Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 29, 2022 | Dec. 05, 2022 | |
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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 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 | |
Trading Symbol | BBW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,750,444 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 12,023 | $ 32,845 | $ 48,501 |
Inventories, net | 88,339 | 71,809 | 61,912 |
Receivables, net | 15,894 | 11,701 | 12,788 |
Prepaid expenses and other current assets | 10,379 | 13,643 | 11,186 |
Total current assets | 126,635 | 129,998 | 134,387 |
Operating lease right-of-use asset | 76,236 | 77,671 | 86,888 |
Property and equipment, net | 46,264 | 48,966 | 48,221 |
Deferred Tax Assets | 7,561 | 7,613 | 0 |
Other assets, net | 3,105 | 2,076 | 2,502 |
Total Assets | 259,801 | 266,324 | 271,998 |
Current liabilities: | |||
Accounts payable | 19,514 | 21,849 | 25,830 |
Accrued expenses | 25,764 | 25,543 | 20,378 |
Operating lease liability short term | 27,644 | 25,245 | 26,815 |
Gift cards and customer deposits | 18,287 | 20,937 | 18,197 |
Deferred revenue and other | 5,713 | 3,808 | 2,690 |
Total current liabilities | 96,922 | 97,382 | 93,910 |
Operating lease liability long term | 64,212 | 73,307 | 82,700 |
Other long-term liabilities | 1,569 | 1,952 | 2,324 |
Stockholders' equity: | |||
Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares issued or outstanding at October 29, 2022, January 29, 2022 and October 30, 2021 | 0 | 0 | 0 |
Common stock, par value $0.01, Shares authorized: 50,000,000; Issued and outstanding: 14,718,368, 16,146,332, and 16,297,362 shares, respectively | 147 | 162 | 163 |
Additional paid-in capital | 68,422 | 75,490 | 75,316 |
Accumulated other comprehensive loss | (12,336) | (12,470) | (12,495) |
Retained earnings | 40,865 | 30,501 | 30,080 |
Total stockholders' equity | 97,098 | 93,683 | 93,064 |
Total Liabilities and Stockholders' Equity | $ 259,801 | $ 266,324 | $ 271,998 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 | 15,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 14,718,368 | 16,146,332 | 16,297,362 |
Common stock, shares outstanding (in shares) | 14,718,368 | 16,146,332 | 16,297,362 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Revenues: | ||||
Revenue | $ 104,480 | $ 95,139 | $ 322,827 | $ 281,560 |
Costs and expenses: | ||||
Cost of merchandise sold | 50,150 | 45,525 | 156,758 | 133,118 |
Consolidated gross profit | 54,330 | 49,614 | 166,069 | 148,442 |
Selling, general and administrative expense | 44,436 | 41,709 | 130,320 | 117,870 |
Interest expense (income), net | 6 | (2) | 27 | 11 |
Income before income taxes | 9,888 | 7,907 | 35,722 | 30,561 |
Income tax expense | 2,433 | 1,984 | 8,247 | 7,423 |
Net income | 7,455 | 5,923 | 27,475 | 23,138 |
Foreign currency translation adjustment | 49 | 84 | 134 | 120 |
Comprehensive income | $ 7,504 | $ 6,007 | $ 27,609 | $ 23,258 |
Income per common share: | ||||
Basic (in dollars per share) | $ 0.51 | $ 0.38 | $ 1.82 | $ 1.51 |
Diluted (in dollars per share) | $ 0.51 | $ 0.36 | $ 1.78 | $ 1.44 |
Shares used in computing common per share amounts: | ||||
Basic (in shares) | 14,542,947 | 15,578,389 | 15,097,816 | 15,345,420 |
Diluted (in shares) | 14,760,586 | 16,236,901 | 15,412,130 | 16,042,947 |
Retail [Member] | ||||
Revenues: | ||||
Revenue | $ 99,229 | $ 91,551 | $ 308,001 | $ 272,052 |
Costs and expenses: | ||||
Cost of merchandise sold | 47,354 | 43,918 | 149,341 | 128,688 |
Commercial Product and Service [Member] | ||||
Revenues: | ||||
Revenue | 4,125 | 2,749 | 12,464 | 7,804 |
Costs and expenses: | ||||
Cost of merchandise sold | 1,929 | 1,060 | 5,824 | 3,250 |
International Franchising [Member] | ||||
Revenues: | ||||
Revenue | 1,126 | 839 | 2,362 | 1,704 |
Costs and expenses: | ||||
Cost of merchandise sold | $ 867 | $ 547 | $ 1,593 | $ 1,180 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 29, 2022 | Oct. 30, 2021 | Oct. 30, 2021 | |
Cash flows provided by operating activities: | ||||||
Net income | $ 7,455 | $ 5,923 | $ 27,475 | $ 27,475 | $ 23,138 | $ 23,138 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 3,019 | 9,295 | 9,295 | 9,152 | 9,152 | |
Share-based and performance-based stock compensation | 1,924 | 2,097 | ||||
Impairment of right-of-use assets and fixed assets | 20 | 0 | ||||
Provision/adjustments for doubtful accounts | (154) | 150 | ||||
Loss on disposal of property and equipment | 108 | 38 | ||||
Deferred Taxes | 16 | 0 | ||||
Change in assets and liabilities: | ||||||
Inventories, net | (18,134) | (14,992) | ||||
Receivables, net | (4,343) | (4,627) | ||||
Prepaid expenses and other assets | 1,354 | 215 | ||||
Accounts payable and accrued expenses | (914) | 9,209 | ||||
Operating leases | (4,771) | (6,547) | ||||
Gift cards and customer deposits | (2,573) | (841) | ||||
Deferred revenue | 1,944 | 243 | ||||
Net cash provided by operating activities | 11,247 | 17,235 | ||||
Cash flows used in investing activities: | ||||||
Capital expenditures | (6,752) | (4,644) | ||||
Net cash used in investing activities | (6,752) | (4,644) | ||||
Cash flows (used in) provided by financing activities: | ||||||
Proceeds from the exercise of employee equity awards, net of tax | (1,671) | 924 | ||||
Cash dividends paid on vested participating securities | (292) | 0 | ||||
Purchases of Company’s common stock | (24,172) | 0 | ||||
Net cash (used in) provided by financing activities | (26,135) | 924 | ||||
Effect of exchange rates on cash | 818 | 146 | ||||
(Decrease) increase in cash, cash equivalents, and restricted cash | (20,822) | 13,661 | ||||
