Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 29, 2022 | Apr. 11, 2022 | Jul. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001113809 | ||
Entity Registrant Name | BUILD-A-BEAR WORKSHOP INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --01-29 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 29, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-32320 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 43-1883836 | ||
Entity Address, Address Line One | 415 South 18th St | ||
Entity Address, City or Town | St. Louis | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63103 | ||
City Area Code | 314 | ||
Local Phone Number | 423-8000 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | BBW | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 243,700,000 | ||
Entity Common Stock, Shares Outstanding | 15,679,875 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | St. Louis, Missouri | ||
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Current assets: | ||
Cash, cash equivalents and restricted cash | $ 32,845 | $ 34,840 |
Inventories, net | 71,809 | 46,947 |
Receivables, net | 11,701 | 8,295 |
Prepaid expenses and other current assets | 13,643 | 10,111 |
Total current assets | 129,998 | 100,193 |
Operating lease right-of-use asset | 77,671 | 104,825 |
Property and equipment, net | 48,966 | 52,973 |
Deferred tax assets | 7,613 | 0 |
Other assets, net | 2,076 | 3,381 |
Total Assets | 266,324 | 261,372 |
Current liabilities: | ||
Accounts payable | 21,849 | 17,901 |
Accrued expenses | 25,543 | 17,551 |
Operating lease liability short term | 25,245 | 32,402 |
Gift cards and customer deposits | 20,937 | 19,029 |
Deferred revenue and other | 3,808 | 2,445 |
Total current liabilities | 97,382 | 89,328 |
Operating lease liability long term | 73,307 | 101,462 |
Deferred franchise revenue | 734 | 920 |
Other liabilities | 1,218 | 2,354 |
Stockholders' equity: | ||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at January 29, 2022 and January 30, 2021 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 16,146,332 and 15,930,958 shares, respectively | 162 | 159 |
Additional paid-in capital | 75,490 | 72,822 |
Accumulated other comprehensive loss | (12,470) | (12,615) |
Retained earnings | 30,501 | 6,942 |
Total stockholders' equity | 93,683 | 67,308 |
Total Liabilities and Stockholders' Equity | $ 266,324 | $ 261,372 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jan. 29, 2022 | Jan. 30, 2021 |
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) | 16,146,332 | 15,930,958 |
Common stock, shares outstanding (in shares) | 16,146,332 | 15,930,958 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Revenues: | ||
Revenue | $ 411,522 | $ 255,310 |
Costs and expenses: | ||
Cost of merchandise sold | 193,567 | 157,901 |
Store asset impairment | 0 | 7,346 |
Consolidated gross profit | 217,955 | 97,409 |
Selling, general and administrative expense | 167,250 | 117,585 |
Interest (income) expense, net | (5) | 10 |
Total income (loss) before income taxes | 50,710 | (20,186) |
Income tax expense | 3,445 | 2,797 |
Net income (loss) | 47,265 | (22,983) |
Foreign currency translation adjustment | 145 | (601) |
Comprehensive income (loss) | $ 47,410 | $ (23,584) |
Income (loss) per common share: | ||
Basic (in dollars per share) | $ 3.06 | $ (1.54) |
Diluted (in dollars per share) | $ 2.93 | $ (1.54) |
Shares used in computing common per share amounts: | ||
Basic (in shares) | 15,460,634 | 14,923,304 |
Diluted (in shares) | 16,122,583 | 14,923,304 |
Retail [Member] | ||
Revenues: | ||
Revenue | $ 397,690 | $ 249,210 |
Costs and expenses: | ||
Cost of merchandise sold | 186,382 | 147,783 |
Commercial Product and Service [Member] | ||
Revenues: | ||
Revenue | 11,505 | 4,426 |
Costs and expenses: | ||
Cost of merchandise sold | 5,648 | 1,837 |
International Franchising [Member] | ||
Revenues: | ||
Revenue | 2,327 | 1,674 |
Costs and expenses: | ||
Cost of merchandise sold | $ 1,537 | $ 935 |
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. 01, 2020 | $ 152 | $ 70,633 | $ (12,079) | $ 29,925 | $ 88,631 |
Stock-based compensation expense | 0 | 1,811 | 0 | 0 | 1,811 |
Shares issued under employee stock plans | 8 | 491 | 0 | 0 | 499 |
Shares withheld in lieu of tax withholdings | (1) | (113) | 0 | 0 | (114) |
Other comprehensive loss | 0 | 0 | (536) | 0 | (536) |
Net income (loss) | 0 | 0 | 0 | (22,983) | (22,983) |
Balance at Jan. 30, 2021 | 159 | 72,822 | (12,615) | 6,942 | 67,308 |
Stock-based compensation expense | 0 | 1,691 | 0 | 0 | 1,691 |
Shares issued under employee stock plans | 7 | 3,866 | 0 | 0 | 3,873 |
Shares withheld in lieu of tax withholdings | (2) | (1,757) | 0 | 0 | (1,759) |
Other comprehensive loss | 0 | 0 | 145 | 0 | 145 |
Net income (loss) | 0 | 0 | 0 | 47,265 | 47,265 |
Repurchase of Company stock | (2) | (1,132) | 0 | (3,224) | (4,358) |
Cash dividends | 0 | 0 | 0 | (20,482) | (20,482) |
Balance at Jan. 29, 2022 | $ 162 | $ 75,490 | $ (12,470) | $ 30,501 | $ 93,683 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | |||
Cash flows provided by operating activities: | ||||
Net income (loss) | $ 47,265 | $ (22,983) | ||
Adjustments to reconcile net income to | ||||
Depreciation and amortization | 12,276 | 13,292 | ||
Share-based and performance-based stock compensation expense | 2,631 | 1,525 | ||
Impairment of right-of-use assets and fixed assets | 0 | 7,346 | ||
Deferred taxes | (7,613) | 3,388 | ||
Provision/adjustments for doubtful accounts | (297) | 538 | ||
Loss on disposal of property and equipment | 97 | 262 | ||
Change in assets and liabilities: | ||||
Inventories, net | (25,126) | 6,785 | ||
Receivables, net | (3,233) | 2,747 | ||
Prepaid expenses and other assets | (2,579) | (2,063) | ||
Accounts payable and accrued expenses | 9,561 | 4,028 | ||
Operating leases | (8,193) | 201 | ||
Gift cards and customer deposits | 1,917 | (1,209) | ||
Deferred revenue | 1,371 | (471) | ||
Net cash provided by operating activities | 28,077 | 13,386 | ||
Cash flows used in investing activities: | ||||
Capital expenditures | (8,130) | (5,046) | ||
Net cash used in investing activities | (8,130) | (5,046) | ||
Cash flows used in financing activities: | ||||
Proceeds from exercise of employee stock options | 1,835 | (114) | ||
Purchases of common stock for retirement | (4,358) | 0 | ||
Cash dividends paid | (19,933) | 0 | ||
Net cash used in financing activities | (22,456) | (114) | ||
Effect of exchange rates on cash | 514 | (112) | ||
Net change in cash, cash equivalents and restricted cash | (1,995) | 8,114 | ||
Cash, cash equivalents and restricted cash, beginning of period | 34,840 | [1] | 26,726 | |
Cash, cash equivalents and restricted cash, end of period | [1] | 32,845 | 34,840 | |
Reconciliation of cash, cash equivalents and restricted cash (1) | ||||
Cash and cash equivalents | [1] | 31,808 | 33,142 | |
Restricted cash from long-term deposits | [1] | 1,037 | 1,698 | |
Cash, cash equivalents and restricted cash, end of period | [1] | 32,845 | 34,840 | |
Net cash paid (received) during the period for income taxes | $ 10,378 | $ 41 | ||
[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 |
Jan. 29, 2022 | |
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 multi-channel retailer of plush animals and related products. The Company began operations in October 1997. 346 one May 2021, not 61 The Company’s consolidated financial statements have been prepared in accordance 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 |
Jan. 29, 2022 | |
