Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2020 | Apr. 13, 2020 | Aug. 02, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,188,243 | ||
Entity Public Float | $ 60.1 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Feb. 1, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Feb. 01, 2020 | Feb. 02, 2019 | |
Current assets: | |||
Cash and cash equivalents | $ 26,726,000 | $ 17,894,000 | |
Inventories, net | 53,381,000 | 58,356,000 | |
Receivables, net | 11,526,000 | 10,588,000 | |
Prepaid expenses and other current assets | 7,117,000 | 12,960,000 | |
Total current assets | 98,750,000 | 99,798,000 | |
Operating lease right-of-use asset | 126,144,000 | ||
Property and equipment, net | 65,855,000 | 66,368,000 | |
Deferred tax assets | 3,411,000 | 3,099,000 | |
Other intangible assets, net | 731,000 | ||
Other assets, net | 3,102,000 | 2,050,000 | |
Total Assets | 297,262,000 | [1] | 172,046,000 |
Current liabilities: | |||
Accounts payable | 15,680,000 | 22,551,000 | |
Accrued expenses | 16,536,000 | 10,047,000 | |
Operating lease liability short term | 30,912,000 | ||
Gift cards and customer deposits | 20,231,000 | 21,643,000 | |
Deferred revenue and other | 2,605,000 | 1,936,000 | |
Total current liabilities | 85,964,000 | 56,177,000 | |
Operating lease liability long term | 119,625,000 | ||
Deferred rent | 18,440,000 | ||
Deferred franchise revenue | 1,325,000 | 1,625,000 | |
Other liabilities | 1,717,000 | 1,490,000 | |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at February 1, 2020 and February 2, 2019 | |||
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 15,205,981 and 14,953,142 shares, respectively | 152,000 | 150,000 | |
Additional paid-in capital | 70,633,000 | 69,088,000 | |
Accumulated other comprehensive loss | (12,079,000) | (12,018,000) | |
Retained earnings | 29,925,000 | 37,094,000 | |
Total stockholders' equity | 88,631,000 | 94,314,000 | |
Total Liabilities and Stockholders' Equity | $ 297,262,000 | $ 172,046,000 | |
[1] | The increase in total assets when Comparing February 1, 2020 to February 2, 2019 is mainly the result of the adoption of Topic 842 on leases effective February 3, 2019. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Feb. 01, 2020 | Feb. 02, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 15,205,981 | 14,953,142 |
Common stock, shares outstanding (in shares) | 15,205,981 | 14,953,142 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 01, 2020 | Feb. 02, 2019 | |
Revenues: | ||
Revenue | $ 338,543 | $ 336,585 |
Costs and expenses: | ||
Cost of merchandise sold | 184,920 | 197,831 |
Store asset impairment | 5,871 | |
Consolidated gross profit | 153,623 | 138,754 |
Selling, general and administrative expense | 152,047 | 157,176 |
Interest expense, net | 15 | 85 |
Total income (loss) before income taxes | 1,561 | (18,507) |
Income tax expense (benefit) | 1,300 | (574) |
Net income (loss) | 261 | (17,933) |
Foreign currency translation adjustment | (60) | (1,218) |
Comprehensive income (loss) | $ 201 | $ (19,151) |
Income (loss) per common share: | ||
Basic (in dollars per share) | $ 0.02 | $ (1.23) |
Diluted (in dollars per share) | $ 0.02 | $ (1.23) |
Shares used in computing common per share amounts: | ||
Basic (in shares) | 14,711,334 | 14,591,270 |
Diluted (in shares) | 14,759,810 | 14,591,270 |
Store Asset Impairment [Member] | ||
Costs and expenses: | ||
Store asset impairment | $ 5,195 | |
Retail [Member] | ||
Revenues: | ||
Revenue | 323,491 | 326,304 |
Costs and expenses: | ||
Cost of merchandise sold | 176,652 | 186,834 |
Commercial Product and Service [Member] | ||
Revenues: | ||
Revenue | 11,892 | 6,560 |
Costs and expenses: | ||
Cost of merchandise sold | 5,432 | 3,317 |
International Franchising [Member] | ||
Revenues: | ||
Revenue | 3,160 | 3,721 |
Costs and expenses: | ||
Cost of merchandise sold | $ 2,836 | $ 2,485 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Feb. 03, 2018 | $ 150 | $ 66,843 | $ (10,800) | $ 55,909 | $ 112,102 |
Share repurchase and retirement | (2) | (1,058) | (868) | (1,928) | |
Stock-based compensation | 3,439 | 3,439 | |||
Shares issued under employee stock plans | 2 | (136) | (14) | (148) | |
Other comprehensive loss | (1,218) | (1,218) | |||
Net income (loss) | (17,933) | (17,933) | |||
Balance at Feb. 02, 2019 | 150 | 69,088 | (12,018) | 37,094 | 94,314 |
Stock-based compensation | 1,793 | 1,793 | |||
Shares issued under employee stock plans | 2 | (248) | (246) | ||
Other comprehensive loss | (60) | (60) | |||
Net income (loss) | 261 | 261 | |||
Adoption of new accounting standard | (7,431) | (7,431) | |||
Other | (1) | 1 | |||
Balance at Feb. 01, 2020 | $ 152 | $ 70,633 | $ (12,079) | $ 29,925 | $ 88,631 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | ||
Cash flows provided by operating activities: | |||
Net income (loss) | $ 261 | $ (17,933) | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 13,705 | 16,042 | |
Stock-based compensation | 2,877 | 3,439 | |
Asset Impairment Charges, Total | 5,871 | ||
Deferred taxes | (318) | 446 | |
Provision for doubtful accounts | (83) | 1,029 | |
Loss on disposal of property and equipment | (7) | 398 | |
Change in assets and liabilities: | |||
Inventories, net | 5,053 | (1,116) | |
Receivables, net | (805) | (3,452) | |
Prepaid expenses and other assets | 5,839 | 98 | |
Accounts payable and accrued expenses | (2,439) | 817 | |
Operating leases | (490) | 224 | |
Gift cards and customer deposits | (1,369) | 2,415 | |
Deferred revenue | (615) | 1,308 | |
Net cash provided by operating activities | 21,609 | 9,586 | |
Cash flows used in investing activities: | |||
Purchases of property and equipment | (12,384) | (11,253) | |
Purchases of other assets and other intangible assets | |||
Proceeds from property insurance | |||
Net cash used in investing activities | (12,384) | (11,253) | |
Cash flows used in financing activities: | |||
Proceeds from the exercise of employee stock options, net of withholding tax payments | (245) | (131) | |
Borrowings under line of credit | 7,250 | ||
Repayments under line of credit | (7,250) | ||
Purchases of Company’s common stock | (2,228) | ||
Net cash used in financing activities | (245) | (2,359) | |
Effect of exchange rates on cash | (140) | 421 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 8,840 | (3,605) | |
Cash, cash equivalents and restricted cash, beginning of period | 19,555 | 23,160 | |
Cash, cash equivalents and restricted cash, end of period | 28,395 | 19,555 | |
Supplemental disclosure of cash flow information: | |||
Cash, cash equivalents and restricted cash, end of period | 28,395 | 19,555 | |
Less: Restricted cash from long-term deposits (1) | [1] | (1,669) | (1,661) |
Total cash and cash equivalents | 26,726 | 17,894 | |
Net cash paid (received) during the period for income taxes | $ (1,800) | $ 1,675 | |
[1] | See cash, cash equivalents and restricted cash in Note 2 - Summary of Significant Accounting Policies for further discussion. |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Preparation | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 Description of Business and Basis of Preparation Build-A-Bear Workshop, Inc. and subsidiaries (collectively, the “Company”) is a specialty retailer of plush animals and related products. The Company began operations in October 1997. 372 not The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Certain amounts in prior fiscal periods have been reclassified to conform to current year presentation with no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 Summary of Significant Accounting Policies For each accounting topic that is addressed in its own note, the description of the accounting policy may applied in the preparation of the accompanying consolidated financial statements are as follows: Principles of Consolidation The accompanying consolidated financial statements include the accounts of Build-A-Bear Workshop, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts are eliminated in consolidation. Fiscal Year The Company operates on a 52 53 January 31. 