representing interest | (31,176) | |||
Present value of future minimum lease payments | 163,310 | $ 176,191 | ||
Less: current obligations under leases | (30,697) | (34,672) | ||
Long-term lease obligations | $ 132,613 | $ 141,519 |
Note 3 - Leases - Future Minimu
Note 3 - Leases - Future Minimum Payments Under ASC 840 (Details) $ in Thousands | Feb. 02, 2019USD ($) |
2019 | $ 41,800 |
2020 | 35,192 |
2021 | 31,940 |
2022 | 29,265 |
2023 | 24,961 |
Subsequent to 2023 | 49,782 |
Total | $ 212,940 |
Note 4 - Prepaid Expenses and_3
Note 4 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 | |
Prepaid occupancy | [1] | $ 1,634 | $ 5,497 | $ 7,137 |
Prepaid income taxes | 408 | 2,245 | 1,257 | |
Other | 4,847 | 5,218 | 5,292 | |
Total | $ 6,889 | $ 12,960 | $ 13,686 | |
[1] | Prepaid occupancy consists of prepaid expenses related to non-lease components. |
Note 5 - Accrued Expenses - Sum
Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Aug. 03, 2019 | Feb. 02, 2019 | Aug. 04, 2018 | |
Accrued wages, bonuses and related expenses | $ 6,093 | $ 5,453 | $ 5,864 | |
Sales tax payable | 1,826 | 1,286 | 3,050 | |
Accrued rent and related expenses | [1] | 642 | 3,233 | 3,294 |
Current income taxes payable | 61 | 75 | 274 | |
Total | $ 8,622 | $ 10,047 | $ 12,482 | |
[1] | Accrued rent and related expenses consist of accrued costs associated with non-lease components. |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | Dec. 30, 2017 | May 11, 2017 | |
Minimum [Member] | |||||||
Performance-based Shares, Payout Opportunity, Percentage | 25.00% | 25.00% | |||||
Maximum [Member] | |||||||
Performance-based Shares, Payout Opportunity, Percentage | 200.00% | 200.00% | |||||
Options and Restricted Stock [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 0.7 | $ 1.5 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 3.9 | $ 3.9 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 182 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 | $ 0.9 | $ 2.2 | $ 1.7 | |||
Performance Shares [Member] | Vesting at End of Three-year Performance Period [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period | 3 years | 3 years | 3 years | ||||
The 2017 Omnibus Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Activity for Stock Options (Details) | 6 Months Ended |
Aug. 03, 2019$ / sharesshares | |
Outstanding (in shares) | shares | 950,678 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.67 |
Granted (in shares) | shares | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | |
Exercised (in shares) | shares | (5,980) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 4.90 |
Forfeited (in shares) | shares | |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | |
Canceled or expired (in shares) | shares | (20,983) |
Canceled or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 7.21 |
Outstanding (in shares) | shares | 923,715 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.76 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) | 6 Months Ended |
Aug. 03, 2019$ / sharesshares | |
Restricted Stock [Member] | |
Outstanding (in shares) | shares | 379,778 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.31 |
Granted (in shares) | shares | 319,831 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.64 |
Vested (in shares) | shares | (217,458) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.75 |
Forfeited (in shares) | shares | (14,345) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.15 |
Canceled or expired (in shares) | shares | |
Canceled, weighted average grant date fair value (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 467,806 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.69 |
Performance Shares [Member] | |
Outstanding (in shares) | shares | 167,153 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.73 |
Granted (in shares) | shares | 95,811 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.61 |
Vested (in shares) | shares | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Forfeited (in shares) | shares | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | |
Canceled or expired (in shares) | shares | |
Canceled, weighted average grant date fair value (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 262,964 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.59 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Outstanding Performance Shares (Details) - Performance Shares [Member] - shares | Aug. 03, 2019 | Feb. 02, 2019 |