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 intercompany accounts are eliminated in consolidation. Fiscal Year The Company operates on a 52 53 January 31. 2021 52 January 29, 2022 2020 52 January 30, 2021 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 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 $ million and $ million as of January 29, 2022 and January 30, 2021 , respectively. A reserve for estimated shortage is accrued throughout the year based on detailed historical averages. The inventory reserve was $ million and $ million as of January 29, 2022 January 30, 2021 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 $ million and $ million as of January 29, 2022 January 30, 2021 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 ranging from one ten three seven three five Leases 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. 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 Assets, net Other assets consist primarily of the non-current portion of prepaid income taxes and deferred costs related to franchise agreemen ts, financing agreements, and capitalized film production costs. no first Long-lived Assets Whenever facts and circumstances indicate that the carrying value of a long-lived asset (asset group) and right-of-use operating lease assets may not not An impairment charge is recognized to the extent the carrying value exceeded the fair value of the asset (asset group). The Company estimates fair values of these long-lived assets based on its discounted future cash flow analysis for the remaining useful life of the asset or its market rent assessment. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. An individual asset within an asset group is not no no 2021 2020 The determination of estimated market rent used in the fair value estimate of the Company’s operating lease assets included within the respective store asset group requires significant management judgment. Changes in these estimates could have a significant impact on whether long-lived store assets should be further evaluated for impairment and could have a significant impact on the resulting impairment charge. The significant estimates, all of which are considered Level 3 Entertainment Production Costs Costs of producing entertainment assets, which include direct costs, production overhead and development costs, are capitalized when incurred and are stated at the lower of cost, less accumulated amortization, or fair value. For film related costs, the Company expects assets to be monetized individually and are amortized using the individual film-forecast-computation method which amortizes such costs in the same ratio that current period actual revenue bears to the estimated remaining unrecognized total revenues (ultimate revenue). Ultimate revenue includes estimates over a period not ten Costs of entertainment productions are subject to recoverability assessments, whenever events or changes in circumstances indicate that the fair value of the film may 3 January 29, 2022 and January 30, 2021 , the Company had capitalized entertainment production costs of $ million and $ million, respectively. The January 29, 2022 balance for entertainment production costs is mostly comprised of several in-development entertainment projects. In October 2021, not 2021 within the Selling, general and administrative line in the Consolidated Statement of Operations and Comprehensive Income (Loss) and includes it in the financial information of the Commercial reportable segment presented in Note 15 third fourth January 29, 2022 . The remaining net production entertainment asset related the Honey Girls film as of January 29, 2022 is immaterial to the consolidated financial statements. 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 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. 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 million and $ million for fiscal years 2021 2020 Government Grants As a result of the pandemic, governments enacted relief legislation and stimulus packages to help combat the economic effects through such things as payroll expense reimbursement and business and restart grants. Due to the nature of these grants relating to income, they can be presented in one two 1 2 not fifty-two January 29, 2022 January 30, 2021 fifty-two January 29, 2022 January 30, 2021 of $ million 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, forecasted operating earnings and available tax planning strategies. These estimates of future taxable income inherently require significant judgment. To the extent it is considered more likely than not not 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 Basic income per share is dete rmined by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during the period. In periods of net loss, 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 participants generally correspond to the funds offered in the Company’s 401 1 January 29, 2022 million are presented in other assets, net and other liabilities in the accompanying Consolidated Balance Sheets. As of January 30, 2021 , the current portions of the assets and related liabilities of $0.4 million are presented in prepaid expenses and other current assets and accrued expenses in the accompanying Consolidated Balance Sheets, and the non-current portions of the assets and the related liabilities of $ 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, cash equivalents and restricted cash, receivables, short term investments, accounts payable and accrued expenses, approximates book value at January 29, 2022 January 30, 2021 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 $0.5 million and a gain of $ million related to foreign currency in fiscal 2021 2020 R ecent Accounting Pronouncements – Adopted in the current year In December 2019, No. 2019 12, 740 December 15, 2020, January 31, 2021. not In November 2020, 33 10890, first August 9, 2021 February 10, 2021. 10 January 29, 2022. 2021 Annual Report on Form 10 not 7. In November 2021, No. 2021 10, 832 December 15, 2021 February 2, 2020 10 January 29, 2022 for the government grants it received in fiscal years 2020 and 2021 as part of COVID-related assistance programs. The Company has documented its accounting policy, the nature of the grants received, their effects on the financial statements, and the conditions of the grants within the "Government Grants" accounting policy. The adoption of this ASU did not Recent Accounting Pronouncements – Pending adoption In June 2016, No. 2016 13, 326 not December 15, 2022. In March 2020 January 2021, No. 2020 04, 848 2021 01, 848 may December 31, 2022. first not We have reviewed all other recently issued, but not not |
Note 3 - Revenue
Note 3 - Revenue | 12 Months Ended |
Jan. 29, 2022 | |
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 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. Three-quarte rs of gift cards are redeemed within three three first twelve ce. Breakage rates are calculated annually at the end of the fiscal year and are used to record gift card breakage over the next fiscal year until the annual breakage rate update is performed. In regard to the consolidated balance sheet, contract liabilities for gift cards are classified as gift cards and customer deposits. During fiscal 2021 2020, 2019 not 2020 2021 fourth fifty-two January 29, 2022 January 30, 2021 For certain qualifying transactions, a portion of revenue transactions are deferred for the obligation related to the Company’s loyalty program or when a material right in the form of a future discount is granted. In these transactions, the transaction price is allocated to the separate performance obligations based on the relative standalone selling price. The standalone selling price for the points earned for the Company’s loyalty program is estimated 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. The Company issues certifications monthly for those loyalty program members who have earned 100 three not . The Company assesses the redemption rates of its certifications on a quarterly basis to update the rate at which loyalty program points turn into certifications and the rate that certifications are redeemed. In regard to the consolidated balance sheet, contract liabilities related to the loyalty program are classified as deferred revenue and other. The Company’s commercial segment includes transactions with other businesses and are mainly comprised wholesale sales of merchandise, supplies and fixtures, 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 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 |