2019 52 February 1, 2020 2018 52 February 2, 2019 Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and short-term highly liquid investments with an original maturity of three one 10 2018 2019 The majority of the Company’s cash and cash equivalents exceed federal deposit insurance limits. The Company has not not Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on an average-cost basis. Inventory includes supplies of $ 3.2 million and $ 2.9 million as of February 1, 2020 and February 2, 2019 , respectively. A reserve for estimated shortage is accrued throughout the year based on detailed historical averages. The inventory reserve was $ 0.8 million and $ 0.9 million as of February 1, 2020 February 2, 2019 Receivables Receivables consist primarily of amounts due to the Company in relation to tenant allowances, wholesale and corporate product sales, franchisee royalties and product sales, certain amounts due from taxing authorities and licensing revenue. The Company assesses the collectability of all receivables on an ongoing basis by considering its historical credit loss experience, current economic conditions, and other relevant factors. Based on this analysis, the Company has established an allowance for doubtful accounts of $ 6.3 million and $ 5.4 million as of February 1, 2020 February 2, 2019 Property and Equipment Property and equipment consist of leasehold improvements, furniture and fixtures, computer equipment and software, building and land and are stated at cost. Leasehold improvements are depreciated using the straight-line method over the shorter of the useful life of the assets or the life of the lease which is generally ten three seven three five Leases In the first 2019, 842, Leases 2019 842, 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 the Company recognizes expense for these leases on a straight-line basis over the lease term. T he Company recognizes the related rental expense on a straight-line basis and records the difference between the recognized rental expense and amounts payable under the lease as part of the lease right-of-use asset. 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 Other Intangible Assets Other intangible assets consist primarily of initial costs related to trademarks and other intellectual property. Trademarks and other intellectual property represent third one three Other Assets Other assets consist primarily of the non-current portion of prepaid income taxes and deferred costs related to franchise agreemen ts. Long-lived Assets Whenever facts and circumstances indicate that the carrying value of a long-lived asset may not not 2019 $5.9 2018 6 The calculation of fair value requires multiple assumptions regarding our future operations to determine future cash flows, including but not may 2020 19, may Revenue See Note 3 Cost of Merchandise Sold Cost of merchandise sold - retail includes the cost of the merchandise, including royalties paid to licensors of third 5 third Selling, General, and Administrative Expenses Selling, general, and administrative expenses include store payroll and related benefits, advertising, credit card fees, store supplies and store closing costs, as well as central office management payroll and related benefits, travel, information systems, accounting, insurance, legal, and public relations. It also includes depreciation and amortization of central office leasehold improvements, furniture, fixtures, and equipment, as well as amortization of trademarks and intellectual property. Further, it includes store preopening expenses which represent costs incurred prior to store openings, remodels and relocations including certain store set-up, labor and hiring costs, rental charges, payroll, marketing, travel and relocation costs. Advertising The costs of advertising and marketing programs are charged to operations in the first 12.2 million and $ 16.5 million for fiscal years 2019 2018 Income Taxes Income taxes are accounted for using a balance sheet approach known as the liability method. The liability method accounts for deferred income taxes by applying the rate, based on enacted tax law, that will be in effect in the period in which the temporary differences between the book basis and the tax basis of assets and liabilities reverse or are settled. Deferred taxes are reported on a jurisdictional basis. Tax positions are reviewed at least quarterly and adjusted as new information becomes available. The recoverability of deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, available tax planning strategies and forecasted operating earnings. These estimates of future taxable income inherently require significant judgment. To the extent it is considered more likely than not not 19 may 2020. The Company assesses its total liability for uncertain tax positions on a quarterly basis. The Company recognizes estimated interest and penalties related to unrecognized tax benefits in income tax expense. See Note 8—Income I ncome Per Share Under the two no not not Stock-Based Compensation The Company has share-based compensation plans covering certain management groups and its Board of Directors. The Company accounts for share-based payments utilizing the fair value recognition provisions of ASC 718. 12 Comprehensive Income ( Los s ) Comprehensive income (loss) is comprised of net income (loss) and foreign currency translation adjustments. D eferred Compensation Plan The Company maintains a Deferred Compensation Plan for the benefit of certain management employees. The investment funds offered to the participant generally correspond to the funds offered in the Company’s 401 1 February 1, 2020 $0.1 1.3 million are presented in other assets, net and other liabilities in the accompanying consolidated balance sheets. As of February 2, 2019 , the current portions of the assets and related liabilities of $0.1 1.0 million are presented in other assets, net and other liabilities in the accompanying consolidated balance sheets. Fair Value of Financial Instruments For purposes of financial reporting, management has determined that the fair value of financial instruments, including cash and cash equivalents, receivables, short term investments, accounts payable and accrued expenses, approximates book value at February 1, 2020 February 2, 2019 Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances, including, but not may Sales Tax Policy The Company’s revenues in the consolidated statement of operations are net of sales taxes. Foreign Currency Assets and liabilities of the Company’s foreign operations with functional currencies other than the U.S. dollar are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the year. Translation adjustments are reported in accumulated other comprehensive income, a separate component of stockholders’ equity. Gains and losses resulting from foreign exchange transactions, including the impact of the re-measurement of the Company’s balance sheet, are recorded as a component of selling, general and administrative expenses. The Company recorded a loss of $ 0.1 million and $ 1.0 million related to foreign currency in fiscal 2019 2018 Subsequent Events In March 2020, 19 March 17, 2020, March 26, 2020, April 1, 2020 19. The Company is taking steps to manage its resources conservatively by reducing and/or deferring capital expenditures, inventory purchases and operating expenses to mitigate the adverse impact of the pandemic. These steps include, but are not 90% March 29, 2020; 20% not March 29, 2020; first 2020 The Company has not April 13, 2020 approximately $23.8 19 first 2020 may not may not 19 may not On March 27, 2020, $2 19 R ecent Accounting Pronouncements – Adopted in the current year In February 2016, 842" 842 12 Effective February 3, 2019, 842” 842 may not not not Upon adoption and transition, the Company recognized a cumulative-effect charge of $7.4 The table below presents the lease-related assets and liabilities recorded on the balance sheet as of adoption on February 3, 2019. February 3, 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 Recent Accounting Pronouncements – Pending adoption In June 2016, No. 2016 13, 326 not December 15, 2022. In December 2019, No. 2019 12, 740 December 15, 2020, |
Note 3 - Revenue
