Build-A-Bear Workshop, Inc. (NYSE: BBW) has reported results for the third quarter and nine months ended October 30, 2021. The Company noted that its historically best third quarter profit results under its current fiscal calendar followed a record performance in the fiscal 2021 first half leading to the Company’s strongest first nine-month performance on the precipice of the celebration of the Company’s 25th year.
Highlights:
- The Company generated $95.1 million in total revenues, an increase of 27.4% compared to the fiscal 2020 third quarter, and 35.2% compared to the fiscal 2019 third quarter.
- Gross profit margin was 52.1%, compared to 46.6% in the fiscal 2020 third quarter, and 39.4% in the fiscal 2019 third quarter.
- A pre-tax income of $7.9 million was reported, the highest in the Company’s history for its third quarter. This is an improvement of $6.2 million compared to the fiscal 2020 third quarter, and $15.6 million compared to the fiscal 2019 third quarter
Sharon Price John, Build-A-Bear Workshop President and Chief Executive Officer, commented, “We are pleased to report our third consecutive quarter of record-setting profit for Build-A-Bear Workshop along with strong growth in total revenues compared to both the fiscal 2020 and 2019 periods with the positive business momentum continuing into the start of the current fourth quarter. It is our belief that this trend is largely reflective of the successful execution of our strategy along with our ability to adapt to ongoing external volatility. We firmly believe our results reflect the progress we have made in our key initiatives allowing us to capitalize on increased demand with enhanced marketing programs and omnichannel capabilities while also having acknowledged the potential positive impact from pandemic related factors such as pent-up consumer activity and government stimulus.”
“The combination of our strong year-to-date results and current business performance gives us confidence to once again increase our guidance regarding total revenues and EBITDA for fiscal 2021. We believe that our strategic actions have enabled us to fundamentally evolve our company to deliver continued profitability while recognizing that the external environment remains volatile due to ongoing pandemic concerns, higher costs and supply chain disruptions,” concluded Ms. John.
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