Jan. 29, 2022 | |
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 periods presented (in thousands). For the Year Ended January 29, 2022 January 30, 2021 Operating lease costs $ 34,183 $ 35,923 Variable lease costs 6,718 2,808 Short term lease costs 56 44 Total Operating Lease costs $ 40,957 $ 38,775 Other information The table below presents supplemental cash flow information related to leases for the periods presented (in thousands). For the Year Ended January 29, 2022 January 30, 2021 Operating cash flows for operating leases $ 43,627 36,068 Operating cash flows for operating leases for fiscal 2021 2020 January 29, 2022 As of January 29, 2022 The Company recorded no impairment charges during fiscal 2021 against right-of-use operating lease assets. 2020 Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2022 30,280 2023 25,741 2024 21,089 2025 15,468 2026 8,926 Thereafter 11,403 Total minimum lease payments 112,907 Less: amount of lease payments representing interest (14,355 ) Present value of future minimum lease payments 98,552 Less: current obligations under leases (25,245 ) Long-term lease obligations $ 73,307 As of January 29, 2022 not not |
Note 5 - Prepaid Expenses and O
Note 5 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Jan. 29, 2022 | |
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): January 29, January 30, 2022 2021 Prepaid occupancy (1) $ 2,656 $ 1,526 Prepaid income taxes 178 314 Prepaid insurance 929 884 Prepaid gift card fees 1,545 1,291 Prepaid royalties 607 242 Other (2) 7,728 5,854 Total $ 13,643 $ 10,111 ( 1 ( 2 Other non-current assets consist of the following (in thousands): January 29, January 30, 2022 2021 Entertainment production asset $ 833 $ 1,715 Deferred compensation 697 1,037 Other (1) 546 629 Total $ 2,076 $ 3,381 ( 1 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment, Net | 12 Months Ended |
Jan. 29, 2022 | |
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): January 29, January 30, 2022 2021 Land $ 2,261 $ 2,261 Furniture and fixtures 26,405 26,605 Machinery and equipment 15,355 15,101 Leasehold improvements 99,043 97,434 Building 14,970 14,970 Computer hardware 20,415 19,534 Computer software 23,924 22,358 Construction in progress 4,952 3,707 207,325 201,970 Less accumulated depreciation 158,359 148,997 Total, net $ 48,966 $ 52,973 For fiscal 2021 2020 million and $13.2 million, respectively. The Company recorded no impairment charges during fiscal 2021 2020 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ( 7 ) Accrued Expenses Accrued expenses consist of the following (in thousands): January 29, January 30, 2022 2021 Accrued wages, bonuses and related expenses $ 21,688 $ 13,185 Sales tax payable 2,146 2,048 Accrued rent and related expenses (1) 1,093 1,993 Current income taxes payable 616 325 Total $ 25,543 $ 17,551 ( 1 For fiscal 2021 2020 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Jan. 29, 2022 | |
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, Ireland, China, and Denmark (prior to its closing in January 2021)), Fiscal year ended January 29, January 30, 2022 2021 Domestic $ 46,473 $ (21,774 ) Foreign 4,237 1,588 Total income (loss) before income taxes $ 50,710 $ (20,186 ) The components of the income tax expense are as follows (in thousands): Fiscal year ended January 29, January 30, 2022 2021 Current: U.S. Federal $ 8,921 $ (876 ) U.S. State 2,017 321 Foreign 128 (12 ) Deferred: U.S. Federal (4,870 ) 1,555 U.S. State (2,140 ) 1,232 Foreign (611 ) 577 Income tax expense $ 3,445 $ 2,797 The provision for income taxes was $3.4 million in fiscal 2021 2020 2021 2020 no 2020 The Company periodically assesses whether it is more likely than not fourth 2021, no three January 29, 2022, In the first 2020, three January 30, 2021, three 740 first 2020, 2020, Temporary differences that gave rise to deferred tax assets and liabilities are as follows (in thousands): January 29, January 30, 2022 2021 Deferred tax assets: Operating lease liability $ 27,504 $ 33,058 Net operating loss carryforwards 3,496 3,422 Deferred revenue 3,228 3,903 Accrued compensation 2,678 1,098 Depreciation 1,636 2,412 Investment in affiliates 1,583 1,215 Deferred compensation 1,149 1,802 Accrued expenses 820 389 Receivables write-offs 704 830 Inventories 634 263 Intangible assets 321 388 Carryforward of tax credits 227 2,251 Other 920 39 Total gross deferred tax assets 44,900 51,070 Less: Valuation allowance (9,795 ) (15,401 ) Total deferred tax assets, net of valuation allowance 35,105 35,669 Deferred tax liabilities: Operating lease right-of-use assets (21,395 ) (27,214 ) Depreciation (4,369 ) (4,968 ) Deferred expense (1,708 ) (1,767 ) Deferred revenue - (1,362 ) Other (20 ) (358 ) Total deferred tax liabilities (27,492 ) (35,669 ) Net deferred tax assets $ 7,613 $ - As of January 29, 2022 no The Company continues to assert its investments in foreign subsidiaries are permanent in duration and it is not As of January 29, 2022 January 30, 2021 January 29, 2022 January 30, 2021 January 29, 2022 January 30, 2021 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): January 29, January 30, 2022 2021 Balance at beginning of year 170 178 Increases for prior year tax positions 164 46 Lapse of statute of limitations - (54) Balance at end of year 334 170 Management estimates it is reasonably possible that the amount of unrecognized tax benefits could decrease by as much as $0.3 million in the next twelve The following tax years remain open in the Company’s major taxing jurisdictions as of January 29, 2022 United States (Federal) 2018 through 2021 United Kingdom 2017 through 2021 The Company also files tax returns in various other international jurisdictions and numerous states for which various tax years are subject to examination and currently involved in audits. |
Note 9 - Line of Credit
Note 9 - Line of Credit | 12 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 9 ) Line of Credit On December 17, 2021, August 25, 2020 The First Amendment (i) extended the maturity date of the Credit Agreement to December 17, 2026, ( The Credit Agreement continues to provide for a senior secured revolving loan in aggregate principal amount of up to $25,000,000 (subject to a borrowing base formula), which may not Revolving advances under the Credit Agreement will continue to be secured (subject to permitted liens and certain other exceptions) by a first Borrowings under the Credit Agreement continue to bear interest (a) at a base rate determined under the Credit Agreement, or (b) at the Borrower's option, at a rate based on LIBOR, plus in either case a margin based on average undrawn availability as determined in accordance with the Credit Agreement, but the First Amendment reduced such rates and reduced the LIBOR floor. A $500,000 minimum interest payment requirement has been eliminated and the Facility Fee Percentage which previously was either 0.50% or 0.375% depending on the Average Undrawn Availability was reduced to 0.25% by the First Amendment. The Credit Agreement continues to require the Company to comply with one 1 $25,000,000 2 The Credit Agreement continues to contain customary events of default, including without limitation events of default based on payment obligations, material inaccuracies of representations and warranties, covenant defaults, final judgments and orders, unenforceability of the Credit Agreement, material ERISA events, change in control, insolvency proceedings, and defaults under certain other obligations and the First Amendment increased the threshold amounts for certain events of default. An event of default may The Credit Agreement continues to contain typical negative covenants, including, among other things, that the Borrower will not At the closing date of the First Amendment, the Company had a $750,000 letter of credit issued and no outstanding indebtedness under the Credit Agreement; and' the Company is currently in compliance with the Credit Agreement covenants. As of January 29, 2022 2021 January 29, 2022 In connection with the First Amendment, the Company incurred less than $0.1 million of costs and fees. As the Company had no outstanding borrowings as of the date of the First Amendment. These costs and fees were recorded as a deferred asset within the Other assets, net line within the Consolidated Balance Sheet; and, total remaining deferred asset balance will be amortized over the remaining term of the agreement. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10 ) Commitments and Contingencies 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 2019 March 2021 not permission to appeal certain elements of the Upper Tribunal decision and, in early November 2021, not May 2022. January 29, 2022 not In August 2021, Not $500 $1,500 No January 29, 2022 |
