# BUILD-A-BEAR WORKSHOP INC (BBW) Informational only - not investment advice. CIK: 0001113809 SIC: 5945 Retail-Hobby, Toy & Game Shops SIC breadcrumb: [Retail Trade](/division/G/) > [Miscellaneous Retail](/major-group/59/) > [SIC 5945 Retail-Hobby, Toy & Game Shops](/industry/5945/) Latest 10-K filed: 2026-04-16 SEC page: https://www.sec.gov/edgar/browse/?CIK=1113809 Filing source: https://www.sec.gov/Archives/edgar/data/1113809/000143774926012501/bbw20251218c_10k.htm ## At a glance FY2026 · period end 2026-01-31 · filed 2026-04-16 · accession 0001437749-26-012501 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001113809.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 529,832,000 USD | 2026 | verified | | Net income | 52,203,000 USD | 2026 | verified | | Assets | 345,453,000 USD | 2026 | verified | | Free cash flow | 39,507,000 USD | 2026 | computed | | Net margin | 9.85% | 2026 | computed | | Revenue YoY | +6.73% | 2026 | computed | | ROE | 33.67% | 2026 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | BBW | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 9.9% | 2.7% | 90 | 32 | | Revenue growth | 6.7% | 6.6% | 52 | 32 | | FCF margin | 7.5% | 3.7% | 77 | 31 | | ROE | 33.7% | 11.4% | 89 | 28 | | ROA | 15.1% | 4.9% | 90 | 32 | | Liabilities / equity | 1.23 | 1.50 | 26 | 28 | | Current ratio | 1.55 | 1.41 | 58 | 32 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 59 Miscellaneous Retail, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 529832000 | USD | 2026 | 2026-04-16 | | Net income | 52203000 | USD | 2026 | 2026-04-16 | | Assets | 345453000 | USD | 2026 | 2026-04-16 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001113809.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 357,866,000 | | 336,585,000 | 338,543,000 | 255,310,000 | 411,522,000 | 467,937,000 | 486,114,000 | 496,404,000 | 529,832,000 | | Net income | | 1,377,000 | 7,916,000 | | -17,933,000 | 261,000 | -22,983,000 | 47,265,000 | 47,985,000 | 52,805,000 | 51,785,000 | 52,203,000 | | Gross profit | | | 168,973,000 | | 138,754,000 | 153,623,000 | 97,409,000 | 217,955,000 | 245,872,000 | 264,392,000 | 272,518,000 | 295,629,000 | | Diluted EPS | | 0.09 | 0.50 | | -1.23 | 0.02 | -1.54 | 2.93 | 3.15 | 3.65 | 3.80 | 3.99 | | Operating cash flow | | 16,014,000 | 21,088,000 | | 9,586,000 | 21,609,000 | 13,386,000 | 28,077,000 | 47,276,000 | 64,310,000 | 47,087,000 | 65,052,000 | | Capital expenditures | | 27,251,000 | 17,763,000 | | 11,253,000 | 12,384,000 | 5,046,000 | 8,130,000 | 13,634,000 | 18,295,000 | 19,317,000 | 25,545,000 | | Dividends paid | | | | | | | 0.00 | 19,933,000 | 292,000 | 22,062,000 | 11,024,000 | 11,533,000 | | Share buybacks | 25,909,000 | 1,469,000 | 4,232,000 | | 2,228,000 | | 0.00 | 4,358,000 | 24,172,000 | 20,500,000 | 31,266,000 | 27,735,000 | | Assets | | 199,595,000 | 197,989,000 | | 172,046,000 | 297,262,000 | 261,372,000 | 266,324,000 | 280,794,000 | 272,325,000 | 289,956,000 | 345,453,000 | | Stockholders' equity | | | 107,315,000 | 112,102,000 | 94,314,000 | 88,631,000 | 67,308,000 | 93,683,000 | 118,332,000 | 129,662,000 | 139,082,000 | 155,028,000 | | Cash and cash equivalents | | | 30,445,000 | 21,499,000 | 17,894,000 | 26,726,000 | 34,840,000 | 32,845,000 | 42,198,000 | 44,327,000 | 27,758,000 | 26,755,000 | | Free cash flow | | -11,237,000 | 3,325,000 | | -1,667,000 | 9,225,000 | 8,340,000 | 19,947,000 | 33,642,000 | 46,015,000 | 27,770,000 | 39,507,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | 2.21% | | -5.33% | 0.08% | -9.00% | 11.49% | 10.25% | 10.86% | 10.43% | 9.85% | | Return on equity | | | 7.38% | | -19.01% | 0.29% | -34.15% | 50.45% | 40.55% | 40.73% | 37.23% | 33.67% | | Return on assets | | 0.69% | 4.00% | | -10.42% | 0.09% | -8.79% | 17.75% | 17.09% | 19.39% | 17.86% | 15.11% | | Liabilities / equity | | | 0.84 | | 0.82 | 2.35 | 2.88 | 1.84 | 1.37 | 1.10 | 1.08 | 1.23 | | Current ratio | | 1.33 | 1.58 | | 1.78 | 1.15 | 1.12 | 1.33 | 1.46 | 1.53 | 1.59 | 1.55 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001113809.