Build-A-Bear Workshop 2009 Annual Report Download - page 9

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BUILD-A-BEAR WORKSHOP, INC. LETTER TO SHAREHOLDERS
5
Our fi fth strategy is to expand our products and
revenues from other sources, such as licensing
and entertainment.
We were so excited when “Holly and Hal Moose™:
Our Uplifting Christmas Adventure,” aired on
ABC Family during the 2009 holiday season!
Not only because it was our fi rst character-inspired
story on its way to becoming a Christmas classic,
but because we know that it was just the beginning
of a larger opportunity.
Licensing is an important part of our global brand
strategy. We intend to develop an expanded line
of license merchandise that will be sold outside
our stores. We also plan to develop multi-media
entertainment and produce original programming
with exclusive Build-A-Bear Workshop® properties.
While we are excited about the growth strategies I’ve
outlined and the ongoing improvement in our results,
we also recognize that the consumer is still a bit nervous
about spending and the economic outlook remains
uncertain. We will continue to focus on making additional
strategic cost reductions. In 2009 our capital allocation
strategy was to use our cash prudently, and stay both
unleveraged and liquid in order to position us strongly
for the future. We believe this strategy enabled us to
end 2009 in a strong fi nancial position. In 2010, we
have planned a modest number of new store openings,
limited infrastructure investment, and we will continue
to evaluate ways to utilize cash while maintaining
a strong balance sheet.
Holding true to our core values and focusing on our
Guests has guided us through these turbulent times. As
we begin 2010, the actions we are taking will enable
us to improve profi table sales trends and increase value
for our shareholders.
Finally, I would like to thank each of our Associates for
your dedicated commitment during a challenging year.
I would also like to thank Joan Ryan, who will retire from
our Board of Directors at the end of her term in May,
for her service, expertise and commitment. And most
importantly, thanks to our pawsome Guests for sharing
your smiles, your stories and your love of our beary
special brand. We continue to fi nd great inspiration in
the thousands of smiles that we are privileged to share
every single day.
Beary Best Regards,
Maxine Clark
Founder, Chairman, and Chief Executive Bear
March 31, 2010