Note 11 - Net Income (Loss) Per
Note 11 - Net Income (Loss) Per Share | 12 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 1 ) Net Income (Loss) Per Share The Company computes both basic and diluted earnings per common share. In periods of net loss, no not Fiscal year ended January 29, January 30, 2022 2021 NUMERATOR: Net income (loss) before allocation of earnings to participating securities $ 47,265 $ (22,983 ) Less: Earnings allocated to participating securities - - Net income (loss) $ 47,265 $ (22,983 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 15,460,634 14,923,304 Dilutive effect of share-based awards: 661,949 - Weighted average number of common shares outstanding - dilutive 16,122,583 14,923,304 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 3.06 $ (1.54 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 2.93 $ (1.54 ) In calculating diluted earnings per share for fiscal 2021 2020 not 260 10. |
Note 12 - Stock Incentive Plans
Note 12 - Stock Incentive Plans | 12 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 1 2 ) Stock Incentive Plans In 2004, 2004 2009 2014 2017, 2017 On April 14, 2020, 2020 “2020 June 11, 2020, 2020 2020 2020 2020 2020 April 14, 2030, 2020 2017 “2017 2020 2017 April 14, 2020 may For the fifty-two January 29, 2022 January 30, 2021 , Selling, general and administrative expense included stock-based compensation expense of $ million and $ million, respe January 29, 2022 (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 millions) Outstanding, February 1, 2021 805,701 9.96 Granted - - Exercised (460,421 ) 7.81 Canceled or expired (26,711 ) 8.13 Outstanding, January 29, 2022 318,569 $ 13.23 3.7 $ 1.5 Options Exercisable as of: January 29, 2022 318,569 $ 13.23 3.7 $ 1.5 There were no 2021 or 2020 . 2018 107 110, The total grant date fair value of options exercised in fiscal 2021 was $ million and the total intrinsic value was $4.3 million. Total grant date fair value and intrinsic value for options exercised in fiscal 2020 The Company generally issues new shares to satisfy option exercises. Future total shares available for option, non-vested stock and restricted stock grants were 416,391 and at the end of 2021 and 2020 , respectively. (b) Restricted Stock The Company granted restricted stock awards that vest over a one three time-based and performance-based restricted stock granted as compensation to employees and directors for the periods presented: Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, February 1, 2021 931,172 $ 3.26 336,441 $ 5.03 Granted 148,701 9.71 53,095 8.24 Vested (606,443 ) 3.14 (32,521 ) 8.60 Forfeited (9,850 ) 6.35 (50,735 ) 8.60 Outstanding, January 29, 2022 463,580 $ 5.43 306,280 $ 3.56 In fiscal 2021 , three 2021, 2022, 2023, In fiscal 2020, three 2020, 2021, 2022. with a weighted average grant date fair value of $ per share. If liquidity, profitability and strategic performance exceeds the threshold objectives, the performance-based restricted stock award has a payout opportunity ranging from 25% to 183.3% of the target number of shares . In fiscal 2019, three 2019, 2020, 2021 three . As of January 29, 2022 2019, 2020, 2021 three million. Th e vesting date fair value of shares that vested in fiscal 2021 and 2020 was $2.2 million and $ million, respectively. |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Jan. 29, 2022 | |
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 2020 2021 Common Stock Shares as of February 1, 2020 15,205,981 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 724,977 Repurchase of Company shares - Shares as of January 30, 2021 15,930,958 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 460,928 Repurchase of Company shares (245,554 ) Shares as of January 29, 2022 16,146,332 |
Note 14 - Major Vendors
Note 14 - Major Vendors | 12 Months Ended |
Jan. 29, 2022 | |
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 and of inventory purchases in 2021 and 2020 , respectively. |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Jan. 29, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 15 ) Segment Information The Company’s operations are conducted through three operating segments consisting of DTC, commercial and international franchising. The DTC segment includes the operating activities of corporately-managed locations and other retail delivery operations in the U.S., Canada, China, Denmark, Ireland and the U.K., including the Company’s e-commerce sites and temporary stores. The singles store locations in Denmark and China closed in January 2021 May 2021, third 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 January 29, 2022 Net sales to external customers $ 397,690 $ 11,505 $ 2,327 $ 411,522 Income before income taxes 47,229 2,690 791 50,710 Capital expenditures 8,130 - - 8,130 Depreciation and amortization 12,232 44 - 12,276 Fifty-two weeks ended January 30, 2021 Net sales to external customers $ 249,210 $ 4,426 $ 1,674 $ 255,310 Income (loss) before income taxes (21,480 ) 1,402 (108 ) (20,186 ) Capital expenditures 5,046 - - 5,046 Depreciation and amortization 13,262 30 - 13,292 Total Assets as of: January 29, 2022 $ 249,998 $ 4,677 $ 11,649 $ 266,324 January 30, 2021 246,341 6,353 8,678 261,372 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 January 29, 2022 Net sales to external customers $ 357,839 $ 51,275 $ 2,408 $ 411,522 Property and equipment, net 45,789 3,177 - 48,966 Fifty-two weeks ended January 30, 2021 Net sales to external customers 219,889 33,784 1,637 $ 255,310 Property and equipment, net 48,955 4,018 - 52,973 For purposes of this table only: ( 1 North America includes the United States, Canada, and Puerto Rico. ( 2 Europe includes the U.K. and Ireland and includes a corporately-managed location in Denmark that closed in January 2021. ( 3 Other includes franchise businesses outside of North America and Europe and includes a corporately-managed location in China that closed in May 2021. (a)( 2 Financial Statement Schedules |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 29, 2022 | |
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 2021 $ 15,401 $ (8,133 ) $ 2,527 $ 9,795 2020 6,774 8,522 105 15,401 Receivables Allowance for Doubtful Accounts 2021 $ 7,369 $ 896 $ (1,209 ) $ 7,056 2020 6,280 1,405 (316 ) $ 7,369 ( 1 ( 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 29, 2022 | |
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 intercompany accounts are eliminated in consolidation. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company operates on a 52 53 January 31. 2021 52 January 29, 2022 2020 52 January 30, 2021 |
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 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 $ million and $ million as of January 29, 2022 and January 30, 2021 , respectively. A reserve for estimated shortage is accrued throughout the year based on detailed historical averages. The inventory reserve was $ million and $ million as of January 29, 2022 January 30, 2021 |
