Boston, MA 05/07/2014 (wallstreetpr) – Build-A-Bear Workshop, Inc (NYSE:BBW) released its financial results for 1Q14. Net income for the company was $5.0 million, up from net income of $13,000 in the 1Q13. Adjusted net income was $5.4 million in 1Q14 as compared to $2.3 million in 1Q13. Consolidated net retail sales stood at $96.8 million with 17 lesser stores at the end of the quarter compared to $102.9 million in 1Q13. Consolidated comparable stores sales declined by 2.2% due to shifting of Easter to the second quarter from the first quarter in 2013. The decline in sales included a 1.9% decline from North America and a 3.2% decline from Europe. Retail gross margins increased to 43.5% from 41.5% in 1Q13. Total revenues recorded were $97.9 million as compared to $104.3 million in 1Q13.
Build-A-Bear Workshop signs new franchise agreement
Build-A-Bear Workshop, Inc (NYSE:BBW) signed a new franchisee agreement with Horizon Toy Company located in Turkey. The company’s first store will be opening in Turkey in June 2014 at Mall of Istanbul. The company will now be operating in 15 countries through franchises, including a new store opening in Turkey.
Build-A-Bear Workshop launches Huggable Heroes Program
Build-A-Bear Workshop, Inc (NYSE:BBW) recently launched its 11th annual Huggable Heroes Program to search and reward youths having charitable minds, which brighten the world with their existence. The company is also partnering with USO to celebrate and appreciate the America’s troops and their families’ services.
The Huggable Heroes Program will be conducted from May 1 through June 12 in which company’s guests can nominate young people from age 8 to 18. The nominations will be brought down to 50 finalists. Ten winners will each get a scholarship amount of $5,000 and a donation of $2,500 to a particular charity of their choice. All the chosen Huggable Heroes will unite with ranks of more than 100 young social entrepreneurs.