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-07-30 | | | 0.38 | reported discrete quarter | | 2022-Q3 | 2022-10-29 | | | 0.51 | reported discrete quarter | | 2023-Q1 | 2023-04-29 | 120,050,000 | 14,608,000 | 0.98 | reported discrete quarter | | 2023-Q2 | 2023-07-29 | 109,225,000 | 8,338,000 | 0.57 | reported discrete quarter | | 2023-Q3 | 2023-10-28 | 107,562,000 | 7,586,000 | 0.53 | reported discrete quarter | | 2023-Q4 | 2024-02-03 | 149,277,000 | 22,273,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-05-04 | 114,730,000 | 11,459,000 | 0.82 | reported discrete quarter | | 2024-Q2 | 2024-08-03 | 111,798,000 | 8,778,000 | 0.64 | reported discrete quarter | | 2024-Q3 | 2024-11-02 | 119,430,000 | 9,871,000 | 0.73 | reported discrete quarter | | 2024-Q4 | 2025-02-01 | 150,446,000 | 21,678,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-05-03 | 128,395,000 | 15,319,000 | 1.17 | reported discrete quarter | | 2025-Q2 | 2025-08-02 | 124,247,000 | 12,367,000 | 0.94 | reported discrete quarter | | 2025-Q3 | 2025-11-01 | 122,679,000 | 8,122,000 | 0.62 | reported discrete quarter | | 2027-Q1 | 2026-05-02 | 125,270,000 | 18,299,000 | 1.45 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from BBW's latest 10-K: [/company/BBW/business/](/company/BBW/business/). ## Risk Factors Verbatim Item 1A Risk Factors from BBW's latest 10-K: [/company/BBW/risk-factors/](/company/BBW/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1113809/000143774926020239/bbw20260417_10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-06-11 Report date: 2026-05-02 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Notice Regarding Forward-Looking Statements The following Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties, and we undertake no obligation to update these statements except as required by the federal securities laws. Our actual results may differ materially from the results discussed in the forward-looking statements. These risks and uncertainties include, without limitation, those detailed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026, as amended by Amendment No. 1, as filed with the SEC, and include the following: [[GREPCENT_TABLE]] [["","\u25cf","any uncertainty or decline in general global economic conditions, caused by inflation, rising interest rates, geo-political conflicts, or other external factors, could lead to disproportionately reduced discretionary consumer spending and a corresponding reduction in demand for our products and have an adverse effect on our liquidity and profitability;"],["","\u25cf","the uncertainty of the impact of tariffs on countries from which we import is expected to have an impact on our business, mainly our cost of goods and profit margin, including uncertainty regarding the ultimate availability, timing, and amount of any remaining refunds of IEEPA tariffs we previously paid which have been subject to recent judicial developments;"],["","\u25cf","consumer interests can change rapidly, and our success depends on the ongoing effectiveness of our marketing and online initiatives to build consumer affinity for our brand and drive consumer demand for our products and services;"],["","\u25cf","we depend upon the shopping malls and tourist locations in which our stores are located to attract guests. Continued or further volatility in retail consumer traffic could adversely affect our financial performance and profitability;"],["","\u25cf","our business may be adversely impacted at any time by various significant competitive threats;"],["","\u25cf","global or regional health pandemics or epidemics could negatively impact our business, financial position and results of operations;"],["","\u25cf","our profitability could be adversely affected by fluctuations in petroleum product prices;"],["","\u25cf","if we are unable to generate interest in and demand for our interactive retail experience and products, including being able to identify and respond to consumer preferences in a timely manner, our sales, financial condition and profitability could be adversely affected;"],["","\u25cf","our use of artificial intelligence technologies presents operational, reputational, data security and legal risks that could adversely affect our business and financial performance, and any failure to effectively leverage artificial technologies in our business could negatively impact our customer engagement and competitive position;"],["","\u25cf","if we cannot renew, renegotiate or replace our store leases or enter into leases for new stores on favorable terms, or if we violate any of the terms of our current leases, our revenue and profitability could be harmed;"],["","\u25cf","failure to successfully execute our omnichannel and brand expansion strategy and the cost of our