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 $ million and $ million as of January 29, 2022 January 30, 2021 |
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 ranging from one ten three seven three five |
Lessee, Leases [Policy Text Block] | Leases 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. 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 Assets [Policy Text Block] | Other Assets, net Other assets consist primarily of the non-current portion of prepaid income taxes and deferred costs related to franchise agreemen ts, financing agreements, and capitalized film production costs. no first |
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 (asset group) and right-of-use operating lease assets may not not An impairment charge is recognized to the extent the carrying value exceeded the fair value of the asset (asset group). The Company estimates fair values of these long-lived assets based on its discounted future cash flow analysis for the remaining useful life of the asset or its market rent assessment. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. An individual asset within an asset group is not no no 2021 2020 The determination of estimated market rent used in the fair value estimate of the Company’s operating lease assets included within the respective store asset group requires significant management judgment. Changes in these estimates could have a significant impact on whether long-lived store assets should be further evaluated for impairment and could have a significant impact on the resulting impairment charge. The significant estimates, all of which are considered Level 3 |
Entertainment Production Costs [Policy Text Block] | Entertainment Production Costs Costs of producing entertainment assets, which include direct costs, production overhead and development costs, are capitalized when incurred and are stated at the lower of cost, less accumulated amortization, or fair value. For film related costs, the Company expects assets to be monetized individually and are amortized using the individual film-forecast-computation method which amortizes such costs in the same ratio that current period actual revenue bears to the estimated remaining unrecognized total revenues (ultimate revenue). Ultimate revenue includes estimates over a period not ten Costs of entertainment productions are subject to recoverability assessments, whenever events or changes in circumstances indicate that the fair value of the film may 3 January 29, 2022 and January 30, 2021 , the Company had capitalized entertainment production costs of $ million and $ million, respectively. The January 29, 2022 balance for entertainment production costs is mostly comprised of several in-development entertainment projects. In October 2021, not 2021 within the Selling, general and administrative line in the Consolidated Statement of Operations and Comprehensive Income (Loss) and includes it in the financial information of the Commercial reportable segment presented in Note 15 third fourth January 29, 2022 . The remaining net production entertainment asset related the Honey Girls film as of January 29, 2022 is immaterial to the consolidated financial statements. |
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 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. 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 million and $ million for fiscal years 2021 2020 |
Government Grants Policy [Policy Text Block] | Government Grants As a result of the pandemic, governments enacted relief legislation and stimulus packages to help combat the economic effects through such things as payroll expense reimbursement and business and restart grants. Due to the nature of these grants relating to income, they can be presented in one two 1 2 not fifty-two January 29, 2022 January 30, 2021 fifty-two January 29, 2022 January 30, 2021 of $ million |
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, forecasted operating earnings and available tax planning strategies. These estimates of future taxable income inherently require significant judgment. To the extent it is considered more likely than not not 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 Basic income per share is dete rmined by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during the period. In periods of net loss, 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 participants generally correspond to the funds offered in the Company’s 401 1 January 29, 2022 million are presented in other assets, net and other liabilities in the accompanying Consolidated Balance Sheets. As of January 30, 2021 , the current portions of the assets and related liabilities of $0.4 million are presented in prepaid expenses and other current assets and accrued expenses in the accompanying Consolidated Balance Sheets, and the non-current portions of the assets and the related liabilities of $ 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, cash equivalents and restricted cash, receivables, short term investments, accounts payable and accrued expenses, approximates book value at January 29, 2022 January 30, 2021 |
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 $0.5 million and a gain of $ million related to foreign currency in fiscal 2021 2020 |
New Accounting Pronouncements, Policy [Policy Text Block] | R ecent Accounting Pronouncements – Adopted in the current year In December 2019, No. 2019 12, 740 December 15, 2020, January 31, 2021. not In November 2020, 33 10890, first August 9, 2021 February 10, 2021. 10 January 29, 2022. 2021 Annual Report on Form 10 not 7. In November 2021, No. 2021 10, 832 December 15, 2021 February 2, 2020 10 January 29, 2022 for the government grants it received in fiscal years 2020 and 2021 as part of COVID-related assistance programs. The Company has documented its accounting policy, the nature of the grants received, their effects on the financial statements, and the conditions of the grants within the "Government Grants" accounting policy. The adoption of this ASU did not Recent Accounting Pronouncements – Pending adoption In June 2016, No. 2016 13, 326 not December 15, 2022. In March 2020 January 2021, No. 2020 04, 848 2021 01, 848 may December 31, 2022. first not We have reviewed all other recently issued, but not not |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Year Ended January 29, 2022 January 30, 2021 Operating lease costs $ 34,183 $ 35,923 Variable lease costs 6,718 2,808 Short term lease costs 56 44 Total Operating Lease costs $ 40,957 $ 38,775 For the Year Ended January 29, 2022 January 30, 2021 Operating cash flows for operating leases $ 43,627 36,068 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2022 30,280 2023 25,741 2024 21,089 2025 15,468 2026 8,926 Thereafter 11,403 Total minimum lease payments 112,907 Less: amount of lease payments representing interest (14,355 ) Present value of future minimum lease payments 98,552 Less: current obligations under leases (25,245 ) Long-term lease obligations $ 73,307 |
Note 5 - Prepaid Expenses and_2
Note 5 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | January 29, January 30, 2022 2021 Prepaid occupancy (1) $ 2,656 $ 1,526 Prepaid income taxes 178 314 Prepaid insurance 929 884 Prepaid gift card fees 1,545 1,291 Prepaid royalties 607 242 Other (2) 7,728 5,854 Total $ 13,643 $ 10,111 |