Performance shares (in shares) | 262,964 | 167,153 |
Vesting Upon Achievement of 2017-2019 Consolidated Pre-tax Income Target [Member] | ||
Performance shares (in shares) | 83,897 | |
Vesting Upon Achievement of 2018-2020 Consolidated Total Revenues Growth Objectives [Member] | ||
Performance shares (in shares) | 20,756 | |
Vesting Upon Achievement of 2018-2020 Consolidated Pre-tax Income Growth Objectives [Member] | ||
Performance shares (in shares) | 62,500 | |
Vesting Upon Achievement of 2019-2021 Consolidated Pre-tax Income Growth Objectives [Member] | ||
Performance shares (in shares) | 95,811 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (65.10%) | 29.30% | 101.70% | 23.90% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | $ 0.2 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | 20 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | May 04, 2019 | Aug. 31, 2017 | |
Stock Repurchased and Retired During Period, Value | $ 699 | $ 1,429 | ||||
The August 2017 Share Repurchase Program [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 20,000 | |||||
Stock Repurchased and Retired During Period, Shares | 1.3 | |||||
Share Price | $ 8.75 | |||||
Stock Repurchased and Retired During Period, Value | $ 11,200 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 8,800 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | ||
Balance, beginning | $ 88,437 | $ 111,417 | $ 94,314 | $ 112,102 | |
Share repurchase and retirement | (699) | (1,429) | |||
Stock-based compensation | 734 | 849 | 1,454 | 1,689 | |
Shares issued under employee stock plans | 14 | 31 | (244) | (357) | |
Other comprehensive income (loss) | 544 | (468) | 440 | (1,215) | |
Net loss | (1,224) | (1,800) | (28) | (1,446) | |
Adoption of new accounting standard | (7,430) | ||||
Subtotal | 86,884 | 112,102 | |||
Other | (16) | ||||
Balance, ending | 88,505 | 109,329 | 88,505 | 109,329 | |
Common Stock [Member] | |||||
Balance, beginning | 149 | 151 | 150 | 150 | |
Share repurchase and retirement | (1) | (2) | |||
Stock-based compensation | |||||
Shares issued under employee stock plans | 3 | 2 | 2 | ||
Other comprehensive income (loss) | |||||
Net loss | |||||
Adoption of new accounting standard | |||||
Subtotal | 150 | 150 | |||
Other | |||||
Balance, ending | 152 | 150 | 152 | 150 | |
Additional Paid-in Capital [Member] | |||||
Balance, beginning | [1] | 69,550 | 66,908 | 69,088 | 66,843 |
Share repurchase and retirement | [1] | (405) | (791) | ||
Stock-based compensation | [1] | 734 | 849 | 1,454 | 1,689 |
Shares issued under employee stock plans | [1] | 11 | 31 | (246) | (359) |
Other comprehensive income (loss) | [1] | ||||
Net loss | [1] | ||||
Adoption of new accounting standard | [1] | ||||
Subtotal | [1] | 69,088 | 66,843 | ||
Other | |||||
Balance, ending | [1] | 70,295 | 67,383 | 70,295 | 67,383 |
AOCI Attributable to Parent [Member] | |||||
Balance, beginning | [2] | (12,123) | (11,546) | (12,018) | (10,800) |
Share repurchase and retirement | [2] | ||||
Stock-based compensation | [2] | ||||
Shares issued under employee stock plans | [2] | ||||
Other comprehensive income (loss) | [2] | 544 | (468) | 440 | (1,215) |
Net loss | [2] | ||||
Adoption of new accounting standard | [2] | ||||
Subtotal | [2] | (12,018) | (10,800) | ||
Other | |||||
Balance, ending | [2] | (11,579) | (12,015) | (11,579) | (12,015) |
Retained Earnings [Member] | |||||
Balance, beginning | 30,861 | 55,904 | 37,094 | 55,909 | |
Share repurchase and retirement | (293) | (636) | |||
Stock-based compensation | |||||
Shares issued under employee stock plans | |||||
Other comprehensive income (loss) | |||||
Net loss | (1,224) | (1,800) | (28) | (1,446) | |
Adoption of new accounting standard | (7,430) | ||||
Subtotal | 29,664 | 55,909 | |||
Other | (16) | ||||
Balance, ending | $ 29,637 | $ 53,811 | $ 29,637 | $ 53,811 | |
[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 | |
Aug. 03, 2019 | Aug. 04, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 938,622 | 478,996 |
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 | ||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | |
Net income (loss) before allocation of earnings to participating securities | $ (1,224) | $ (1,800) | $ (28) | $ (1,446) |
Less: Earnings allocated to participating securities | ||||