Note 3 - Revenue | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 Revenue Nearly all of 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 accounts for revenue in accordance with Topic 606. 15 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, control generally transfers 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 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 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, merchandise, 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 4 - Leases
Note 4 - Leases | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 4 ) Leases The table below presents information related to the lease costs for operating leases for the full year ended February 1, 2020 ( Year Ended February 1, 2020 Operating lease costs 40,943 Variable lease costs 2,856 Short term lease costs 1,352 Total Operating Lease costs $ 45,151 Other information The table below presents supplemental cash flow information related to leases for the full year ended February 1, 2020 Year Ended February 1, 2020 Operating cash flows for operating leases $ 43,687 As of February 1, 2020 5.9 5.8% Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2019 38,976 2020 32,803 2021 29,356 2022 24,913 2023 20,916 Thereafter 31,020 Total minimum lease payments 177,984 Less: amount of lease payments representing interest (27,447 ) Present value of future minimum lease payments 150,537 Less: current obligations under leases (30,912 ) Long-term lease obligations $ 119,625 As of February 1, 2020 not 2.5 2020 three five 12.6 ten eleven As previously reported in the Company's Annual Report on Form 10 February 2, 2019, 840, $45.9 $1.5 2018. Also, as previously reported in the Company's Annual Report on Form 10 February 2, 2019, 840, February 2, 2019, 2019 $ 41,800 2020 35,192 2021 31,940 2022 29,265 2023 24,961 Thereafter 49,782 Total $ 212,940 |
Note 5 - Prepaid Expenses and O
Note 5 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | ( 5 ) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): February 1, February 2, 2020 2019 Prepaid occupancy (1) $ 1,097 $ 5,497 Prepaid income taxes 164 2,245 Prepaid insurance 628 336 Prepaid gift card fees 1,413 1,488 Other (2) 3,815 3,394 Total $ 7,117 $ 12,960 ( 1 February 1, 2020 February 2, 2019 ( 2 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment, Net | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 6 ) Property and Equipment , net Property and equipment, net consist of the following (in thousands): February 1, February 2, 2020 2019 Land $ 2,261 $ 2,261 Furniture and fixtures 42,611 43,127 Computer hardware 24,069 25,659 Building 14,970 14,970 Leasehold improvements 102,598 104,858 Computer software 48,109 46,506 Construction in progress 9,615 3,583 244,233 240,964 Less accumulated depreciation 178,378 174,596 Total, net $ 65,855 $ 66,368 For fiscal 2019 2018, 13.5 million and $ 15.3 million, respectively. During 2019, no 5.2 2018 3 In the event that management decides to close any or all of these stores in the future, the Company may not not 2019 2018 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 7 ) Accrued Expenses Accrued expenses consist of the following (in thousands): February 1, February 2, 2020 2019 Accrued wages, bonuses and related expenses $ 13,373 $ 5,453 Sales tax payable 1,489 1,286 Accrued rent and related expenses (1) 726 3,233 Current income taxes payable 948 75 Total $ 16,536 $ 10,047 ( 1 February 1, 2020 February 2, 2019 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 8 ) Income Taxes The Company’s income (loss) before income taxes from domestic and foreign operations (which include the U.K., Canada, China, Denmark and Ireland), is as follows (in thousands): Fiscal year ended February 1, February 2, 2020 2019 Domestic $ 4,862 $ (4,175 ) Foreign (3,301 ) (14,332 ) Total income (loss) before income taxes $ 1,561 $ (18,507 ) The components of the income tax expense (benefit) are as follows (in thousands): Fiscal year ended February 1, February 2, 2020 2019 Current: U.S. Federal $ 1,068 $ (508 ) U.S. State 498 (263 ) Foreign (45 ) (448 ) Deferred: U.S. Federal 31 (836 ) U.S. State (311 ) 239 Foreign 59 1,242 Income tax expense (benefit) $ 1,300 $ (574 ) The provision for income taxes was $1.3 2019 $0.6 2018. 2019 83.0% 21% $0.2 2018 3.1% 21% As the Company has incurred a cumulative book loss in the U.K. over the three February 2, 2019 three 740 fourth 2018, $3.7 $0.5 2019, ce of $0.7 may 2020 19 Temporary differences that gave rise to deferred tax assets and liabilities are as follows (in thousands): February 1, February 2, 2020 2019 Deferred tax assets: Operating lease liability $ 36,301 $ 3,740 Net operating loss carryforwards 3,049 4,371 Deferred revenue 2,693 2,661 Deferred compensation 1,893 1,729 Accrued compensation 1,340 88 Investment in affiliates 1,202 - Receivable write-offs 664 477 Inventories 593 987 Intangible assets 588 1,201 Carryforward of tax credits 87 861 Other 853 1,056 Total gross deferred tax assets 49,263 17,171 Less: Valuation allowance (6,774 ) (5,079 ) Total deferred tax assets, net of valuation allowance 42,489 12,092 Deferred tax liabilities: Operating lease right-of-use assets (31,062 ) - Depreciation (3,667 ) (3,650 ) Deferred revenue (2,726 ) (4,088 ) Deferred expense (1,257 ) (763 ) Other (366 ) (492 ) Total deferred tax liabilities (39,078 ) (8,993 ) Net deferred tax assets $ 3,411 $ 3,099 As of February 1, 2020 $15.4 no The Company continues to assert its investments in foreign subsidiaries are permanent in duration and it is not As of February 1, 2020 $0.2 $0.2 February 2, 2019 $0.4 $0.2 $0.1 February 1, 2020 February 2, 2019 February 1, 2020 February 2, 2019 $0.1 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance as of December 30, 2017 (1) $ 659 Increases for prior year tax positions 288 Decreases for prior year tax positions (333 ) Settlements (183 ) Lapse of statute of limitations (13 ) Balance as of February 2, 2019 418 Increases for prior year tax positions 67 Decreases for prior year tax positions (288 ) Lapse of statute of limitations (19 ) Balance as of February 1, 2020 $ 178 ( 1 five February 3, 2018, no Management estimates it is reasonably possible that the amount of unrecognized tax benefits could decrease by as much as $0.2 twelve The following tax years remain open in the Company’s major taxing jurisdictions as of February 1, 2020 United States (Federal) 2016 through 2019 United Kingdom 2017 through 2019 |
Note 9 - Line of Credit
Note 9 - Line of Credit | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 9 ) Line of Credit As of February 1, 2020 , the Company had a bank line of credit that provides borrowing capacity of $20.0 66% December 31, 2020 may may not 0.25% 3.25%. not fourth 2019 $5 $1.0 2019. As of February 1, 2020 : (i) the Company was in compliance with all covenants and (ii) there were no The Company has not April 13, 2020 ly $23.8 19 first 2020 may not may not 19 may not |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10 ) Commitments and Contingencies (a) Operating Leases The Company leases its retail stores and corporate offices under agreements which expire at various dates through 2031. Not e 4 Leases for information related to our lease commitments. (b) Litigation 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 27, 2019, not February 1, 2020, $4.4 $3.4 $1.0 not |
Note 11 - Net Income (Loss) Per
Note 11 - Net Income (Loss) Per Share | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 1 ) Net Income (Loss) Per Share The Company uses the two no not Fiscal year ended February 1, February 2, 2020 2019 NUMERATOR: Net income (loss) before allocation of earnings to participating securities $ 261 $ (17,933 ) Less: Earnings allocated to participating securities - - Net income (loss) $ 261 $ (17,933 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 14,711,334 14,591,270 Dilutive effect of share-based awards: 48,476 - Weighted average number of common shares outstanding - dilutive 14,759,810 14,591,270 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.02 $ (1.23 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.02 $ (1.23 ) In calculating diluted earnings per share for fiscal 2019 2018 927,831 and 572,239 , r not 260 10. |
Note 12 - Stock Incentive Plans