Schedule of Other Assets, Noncurrent [Table Text Block] | January 29, January 30, 2022 2021 Entertainment production asset $ 833 $ 1,715 Deferred compensation 697 1,037 Other (1) 546 629 Total $ 2,076 $ 3,381 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | January 29, January 30, 2022 2021 Land $ 2,261 $ 2,261 Furniture and fixtures 26,405 26,605 Machinery and equipment 15,355 15,101 Leasehold improvements 99,043 97,434 Building 14,970 14,970 Computer hardware 20,415 19,534 Computer software 23,924 22,358 Construction in progress 4,952 3,707 207,325 201,970 Less accumulated depreciation 158,359 148,997 Total, net $ 48,966 $ 52,973 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | January 29, January 30, 2022 2021 Accrued wages, bonuses and related expenses $ 21,688 $ 13,185 Sales tax payable 2,146 2,048 Accrued rent and related expenses (1) 1,093 1,993 Current income taxes payable 616 325 Total $ 25,543 $ 17,551 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal year ended January 29, January 30, 2022 2021 Domestic $ 46,473 $ (21,774 ) Foreign 4,237 1,588 Total income (loss) before income taxes $ 50,710 $ (20,186 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal year ended January 29, January 30, 2022 2021 Current: U.S. Federal $ 8,921 $ (876 ) U.S. State 2,017 321 Foreign 128 (12 ) Deferred: U.S. Federal (4,870 ) 1,555 U.S. State (2,140 ) 1,232 Foreign (611 ) 577 Income tax expense $ 3,445 $ 2,797 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | January 29, January 30, 2022 2021 Deferred tax assets: Operating lease liability $ 27,504 $ 33,058 Net operating loss carryforwards 3,496 3,422 Deferred revenue 3,228 3,903 Accrued compensation 2,678 1,098 Depreciation 1,636 2,412 Investment in affiliates 1,583 1,215 Deferred compensation 1,149 1,802 Accrued expenses 820 389 Receivables write-offs 704 830 Inventories 634 263 Intangible assets 321 388 Carryforward of tax credits 227 2,251 Other 920 39 Total gross deferred tax assets 44,900 51,070 Less: Valuation allowance (9,795 ) (15,401 ) Total deferred tax assets, net of valuation allowance 35,105 35,669 Deferred tax liabilities: Operating lease right-of-use assets (21,395 ) (27,214 ) Depreciation (4,369 ) (4,968 ) Deferred expense (1,708 ) (1,767 ) Deferred revenue - (1,362 ) Other (20 ) (358 ) Total deferred tax liabilities (27,492 ) (35,669 ) Net deferred tax assets $ 7,613 $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | January 29, January 30, 2022 2021 Balance at beginning of year 170 178 Increases for prior year tax positions 164 46 Lapse of statute of limitations - (54) Balance at end of year 334 170 |
Summary of Income Tax Examinations [Table Text Block] | United States (Federal) 2018 through 2021 United Kingdom 2017 through 2021 |
Note 11 - Net Income (Loss) P_2
Note 11 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal year ended January 29, January 30, 2022 2021 NUMERATOR: Net income (loss) before allocation of earnings to participating securities $ 47,265 $ (22,983 ) Less: Earnings allocated to participating securities - - Net income (loss) $ 47,265 $ (22,983 ) DENOMINATOR: Weighted average number of common shares outstanding - basic 15,460,634 14,923,304 Dilutive effect of share-based awards: 661,949 - Weighted average number of common shares outstanding - dilutive 16,122,583 14,923,304 Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 3.06 $ (1.54 ) Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 2.93 $ (1.54 ) |
Note 12 - Stock Incentive Pla_2
Note 12 - Stock Incentive Plans (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
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 millions) Outstanding, February 1, 2021 805,701 9.96 Granted - - Exercised (460,421 ) 7.81 Canceled or expired (26,711 ) 8.13 Outstanding, January 29, 2022 318,569 $ 13.23 3.7 $ 1.5 Options Exercisable as of: January 29, 2022 318,569 $ 13.23 3.7 $ 1.5 |
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 1, 2021 931,172 $ 3.26 336,441 $ 5.03 Granted 148,701 9.71 53,095 8.24 Vested (606,443 ) 3.14 (32,521 ) 8.60 Forfeited (9,850 ) 6.35 (50,735 ) 8.60 Outstanding, January 29, 2022 463,580 $ 5.43 306,280 $ 3.56 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common Stock Shares as of February 1, 2020 15,205,981 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 724,977 Repurchase of Company shares - Shares as of January 30, 2021 15,930,958 Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding 460,928 Repurchase of Company shares (245,554 ) Shares as of January 29, 2022 16,146,332 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Fifty-two weeks ended January 29, 2022 Net sales to external customers $ 397,690 $ 11,505 $ 2,327 $ 411,522 Income before income taxes 47,229 2,690 791 50,710 Capital expenditures 8,130 - - 8,130 Depreciation and amortization 12,232 44 - 12,276 Fifty-two weeks ended January 30, 2021 Net sales to external customers $ 249,210 $ 4,426 $ 1,674 $ 255,310 Income (loss) before income taxes (21,480 ) 1,402 (108 ) (20,186 ) Capital expenditures 5,046 - - 5,046 Depreciation and amortization 13,262 30 - 13,292 Total Assets as of: January 29, 2022 $ 249,998 $ 4,677 $ 11,649 $ 266,324 January 30, 2021 246,341 6,353 8,678 261,372 |
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 January 29, 2022 Net sales to external customers $ 357,839 $ 51,275 $ 2,408 $ 411,522 Property and equipment, net 45,789 3,177 - 48,966 Fifty-two weeks ended January 30, 2021 Net sales to external customers 219,889 33,784 1,637 $ 255,310 Property and equipment, net 48,955 4,018 - 52,973 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jan. 29, 2022 | |
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 2021 $ 15,401 $ (8,133 ) $ 2,527 $ 9,795 2020 6,774 8,522 105 15,401 Receivables Allowance for Doubtful Accounts 2021 $ 7,369 $ 896 $ (1,209 ) $ 7,056 2020 6,280 1,405 (316 ) $ 7,369 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Oct. 30, 2021 | |
Inventory, Supplies, Net of Reserves | $ 4,400 | $ 2,800 | |
Inventory Valuation Reserves, Ending Balance | 900 | 1,000 | |
Accounts Receivable, Allowance for Credit Loss, Current | 7,100 | 7,400 | |
Store Asset Impairment | 0 | 7,346 | |
Operating Lease, Impairment Loss | 0 | 3,800 | |
Impairment of Long-Lived Assets Held-for-use | 0 | 3,500 | |
Film, Monetized on Its Own, Capitalized Cost, Production | 800 | 1,700 | |
Advertising Expense | 16,400 | 8,100 | |
Deferred Compensation Plan Assets | 697 | 1,037 | |
Foreign Currency Transaction Gain (Loss), before Tax, Total | 500 | 600 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Deferred Compensation Plan Assets | 400 | 400 | |
Accrued Liabilities, Current [Member] | |||
Deferred Compensation Liability, Current, Total | 400 | 400 | |
Other Noncurrent Assets [Member] | |||
Deferred Compensation Plan Assets | 600 | 900 | |
Other Noncurrent Liabilities [Member] | |||
Deferred Compensation Liability, Classified, Noncurrent, Total | 600 | 900 | |
Canadian Film Tax Credit [Member] | |||
Tax Credit Carryforward, Amount | 1,000 | ||
Canadian Film Tax Credit and Other Contractual Obligations [Member] | |||
Other Receivables | $ 4,000 | ||
Store Asset Impairment [Member] | |||
Operating Lease, Impairment Loss | 3,800 | ||
Impairment of Long-Lived Assets Held-for-use | 3,500 | ||
Selling, General and Administrative Expenses [Member] | |||
Payroll Expense Reimbursement | 900 | 800 | |
Business Grants | $ 1,400 | $ 4,200 | |
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 1 year | ||
Leasehold Improvements [Member] | Maximum [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 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 29, 2022 | Jan. 30, 2021 | Oct. 30, 2021 | |
Gift Card Redemption Period (Year) | 3 years | ||
Estimated Percentage of Gift Card Redemptions Within First Twelve Months | 60.00% | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 411,522 | $ 255,310 | |
Gift Card Breakage [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 6,500 | 3,700 | |
Direct to Consumer [Member] | |||
Segment Revenue of Consolidated Revenue, Percentage | 97.00% | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 397,690 | 249,210 | |
International Franchising [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 2,327 | $ 1,674 | |
Capitalized Contract Cost, Amortization Period (Year) | 25 years |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Lessee, Operating Lease, Rent Deferrals Liability, Payments Remainder of Fiscal Year | $ 0 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 3 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.00% | |
Operating Lease, Impairment Loss | $ 0 | $ 3,800 |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 0 |
