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Build-A-Bear Workshop, Inc. Reports Third Quarter Fiscal 2012 Results

Additional Fiscal 2012 Third-Quarter Details (13 weeks ended September 29, 2012):

  • Total revenues were $86.0 million, compared to $97.4 million in the fiscal 2011 third quarter, a decrease of 12.0%, excluding the impact of foreign exchange.
  • Consolidated e-commerce sales declined 7.6%, excluding the impact of foreign exchange compared to an increase of 20.3% in the fiscal 2011 third quarter.
  • Pre-tax loss of $4.5 million compares to a pre-tax income of $1.9 million in the fiscal 2011 third quarter.
  • Tax benefit was $0.2 million at an effective rate of 4.5% compared to a tax expense of $1.0 million at an effective rate of 54.2% in the 2011 third quarter.

Fiscal 2012 First Nine-Months (39 weeks ended September 29, 2012):

  • Total revenues were $262.8 million, compared to $275.2 million in the first nine months of fiscal 2011, a decrease of 4.5%, excluding the impact of foreign exchange.
  • Consolidated net retail sales were $258.5 million compared to $269.9 million in the first nine months of fiscal 2011, a decrease of 4.2%, excluding the impact of foreign exchange.
  • Consolidated comparable store sales decreased 4.0%, including a 3.4% decrease in North America and a 6.7% decrease in Europe.
  • Consolidated e-commerce sales rose 2.6%, excluding the impact of foreign exchange which comes on top of an increase of 12.8% in the first nine months of fiscal 2011.
  • Pre-tax loss was $13.9 million compared to a pre-tax loss of $12.5 million in the first nine months of fiscal 2011.
  • Tax benefit was $1.1 million at an effective rate of 7.7%, compared to a tax benefit of $4.4 million at an effective rate of 35.2% for the first nine months of fiscal 2011.
  • Net loss was $12.8 million, or $0.79 per share compared to net loss of $8.1 million, or $0.45 per share in the first nine months of fiscal 2011. Net loss in 2012 was negatively impacted by (i) $0.24 per share related to changes in the effective tax rate; and (ii) $0.07 per share resulting from a change in share count due to repurchases that were made in the fourth quarter of 2011. Last year’s net loss was negatively impacted by $0.11 per share related to the Company’s consulting project.

Balance Sheet

The Company ended the 2012 third quarter with a strong balance sheet and no borrowings under its revolving credit facility. As of September 29, 2012, cash and cash equivalents totaled $22.1 million, the majority of which was domiciled outside of the U.S. Total inventory at quarter end was $54.9 million. Inventory per square foot was flat with the prior year period.

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