Note 12 - Stock Incentive Plans | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 1 2 ) Stock Incentive Plans In 2004, 2004 2009 2014 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, March 21, 2017 may In April 2019, 2017 2018 2018. 2017 2019 six none February 1, 2020. 2018 2019 2019, 2020 one not February 1, 2020. no (a) Stock Options The following table is a summary of the balance and activity for the Plans related to stock options for the periods presented: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding, February 2, 2019 950,678 9.67 Granted - - Exercised (5,980 ) 4.90 Expired (21,444 ) 7.19 Outstanding, February 1, 2020 923,254 $ 9.76 3.9 $ - Options Exercisable as of: February 1, 2020 686,353 $ 10.15 4.1 $ - There were no 2019 2018 107 110, The assumptions used in the option pricing model during fiscal 2018 2018 Dividend yield 0 % Historical volatility 50 % Risk-free rate 2 % Expected life 3.5 Weighted average grant date fair value $ 3.31 The total grant date fair value of options exercised in fiscal 2019 and 2018 was less than $0.1 0.2 million, respectively. The total intrinsic value of options exercised in fiscal 2019 and 2018 was less than $0.1 0.2 million, respectively. The Company generally issues new shares to satisfy option exercises. Future total shares available for option, non-vested stock and restricted stock grants were 366,109 and 529,098 at the end of 2019 and 2018 , respectively. (b) Restricted Stock The Company granted restricted stock awards that vest over a one three 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 (217,972 ) 9.76 - - Forfeited (28,234 ) 6.04 - - Outstanding, February 1, 2020 453,403 $ 6.71 262,964 $ 7.59 In fiscal 2019 three 2019, 2020, 2021. 95,811 5.61 25% 200% 2019 12,460, no In fiscal 2018, three 2018, 2019 2020. 62,500 $8.60 three 2018, 2019 2020. 20,756 $8.60 25% 200% 2018 2019, 16,260 no In fiscal 2017, three 2017, 2018 2019. 83,897 $8.85 25% 200% 2017, 2018 2019, 28,189, no 55,708 Th e vesting date fair value of shares that vested in fiscal 2019 and 2018 was $ 2.1 million and $ 2.2 million, respectively. |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 1 3 ) Stockholders’ Equity The following table summarizes the changes in outstanding shares of common stock for fiscal 2018 2019 Common Stock Shares as of February 3, 2018 14,983,694 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 207,406 Repurchase of shares (237,958 ) Shares as of February 2, 2019 14,953,142 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 252,839 Repurchase of shares - Shares as of February 1, 2020 15,205,981 |
Note 14 - Major Vendors
Note 14 - Major Vendors | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 14 ) Major Vendors Four vendors, each of whose primary manufacturing facilities are located in Asia, accounted for approximately 79% and 78% of inventory purchases in 2019 and 2018 , respectively. |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 15 ) Segment Information The Company’s operations are conducted through three third three Following is a summary of the financial information for the Company’s reporting segments (in thousands): Direct-to- International Consumer Commercial Franchising Total Fifty-two weeks ended February 1, 2020 Net sales to external customers $ 323,491 $ 11,892 $ 3,160 $ 338,543 Income (loss) before income taxes (3,276 ) 4,995 (158 ) 1,561 Capital expenditures 12,384 - - 12,384 Depreciation and amortization 13,699 - 6 13,705 Fifty-two weeks ended February 2, 2019 Net sales to external customers $ 326,304 $ 6,560 $ 3,721 $ 336,585 Income before income taxes (20,801 ) 2,293 1 (18,507 ) Capital expenditures 11,253 - - 11,253 Depreciation and amortization 16,013 1 28 16,042 Total Assets as of: February 1, 2020 (1) $ 280,543 $ 8,931 $ 7,788 $ 297,262 February 2, 2019 159,269 7,283 5,494 172,046 ( 1 February 1, 2020 February 2, 2019 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 Fifty-two weeks ended February 1, 2020 Net sales to external customers $ 286,968 $ 48,532 $ 3,043 $ 338,543 Property and equipment, net 60,386 5,459 10 65,855 Fifty-two weeks ended February 2, 2019 Net sales to external customers 283,347 51,231 2,007 $ 336,585 Property and equipment, net 60,490 5,860 18 66,368 For purposes of this table only: ( 1 North America includes the United States, Canada, Puerto Rico and franchise business in Mexico ( 2 Europe includes 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 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 01, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Beginning Balance Charged to cost and expenses Other (1) (2) Ending Balance Deferred Tax Asset Valuation Allowance 2019 $ 5,079 $ 517 $ 1,178 $ 6,774 2018 1,279 4,228 (428 ) 5,079 Receivables Allowance for Doubtful Accounts 2019 $ 5,400 $ 959 $ (79 ) $ 6,280 2018 3,260 1,029 1,111 5,400 (1) Other deferred tax asset valuation allowance represent reserves utilized, ASC842 adoption, and the impact of currency translation (2) Other receivables allowance for doubtful accounts represent uncollectible accounts written off, recoveries and the impact of currency translation |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 01, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Build-A-Bear Workshop, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts are eliminated in consolidation. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company operates on a 52 53 January 31. 2019 52 February 1, 2020 2018 52 February 2, 2019 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and short-term highly liquid investments with an original maturity of three one 10 2018 2019 The majority of the Company’s cash and cash equivalents exceed federal deposit insurance limits. The Company has not not |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on an average-cost basis. Inventory includes supplies of $ 3.2 million and $ 2.9 million as of February 1, 2020 and February 2, 2019 , respectively. A reserve for estimated shortage is accrued throughout the year based on detailed historical averages. The inventory reserve was $ 0.8 million and $ 0.9 million as of February 1, 2020 February 2, 2019 |
Receivable [Policy Text Block] | Receivables Receivables consist primarily of amounts due to the Company in relation to tenant allowances, wholesale and corporate product sales, franchisee royalties and product sales, certain amounts due from taxing authorities and licensing revenue. The Company assesses the collectability of all receivables on an ongoing basis by considering its historical credit loss experience, current economic conditions, and other relevant factors. Based on this analysis, the Company has established an allowance for doubtful accounts of $ 6.3 million and $ 5.4 million as of February 1, 2020 February 2, 2019 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment consist of leasehold improvements, furniture and fixtures, computer equipment and software, building and land and are stated at cost. Leasehold improvements are depreciated using the straight-line method over the shorter of the useful life of the assets or the life of the lease which is generally ten three seven three five |
Lessee, Leases [Policy Text Block] | Leases In the first 2019, 842, Leases 2019 842, 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 the Company recognizes expense for these leases on a straight-line basis over the lease term. T he Company recognizes the related rental expense on a straight-line basis and records the difference between the recognized rental expense and amounts payable under the lease as part of the lease right-of-use asset. 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 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets Other intangible assets consist primarily of initial costs related to trademarks and other intellectual property. Trademarks and other intellectual property represent third one three |
Other Assets [Policy Text Block] | Other Assets Other assets consist primarily of the non-current portion of prepaid income taxes and deferred costs related to franchise agreemen ts. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets Whenever facts and circumstances indicate that the carrying value of a long-lived asset may not not 2019 $5.9 2018 6 The calculation of fair value requires multiple assumptions regarding our future operations to determine future cash flows, including but not may 2020 19, may |
