Build-A-Bear Workshop scratches revenue increase in Q1
Build-A-Bear Workshop Inc. saw slight growth in revenues and a more impressive spike in net income during the first quarter of fiscal 2019.
Total revenues were $84.4 million, up 1% from $83.2 million in the fiscal 2018 first quarter. Net income tripled to $1.2 million from $0.4 million in the prior-year period.
In a statement, Sharon Price John, Build-A-Bear Workshop president and CEO, said the company delivered its sixth consecutive quarter of double-digit e-commerce growth and has been participating in a variety of marketing initiatives, such as the Count Your Candles birthday program and tie-ins to family-centric movies. In the U.K., double-digit sales declines partially offset sales growth in North America.
“Although we will be up against heavy promotional activity that occurred last year, we are encouraged by the positive trends thus far in the second quarter and expect to benefit from additional movie releases slated throughout the year,” said John. “Furthermore, we are actively working to expand a number of key relationships that are expected to positively impact the business. Overall, we remain confident that the ongoing implementation of our strategy to leverage the power of the Build-A-Bear brand will result in long-term profitable growth and enhanced value for our shareholders.”
During the quarter, the company did not open any new stores, reformatted two stores and closed five locations. As of May 4, 2019, Build-A-Bear operated 366 corporately-managed locations, including 307 in North America and 59 outside of North America. In addition, the company ended the first quarter of fiscal 2019 with four seasonal locations compared to two seasonal locations at the end of the first quarter of fiscal 2018. The company’s international franchisees ended the quarter with 90 stores in 12 countries.
Build-a-Bear expects total revenues to increase in the range of mid- to high-single digits during the full fiscal year.
Total revenues were $84.4 million, up 1% from $83.2 million in the fiscal 2018 first quarter. Net income tripled to $1.2 million from $0.4 million in the prior-year period.
In a statement, Sharon Price John, Build-A-Bear Workshop president and CEO, said the company delivered its sixth consecutive quarter of double-digit e-commerce growth and has been participating in a variety of marketing initiatives, such as the Count Your Candles birthday program and tie-ins to family-centric movies. In the U.K., double-digit sales declines partially offset sales growth in North America.
“Although we will be up against heavy promotional activity that occurred last year, we are encouraged by the positive trends thus far in the second quarter and expect to benefit from additional movie releases slated throughout the year,” said John. “Furthermore, we are actively working to expand a number of key relationships that are expected to positively impact the business. Overall, we remain confident that the ongoing implementation of our strategy to leverage the power of the Build-A-Bear brand will result in long-term profitable growth and enhanced value for our shareholders.”
During the quarter, the company did not open any new stores, reformatted two stores and closed five locations. As of May 4, 2019, Build-A-Bear operated 366 corporately-managed locations, including 307 in North America and 59 outside of North America. In addition, the company ended the first quarter of fiscal 2019 with four seasonal locations compared to two seasonal locations at the end of the first quarter of fiscal 2018. The company’s international franchisees ended the quarter with 90 stores in 12 countries.
Build-a-Bear expects total revenues to increase in the range of mid- to high-single digits during the full fiscal year.