Note 4 - Leases - Lease Costs (
Note 4 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Operating lease costs | $ 34,183 | $ 35,923 |
Variable lease costs | 6,718 | 2,808 |
Short term lease costs | 56 | 44 |
Total Operating Lease costs | 40,957 | 38,775 |
Operating cash flows for operating leases | $ 43,627 | $ 36,068 |
Note 4 - Leases - Reconciliatio
Note 4 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
2022 | $ 30,280 | |
2023 | 25,741 | |
2024 | 21,089 | |
2025 | 15,468 | |
2026 | 8,926 | |
Thereafter | 11,403 | |
Total minimum lease payments | 112,907 | |
Less: amount of lease payments representing interest | (14,355) | |
Present value of future minimum lease payments | 98,552 | |
Less: current obligations under leases | (25,245) | $ (32,402) |
Long-term lease obligations | $ 73,307 | $ 101,462 |
Note 5 - Other Assets - Summary
Note 5 - Other Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 | |
Prepaid occupancy | [1] | $ 2,656 | $ 1,526 |
Prepaid income taxes | 178 | 314 | |
Prepaid insurance | 929 | 884 | |
Prepaid gift card fees | 1,545 | 1,291 | |
Prepaid royalties | 607 | 242 | |
Other | [2] | 7,728 | 5,854 |
Total | $ 13,643 | $ 10,111 | |
[1] | Prepaid occupancy consists of prepaid expenses related to non-lease components. | ||
[2] | Other consists primarily of prepaid expense related to IT maintenance contracts and software as a service. |
Note 5 - Other Assets - Other N
Note 5 - Other Assets - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 | |
Entertainment production asset | $ 833 | $ 1,715 | |
Deferred compensation | 697 | 1,037 | |
Other (1) | [1] | 546 | 629 |
Total | $ 2,076 | $ 3,381 | |
[1] | Other consists primarily of deferred financing costs related to the Company's credit facility |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Depreciation, Total | $ 12,300 | $ 13,200 |
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 3,500 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Property, plant and equipment, gross | $ 207,325 | $ 201,970 |
Less accumulated depreciation | 158,359 | 148,997 |
Total, net | 48,966 | 52,973 |
Land [Member] | ||
Property, plant and equipment, gross | 2,261 | 2,261 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 26,405 | 26,605 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 15,355 | 15,101 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 99,043 | 97,434 |
Building [Member] | ||
Property, plant and equipment, gross | 14,970 | 14,970 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 20,415 | 19,534 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 23,924 | 22,358 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 4,952 | $ 3,707 |
Note 7 - Accrued Expenses (Deta
Note 7 - Accrued Expenses (Details Textual) - USD ($) $ in Millions | Jan. 29, 2022 | Jan. 30, 2021 |
Liability, Pension and Other Postretirement and Postemployment Benefits, Current | $ 1.1 | $ 0.8 |
Note 7 - Accrued Expenses - Sum
Note 7 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 | |
Accrued wages, bonuses and related expenses | $ 21,688 | $ 13,185 | |
Sales tax payable | 2,146 | 2,048 | |
Accrued rent and related expenses | [1] | 1,093 | 1,993 |
Current income taxes payable | 616 | 325 | |
Total | $ 25,543 | $ 17,551 | |
[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 | ||||
May 02, 2020 | Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | |||
Income Tax Expense (Benefit), Total | $ 3,445 | $ 2,797 | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 6.80% | (13.90%) | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 3,700 | |||||
Operating Loss Carryforwards, Total | $ 13,800 | |||||
Unrecognized Tax Benefits, Ending Balance | 334 | [1] | 170 | [1] | $ 178 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 300 | 200 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 100 | 100 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 100 | 100 | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 300 | |||||
North America [Member] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 3,300 | $ 3,300 | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (7,800) | |||||
[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 | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Domestic | $ 46,473 | $ (21,774) |
Foreign | 4,237 | 1,588 |
Total income (loss) before income taxes | $ 50,710 | $ (20,186) |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
U.S. Federal | $ 8,921 | $ (876) |
U.S. State | 2,017 | 321 |
Foreign | 128 | (12) |
U.S. Federal | (4,870) | 1,555 |
U.S. State | (2,140) | 1,232 |
Foreign | (611) | 577 |
Income tax expense | $ 3,445 | $ 2,797 |
Note 8 - Income Taxes - Tempora
Note 8 - Income Taxes - Temporary Differences That Gave Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 29, 2022 | Jan. 30, 2021 |
Operating lease liability | $ 27,504 | $ 33,058 |
Net operating loss carryforwards | 3,496 | 3,422 |
Deferred revenue | 3,228 | 3,903 |
Accrued compensation | 2,678 | 1,098 |
Depreciation | 1,636 | 2,412 |
Investment in affiliates | 1,583 | 1,215 |
Deferred compensation | 1,149 | 1,802 |
Accrued expenses | 820 | 389 |
Receivables write-offs | 704 | 830 |
Inventories | 634 | 263 |
Intangible assets | 321 | 388 |
Carryforward of tax credits | 227 | 2,251 |
Other | 920 | 39 |
Total gross deferred tax assets | 44,900 | 51,070 |
Less: Valuation allowance | (9,795) | (15,401) |
Total deferred tax assets, net of valuation allowance | 35,105 | 35,669 |
Operating lease right-of-use assets | (21,395) | (27,214) |
Depreciation | (4,369) | (4,968) |
Deferred expense | (1,708) | (1,767) |
Deferred revenue | 0 | (1,362) |
Other | (20) | (358) |
Total deferred tax liabilities | (27,492) | (35,669) |
Net deferred tax assets | $ 7,613 | $ 0 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | |||
Balance at beginning of year | $ 170 | [1] | $ 178 | |
Increases for prior year tax positions | 164 | 46 | ||
Lapse of statute of limitations | (54) | |||
Balance | [1] | $ 334 | $ 170 | |
[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 |
Jan. 29, 2022 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2018 2019 2020 2021 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
Open tax year | 2017 2018 2019 2020 2021 |
Note 9 - Line of Credit (Detail
Note 9 - Line of Credit (Details Textual) - PNC Bank [Member] - USD ($) | Dec. 17, 2021 | Aug. 25, 2020 | Jan. 29, 2022 |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | $ 25,000,000 | ||
Line of Credit Facility, Periodic Payment, Interest, Amount Eliminated | $ 500,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||
Debt Instrument, Covenant, Availability Percentage | 10.00% | 12.50% | |
Debt Instrument, Covenant, Availability, Amount | $ 1,875,000 | $ 3,125,000 | |
Debt Instrument, Default, Increase in Interest Rate and Fees | 2.00% | ||
Letters of Credit Outstanding, Amount | $ 750,000 | ||
Long-term Line of Credit, Total | $ 0 | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 23,300,000 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 22,500,000 | ||
Debt Issuance Costs, Net, Total | $ 100,000 | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.375% | ||
Swingline Loans [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | ||
Letters of Credit Outstanding, Amount | $ 750,000 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) $ in Millions | Jan. 29, 2022USD ($) |
Litigation Receivable, Gross | $ 4.5 |
Litigation Receivables, Reserve | 3.5 |
Litigation Receivables, Net | $ 1 |
Note 11 - Net Income (Loss) P_3
Note 11 - Net Income (Loss) Per Share (Details Textual) - shares | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 52,812 | 841,401 |
Note 11 - Income Per Share - Co
Note 11 - Income Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Net income (loss) | $ 47,265 | $ (22,983) |
Less: Earnings allocated to participating securities | 0 | 0 |
Net income (loss) | $ 47,265 | $ (22,983) |
Weighted average number of common shares outstanding - basic (in shares) | 15,460,634 | 14,923,304 |