investments in e-commerce and digital transformation may materially adversely affect our financial condition and profitability;"],["","\u25cf","we are subject to risks associated with technology and digital operations;"],["","\u25cf","we may not be able to evolve our store locations over time to align with market trends, successfully diversify our store formats and business models in accordance with our strategic goals or otherwise effectively manage our overall portfolio of stores which could adversely affect our ability to grow and could significantly harm our profitability;"],["","\u25cf","our company-owned distribution center that services the majority of our stores in North America and our third-party distribution center providers used in the western U.S. and Europe may be required to close and operations may experience disruptions or may operate inefficiently;"],["","\u25cf","we rely on a few global supply chain vendors to supply substantially all of our materials and merchandise, and significant price increases or any disruption in their ability to deliver materials and merchandise could harm our ability to source products and supply inventory to our stores;"],["","\u25cf","our merchandise is manufactured by foreign manufacturers, we transact business in various foreign countries, and the availability and costs of our products, as well as our product pricing, may be negatively affected by risks associated with international manufacturing and trade and foreign currency fluctuations;"],["","\u25cf","we may not be able to operate our international corporately-managed locations profitably;"],["","\u25cf","if we cannot effectively manage our international partner-operated locations, attract new partners or if the laws relating to our international partners change, our growth and profitability could be adversely affected, and we could be exposed to additional liability;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","we are subject to a number of risks related to disruptions, failures or security breaches of our information technology infrastructure. If we improperly obtain or are unable to protect our data or violate privacy or security laws or expectations, we could be subject to liability as well as damage to our reputation;"],["","\u25cf","we may fail to renew, register or otherwise protect our trademarks or other intellectual property and have been sued by third parties for infringement or misappropriation of their proprietary rights, which could be costly, distract our management and personnel and result in the diminution in value of our trademarks and other important intellectual property;"],["","\u25cf","we may suffer negative publicity or be sued if the manufacturers of our merchandise or of Build-A-Bear branded merchandise sold by our licensees ship any products that do not meet current safety standards or production requirements or if such products are recalled or cause injuries;"],["","\u25cf","we may suffer negative publicity or be sued if the manufacturers of our merchandise violate labor laws or engage in practices that consumers believe are unethical;"],["","\u25cf","we may suffer negative publicity or a decrease in sales or profitability if the products from other companies that we sell in our stores do not meet our quality standards or fail to achieve our sales expectations;"],["","\u25cf","we may suffer negative publicity and damage to our reputation if we do not continue to evolve environmental, social, and governance initiatives in a timely manner;"],["","\u25cf","fluctuations in our quarterly results of operations could cause the price of our common stock to substantially decline;"],["","\u25cf","fluctuations in our operating results could reduce our cash flow, or trigger restrictions under our credit agreement, cause us to be unable to repurchase shares at all, at the times or in the amounts we desire, cause the results of our share repurchase program may not be as beneficial as we would like, or cause us to discontinue our quarterly dividend program;"],["","\u25cf","our relatively low market capitalization can cause the market price of our common stock to become volatile;"],["","\u25cf","our certificate of incorporation and bylaws and Delaware law contain provisions that may prevent or frustrate attempts to replace or remove our current management by our stockholders, even if such replacement or removal