Revenue from Contract with Customer [Policy Text Block] | Revenue See Note 3 |
Cost of Goods and Service [Policy Text Block] | Cost of Merchandise Sold Cost of merchandise sold - retail includes the cost of the merchandise, including royalties paid to licensors of third 5 third |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General, and Administrative Expenses Selling, general, and administrative expenses include store payroll and related benefits, advertising, credit card fees, store supplies and store closing costs, as well as central office management payroll and related benefits, travel, information systems, accounting, insurance, legal, and public relations. It also includes depreciation and amortization of central office leasehold improvements, furniture, fixtures, and equipment, as well as amortization of trademarks and intellectual property. Further, it includes store preopening expenses which represent costs incurred prior to store openings, remodels and relocations including certain store set-up, labor and hiring costs, rental charges, payroll, marketing, travel and relocation costs. |
Advertising Cost [Policy Text Block] | Advertising The costs of advertising and marketing programs are charged to operations in the first 12.2 million and $ 16.5 million for fiscal years 2019 2018 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for using a balance sheet approach known as the liability method. The liability method accounts for deferred income taxes by applying the rate, based on enacted tax law, that will be in effect in the period in which the temporary differences between the book basis and the tax basis of assets and liabilities reverse or are settled. Deferred taxes are reported on a jurisdictional basis. Tax positions are reviewed at least quarterly and adjusted as new information becomes available. The recoverability of deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, available tax planning strategies and forecasted operating earnings. These estimates of future taxable income inherently require significant judgment. To the extent it is considered more likely than not not 19 may 2020. The Company assesses its total liability for uncertain tax positions on a quarterly basis. The Company recognizes estimated interest and penalties related to unrecognized tax benefits in income tax expense. See Note 8—Income |
Earnings Per Share, Policy [Policy Text Block] | I ncome Per Share Under the two no not not |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company has share-based compensation plans covering certain management groups and its Board of Directors. The Company accounts for share-based payments utilizing the fair value recognition provisions of ASC 718. 12 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income ( Los s ) Comprehensive income (loss) is comprised of net income (loss) and foreign currency translation adjustments. |
Deferred Charges, Policy [Policy Text Block] | D eferred Compensation Plan The Company maintains a Deferred Compensation Plan for the benefit of certain management employees. The investment funds offered to the participant generally correspond to the funds offered in the Company’s 401 1 February 1, 2020 $0.1 1.3 million are presented in other assets, net and other liabilities in the accompanying consolidated balance sheets. As of February 2, 2019 , the current portions of the assets and related liabilities of $0.1 1.0 million are presented in other assets, net and other liabilities in the accompanying consolidated balance sheets. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments For purposes of financial reporting, management has determined that the fair value of financial instruments, including cash and cash equivalents, receivables, short term investments, accounts payable and accrued expenses, approximates book value at February 1, 2020 February 2, 2019 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances, including, but not may |
Sales Tax Policy [Policy Text Block] | Sales Tax Policy The Company’s revenues in the consolidated statement of operations are net of sales taxes. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Assets and liabilities of the Company’s foreign operations with functional currencies other than the U.S. dollar are translated at the exchange rate in effect at the balance sheet date, while revenues and expenses are translated at average rates prevailing during the year. Translation adjustments are reported in accumulated other comprehensive income, a separate component of stockholders’ equity. Gains and losses resulting from foreign exchange transactions, including the impact of the re-measurement of the Company’s balance sheet, are recorded as a component of selling, general and administrative expenses. The Company recorded a loss of $ 0.1 million and $ 1.0 million related to foreign currency in fiscal 2019 2018 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events In March 2020, 19 March 17, 2020, March 26, 2020, April 1, 2020 19. The Company is taking steps to manage its resources conservatively by reducing and/or deferring capital expenditures, inventory purchases and operating expenses to mitigate the adverse impact of the pandemic. These steps include, but are not 90% March 29, 2020; 20% not March 29, 2020; first 2020 The Company has not April 13, 2020 approximately $23.8 19 first 2020 may not may not 19 may not On March 27, 2020, $2 19 |
New Accounting Pronouncements, Policy [Policy Text Block] | R ecent Accounting Pronouncements – Adopted in the current year In February 2016, 842" 842 12 Effective February 3, 2019, 842” 842 may not not not Upon adoption and transition, the Company recognized a cumulative-effect charge of $7.4 The table below presents the lease-related assets and liabilities recorded on the balance sheet as of adoption on February 3, 2019. February 3, 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 Recent Accounting Pronouncements – Pending adoption In June 2016, No. 2016 13, 326 not December 15, 2022. In December 2019, No. 2019 12, 740 December 15, 2020, |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | February 3, 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 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended February 1, 2020 Operating lease costs 40,943 Variable lease costs 2,856 Short term lease costs 1,352 Total Operating Lease costs $ 45,151 Year Ended February 1, 2020 Operating cash flows for operating leases $ 43,687 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2019 38,976 2020 32,803 2021 29,356 2022 24,913 2023 20,916 Thereafter 31,020 Total minimum lease payments 177,984 Less: amount of lease payments representing interest (27,447 ) Present value of future minimum lease payments 150,537 Less: current obligations under leases (30,912 ) Long-term lease obligations $ 119,625 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2019 $ 41,800 2020 35,192 2021 31,940 2022 29,265 2023 24,961 Thereafter 49,782 Total $ 212,940 |
Note 5 - Prepaid Expenses and_2