Dilutive effect of share-based awards: (in shares) | 661,949 | 0 |
Weighted average number of common shares outstanding - dilutive (in shares) | 16,122,583 | 14,923,304 |
Basic income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 3.06 | $ (1.54) |
Diluted income (loss) per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 2.93 | $ (1.54) |
Note 12 - Stock Incentive Pla_3
Note 12 - Stock Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jan. 29, 2022 | Jan. 30, 2021 | Feb. 01, 2020 | Apr. 14, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised in Period, Grant Date Fair Value | $ 1.8 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4.3 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 416,391 | 568,523 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.2 | $ 2.3 | ||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised in Period, Grant Date Fair Value | 0.1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0.1 | |||
Options and Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Expense | 2.6 | $ 1.5 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2.5 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 148,701 | |||
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) | $ 9.71 | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Performance Shares [Member] | ||||
Share-based Payment Arrangement, Expense | $ 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 53,095 | |||
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) | $ 8.24 | |||
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 | 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) | 53,095 | 157,374 | 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) | $ 8.24 | $ 2.78 | $ 5.61 | |
First Target Number of Performance Shares [Member] | Maximum [Member] | ||||
Performance-based Shares, Payout Opportunity, Percentage | 200.00% | 183.30% | 200.00% | |
First Target Number of Performance Shares [Member] | Minimum [Member] | ||||
Performance-based Shares, Payout Opportunity, Percentage | 25.00% | 25.00% | 25.00% | |
Incentive Plan 2020 [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) | 12 Months Ended |
Jan. 29, 2022$ / sharesshares | |
Outstanding (in shares) | shares | 805,701 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.96 |
Granted (in shares) | shares | 0 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised (in shares) | shares | (460,421) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 7.81 |
Canceled or expired (in shares) | shares | (26,711) |
Canceled or expired (in dollars per share) | $ / shares | $ 8.13 |
Outstanding (in shares) | shares | 318,569 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 13.23 |
Outstanding, weighted average remaining contractual term (Year) | 3 years 8 months 12 days |
Exercisable (in shares) | shares | 318,569 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 13.23 |
January 29, 2022 (Year) | 3 years 8 months 12 days |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) | 12 Months Ended |
Jan. 29, 2022$ / sharesshares | |
Restricted Stock [Member] | |
Outstanding, February 1, 2021 (in shares) | shares | 931,172 |
Outstanding, February 1, 2021 (in dollars per share) | $ / shares | $ 3.26 |
Granted (in shares) | shares | 148,701 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.71 |
Vested (in shares) | shares | (606,443) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.14 |
Forfeited (in shares) | shares | (9,850) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.35 |
Outstanding (in shares) | shares | 463,580 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.43 |
Performance Shares [Member] | |
Outstanding, February 1, 2021 (in shares) | shares | 336,441 |
Outstanding, February 1, 2021 (in dollars per share) | $ / shares | $ 5.03 |
Granted (in shares) | shares | 53,095 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.24 |
Vested (in shares) | shares | (32,521) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.60 |
Forfeited (in shares) | shares | (50,735) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.60 |
Outstanding (in shares) | shares | 306,280 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.56 |
Note 13 - Stockholders' Equit_2
Note 13 - Stockholders' Equity - Summary Changes in Outstanding Shares of Common Stock (Details) - shares | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Shares outstanding (in shares) | 15,930,958 | 15,205,981 |
Shares issued under employee stock plans, net of shares withheld in lieu of tax withholding (in shares) | 460,928 | 724,977 |
Repurchase of Company shares (in shares) | 245,554 | 0 |
Repurchase of Company shares (in shares) | (245,554) | 0 |
Shares outstanding (in shares) | 16,146,332 | 15,930,958 |
Note 14 - Major Vendors (Detail
Note 14 - Major Vendors (Details Textual) | 12 Months Ended | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Inventory Purchases [Member] | Supplier Concentration Risk [Member] | Four Vendors [Member] | ||
Concentration Risk, Percentage | 74.00% | 77.00% |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 12 Months Ended |
Jan. 29, 2022 | |
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 | |
Jan. 29, 2022 | Jan. 30, 2021 | |
Net sales to external customers | $ (411,522) | $ (255,310) |
Income before income taxes | 50,710 | (20,186) |
Capital expenditures, net | 8,130 | 5,046 |
Depreciation and amortization | 12,276 | 13,292 |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 411,522 | 255,310 |
Total assets | 266,324 | 261,372 |
Direct to Consumer [Member] | ||
Net sales to external customers | (397,690) | (249,210) |
Income before income taxes | 47,229 | (21,480) |
Capital expenditures, net | 8,130 | 5,046 |
Depreciation and amortization | 12,232 | 13,262 |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 397,690 | 249,210 |
Total assets | 249,998 | 246,341 |
Commercial [Member] | ||
Net sales to external customers | (11,505) | (4,426) |
Income before income taxes | 2,690 | 1,402 |
Capital expenditures, net | 0 | 0 |
Depreciation and amortization | 44 | 30 |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 11,505 | 4,426 |
Total assets | 4,677 | 6,353 |
International Franchising [Member] | ||
Net sales to external customers | (2,327) | (1,674) |
Income before income taxes | 791 | (108) |
Capital expenditures, net | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 2,327 | 1,674 |
Total assets | $ 11,649 | $ 8,678 |
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 | ||
Jan. 29, 2022 | Jan. 30, 2021 | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 411,522 | $ 255,310 | |
Property and equipment, net | 48,966 | 52,973 | |
North America [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [1] | 357,839 | 219,889 |
Property and equipment, net | [1] | 45,789 | 48,955 |
Europe [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [2] | 51,275 | 33,784 |
Property and equipment, net | [2] | 3,177 | 4,018 |
Other Geographic Region [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | [3] | 2,408 | 1,637 |
Property and equipment, net | [3] | $ 0 | $ 0 |
[1] | North America includes corporately-managed locations in the United States and Canada. | ||
[2] | Europe includes corporately-managed locations in the U.K. and Ireland. | ||
[3] | Other includes franchise businesses outside of North America and Europe and includes a corporately-managed location in China that closed in May 2021. |
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 | ||
Jan. 29, 2022 | Jan. 30, 2021 | ||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
2021 | $ 15,401 | $ 6,774 | |
2021 | (8,133) | 8,522 | |
2021 | 2,527 | 105 | [1],[2] |
2021 | 9,795 | 15,401 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
2021 | 7,369 | 6,280 | |
2021 | 896 | 1,405 | |
2021 | (1,209) | (316) | [1],[2] |
2021 | $ 7,056 | $ 7,369 | |
[1] | Other deferred tax asset valuation allowance represents 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 |