Q1 2024 Build-A-Bear Workshop Inc Earnings Call Transcript
Key Points
- Build-A-Bear Workshop Inc (BBW) maintained a higher level of profitability compared to any pre-COVID first quarter since its IPO in 2004.
- The company returned over $12 million to shareholders in the first quarter through share repurchases and quarterly dividends.
- Build-A-Bear Workshop Inc (BBW) opened five new partner-operated locations in the first quarter, expanding its global footprint.
- The company is on track to open at least 50 net new experience locations this year through various business models.
- Build-A-Bear Workshop Inc (BBW) has launched successful new products, including licensed items like Pokemon and TikTok trend animals, contributing to product expansion.
- First quarter revenue decreased by 4.4% year-over-year, totaling $114.7 million.
- Web demand declined by 11.3%, significantly contributing to the overall revenue decrease.
- SG&A expenses increased to 41.5% of total revenues, up from 38% in the previous year, driven by higher wages and inflationary pressures.
- The company experienced a negative impact of about $2 million due to a calendar shift affecting the timing of expenses.
- There were challenges in new customer acquisition, particularly online, impacting overall sales performance.
Greetings and welcome to the Build-A-Bear Workshop, first quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Gary Schierow, Build-A-Bear Investor Relations. Thank you. You may begin.
Thank you.
Good morning, everyone, and welcome to Build-A-Bear's, first quarter 2024 earnings conference call. With us today are Build-A-Bear CEO, Sharon Price John and CFO, Voin Todorovic. During this call, we'll refer to forward looking statements that are subject to risks and uncertainties. Actual results could differ materially, please refer to our Forms 10-K and 10-Q, including the risk factor section. We undertake no obligation to update any forward-looking statement.
During this call, we will present both GAAP and non-GAAP financial measures, a reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is
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