Cash, cash equivalents and restricted cash, beginning of period | 32,845 | 34,840 | ||||
Cash, cash equivalents and restricted cash, end of period | 12,023 | 48,501 | 12,023 | 12,023 | 48,501 | 48,501 |
Supplemental disclosure of cash flow information: | ||||||
Cash and cash equivalents | 11,582 | 46,804 | 11,582 | 11,582 | 46,804 | 46,804 |
Restricted cash from long-term deposits | 441 | 1,697 | 441 | 441 | 1,697 | 1,697 |
Cash, cash equivalents and restricted cash, end of period | $ 12,023 | $ 48,501 | $ 12,023 | 12,023 | 48,501 | $ 48,501 |
Net cash paid during the period for income taxes | $ 7,451 | $ 9,236 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. The condensed consolidated financial statements included herein are unaudited and have been prepared by Build-A-Bear Workshop, Inc. and its subsidiaries (collectively, the “Company”) pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet of the Company as of January 29, 2022 not January 29, 2022 10 April 14, 2022. Certain prior period amounts in the notes to the condensed consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications did not Significant Accounting Policies The Company's significant accounting policies are summarized in Note 2 10 January 29, 2022. |
Note 2 - Revenue
Note 2 - Revenue | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Currently, most of the Company’s revenue is derived from retail sales (including from its e-commerce sites) and is recognized when control of the merchandise is transferred to the customer. The Company's disaggregated revenue is fully disclosed as net sales to external customers by reporting segment and by geographic area (See Note 11 third 2022. 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 e-commerce demand (orders generated online to be fulfilled from either the Company's warehouse or its stores). Direct-to-consumer revenue is recognized when control of the merchandise is transferred to the customer and for the Company's online sales, generally upon estimated 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, including any related gift card discounts, is deferred for single transactions until redemption . Historically, three three three first twelve In regard to the consolidated balance sheet, contract liabilities for gift cards are classified as gift cards and customer deposits. Subsequent to stores reopening following shutdowns caused by COVID, the Company has experienced lower redemptions of its gift cards for all periods of outstanding activated cards compared to pre-pandemic redemption patterns (fiscal year 2019 not 2022 2021 fourth 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 50 six not The Company’s commercial segment includes transactions with other businesses and are mainly comprised of licensing the Company’s intellectual properties for third not The Company’s international franchising segment includes the activities with franchisees who operate store locations in certain countries and includes development fees, sales-based royalties and merchandise, including supplies and fixture sales. The Company's obligations under the franchise agreements are ongoing and include operations and product development support and training, generally concentrated around initial 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, which may thirteen thirty-nine October 29, 2022 not |
Note 3 - Leases
Note 3 - Leases | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 3. The majority of the Company's leases relate to retail stores and corporate offices. For leases with terms greater than 12 five ten may may not The table below presents certain information related to the lease costs for operating leases for the thirteen thirty-nine October 29, 2022 October 30, 2021 Thirteen weeks ended Thirty-nine weeks ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Operating lease costs 8,905 8,537 25,874 25,849 Variable lease costs (1) 2,039 1,596 6,228 3,762 Short term lease costs 19 16 46 46 Total Operating Lease costs $ 10,963 $ 10,149 $ 32,148 $ 29,657 ( 1 Variable lease costs consist of leases with variable rent structures, which are intended to increase flexibility in an environment with expected high sales volatility and provide a natural hedge against potential sales declines. Other information The table below presents supplemental cash flow information related to leases for the thirteen thirty-nine October 29, 2022 October 30, 2021 Thirteen weeks ended Thirty-nine weeks ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Operating cash flows for operating leases 9,497 10,817 27,772 33,289 Operating cash flows for operating leases for the third 2022 2021, 2022, 2021 2020 As of October 29, 2022 October 30, 2021 For the thirteen thirty-nine October 29, 2022 thirteen thirty-nine October 30, 2021 not Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases 2022 7,013 2023 33,615 2024 24,635 2025 15,993 2026 9,264 Thereafter 12,967 Total minimum lease payments 103,487 Less: amount of lease payments representing interest 11,631 Present value of future minimum lease payments 91,856 Less: current obligations under leases (27,644 ) Long-term lease obligations $ 64,212 As of October 29, 2022 not ilities of $4.8 millio fourth 2022 ten |
Note 4 - Other Assets