Note 5 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | February 1, February 2, 2020 2019 Prepaid occupancy (1) $ 1,097 $ 5,497 Prepaid income taxes 164 2,245 Prepaid insurance 628 336 Prepaid gift card fees 1,413 1,488 Other (2) 3,815 3,394 Total $ 7,117 $ 12,960 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment, Net (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | February 1, February 2, 2020 2019 Land $ 2,261 $ 2,261 Furniture and fixtures 42,611 43,127 Computer hardware 24,069 25,659 Building 14,970 14,970 Leasehold improvements 102,598 104,858 Computer software 48,109 46,506 Construction in progress 9,615 3,583 244,233 240,964 Less accumulated depreciation 178,378 174,596 Total, net $ 65,855 $ 66,368 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | February 1, February 2, 2020 2019 Accrued wages, bonuses and related expenses $ 13,373 $ 5,453 Sales tax payable 1,489 1,286 Accrued rent and related expenses (1) 726 3,233 Current income taxes payable 948 75 Total $ 16,536 $ 10,047 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal year ended February 1, February 2, 2020 2019 Domestic $ 4,862 $ (4,175 ) Foreign (3,301 ) (14,332 ) Total income (loss) before income taxes $ 1,561 $ (18,507 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal year ended February 1, February 2, 2020 2019 Current: U.S. Federal $ 1,068 $ (508 ) U.S. State 498 (263 ) Foreign (45 ) (448 ) Deferred: U.S. Federal 31 (836 ) U.S. State (311 ) 239 Foreign 59 1,242 Income tax expense (benefit) $ 1,300 $ (574 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | February 1, February 2, 2020 2019 Deferred tax assets: Operating lease liability $ 36,301 $ 3,740 Net operating loss carryforwards 3,049 4,371 Deferred revenue 2,693 2,661 Deferred compensation 1,893 1,729 Accrued compensation 1,340 88 Investment in affiliates 1,202 - Receivable write-offs 664 477 Inventories 593 987 Intangible assets 588 1,201 Carryforward of tax credits 87 861 Other 853 1,056 Total gross deferred tax assets 49,263 17,171 Less: Valuation allowance (6,774 ) (5,079 ) Total deferred tax assets, net of valuation allowance 42,489 12,092 Deferred tax liabilities: Operating lease right-of-use assets (31,062 ) - Depreciation (3,667 ) (3,650 ) Deferred revenue (2,726 ) (4,088 ) Deferred expense (1,257 ) (763 ) Other (366 ) (492 ) Total deferred tax liabilities (39,078 ) (8,993 ) Net deferred tax assets $ 3,411 $ 3,099 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Balance as of December 30, 2017 (1) $ 659 Increases for prior year tax positions 288 Decreases for prior year tax positions (333 ) Settlements (183 ) Lapse of statute of limitations (13 ) Balance as of February 2, 2019 418 Increases for prior year tax positions 67 Decreases for prior year tax positions (288 ) Lapse of statute of limitations (19 ) Balance as of February 1, 2020 $ 178 |
Summary of Income Tax Examinations [Table Text Block] | United States (Federal) 2016 through 2019 United Kingdom 2017 through 2019 |
Note 11 - Net Income (Loss) P_2
Note 11 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal year ended February 1, February 2, 2020 2019 NUMERATOR: Net income (loss) before allocation of earnings to participating securities $ 261 $ (17,933 ) Less: Earnings allocated to participating securities - - Net income (loss) $ 261 $ (17,933 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 14,711,334 14,591,270 Dilutive effect of share-based awards: 48,476 - Weighted average number of common shares outstanding - dilutive 14,759,810 14,591,270 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.02 $ (1.23 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.02 $ (1.23 ) |
Note 12 - Stock Incentive Pla_2
Note 12 - Stock Incentive Plans (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding, February 2, 2019 950,678 9.67 Granted - - Exercised (5,980 ) 4.90 Expired (21,444 ) 7.19 Outstanding, February 1, 2020 923,254 $ 9.76 3.9 $ - Options Exercisable as of: February 1, 2020 686,353 $ 10.15 4.1 $ - |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2018 Dividend yield 0 % Historical volatility 50 % Risk-free rate 2 % Expected life 3.5 Weighted average grant date fair value $ 3.31 |
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 (217,972 ) 9.76 - - Forfeited (28,234 ) 6.04 - - Outstanding, February 1, 2020 453,403 $ 6.71 262,964 $ 7.59 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common Stock Shares as of February 3, 2018 14,983,694 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 207,406 Repurchase of shares (237,958 ) Shares as of February 2, 2019 14,953,142 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 252,839 Repurchase of shares - Shares as of February 1, 2020 15,205,981 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Fifty-two weeks ended February 1, 2020 Net sales to external customers $ 323,491 $ 11,892 $ 3,160 $ 338,543 Income (loss) before income taxes (3,276 ) 4,995 (158 ) 1,561 Capital expenditures 12,384 - - 12,384 Depreciation and amortization 13,699 - 6 13,705 Fifty-two weeks ended February 2, 2019 Net sales to external customers $ 326,304 $ 6,560 $ 3,721 $ 336,585 Income before income taxes (20,801 ) 2,293 1 (18,507 ) Capital expenditures 11,253 - - 11,253 Depreciation and amortization 16,013 1 28 16,042 Total Assets as of: February 1, 2020 (1) $ 280,543 $ 8,931 $ 7,788 $ 297,262 February 2, 2019 159,269 7,283 5,494 172,046 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | North America (1) Europe (2) Other (3) Total Fifty-two weeks ended February 1, 2020 Net sales to external customers $ 286,968 $ 48,532 $ 3,043 $ 338,543 Property and equipment, net 60,386 5,459 10 65,855 Fifty-two weeks ended February 2, 2019 Net sales to external customers 283,347 51,231 2,007 $ 336,585 Property and equipment, net 60,490 5,860 18 66,368 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Feb. 01, 2020 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Beginning Balance Charged to cost and expenses Other (1) (2) Ending Balance Deferred Tax Asset Valuation Allowance 2019 $ 5,079 $ 517 $ 1,178 $ 6,774 2018 1,279 4,228 (428 ) 5,079 Receivables Allowance for Doubtful Accounts 2019 $ 5,400 $ 959 $ (79 ) $ 6,280 2018 3,260 1,029 1,111 5,400 (1) Other deferred tax asset valuation allowance represent reserves utilized, ASC842 adoption, and the impact of currency translation (2) Other receivables allowance for doubtful accounts represent uncollectible accounts written off, recoveries and the impact of currency translation |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Feb. 01, 2020 | Feb. 02, 2019 | Apr. 13, 2020 | Feb. 03, 2019 | Feb. 01, 2019 | |
Inventory, Supplies, Net of Reserves | $ 3,200 | $ 2,900 | |||
Inventory Valuation Reserves, Ending Balance | 800 | 900 | |||
Accounts Receivable, Allowance for Credit Loss, Current | 6,300 | $ 5,400 | |||
Impairment of Long-Lived Assets to be Disposed of | $ 5,900 | ||||
Advertising Expense | 12,200 | 16,500 | |||
Foreign Currency Transaction Gain (Loss), before Tax, Total | 100 | 1,000 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 29,925 | 37,094 | |||
Accounting Standards Update 2016-02 [Member] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 7,400 | ||||
Subsequent Event [Member] | |||||
Cash, Ending Balance | $ 23,800 | ||||
Prepaid Expenses and Other Current Assets [Member] | |||||
Deferred Compensation Plan Assets | 100 | 100 | |||
Other Noncurrent Liabilities [Member] | |||||
Deferred Compensation Liability, Current and Noncurrent, Total | $ 1,300 | $ 1,000 | |||
Minimum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||||
Minimum [Member] | Trademarks And Intellectual Property [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | ||||
Maximum [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | ||||
Maximum [Member] | Trademarks And Intellectual Property [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||||
Leasehold Improvements [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||
Furniture and Fixtures [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||
Software and Software Development Costs [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Software and Software Development Costs [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Adoption of ASC 606 (Details) - USD ($) | Feb. 01, 2020 | Feb. 03, 2019 | Feb. 02, 2019 |
Operating lease right-of-use assets | $ 126,144,000 | $ 151,513 | |
Current - Operating | 30,912,000 | 34,672 | |
Long-term lease obligations | 119,625,000 | 141,519 | |
Present value of future minimum lease payments | $ 150,537,000 | $ 176,191 |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) | 12 Months Ended |
Feb. 01, 2020 | |
Gift Card Redemption Period (Year) | 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 (Year) | 25 years |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 02, 2019 | Feb. 01, 2020 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 328 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.80% | |
Operating Leases, Rent Expense, Net, Total | $ 45.9 | |
Operating Leases, Rent Expense, Contingent Rentals | $ 1.5 | |
Non-retail Location Lease [Member] | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 10 years 330 days | |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 12.6 | |
