St. Louis – Build-A-Bear Workshop, Inc. reported declining year-over-year revenues for the fourth quarter and fiscal year 2013 in a partial preliminary earnings release.
On a preliminary basis, Build-A-Bear reported total fourth quarter revenues of $107 million, down 9% from $118.2 million in the same period a year earlier. Preliminary fiscal year revenues were down slightly to $378 million from $380.2 million.
Consolidated same-store sales underwent a preliminary decline of 2.2% for the quarter but rose 5.1% for the full fiscal year. Build-A-Bear cited a net reduction of 28 stores between fiscal 2012 and fiscal 2013, as well as a highly promotional holiday environment, as affecting its results.
“We entered 2013 in the midst of a multi-year turnaround plan and have made solid progress toward our goal of returning to sustainable, long-term profitability,” said Sharon Price John, CEO of Build-A-Bear. “Our three key strategies of optimizing our real estate, resetting the consumer value equation and rationalizing our expense structure have led to increased consolidated same-store sales and improved profitability.”