Build-A-Bear Workshop, Inc. (NYSE: BBW), an interactive entertainment retailer, today reported results for the 2012 first quarter ended March 31, 2012.
First Quarter 2012 Highlights:
- Consolidated net retail sales of $95.2 million represented a 1.6% increase compared to $94.2 million, in the 2011 first quarter, excluding the impact of foreign exchange;
- Consolidated comparable store sales increased 1.2% and included a 3.6% increase in North America and a 10.1% decline in Europe;
- Consolidated e-commerce sales rose 9.1%, excluding the impact of foreign exchange;
- Net loss of $1.0 million, or $0.06 per share improved from a net loss of $2.3 million, or $0.12 per share in the 2011 first quarter; and
- Adjusted net loss was $0.5 million, or $0.03 per share compared to an adjusted net loss of $1.3 million, or $0.07 per share in the 2011 first quarter. (See Reconciliation of Net Loss to Adjusted Net Loss)
“We are off to a solid start for the year with increased comparable store sales, growth in e-commerce and international franchise revenues and a considerable improvement in our operating performance for the quarter,” stated Maxine Clark, Build-A-Bear Workshop Chief Executive Bear. “Our performance reflects strength in our gift giving initiatives and the benefit of strong Easter product and promotions particularly in North America where our comp store sales increased 3.6% while our European business was impacted by a challenging economic environment. Through the end of April, which captures the impact in the change of Easter, our comp sales are essentially flat, with an increase in North America and a significant improvement in our UK trend. As we move forward, we remain confident in the strategies that we set for the year and fully expect to deliver solid sales growth and profitability in 2012,” Ms. Clark concluded.
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