Note 4 - Other Assets | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 4. Prepaid expenses and other current assets consist of the following (in thousands): October 29, January 29, October 30, 2022 2022 2021 Prepaid occupancy (1) $ 2,630 $ 2,656 $ 2,345 Prepaid taxes (2) 213 178 2,190 Prepaid insurance 206 929 88 Prepaid gift card fees 1,202 1,545 1,142 Prepaid royalties 493 607 219 Other (3) 5,635 7,728 5,202 Total $ 10,379 $ 13,643 $ 11,186 ( 1 Prepaid occupancy consists of prepaid expenses related to variable non-lease components. ( 2 Prepaid taxes consist of prepaid federal and state income tax. ( 3 Other consists primarily of prepaid expense related to information technology maintenance contracts and software as a service. Other non-current assets consist of the following (in thousands): October 29, January 29, October 30, 2022 2022 2021 Entertainment production asset $ 2,126 $ 833 $ 771 Deferred compensation 544 697 1,204 Other (1) 435 546 527 Total $ 3,105 $ 2,076 $ 2,502 ( 1 Other consists primarily of deferred financing costs related to the Company's credit facility. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following (in thousands): October 29, January 29, October 30, 2022 2022 2021 Accrued wages, bonuses and related expenses $ 17,174 $ 21,688 $ 16,851 Sales and value added taxes payable 2,209 2,146 2,254 Accrued rent and related expenses (1) 899 1,093 890 Current income taxes payable 1,382 616 383 Accrued Expense - Other (2) 4,100 - - Total $ 25,764 $ 25,543 $ 20,378 ( 1 Accrued rent and related expenses consist of accrued costs associated with non-lease components. ( 2 Accrued expense - Other consists of accrued costs consists of a legal reserve accrual. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 6. 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 thirteen October 29, 2022 October 30, 2021 thirty-nine October 29, 2022 October 30, 2021 October 29, 2022 The following table is a summary of the balances and activity for stock options for the thirty-nine October 29, 2022 Options Shares Weighted Average Exercise Price Outstanding, January 29, 2022 318,569 $ 13.23 Granted - - Exercised (49,715 ) 10.22 Forfeited - - Canceled or expired - - Outstanding, October 29, 2022 268,854 $ 13.79 The following table is a summary of the balances and activity related to time-based and performance-based restricted stock for the thirty-nine October 29, 2022 Time-Based Restricted Stock Performance-Based Restricted Stock Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding, January 29, 2022 463,580 $ 5.43 306,280 $ 3.56 Granted 82,154 18.29 84,579 18.03 Vested (257,751 ) 5.78 (88,721 ) 5.61 Forfeited - - - - Canceled or expired - - (7,090 ) 5.61 Outstanding, October 29, 2022 287,982 $ 8.78 295,048 $ 8.13 The total fair value of shares vested during the thirty-nine October 29, 2022 October 30, 2021 s $2.0 million and $2.2 million, The outstanding performance shares as of October 29, 2022 Performance Shares Unearned shares subject to performance-based restrictions at target: 2020 - 2022 consolidated liquidity and strategic performance objectives 89,168 2020 - 2022 consolidated earnings before interest and taxes (EBIT) objectives 68,206 2021 - 2023 consolidated, cumulative earnings before interest, taxes, depreciation and amortization (EBITDA) objectives 39,821 2021 - 2023 consolidated revenue growth objectives 13,274 2022 - 2024 consolidated, earnings before interest, taxes, depreciation and amortization (EBITDA) growth objectives 63,435 2022 - 2024 consolidated revenue growth objectives 21,145 Performance shares outstanding, October 29, 2022 295,048 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The Company's effective tax rate was 24.6% and 23.1% for the thirteen thirty-nine October 29, 2022 thirteen thirty-nine October 30, 2021 2022 2021 21% |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. The following table sets forth the changes in stockholders’ equity (in thousands) for the thirteen October 29, 2022 October 30, 2021 For the thirteen weeks ended October 29, 2022 For the thirteen weeks ended October 30, 2021 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 150 $ 69,409 $ (12,385 ) $ 36,690 $ 93,864 $ 160 $ 73,397 $ (12,579 ) $ 24,157 $ 85,135 Shares issued under employee stock plans 194 194 3 2,265 2,268 Stock-based compensation 368 368 372 372 Shares withheld in lieu of tax withholdings - (1 ) (718 ) (719 ) Share Repurchase (3 ) (1,553 ) (3,233 ) (4,789 ) - Other 4 (47 ) (43 ) 1 1 Other comprehensive income 49 49 84 84 Net income 7,455 7,455 5,923 5,923 Balance, ending $ 147 $ 68,422 $ (12,336 ) $ 40,865 $ 97,098 $ 163 $ 75,316 $ (12,495 ) $ 30,080 $ 93,064 ( 1 ( 2 The following table sets forth the changes in stockholders’ equity (in thousands) for the thirty-nine October 29, 2022 October 30, 2021 For the thirty-nine weeks ended October 29, 2022 For the thirty-nine weeks ended October 30, 2021 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 162 $ 75,490 $ (12,470 ) $ 30,501 $ 93,683 $ 159 $ 72,822 $ (12,615 ) $ 6,942 $ 67,308 Shares issued under employee stock plans 2 1,004 1,006 8 2,838 2,846 Stock-based compensation 1,175 1,175 1,293 1,293 Shares withheld in lieu of tax withholdings (1 ) (2,178 ) (2,179 ) (2 ) (1,640 ) (1,642 ) Share Repurchase (16 ) (7,073 ) (17,083 ) (24,172 ) - Other 4 (28 ) (24 ) (2 ) 3 1 Other comprehensive income 134 134 120 120 Net income 27,475 27,475 23,138 23,138 Balance, ending $ 147 $ 68,422 $ (12,336 ) $ 40,865 $ 97,098 $ 163 $ 75,316 $ (12,495 ) $ 30,080 $ 93,064 ( 1 ( 2 During the third 2022, November 30, 2021, On August 31, 2022, 0 The primary source of funding for the share repurchase program is expected to be cash on hand. Th e timing and amount of share repurchases, if any, will depend on price, market conditions, applicable regulatory requirements, and other factors. The program, which authorizes the Company to repurchase shares through August 31, 2025, not may October 29, 2022, |