Minimum [Member] | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 3 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 5 years |
Note 4 - Leases - Lease Costs (
Note 4 - Leases - Lease Costs (Details) $ in Thousands | 12 Months Ended |
Feb. 01, 2020USD ($) | |
Operating lease costs | $ 40,943 |
Variable lease costs | 2,856 |
Short term lease costs | 1,352 |
Total Operating Lease costs | 45,151 |
Operating cash flows for operating leases | $ 43,687 |
Note 4 - Leases - Reconciliatio
Note 4 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) | Feb. 01, 2020 | Feb. 03, 2019 | Feb. 02, 2019 |
2019 | $ 38,976,000 | ||
2020 | 32,803,000 | ||
2021 | 29,356,000 | ||
2022 | 24,913,000 | ||
2023 | 20,916,000 | ||
Thereafter | 31,020,000 | ||
Total minimum lease payments | 177,984,000 | ||
Less: amount of lease payments representing interest | (27,447,000) | ||
Present value of future minimum lease payments | 150,537,000 | $ 176,191 | |
Less: current obligations under leases | (30,912,000) | (34,672) | |
Long-term lease obligations | $ 119,625,000 | $ 141,519 |
Note 4 - Leases - Future Minimu
Note 4 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Feb. 02, 2019USD ($) |
2019 | $ 41,800 |
2020 | 35,192 |
2021 | 31,940 |
2022 | 29,265 |
2023 | 24,961 |
Thereafter | 49,782 |
Total | $ 212,940 |
Note 5 - Prepaid Expenses and_3
Note 5 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Feb. 02, 2019 | |
Prepaid occupancy (1) | [1] | $ 1,097 | $ 5,497 |
Prepaid income taxes | 164 | 2,245 | |
Prepaid insurance | 628 | 336 | |
Prepaid gift card fees | 1,413 | 1,488 | |
Other (2) | [2] | 3,815 | 3,394 |
Total | $ 7,117 | $ 12,960 | |
[1] | Prepaid occupancy consists of prepaid expense related to non-lease components for the balances as of February 1, 2020 and prepaid rent and expenses related to non-lease components as of February 2, 2019. | ||
[2] | Other consists primarily of prepaid expense related to IT maintenance contracts. |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 01, 2020 | Feb. 02, 2019 | |
Depreciation, Total | $ 13,500 | $ 15,300 |
Asset Impairment Charges, Total | $ 5,871 | |
Store Asset [Member] | ||
Asset Impairment Charges, Total | $ 5,200 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Feb. 02, 2019 |
Property, plant and equipment, gross | $ 244,233 | $ 240,964 |
Less accumulated depreciation | 178,378 | 174,596 |
Total, net | 65,855 | 66,368 |
Land [Member] | ||
Property, plant and equipment, gross | 2,261 | 2,261 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 42,611 | 43,127 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 24,069 | 25,659 |
Building [Member] | ||
Property, plant and equipment, gross | 14,970 | 14,970 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 102,598 | 104,858 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 48,109 | 46,506 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 9,615 | $ 3,583 |
Note 7 - Accrued Expenses - Sum
Note 7 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Feb. 02, 2019 | |
Accrued wages, bonuses and related expenses | $ 13,373 | $ 5,453 | |
Sales tax payable | 1,489 | 1,286 | |
Accrued rent and related expenses (1) | [1] | 726 | 3,233 |
Current income taxes payable | 948 | 75 | |
Total | $ 16,536 | $ 10,047 | |
[1] | Accrued rent and related expenses consist of accrued costs associated with non-lease components. |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Feb. 02, 2019 | Feb. 01, 2020 | Feb. 02, 2019 | Dec. 30, 2017 | [1] | |
Income Tax Expense (Benefit), Total | $ 1,300 | $ (574) | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 83.00% | 3.10% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (200) | ||||
Operating Loss Carryforwards, Total | 15,400 | ||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 200 | 200 | $ 200 | ||
Unrecognized Tax Benefits, Ending Balance | 418 | 178 | 418 | $ 659 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 100 | ||||
Income Tax Examination, Penalties and Interest Expense, Total | 100 | 100 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 200 | ||||
Foreign Tax Authority [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 700 | $ 500 | |||
Foreign Tax Authority [Member] | UNITED KINGDOM | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 3,700 | ||||
[1] | For the five week transition period ending February 3, 2018, there was no activity. |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Before Income Taxes From Domestic and Foreign Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 01, 2020 | Feb. 02, 2019 | |
Domestic | $ 4,862 | $ (4,175) |
Foreign | (3,301) | (14,332) |
Total income (loss) before income taxes | $ 1,561 | $ (18,507) |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 01, 2020 | Feb. 02, 2019 | |
Current: | ||
U.S. Federal | $ 1,068 | $ (508) |
U.S. State | 498 | (263) |
Foreign | (45) | (448) |
Deferred: | ||
U.S. Federal | 31 | (836) |
U.S. State | (311) | 239 |
Foreign | 59 | 1,242 |
Income tax expense (benefit) | $ 1,300 | $ (574) |
Note 8 - Income Taxes - Tempora
Note 8 - Income Taxes - Temporary Differences That Gave Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Feb. 02, 2019 |
Deferred tax assets: | ||
Operating lease liability | $ 36,301 | $ 3,740 |
Net operating loss carryforwards | 3,049 | 4,371 |
Deferred revenue | 2,693 | 2,661 |
Deferred compensation | 1,893 | 1,729 |
Accrued compensation | 1,340 | 88 |
Investment in affiliates | 1,202 | |
Receivable write-offs | 664 | 477 |
Inventories | 593 | 987 |
Intangible assets | 588 | 1,201 |
Carryforward of tax credits | 87 | 861 |
Other | 853 | 1,056 |
Total gross deferred tax assets | 49,263 | 17,171 |
Less: Valuation allowance | (6,774) | (5,079) |
Total deferred tax assets, net of valuation allowance | 42,489 | 12,092 |
Deferred tax liabilities: | ||
Operating lease right-of-use assets | (31,062) | |
Depreciation | (3,667) | (3,650) |
Deferred revenue | (2,726) | (4,088) |
Deferred expense | (1,257) | (763) |
Other | (366) | (492) |
Total deferred tax liabilities | (39,078) | (8,993) |
Net deferred tax assets | $ 3,411 | $ 3,099 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | 13 Months Ended | |
Feb. 01, 2020 | Feb. 02, 2019 | ||
Balance | $ 418 | $ 659 | [1] |
Increases for prior year tax positions | 67 | 288 | |
Decreases for prior year tax positions | (288) | (333) | |
Settlements | (183) | ||
Lapse of statute of limitations | (19) | (13) | |
Balance | $ 178 | $ 418 | |
[1] | For the five week transition period ending February 3, 2018, there was no activity. |
Note 8 - Income Taxes - Open Ta
Note 8 - Income Taxes - Open Tax Year (Details) | 12 Months Ended |
Feb. 01, 2020 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2016 2017 2018 2019 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
Open tax year | 2017 2018 2019 |
Note 9 - Line of Credit (Detail
Note 9 - Line of Credit (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 01, 2020 | Apr. 13, 2020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |
Pledge Of Ownership Interest In Foreign Subsidiaries | 66.00% | |
Long-term Line of Credit, Total | $ 0 | |
Subsequent Event [Member] | ||
Long-term Line of Credit, Total | $ 0 | |
Cash, Ending Balance | $ 23,800 | |
Line of Credit [Member] | ||
Line of Credit Facility, Commitment Fee Percentage | 3.25% | |
Line of Credit Facility, Maximum Cash Balance From Borrowings | $ 5,000 | |
Dividends, Maximum Distribution Amount | $ 1,000 | |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) $ in Millions | Feb. 01, 2020USD ($) |
Litigation Receivable, Gross | $ 4.4 |
Litigation Receivables, Reserve | 3.4 |
Litigation Receivables, Net | $ 1 |
Note 11 - Net Income (Loss) P_3
Note 11 - Net Income (Loss) Per Share (Details Textual) - shares | 12 Months Ended | |
Feb. 01, 2020 | Feb. 02, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 927,831 | 572,239 |
Note 11 - Net Income (Loss) P_4
Note 11 - Net Income (Loss) Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Feb. 01, 2020 | Feb. 02, 2019 | |
Net income (loss) before allocation of earnings to participating securities | $ 261 | $ (17,933) |
Less: Earnings allocated to participating securities | ||
Net income (loss) | $ 261 | $ (17,933) |
Weighted average number of common shares outstanding - basic (in shares) | 14,711,334 | 14,591,270 |
