Build-A-Bear Workshop Expects Growth In Total Revenues, Pre-tax Income In FY23

(RTTNews) - Build-A-Bear Workshop, Inc. (BBW) announced, for fiscal 2023, the company currently expects: total revenues to increase in the range of 5% to 7% compared to fiscal 2022 with growth in all three operating segments; pre-tax income growth of 10% to 15% compared to fiscal 2022. While the company notes that fiscal 2023 is a 53-week year, it expects to deliver growth in total revenues and pre-tax income exclusive of the projected benefit of the 53rd week.

The company plans to open 20 to 30 experience locations, through a combination of third-party retail and corporately-managed business models, with the majority planned for the second half of the year.

Fourth quarter net income decreased 14.9% to $20.5 million, or $1.39 per diluted share, compared to net income of $24.1 million, or $1.48 per diluted share, last year. On an adjusted basis, net income increased 20.9% to $19.1 million, or $1.30 per diluted share, compared to adjusted net income of $15.8 million, or $0.97 per diluted share, prior year. The company's revenue for the quarter rose 11.7% to $145.11 million from $129.96 million last year.

The company's Board of Directors declared a special cash dividend of $1.50 per share that will be paid on April 6, 2023, to all stockholders of record as of March 23, 2023, following a $1.25 per share special cash dividend declared on November 30, 2021.

As of January 28, 2023, the company had 488 global locations.

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