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BuildABear Workshop Inc. (BBW) filed Quarterly Report for the period ended 2011-10-01.
Buildabear Workshop has a market cap of $129.9 million; its shares were traded at around $6.81 with a P/E ratio of 68.1 and P/S ratio of 0.3.
This is the annual revenues and earnings per share of BBW over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BBW.
Highlight of Business Operations:
Net retail sales. Net retail sales were $95.4 million for the thirteen weeks ended October 1, 2011 compared to $91.7 million for the thirteen weeks ended October 2, 2010, an increase of $3.7 million, or 4.0%. This increase was primarily attributable to a $1.0 million increase in comparable store sales, a $0.8 million increase in sales from pop-up and other non-store locations and a $0.9 million increase in sales from new stores. These were partially offset by a $0.8 million decline in sales from non-comparable store locations, primarily closures and relocations. Other changes in net retail sales, which included the positive impact of the changes in deferred revenue and foreign currency, totaled $1.8 million.Gross margin. Total gross margin was $39.0 million for the thirteen weeks ended October 1, 2011, compared to $36.6 million for the thirteen weeks ended October 2, 2010, an increase of $2.4 million, or 6.4%. Retail gross margin increased to $38.4 million for the thirteen weeks ended October 1, 2011 compared to $35.4 million for the thirteen weeks ended October 2, 2010, an increase of $3.0 million, or 8.5%. As a percentage of net retail sales, retail gross margin increased to 40.2% for the thirteen weeks ended October 1, 2011 from 38.6% for the thirteen weeks ended October 2, 2010. This 160 basis points as a percentage of net retail sales (bps) increase was primarily driven by a 70 basis point improvement in warehouse and distribution costs, 60 basis points in improved leverage of fixed occupancy costs and a 40 basis point improvement in merchandising margin .
Selling, general and administrative. Selling, general and administrative expenses were $37.8 million for the thirteen weeks ended October 1, 2011 as compared to $39.1 million for the thirteen weeks ended October 2, 2010, a decrease of $1.3 million, or 3.3%. The dollar decrease was primarily attributable to a shift in advertising and supplies costs, partially offset by increases in salaries and travel costs. As a percentage of total revenues, selling, general and administrative expenses decreased to 38.8% for the thirteen weeks ended October 1, 2011 as compared to 41.5% for the thirteen weeks ended October 2, 2010, excluding revenues from the single wholesale transaction in 2010, a 270 bps improvement. This improvement was primarily driven by a 160 bps reduction in marketing-related expenses, a 50 bps reduction in store operation costs and a 40 bps decline in corporate depreciation expense.
Net retail sales. Net retail sales were $269.9 million for the thirty-nine weeks ended October 1, 2011 compared to $264.0 million for the thirty-nine weeks ended October 2, 2010, an increase of $6.0 million, or 2.3%. This increase was primarily attributable to a $3.8 million increase in sales from pop-up and other non-store locations and a $2.6 million increase in sales from new stores. These were partially offset by a $2.2 million decrease in comparable store sales and a $2.9 million decline in sales from non-comparable store locations, primarily closures and relocations. Other changes in net retail sales, which included the positive impact of the changes in deferred revenue and foreign currency, totaled $4.6 million.
Selling, general and administrative. Selling, general and administrative expenses were $119.6 million for the thirty-nine weeks ended October 1, 2011 as compared to $115.0 million for the thirty-nine weeks ended October 2, 2010, an increase of $4.6 million, or 4.0%. As a percentage of total revenues, selling, general and administrative expenses increased to 43.5% for the thirty-nine weeks ended October 1, 2011 as compared to 42.6% for the thirty-nine weeks ended October 2, 2010, excluding revenues from the single wholesale transaction is 2010, an increase of 90 bps. The dollar increase was primarily attributable to consulting costs related to continuing efforts to improve efficiencies and reduce expenses and increases in advertising and payroll costs. The increase in selling, general and administrative expenses as a percent of revenue was primarily due to the increase in costs, partially offset by improved leverage on the fixed components of costs.
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