Dilutive effect of share-based awards: (in shares) | 48,476 | |
Weighted average number of common shares outstanding - dilutive (in shares) | 14,759,810 | 14,591,270 |
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.02 | $ (1.23) |
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.02 | $ (1.23) |
Note 12 - Stock Incentive Pla_3
Note 12 - Stock Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Feb. 01, 2020 | Dec. 31, 2019 | Feb. 02, 2019 | Dec. 30, 2017 | May 11, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised in Period, Grant Date Fair Value | $ 0.1 | $ 0.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.1 | $ 0.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 366,109 | 529,098 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.1 | $ 2.2 | |||
Minimum [Member] | |||||
Performance-based Shares, Payout Opportunity, Percentage | 25.00% | 25.00% | |||
Maximum [Member] | |||||
Performance-based Shares, Payout Opportunity, Percentage | 200.00% | 200.00% | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 319,831 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.64 | ||||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
First Target Number of Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 95,811 | 62,500 | 83,897 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.61 | $ 8.60 | $ 8.85 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Shares Earned (in shares) | 12,460 | 28,189 | |||
Share-base Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Canceled or Expired in Period (in shares) | 55,708 | ||||
First Target Number of Performance Shares [Member] | Minimum [Member] | |||||
Performance-based Shares, Payout Opportunity, Percentage | 25.00% | ||||
First Target Number of Performance Shares [Member] | Maximum [Member] | |||||
Performance-based Shares, Payout Opportunity, Percentage | 200.00% | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 95,811 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.61 | ||||
Performance Shares [Member] | Vesting at End of Three-year Performance Period [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period (Year) | 3 years | 3 years | |||
Second Target Number of Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,756 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.60 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Shares Earned (in shares) | 16,260 | 16,260 | |||
The 2017 Omnibus Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,000,000 |
Note 12 - Stock Incentive Pla_4
Note 12 - Stock Incentive Plans - Activity for Stock Options (Details) - $ / shares | 12 Months Ended | |
Feb. 01, 2020 | Dec. 31, 2019 | |
Outstanding (in shares) | 950,678 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.67 | |
Granted (in shares) | 0 | |
Granted, weighted average exercise price (in dollars per share) | ||
Exercised (in shares) | (5,980) | |
Exercised, weighted average exercise price (in dollars per share) | $ 4.90 | |
Expired (in shares) | (21,444) | |
Expired, weighted average exercise price (in dollars per share) | $ 7.19 | |
Outstanding (in shares) | 923,254 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.76 | |
Outstanding, weighted average remaining contractual term (Year) | 3 years 328 days | |
Exercisable (in shares) | 686,353 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 10.15 | |
Options exercisable, weighted average remaining contractual term (Year) | 4 years 36 days |
Note 12 - Stock Incentive Pla_5
Note 12 - Stock Incentive Plans - Assumptions Used in the Option Pricing Model (Details) | 12 Months Ended |
Feb. 02, 2019$ / shares | |
Dividend yield | 0.00% |
Historical volatility | 50.00% |
Risk-free rate | 2.00% |
Expected life (Year) | 3 years 182 days |
Weighted average grant date fair value (in dollars per share) | $ 3.31 |
Note 12 - Stock Incentive Pla_6
Note 12 - Stock Incentive Plans - Activity for Time-based and Performance-based Restricted Stock (Details) | 12 Months Ended |
Feb. 01, 2020$ / 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 | (217,972) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.76 |
Forfeited (in shares) | shares | (28,234) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.04 |
Outstanding (in shares) | shares | 453,403 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.71 |
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 | |
Outstanding (in shares) | shares | 262,964 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.59 |
Note 13 - Stockholders' Equit_2
Note 13 - Stockholders' Equity - Summary Changes in Outstanding Shares of Common Stock (Details) - shares | 12 Months Ended | |
Feb. 01, 2020 | Feb. 02, 2019 | |
Shares outstanding (in shares) | 14,953,142 | 14,983,694 |
Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding (in shares) | 252,839 | 207,406 |
Repurchase of shares (in shares) | (237,958) | |
Shares outstanding (in shares) | 15,205,981 | 14,953,142 |
Note 14 - Major Vendors (Detail
Note 14 - Major Vendors (Details Textual) | 12 Months Ended | |
Feb. 01, 2020 | Feb. 02, 2019 | |
Inventory Purchases [Member] | Supplier Concentration Risk [Member] | ||
Concentration Risk, Percentage | 79.00% | 78.00% |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 12 Months Ended |
Feb. 01, 2020 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 15 - Segment Information -
Note 15 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | ||
Net sales to external customers | $ 338,543 | $ 336,585 | |
Income (loss) before income taxes | 1,561 | (18,507) | |
Capital expenditures, net | 12,384 | 11,253 | |
Depreciation and amortization | 13,705 | 16,042 | |
Total assets | 297,262 | [1] | 172,046 |
Direct to Consumer [Member] | |||
Net sales to external customers | 323,491 | 326,304 | |
Income (loss) before income taxes | (3,276) | (20,801) | |
Capital expenditures, net | 12,384 | 11,253 | |
Depreciation and amortization | 13,699 | 16,013 | |
Total assets | 280,543 | [1] | 159,269 |
Commercial [Member] | |||
Net sales to external customers | 11,892 | 6,560 | |
Income (loss) before income taxes | 4,995 | 2,293 | |
Capital expenditures, net | |||
Depreciation and amortization | 1 | ||
Total assets | 8,931 | [1] | 7,283 |
International Franchising [Member] | |||
Net sales to external customers | 3,160 | 3,721 | |
Income (loss) before income taxes | (158) | 1 | |
Capital expenditures, net | |||
Depreciation and amortization | 6 | 28 | |
Total assets | $ 7,788 | [1] | $ 5,494 |
[1] | The increase in total assets when Comparing February 1, 2020 to February 2, 2019 is mainly the result of the adoption of Topic 842 on leases effective February 3, 2019. |
Note 15 - Segment Information_3
Note 15 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | ||
Net sales to external customers | $ 338,543 | $ 336,585 | |
Property and equipment, net | 65,855 | 66,368 | |
North America [Member] | |||
Net sales to external customers | [1] | 286,968 | 283,347 |
Property and equipment, net | [1] | 60,386 | 60,490 |
Europe [Member] | |||
Net sales to external customers | [2] | 48,532 | 51,231 |
Property and equipment, net | [2] | 5,459 | 5,860 |
Other Geographic Region [Member] | |||
Net sales to external customers | [3] | 3,043 | 2,007 |
Property and equipment, net | [3] | $ 10 | $ 18 |
[1] | North America includes the United States, Canada, Puerto Rico and franchise business in Mexico | ||
[2] | Europe includes 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 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 01, 2020 | Feb. 02, 2019 | ||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Beginning Balance | $ 5,079 | $ 1,279 | |
Charged to cost and expenses | 517 | 4,228 | |
Other | [1],[2] | 1,178 | (428) |
Ending Balance | 6,774 | 5,079 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Beginning Balance | 5,400 | 3,260 | |
Charged to cost and expenses | 959 | 1,029 | |
Other | [1],[2] | (79) | 1,111 |
Ending Balance | $ 6,280 | $ 5,400 | |
[1] | Other deferred tax asset valuation allowance represent reserves utilized, ASC842 adoption, and the impact of currency translation | ||
[2] | Other receivables allowance for doubtful accounts represent uncollectible accounts written off, recoveries and the impact of currency translation |