Record-breaking Performance for Build-A-Bear Workshop (BBW)

By Tamara Parker • Thursday, December 05 17:45 • Permanent Link

Build-A-Bear Workshop, Inc. has reported its third-quarter fiscal 2024 results, showcasing record-breaking performance. The company's third-quarter revenues stood at $119.4 million, marking an 11.0% increase from the same period last year. Pre-tax income also experienced significant growth, reaching $13.1 million, a 26.4% increase from the previous year. Diluted earnings per share saw a notable surge, reaching $0.73, an increase of 37.7%.

For the first nine months of fiscal 2024, Build-A-Bear Workshop, Inc. reported total revenues of $346.0 million, reflecting a 2.7% increase from the same period in the previous year. The net retail sales for this period were $320.8 million, a 1.5% increase from the previous year.

The company's capital expenditures for the third quarter and the first nine months of fiscal 2024 totaled $3.9 million and $9.6 million, respectively. Additionally, at the end of the third quarter, the company had $29.0 million in cash and cash equivalents, indicating a 16.8% increase compared to the same period last year.

In terms of store activity, the company saw net new unit growth of 17 global experience locations in the third quarter, reaching a total of 565 global locations. This growth included 362 corporately-managed stores, 123 partner-operated stores, and 80 franchise stores.

Looking ahead, the company has updated its fiscal 2024 outlook, now expecting total revenue in the range of $489 million to $495 million and pretax income in the range of $65 million to $67 million.

Build-A-Bear Workshop, Inc.'s strong performance in the third quarter was attributed to its strategic initiatives, particularly the expansion of its global retail presence. Furthermore, the company has returned $31.3 million to shareholders through share repurchases and quarterly dividends in the first nine months of fiscal 2024.

These financial results demonstrate the company's efforts in driving growth and its commitment to delivering value to its shareholders. Following these announcements, the company's shares moved 22.6%, and are now trading at a price of $46.49. Check out the company's full 8-K submission here.

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