Note 9 - Income Per Share
Note 9 - Income Per Share | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. The following table sets forth the computation of basic and diluted net income/(loss) per share (in thousands, except share and per share data): Thirteen weeks ended Thirty-nine weeks ended October 29, October 30, October 29, October 30, 2022 2021 2022 2021 NUMERATOR: Net income $ 7,455 $ 5,923 $ 27,475 $ 23,138 DENOMINATOR: Weighted average number of common shares outstanding - basic 14,542,947 15,578,389 15,097,816 15,345,420 Dilutive effect of share-based awards: 217,639 658,512 314,314 697,527 Weighted average number of common shares outstanding - dilutive 14,760,586 16,236,901 15,412,130 16,042,947 Basic income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.51 $ 0.38 $ 1.82 $ 1.51 Diluted income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.51 $ 0.36 $ 1.78 $ 1.44 In calculating the diluted income per share for the thirteen thirty-nine October 29, 2022 not thirteen thirty-nine October 30, 2021 not |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income (Loss) | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. The difference between comprehensive income or loss and net income or loss is the result of foreign currency translation adjustments on the balance sheets of subsidiaries whose functional currency is not October 29, 2022 October 30, 2021 thirteen October 29, 2022 October 30, 2021 |
Note 11 - Segment Information
Note 11 - Segment Information | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. The Company’s operations are conducted through three third three Following is a summary of the financial information for the Company’s reportable segments (in thousands): Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended October 29, 2022 Net sales to external customers $ 99,229 $ 4,125 $ 1,126 $ 104,480 Income before income taxes 7,771 2,009 108 9,888 Capital expenditures 2,685 - - 2,685 Depreciation and amortization 2,924 95 - 3,019 Thirteen weeks ended October 30, 2021 Net sales to external customers $ 91,551 $ 2,749 $ 839 $ 95,139 Income before income taxes 7,011 561 335 7,907 Capital expenditures 3,091 - - 3,091 Depreciation and amortization 3,021 11 - 3,032 Thirty-nine weeks ended October 29, 2022 Net sales to external customers $ 308,001 $ 12,465 $ 2,361 $ 322,827 Income before income taxes 29,174 5,705 843 35,722 Capital expenditures 6,752 - - 6,752 Depreciation and amortization 8,888 407 - 9,295 Thirty-nine weeks ended October 30, 2021 Net sales to external customers $ 272,052 $ 7,804 $ 1,704 $ 281,560 Income (loss) before income taxes 27,524 2,727 310 30,561 Capital expenditures 4,644 - - 4,644 Depreciation and amortization 9,129 23 - 9,152 Total Assets as of: October 29, 2022 $ 253,595 $ 5,045 $ 1,161 $ 259,801 January 29, 2022 260,526 3,310 2,488 266,324 October 30, 2021 261,980 6,551 3,467 271,998 The Company’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may North America (1) Europe (2) Other (3) Total Thirteen weeks ended October 29, 2022 Net sales to external customers $ 90,515 $ 12,851 $ 1,114 $ 104,480 Thirteen weeks ended October 30, 2021 Net sales to external customers $ 79,576 $ 14,753 $ 810 $ 95,139 Thirty-nine weeks ended October 29, 2022 Net sales to external customers $ 282,706 $ 37,754 $ 2,367 $ 322,827 Property and equipment, net $ 43,898 $ 2,366 $ - $ 46,264 Thirty-nine weeks ended October 30, 2021 Net sales to external customers $ 247,508 $ 32,257 $ 1,795 $ 281,560 Property and equipment, net $ 44,874 $ 3,347 $ - $ 48,221 For purposes of this table only: ( 1 ( 2 ( 3 |
Note 12 - Contingencies
Note 12 - Contingencies | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. In the normal course of business, the Company is subject to legal proceedings, government inquiries and claims, and other commercial disputes. If one Assessments made by the U.K. customs authority in 2012 November 2019 March 2021 not November 2021, not first 2022, third 2022. October 29, 2022 not In August 2021 , first 2022. $500 $1,500 not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Oct. 29, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. On November 21, 2022, August 25, 2020 ( December 17, 2021 ( In light of the upcoming cessation of LIBOR, the Second Amendment (i) changed the interest calculation from a LIBOR based reference rate to secured overnight financing rate (“SOFR”) based reference rate, (ii) updated the mechanics to use a future reference rate in the event that SOFR is no As a result, any borrowings under the Credit Agreement will bear interest by reference to, at the Borrower’s option, either (a) a base rate determined under the Credit Agreement, or (b) at a rate based on SOFR, plus in either case a margin based on average undrawn availability as determined in accordance with the Credit Agreement, as such rates and floor were reduced by the First Amendment. At the closing date of the Second Amendment, the Borrowers had a $500,000 letter of credit issued and no outstanding indebtedness under the Credit Agreement and the Company is currently in compliance with the Credit Agreement covenants. |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Operating lease costs 8,905 8,537 25,874 25,849 Variable lease costs (1) 2,039 1,596 6,228 3,762 Short term lease costs 19 16 46 46 Total Operating Lease costs $ 10,963 $ 10,149 $ 32,148 $ 29,657 Thirteen weeks ended Thirty-nine weeks ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Operating cash flows for operating leases 9,497 10,817 27,772 33,289 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2022 7,013 2023 33,615 2024 24,635 2025 15,993 2026 9,264 Thereafter 12,967 Total minimum lease payments 103,487 Less: amount of lease payments representing interest 11,631 Present value of future minimum lease payments 91,856 Less: current obligations under leases (27,644 ) Long-term lease obligations $ 64,212 |
