ST. LOUIS — Build-A-Bear Workshop (NYSE: BBW), the St. Louis-based retailer that lets customers build their own stuffed toys, says it's on track for the most profitable year in its 25-year history.
The company reported Wednesday that in its fiscal third quarter ended Oct. 29, net income grew 27.1% to $7.5 million from net income of $5.9 million in the third quarter of fiscal 2021.
Build-A-Bear's total revenue in the recent quarter was $104.5 million, up 9.9% from last year's quarter despite the negative impact of unfavorable currency exchange, officials said. The company said its fiscal third-quarter net retail sales were $99.2 million, and revenue from commercial and international franchises was $5.3 million, up 8.3% and 47%, respectively. Officials said sales growth in corporately-managed retail stores more than offset a drop in consolidated e-commerce demand (online orders fulfilled from either the company’s warehouse or its stores). Build-A-Bear's fiscal third-quarter online sales fell 29.4% compared with the prior-year's quarter as customers continue to return to in-store shopping officials said.
“We are pleased with our third quarter and first nine months results as we continued to see momentum and consistency in our business with strong brand interest from consumers," Sharon Price John, Build-A-Bear Workshop president and CEO, said in a press release. "Our retail store traffic continues to show double-digit increases leading to year-over-year growth in transactions across geographies."
John said that including the recent quarter, the company has reported seven consecutive quarters of increased total revenue compared with the prior year’s period, "with sustained profitability."
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