Build-A-Bear Workshop, Inc. Announces Maxine Clark, Plans to Retire as Chief Executive Bear; Provides Consolidated Sales Guidance for the Fourth Quarter Ended December 29, 2012; Plans to Close 50 to 60 Stores in Fiscal 2013
January 31, 2013 at 09:30 pm
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Build-A-Bear Workshop Inc. provided consolidated sales guidance for the fourth quarter ended December 29, 2012. For the fourth quarter of 2012, the company expects comparable store sales to decline 1.7%, representing a marked improvement from the 11.1% decline in third quarter fiscal 2012; Comparable store sales in North America are expected to increase 1.5% and decline 11.4% in Europe; Consolidated e-commerce sales are expected to increase 14.0%, excluding the impact of foreign exchange.
The company also remains on track to close 50 to 60 existing stores in fiscal 2013 and fiscal 2014 to reach its optimal store base of 225 to 250 stores. These select store closures are expected to transfer approximately 20% of sales to other stores in the same markets. In addition, the company continues to expect to relocate and remodel between 40 to 50 existing locations in its new store design by year-end 2014.
The company announced that its Founder, Maxine Clark, has announced her plan to retire as Chief Executive Bear (CEB). Ms. Clark, 63, will continue in her current position until a successor has been named and a successful transition has occurred. She will remain as a member of the Build-A-Bear Workshop Board of Directors.
Build-A-Bear Workshop, Inc. is an experiential specialty retailer where children and their families can create their own stuffed animals by participating in the stuffing, fluffing, dressing, accessorizing, and naming of their own teddy bears and other plush toys. Its segments include direct-to-consumer (DTC), commercial, and international franchising. Its DTC segment includes the operating activities of corporately-managed stores, other retail-delivered operations and online sales. Its commercial segment includes transactions with other businesses and is comprised of wholesale sales of merchandise, supplies and fixtures, licensing the Companyâs intellectual properties for third-party use, and entertainment activities. Its international franchising segment includes the activities of franchisees who operate store locations in certain countries and includes development fees, sales-based royalties, merchandise, supplies and fixture sales. It has over 359 corporate-managed stores globally.
Build-A-Bear Workshop, Inc. Announces Maxine Clark, Plans to Retire as Chief Executive Bear; Provides Consolidated Sales Guidance for the Fourth Quarter Ended December 29, 2012; Plans to Close 50 to 60 Stores in Fiscal 2013
BUILD-A-BEAR WORKSHOP, INC. 