may be in our stockholders\u2019 best interests;"],["","\u25cf","we may not be able to operate successfully if we lose key personnel, are unable to hire qualified additional personnel, or experience turnover of our management team;"],["","\u25cf","because our business is largely based on a vertical retail model, labor-related matters, ranging from union formation to labor disputes, may adversely affect our operations; and"],["","\u25cf","we may be unsuccessful in acquiring businesses or engaging in other strategic transactions, which may negatively affect our financial condition and profitability."]] [[/GREPCENT_TABLE]] 17 Table of Contents Business Overview Build-A-Bear Workshop, Inc., a Delaware corporation, was formed in 1997 as a mall-based, experiential specialty retailer for children. Build‑A‑Bear has evolved to become a leading global "retailtainment" brand on a mission to add a little more heart to life. At Build-A-Bear, guests are invited to create personalized furry friends through a unique stuffing, dressing, accessorizing and naming process, accentuated by a memorable Heart Ceremony that creates moments of connection for people of all ages. Over the years, Build‑A‑Bear has grown into a multi‑generational phenomenon, positioned at the intersection of pop‑culture trends. Beyond its signature retail experience, our brand also offers pre‑stuffed plush, gifting, partnerships with best‑in‑class licensed and collectible characters, and original storytelling through Build‑A‑Bear Entertainment, LLC.  Build‑A‑Bear’s current brand platform and message, “The Stuff You Love,” crosses ages and cultures while celebrating nearly 30 years of helping people mark life’s meaningful moments. The Build-A-Bear brand has high consumer awareness and positive affinity, and we leverage our brand strength to expand the footprint of our retail experience locations through a range of store sizes, formats, and locations, including tourist destinations. In addition to growing our corporately-managed store footprint, we are also growing through partner-operated and franchise locations, particularly for our international expansion. Our ongoing digital transformation, which touches our e-commerce business, consumer loyalty program, and digital content, has led to omnichannel growth over the past several years. Build-A-Bear's pop-culture appeal plays a key role in expanding our total addressable market beyond children to teens and adults with sports licensing, collectible and gifting offerings, as well as to categories beyond plush. As of May 2, 2026, the Company had 669 global locations through a combination of its corporately-managed, partner-operated, and franchise models. This reflects 376 corporately-managed locations,  including 334 stores in the United States (“U.S.”) and Canada and 42 stores in the United Kingdom ("U.K.") and the Republic of Ireland, 181 partner-operated locations in which we sell our products on a wholesale basis to other companies that then, in turn, execute our retail experience, and 112 international franchise locations , all under the Build-A-Bear Workshop brand. In addition to these stores, we sell products on our company-owned e-commerce sites and third-party marketplace sites, our franchisees sell products through sites that they manage as well as other third-party marketplace sites and other parties sell products on their sites under wholesale agreements. For the 2026 fiscal year to date, the Company had net new unit growth of 7 experience locations, comprised of one corporately managed location, 3 partner-operated locations, and 3 international franchise locations. We operate in three segments that share the same infrastructure, including management, systems, merchandising and marketing, and generate revenues as follows: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1113809/000143774926012501/bbw20251218c_10k.htm Complete FY 2026 MD&A: /company/BBW/mda/fy2026/ Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization. Confidence: high Filing date: 2026-04-16 Report date: 2026-01-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in “Risk Factors” and elsewhere in this Annual Report on Form 10-K. The following section is qualified in its entirety by the more detailed information, including our financial statements and the notes thereto, which appears elsewhere in this Annual Report on Form 10-K. Business Overview