Note 4 - Other Assets (Tables)
Note 4 - Other Assets (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | October 29, January 29, October 30, 2022 2022 2021 Prepaid occupancy (1) $ 2,630 $ 2,656 $ 2,345 Prepaid taxes (2) 213 178 2,190 Prepaid insurance 206 929 88 Prepaid gift card fees 1,202 1,545 1,142 Prepaid royalties 493 607 219 Other (3) 5,635 7,728 5,202 Total $ 10,379 $ 13,643 $ 11,186 |
Schedule of Other Assets, Noncurrent [Table Text Block] | October 29, January 29, October 30, 2022 2022 2021 Entertainment production asset $ 2,126 $ 833 $ 771 Deferred compensation 544 697 1,204 Other (1) 435 546 527 Total $ 3,105 $ 2,076 $ 2,502 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | October 29, January 29, October 30, 2022 2022 2021 Accrued wages, bonuses and related expenses $ 17,174 $ 21,688 $ 16,851 Sales and value added taxes payable 2,209 2,146 2,254 Accrued rent and related expenses (1) 899 1,093 890 Current income taxes payable 1,382 616 383 Accrued Expense - Other (2) 4,100 - - Total $ 25,764 $ 25,543 $ 20,378 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Outstanding, January 29, 2022 318,569 $ 13.23 Granted - - Exercised (49,715 ) 10.22 Forfeited - - Canceled or expired - - Outstanding, October 29, 2022 268,854 $ 13.79 |
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, January 29, 2022 463,580 $ 5.43 306,280 $ 3.56 Granted 82,154 18.29 84,579 18.03 Vested (257,751 ) 5.78 (88,721 ) 5.61 Forfeited - - - - Canceled or expired - - (7,090 ) 5.61 Outstanding, October 29, 2022 287,982 $ 8.78 295,048 $ 8.13 |
Share-Based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | Performance Shares Unearned shares subject to performance-based restrictions at target: 2020 - 2022 consolidated liquidity and strategic performance objectives 89,168 2020 - 2022 consolidated earnings before interest and taxes (EBIT) objectives 68,206 2021 - 2023 consolidated, cumulative earnings before interest, taxes, depreciation and amortization (EBITDA) objectives 39,821 2021 - 2023 consolidated revenue growth objectives 13,274 2022 - 2024 consolidated, earnings before interest, taxes, depreciation and amortization (EBITDA) growth objectives 63,435 2022 - 2024 consolidated revenue growth objectives 21,145 Performance shares outstanding, October 29, 2022 295,048 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | For the thirteen weeks ended October 29, 2022 For the thirteen weeks ended October 30, 2021 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings Total Balance, beginning $ 150 $ 69,409 $ (12,385 ) $ 36,690 $ 93,864 $ 160 $ 73,397 $ (12,579 ) $ 24,157 $ 85,135 Shares issued under employee stock plans 194 194 3 2,265 2,268 Stock-based compensation 368 368 372 372 Shares withheld in lieu of tax withholdings - (1 ) (718 ) (719 ) Share Repurchase (3 ) (1,553 ) (3,233 ) (4,789 ) - Other 4 (47 ) (43 ) 1 1 Other comprehensive income 49 49 84 84 Net income 7,455 7,455 5,923 5,923 Balance, ending $ 147 $ 68,422 $ (12,336 ) $ 40,865 $ 97,098 $ 163 $ 75,316 $ (12,495 ) $ 30,080 $ 93,064 For the thirty-nine weeks ended October 29, 2022 For the thirty-nine weeks ended October 30, 2021 Common Retained Common Retained stock APIC (1) AOCI (2) earnings Total stock APIC (1) AOCI (2) earnings/(deficit) Total Balance, beginning $ 162 $ 75,490 $ (12,470 ) $ 30,501 $ 93,683 $ 159 $ 72,822 $ (12,615 ) $ 6,942 $ 67,308 Shares issued under employee stock plans 2 1,004 1,006 8 2,838 2,846 Stock-based compensation 1,175 1,175 1,293 1,293 Shares withheld in lieu of tax withholdings (1 ) (2,178 ) (2,179 ) (2 ) (1,640 ) (1,642 ) Share Repurchase (16 ) (7,073 ) (17,083 ) (24,172 ) - Other 4 (28 ) (24 ) (2 ) 3 1 Other comprehensive income 134 134 120 120 Net income 27,475 27,475 23,138 23,138 Balance, ending $ 147 $ 68,422 $ (12,336 ) $ 40,865 $ 97,098 $ 163 $ 75,316 $ (12,495 ) $ 30,080 $ 93,064 |
Note 9 - Income Per Share (Tabl
Note 9 - Income Per Share (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended October 29, October 30, October 29, October 30, 2022 2021 2022 2021 NUMERATOR: Net income $ 7,455 $ 5,923 $ 27,475 $ 23,138 DENOMINATOR: Weighted average number of common shares outstanding - basic 14,542,947 15,578,389 15,097,816 15,345,420 Dilutive effect of share-based awards: 217,639 658,512 314,314 697,527 Weighted average number of common shares outstanding - dilutive 14,760,586 16,236,901 15,412,130 16,042,947 Basic income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.51 $ 0.38 $ 1.82 $ 1.51 Diluted income per common share attributable to Build-A-Bear Workshop, Inc. stockholders $ 0.51 $ 0.36 $ 1.78 $ 1.44 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 9 Months Ended |