Net income (loss) | $ (1,224) | $ (1,800) | $ (28) | $ (1,446) |
Weighted average number of common shares outstanding - basic (in shares) | 14,726,678 | 14,618,582 | 14,669,626 | 14,600,578 |
Dilutive effect of share-based awards: (in shares) | ||||
Weighted average number of common shares outstanding - dilutive (in shares) | 14,726,678 | 14,618,582 | 14,669,626 | 14,600,578 |
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ (0.08) | $ (0.12) | $ 0 | $ (0.10) |
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ (0.08) | $ (0.12) | $ 0 | $ (0.10) |
Note 10 - Comprehensive Incom_2
Note 10 - Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 03, 2019 | Aug. 04, 2018 | |
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 | 6 Months Ended |
Aug. 03, 2019 | Aug. 03, 2019 | |
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 | |||||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | |||
Net sales to external customers | $ 79,214 | $ 83,178 | $ 163,576 | $ 166,362 | |||
Income (loss) before income taxes | (742) | (2,545) | 1,668 | (1,899) | |||
Capital expenditures, net | 2,505 | 4,081 | 4,945 | 7,111 | |||
Depreciation and amortization | 3,285 | 4,023 | 6,797 | 8,138 | |||
August 3, 2019 (1) | 299,194 | [1] | 174,809 | 299,194 | [1] | 174,809 | $ 172,046 |
Direct to Consumer [Member] | |||||||
Net sales to external customers | 75,214 | 81,037 | 156,262 | 162,462 | |||
Income (loss) before income taxes | (1,900) | (3,148) | (806) | (3,171) | |||
Capital expenditures, net | 2,505 | 4,081 | 4,945 | 7,111 | |||
Depreciation and amortization | 3,283 | 4,021 | 6,793 | 8,137 | |||
August 3, 2019 (1) | 285,196 | [1] | 163,907 | 285,196 | [1] | 163,907 | |
Commercial [Member] | |||||||
Net sales to external customers | 3,193 | 1,055 | 5,947 | 2,074 | |||
Income (loss) before income taxes | 1,520 | 289 | 2,735 | 651 | |||
Capital expenditures, net | |||||||
Depreciation and amortization | 1 | ||||||
August 3, 2019 (1) | 7,796 | [1] | 5,847 | 7,796 | [1] | 5,847 | |
International Franchising [Member] | |||||||
Net sales to external customers | 807 | 1,086 | 1,367 | 1,826 | |||
Income (loss) before income taxes | (362) | 314 | (261) | 621 | |||
Capital expenditures, net | |||||||
Depreciation and amortization | 2 | 2 | 4 | ||||
August 3, 2019 (1) | $ 6,202 | [1] | $ 5,055 | $ 6,202 | [1] | $ 5,055 | |
[1] | The increase in total assets when comparing August 3, 2019 to August 4, 2018 is the result of the adoption of Topic 842 on leases effective February 3, 2019. |
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 | ||||
Aug. 03, 2019 | Aug. 04, 2018 | Aug. 03, 2019 | Aug. 04, 2018 | Feb. 02, 2019 | ||
Net sales to external customers | $ 79,214 | $ 83,178 | $ 163,576 | $ 166,362 | ||
Property and equipment, net | 64,191 | 76,157 | 64,191 | 76,157 | $ 66,368 | |
North America [Member] | ||||||
Net sales to external customers | [1] | 68,456 | 71,964 | 141,397 | 141,932 | |
Property and equipment, net | [1] | 59,008 | 66,606 | 59,008 | 66,606 | |
Europe [Member] | ||||||
Net sales to external customers | [2] | 10,195 | 10,604 | 21,082 | 23,430 | |
Property and equipment, net | [2] | 5,170 | 9,530 | 5,170 | 9,530 | |
Other Geographic Region [Member] | ||||||
Net sales to external customers | [3] | 563 | 610 | 1,097 | 1,000 | |
Property and equipment, net | [3] | $ 13 | $ 21 | $ 13 | $ 21 | |
[1] | North America includes corporately managed locations in the United States, Canada, Puerto Rico and franchise business in Mexico | |||||
[2] | Europe includes corporately managed locations in the U.K., Ireland, Denmark and franchise businesses in Europe | |||||
[3] | Other includes franchise businesses outside of North America and Europe and a corporately-managed location in China |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Millions | Aug. 03, 2019USD ($) |
Litigation Receivable, Gross | $ 3.9 |
Litigation Receivables, Reserve | 3 |
Litigation Receivables, Net | $ 0.9 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Twentieth Amendment to Credit Agreement [Member] $ in Millions | Sep. 11, 2019USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 20 |
Line of Credit Facility, Ownership Interest Pledged | 66.00% |
Line of Credit Facility, Commitment Fee Percentage | 0.25% |
Debt Instrument, Basis Spread on Variable Rate | 3.25% |
Letter of Credit [Member] | |
Long-term Line of Credit, Total | $ 1 |