Build-A-Bear Workshop 2011 Annual Report Download - page 31

BUILD-A-BEAR WORKSHOP, INC. 2011 FORM 10-K
(Dollars in thousands, except share, per share, per store
and per gross square foot data)
Fiscal Year
2011 2010 2009 2008 2007
Statement of income data:
Total revenues $ 394,375 $ 401,452 $ 395,906 $ 468,316 $ 475,360
Costs and expenses:
Cost of merchandise sold 234,227 239,556 247,511 270,918 260,077
Selling, general and administrative 162,334 163,910 161,692 185,608 177,375
Store preopening 547 708 90 2,410 4,416
Store closing —— 981 2,952 —
Losses from investment in affiliate —— 9,615 — —
Interest expense (income), net (81) (250) (143) (799) (1,531)
Total costs and expenses 397,027 403,924 419,746 461,089 440,337
Income (loss) before income taxes (2,652) (2,472) (23,840) 7,227 35,023
Income tax expense (benefit) 14,410 (2,576) (11,367) 2,663 12,514
Net income (loss) $ (17,062) $ 104 $ (12,473) $ 4,564 $ 22,509
Earnings (loss) per common share:
Basic $ (0.98) $ 0.01 $ (0.66) $ 0.24 $ 1.11
Diluted $ (0.98) $ 0.01 $ (0.66) $ 0.24 $ 1.10
Shares used in computing common per share amounts:
Basic 17,371,315 18,601,465 18,874,352 19,153,123 20,256,847
Diluted 17,371,315 18,653,012 18,874,352 19,224,273 20,448,793
Other financial data:
Retail gross margin ($)(1) $ 154,468 $ 155,128 $ 142,572 $ 190,500 $ 209,090
Retail gross margin (%)(1) 39.9% 40.1% 36.7% 41.3% 44.7%
Capital expenditures, net(2) $ 12,248 $ 14,649 $ 8,148 $ 23,215 $ 37,235
Depreciation and amortization 24,232 26,976 28,487 28,883 26,292
Cash flow data:
Cash flows provided by operating activities $ 16,010 $ 22,021 $ 23,990 $ 23,615 $ 56,374
Cash flows used in investing activities (13,318) (13,766) (8,898) (26,629) (40,938)
Cash flows provided by (used in) financing activities (14,587) (7,216) — (14,024) (3,052)
Store data(3):
Number of stores at end of period
North America 288 290 291 292 272
Europe 58 54 54 54 49
Total stores 346 344 345 346 321
Square footage at end of period
North America 830,437 841,600 846,373 856,504 810,208
Europe(4) 84,022 77,870 77,520 77,520 70,577
Total square footage 914,459 919,470 923,893 934,024 880,785
Average net retail sales per store — North America(5)(6) $ 1,021 $ 1,030 $ 1,044 $ 1,329 $ 1,576
Net retail sales per gross square foot —
North America(6)(7) $ 354 $ 356 $ 358 $ 445 $ 516
Consolidated comparable store sales change (%)(8) (2.1)% (2.0)% (13.4)% (14.0)% (9.9)%
Balance sheet data:
Cash and cash equivalents $ 46,367 $ 58,755 $ 60,399 $ 47,000 $ 66,261
Working capital 37,610 51,671 53,865 38,880 40,090
Total assets 241,571 275,794 284,273 300,152 339,531
Total stockholders’ equity 129,243 157,713 164,780 167,725 193,608
(1) Retail gross margin represents net retail sales less cost of retail merchandise sold, which excludes cost of wholesale merchandise sold. Retail gross margin
percentage represents retail gross margin divided by net retail sales.
(2) Capital expenditures, net consist of leasehold improvements, furniture and fixtures, land, buildings, computer equipment and software purchases, as well as
trademarks, intellectual property, key money deposits and deferred leasing fees.
(3) Excludes our webstore and temporary, seasonal and event-based locations.
(4) Square footage for stores located in Europe is estimated selling square footage and includes stores in the United Kingdom, Ireland and France.
(5) Average net retail sales per store represents net retail sales from stores open throughout the entire period in North America divided by the total number of
such stores.
(6) When we refer to average net retail sales per store and net retail sales per gross square foot for any period, we include in those calculations only those stores that
have been open for that entire period in North America. European stores are not included.
(7) Net retail sales per gross square foot represents net retail sales from stores open throughout the entire period in North America divided by the total gross square
footage of such stores. European stores are not included.
(8) Comparable store sales percentage changes are based on net retail sales. Stores are considered comparable beginning in their thirteenth full month of
operation. Fiscal 2008 first quarter was the first quarter that our European operations met the criteria for inclusion in our comparable store calculation. As such,
fiscal 2008 is the first period to include comparable store sales change for Europe in the consolidated comparable store sales change.
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