Oct. 29, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Direct-to- International Consumer Commercial Franchising Total Thirteen weeks ended October 29, 2022 Net sales to external customers $ 99,229 $ 4,125 $ 1,126 $ 104,480 Income before income taxes 7,771 2,009 108 9,888 Capital expenditures 2,685 - - 2,685 Depreciation and amortization 2,924 95 - 3,019 Thirteen weeks ended October 30, 2021 Net sales to external customers $ 91,551 $ 2,749 $ 839 $ 95,139 Income before income taxes 7,011 561 335 7,907 Capital expenditures 3,091 - - 3,091 Depreciation and amortization 3,021 11 - 3,032 Thirty-nine weeks ended October 29, 2022 Net sales to external customers $ 308,001 $ 12,465 $ 2,361 $ 322,827 Income before income taxes 29,174 5,705 843 35,722 Capital expenditures 6,752 - - 6,752 Depreciation and amortization 8,888 407 - 9,295 Thirty-nine weeks ended October 30, 2021 Net sales to external customers $ 272,052 $ 7,804 $ 1,704 $ 281,560 Income (loss) before income taxes 27,524 2,727 310 30,561 Capital expenditures 4,644 - - 4,644 Depreciation and amortization 9,129 23 - 9,152 Total Assets as of: October 29, 2022 $ 253,595 $ 5,045 $ 1,161 $ 259,801 January 29, 2022 260,526 3,310 2,488 266,324 October 30, 2021 261,980 6,551 3,467 271,998 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | North America (1) Europe (2) Other (3) Total Thirteen weeks ended October 29, 2022 Net sales to external customers $ 90,515 $ 12,851 $ 1,114 $ 104,480 Thirteen weeks ended October 30, 2021 Net sales to external customers $ 79,576 $ 14,753 $ 810 $ 95,139 Thirty-nine weeks ended October 29, 2022 Net sales to external customers $ 282,706 $ 37,754 $ 2,367 $ 322,827 Property and equipment, net $ 43,898 $ 2,366 $ - $ 46,264 Thirty-nine weeks ended October 30, 2021 Net sales to external customers $ 247,508 $ 32,257 $ 1,795 $ 281,560 Property and equipment, net $ 44,874 $ 3,347 $ - $ 48,221 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) | 6 Months Ended | 9 Months Ended |
Oct. 29, 2022 | Oct. 29, 2022 | |
Segment Revenue of Consolidated Revenue, Percentage | 95% | |
Gift Card Redemption Period (Year) | 3 years | |
Estimated Percentage of Gift Card Redemptions Within First Twelve Months | 60% | |
International Franchising [Member] | ||
Capitalized Contract Cost, Amortization Period (Year) | 25 years | 25 years |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 30, 2021 | Oct. 30, 2021 | Oct. 29, 2022 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 6 months | 4 years 6 months | 4 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6% | 6% | 5.80% |
Operating Lease, Impairment Loss | $ 0 | $ 0 | |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 4,800 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 10 years |
Note 3 - Leases - Lease Costs (
Note 3 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Operating lease costs | $ 8,905 | $ 8,537 | $ 25,874 | $ 25,849 |
Variable lease costs (1) | 2,039 | 1,596 | 6,228 | 3,762 |
Short term lease costs | 19 | 16 | 46 | 46 |
Total Operating Lease costs | 10,963 | 10,149 | 32,148 | 29,657 |
Operating cash flows for operating leases | $ 9,497 | $ 10,817 | $ 27,772 | $ 33,289 |
Note 3 - Leases - Reconciliatio
Note 3 - Leases - Reconciliation of the Undiscounted Cash Flows From Operating Leases (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 |
2022 | $ 7,013 | ||
2023 | 33,615 | ||
2024 | 24,635 | ||
2025 | 15,993 | ||
2026 | 9,264 | ||
Thereafter | 12,967 | ||
Total minimum lease payments | 103,487 | ||
Less: amount of lease payments representing interest | 11,631 | ||
Present value of future minimum lease payments | 91,856 | ||
Less: current obligations under leases | (27,644) | $ (25,245) | $ (26,815) |
Long-term lease obligations | $ 64,212 | $ 73,307 | $ 82,700 |
Note 4 - Other Assets - Summary
Note 4 - Other Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | |
Prepaid occupancy | [1] | $ 2,630 | $ 2,656 | $ 2,345 |
Prepaid taxes | [2] | 213 | 178 | 2,190 |
Prepaid insurance | 206 | 929 | 88 | |
Prepaid gift card fees | 1,202 | 1,545 | 1,142 | |
Prepaid royalties | 493 | 607 | 219 | |
Other | [3] | 5,635 | 7,728 | 5,202 |
Total | $ 10,379 | $ 13,643 | $ 11,186 | |
[1]Prepaid occupancy consists of prepaid expenses related to variable non-lease components.[2]Prepaid taxes consist of prepaid federal and state income tax.[3]Other consists primarily of prepaid expense related to IT maintenance contracts and software as a service. |
Note 4 - Other Assets - Other N
Note 4 - Other Assets - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | |
Entertainment production asset | $ 2,126 | $ 833 | $ 771 | |
Deferred compensation | 544 | 697 | 1,204 | |
Other (1) | [1] | 435 | 546 | 527 |
Total | $ 3,105 | $ 2,076 | $ 2,502 | |
[1]Other consists primarily of deferred financing costs related to the Company's credit facility. |
Note 5 - Accrued Expenses - Sum
Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Oct. 29, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | |
Accrued wages, bonuses and related expenses | $ 17,174 | $ 21,688 | $ 16,851 | |
Sales and value added taxes payable | 2,209 | 2,146 | 2,254 | |
Accrued rent and related expenses | [1] | 899 | 1,093 | 890 |
Current income taxes payable | 1,382 | 616 | 383 | |
Accrued Expense - Other (2) | [2] | 4,100 | 0 | 0 |
Total | $ 25,764 | $ 25,543 | $ 20,378 | |
[1]Accrued rent and related expenses consist of accrued costs associated with non-lease components.[2]Accrued expense - Other consists of accrued costs consists of a legal reserve accrual. |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | Apr. 14, 2020 | |
Options and Restricted Stock [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 0.6 | $ 0.6 | $ 1.9 | $ 2.1 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3.6 | $ 3.6 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | ||||
Time-based and Performance-based Shares [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2 | $ 2.2 | |||
Incentive Plan 2020 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,000,000 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Activity for Stock Options (Details) | 9 Months Ended |
Oct. 29, 2022 $ / shares shares | |
Outstanding (in shares) | shares | 318,569 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 13.23 |
Granted (in shares) | shares | 0 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised (in shares) | shares | (49,715) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 10.22 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Canceled or expired (in shares) | shares | 0 |
Canceled or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 268,854 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 13.79 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Activity for Time-based and Performance-based Restricted Stock (Details) | 9 Months Ended |
Oct. 29, 2022 $ / shares shares | |
Restricted Stock [Member] | |
Outstanding (in shares) | shares | 463,580 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.43 |
Granted (in shares) | shares | 82,154 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.29 |
Vested (in shares) | shares | (257,751) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.78 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Canceled or expired (in shares) | shares | 0 |
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 287,982 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.78 |
Performance Shares [Member] | |
Outstanding (in shares) | shares | 306,280 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.56 |
Granted (in shares) | shares | 84,579 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.03 |
Vested (in shares) | shares | (88,721) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.61 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Canceled or expired (in shares) | shares | (7,090) |
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.61 |
Outstanding (in shares) | shares | 295,048 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.13 |
Note 6 - Stock-based Compensa_6
Note 6 - Stock-based Compensation - Outstanding Performance Shares (Details) - Performance Shares [Member] - shares | Oct. 29, 2022 | Jan. 29, 2022 |
Performance shares (in shares) | 295,048 | 306,280 |
Vesting Upon Achievement of 2020-2022 Consolidated Liquidity and Strategic Performance Objectives [Member] | ||
Performance shares (in shares) | 89,168 | |
Vesting Upon Achievement of 2020-2022 Consolidated Earnings Before Interest and Taxes (EBIT) Objectives [Member] | ||
Performance shares (in shares) | 68,206 | |
Vesting Upon Achievement of 2021 - 2023 Consolidated, Cumulative Earnings Before Interest, Taxes, Depreciation and Amortization Objectives [Member] | ||
Performance shares (in shares) | 39,821 | |
Vesting Upon Achievement of 2021 - 2023 Consolidated Growth Revenue Objectives [Member] | ||
Performance shares (in shares) | 13,274 | |
Vesting Upon Achievement of 2022 - 2024 Consolidated, Cumulative Earnings Before Interest, Taxes, Depreciation and Amortization Objectives [Member] | ||
Performance shares (in shares) | 63,435 | |
Vesting Upon Achievement of 2022 - 2024 Consolidated Growth Revenue Objectives [Member] | ||
Performance shares (in shares) | 21,145 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 30, 2022 | Oct. 29, 2022 | Oct. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.60% | 25.10% | 23.10% | 24.30% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 29, 2022 | Oct. 30, 2021 | Oct. 30, 2021 | Aug. 31, 2022 | |
Payments for Repurchase of Common Stock | $ 24,172 | $ 0 | |||||
Stock Repurchased During Period, Value | $ 4,789 | $ 0 | $ 24,172 | $ 0 | |||
Share Repurchase Program 2021 [Member] | |||||||
Payments for Repurchase of Common Stock | $ 1,300 | ||||||
Stock Repurchased During Period, Shares (in shares) | 80,558 | ||||||
Stock Repurchase Program, Authorized Amount | $ 25,000 | $ 25,000 | $ 25,000 | ||||
Share Repurchase Program 2022 [Member] | |||||||
Stock Repurchased During Period, Shares (in shares) | 256,377 | ||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||||||
Stock Repurchased During Period, Value | $ 3,500 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 29, 2022 | Oct. 30, 2021 | Oct. 30, 2021 | ||||
Balance | $ 93,864 | $ 85,135 | $ 93,683 | $ 67,308 | |||||
Shares issued under employee stock plans | 194 | 2,268 | 1,006 | 2,846 | |||||
Stock-based compensation | 368 | 372 | 1,175 | 1,293 | |||||
Shares withheld in lieu of tax withholdings | 0 | 719 | 2,179 | 1,642 | |||||
Share Repurchase | (4,789) | 0 | (24,172) | 0 | |||||
Other | (43) | 1 | (24) | 1 | |||||
Other comprehensive income | 49 | 84 | 134 | 120 | |||||
Net income | 7,455 | 5,923 | 27,475 | $ 27,475 | $ 23,138 | 23,138 | |||
Balance, ending | 97,098 | 93,064 | 97,098 | 97,098 | 93,064 | 93,064 | |||
Common Stock [Member] | |||||||||
Balance | 150 | 160 | 162 | 159 | |||||
Shares issued under employee stock plans | 3 | 2 | 8 | ||||||
Stock-based compensation | |||||||||
Shares withheld in lieu of tax withholdings | 1 | 1 | 2 | ||||||
Share Repurchase | (3) | (16) | |||||||
Other | 1 | (2) | |||||||
Other comprehensive income | |||||||||
Net income | |||||||||
Balance, ending | 147 | 163 | 147 | 147 | 163 | 163 | |||
Additional Paid-in Capital [Member] | |||||||||
Balance | [1] | 69,409 | 73,397 | 75,490 | 72,822 | ||||
Shares issued under employee stock plans | [1] | 194 | 2,265 | 1,004 | 2,838 | ||||
Stock-based compensation | [1] | 368 | 372 | 1,175 | 1,293 | ||||
Shares withheld in lieu of tax withholdings | 718 | 2,178 | [1] | 1,640 | [1] | ||||
Share Repurchase | [1] | (1,553) | (7,073) | ||||||
Other | [1] | 4 | 4 | 3 | |||||
Other comprehensive income | [1] | ||||||||
Net income | [1] | ||||||||
Balance, ending | [1] | 68,422 | 75,316 | 68,422 | 68,422 | 75,316 | 75,316 | ||
AOCI Attributable to Parent [Member] | |||||||||
Balance | [2] | (12,385) | (12,579) | (12,470) | (12,615) | ||||
Shares issued under employee stock plans | [2] | ||||||||
Stock-based compensation | [2] | ||||||||
Shares withheld in lieu of tax withholdings | [2] | [2] | |||||||
Share Repurchase | [2] | ||||||||
Other | [2] | ||||||||
Other comprehensive income | [2] | 49 | 84 | 134 | 120 | ||||
Net income | [2] | ||||||||
Balance, ending | [2] | (12,336) | (12,495) | (12,336) | (12,336) | (12,495) | (12,495) | ||
Retained Earnings [Member] | |||||||||
Balance | 36,690 | 24,157 | 30,501 | 6,942 | |||||
Shares issued under employee stock plans | |||||||||
Stock-based compensation | |||||||||
Shares withheld in lieu of tax withholdings | |||||||||
Share Repurchase | (3,233) | (17,083) | |||||||
Other | (47) | (28) | |||||||
Other comprehensive income | |||||||||
Net income | 7,455 | 5,923 | 27,475 | 23,138 | |||||
Balance, ending | $ 40,865 | $ 30,080 | $ 40,865 | $ 40,865 | $ 30,080 | $ 30,080 | |||
[1]Additional paid-in capital (“APIC”)[2]Accumulated other comprehensive income (loss) (“AOCI”) |
Note 9 - Income Per Share (Deta
Note 9 - Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 90,710 | 52,812 | 106,770 | 242,445 |
Note 9 - Income Per Share - Com
Note 9 - Income Per Share - Computation Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 29, 2022 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | |
Net income | $ 7,455 | $ 5,923 | $ 27,475 | $ 23,138 |
Weighted average number of common shares outstanding - basic (in shares) | 14,542,947 | 15,578,389 | 15,097,816 | 15,345,420 |
Dilutive effect of share-based awards: (in shares) | 217,639 | 658,512 | 314,314 | 697,527 |
Weighted average number of common shares outstanding - dilutive (in shares) | 14,760,586 | 16,236,901 | 15,412,130 | 16,042,947 |
Basic income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.51 | $ 0.38 | $ 1.82 | $ 1.51 |
Diluted income per common share attributable to Build-A-Bear Workshop, Inc. stockholders (in dollars per share) | $ 0.51 | $ 0.36 | $ 1.78 | $ 1.44 |
Note 10 - Comprehensive Incom_2
Note 10 - Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 29, 2022 | Oct. 30, 2021 | |
Translation Adjustment Functional to Reporting Currency, Gain (Loss), Reclassified to Earnings, Net of Tax | $ 0 | $ 0 |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 9 Months Ended |
Oct. 30, 2022 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 11 - Segment Information -
Note 11 - Segment Information - Financial Information for the Company's Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Oct. 29, 2022 | Oct. 31, 2021 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 29, 2022 | Oct. 30, 2021 | Oct. 30, 2021 | Jan. 29, 2022 | Nov. 01, 2021 | |
Net sales to external customers | $ 104,480 | $ 95,139 | $ 95,139 | $ 322,827 | $ 281,560 | ||||
Income (loss) before income taxes | 9,888 | 7,907 | 7,907 | 35,722 | 30,561 | ||||
Capital expenditures, net | 2,685 | 3,091 | 6,752 | 4,644 | |||||
Depreciation and amortization | 3,019 | 3,032 | 9,295 | $ 9,295 | $ 9,152 | 9,152 | |||
Total assets | 259,801 | $ 271,998 | 259,801 | 259,801 | $ 271,998 | 271,998 | $ 266,324 | $ 271,998 | |
Direct to Consumer [Member] | |||||||||
Net sales to external customers | 99,229 | 91,551 | 308,001 | 272,052 | |||||
Income (loss) before income taxes | 7,771 | 7,011 | 29,174 | 27,524 | |||||
Capital expenditures, net | 2,685 | 3,091 | 6,752 | 4,644 | |||||
Depreciation and amortization | 2,924 | 3,021 | 8,888 | 9,129 | |||||
Total assets | 253,595 | 253,595 | 253,595 | 260,526 | 261,980 | ||||
Commercial [Member] | |||||||||
Net sales to external customers | 4,125 | 2,749 | 12,465 | 7,804 | |||||
Income (loss) before income taxes | 2,009 | 561 | 5,705 | 2,727 | |||||
Capital expenditures, net | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 95 | 11 | 407 | 23 | |||||
Total assets | 5,045 | 5,045 | 5,045 | 3,310 | 6,551 | ||||
International Franchising [Member] | |||||||||
Net sales to external customers | 1,126 | 839 | 2,361 | 1,704 | |||||
Income (loss) before income taxes | 108 | 335 | 843 | 310 | |||||
Capital expenditures, net | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 0 | $ 0 | 0 | $ 0 | |||||
Total assets | $ 1,161 | $ 1,161 | $ 1,161 | $ 2,488 | $ 3,467 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 29, 2022 | Oct. 31, 2021 | Oct. 30, 2021 | Oct. 29, 2022 | Oct. 30, 2021 | Jan. 29, 2022 | ||
Net sales to external customers | $ 104,480 | $ 95,139 | $ 95,139 | $ 322,827 | $ 281,560 | ||
Property and equipment, net | 46,264 | 48,221 | 46,264 | 48,221 | $ 48,966 | ||
North America [Member] | |||||||
Net sales to external customers | [1] | 90,515 | 79,576 | 282,706 | 247,508 | ||
Property and equipment, net | [1] | 43,898 | 44,874 | 43,898 | 44,874 | ||
Europe [Member] | |||||||
Net sales to external customers | [2] | 12,851 | 14,753 | 37,754 | 32,257 | ||
Property and equipment, net | [2] | 2,366 | 3,347 | 2,366 | 3,347 | ||
Other Geographic Region [Member] | |||||||
Net sales to external customers | [3] | 1,114 | 810 | 2,367 | 1,795 | ||
Property and equipment, net | [3] | $ 0 | $ 0 | $ 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. |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Millions | Oct. 29, 2022 USD ($) |
Litigation Receivable, Gross | $ 4.1 |
Litigation Receivables, Reserve | 3.2 |
Litigation Receivables, Net | $ 0.9 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - PNC Bank [Member] - Subsequent Event [Member] | Nov. 21, 2022 USD ($) |
Letter of Credit [Member] | |
Letters of Credit Outstanding, Amount | $ 500,000 |
Revolving Credit Facility [Member] | |
Long-Term Line of Credit, Total | $ 0 |