Build-A-Bear Workshop, Inc., a Delaware corporation, was formed in 1997 as a mall-based, experiential specialty retailer for children. Build‑A‑Bear has evolved to become a leading global "retailtainment" brand on a mission to add a little more heart to life. At Build-A-Bear, guests are invited to create personalized furry friends through a unique stuffing, dressing, accessorizing and naming process, accentuated by a memorable Heart Ceremony that creates moments of connection for people of all ages. Over the years, Build‑A‑Bear has grown into a multi‑generational phenomenon, positioned at the intersection of pop‑culture trends. Beyond its signature retail experience, our brand also offers pre‑stuffed plush, gifting, partnerships with best‑in‑class licensed and collectible characters, and original storytelling through Build‑A‑Bear Entertainment, LLC.  Build‑A‑Bear’s current brand platform and message, “The Stuff You Love,” crosses ages and cultures while celebrating nearly 30 years of helping people mark life’s meaningful moments.  The Build-A-Bear brand has high consumer awareness and positive affinity, and we leverage our brand strength to expand the footprint of our retail experience locations through a range of store sizes, formats, and locations, including tourist destinations. In addition to growing our corporately-managed store footprint, we are also growing through partner-operated and franchise locations, particularly for our international expansion. Our ongoing digital transformation, which touches our e-commerce business, consumer loyalty program, and digital content, has led to omnichannel growth over the past several years. Build-A-Bear's pop-culture appeal plays a key role in expanding our total addressable market beyond children to teens and adults with sports licensing, collectible and gifting offerings, as well as to categories beyond plush. As of January 31, 2026, the Company had 662 global locations through a combination of its corporately-managed, partner-operated, and franchise models. This reflects 375 corporately-managed locations, including 333 stores in the United States (“U.S.”) and Canada and 42 stores in the United Kingdom (“U.K.”) and the Republic of Ireland, 178 partner-operated locations in which we sell our products on a wholesale basis to other companies that then, in turn, execute our retail experience, and 109 franchise locations operating internationally, all under the Build-A-Bear Workshop brand. In addition to these stores, we sell products on our company-owned e-commerce sites and third-party marketplace sites, our franchisees sell products through sites that they manage as well as other third-party marketplace sites and other parties sell products on their sites under wholesale agreements. For the 2025 fiscal year, the Company had net new unit growth of 64 experience locations, comprised of seven corporately managed locations, 40 partner-operated locations, and 17 international franchise locations. 26 Table of Contents We operate in three segments that share the same infrastructure, including management, systems, merchandising and marketing, and generate revenues as follows: [[GREPCENT_TABLE]] [["","\u2022","Direct to Consumer (\u201cDTC\u201d) \u2013 Corporately-managed retail stores located in the U.S., Canada, the U.K., Ireland, and two e-commerce sites;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","Commercial \u2013 Transactions with other businesses, mainly comprised of wholesale product sales and licensing our intellectual property, including entertainment properties, for third-party use; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u2022","International franchising \u2013 Royalties as well as product and fixture sales from other international operations under franchise agreements."]] [[/GREPCENT_TABLE]] Selected financial data attributable to each segment for fiscal 2025, 2024 and 2023 are presented in Note 15 — Segment Information to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K. Our year-over-year results discussed below are impacted by fiscal 2025 and fiscal 2024 being 52-week periods compared to fiscal 2023 which had an additional week because it was a 53-week period. Our consolidated net income was $52.2 million in fiscal 2025 compared to net income of $51.8 million in fiscal 2024 and $52.8 million in fiscal 2023. We believe that we have a concept that has broad demographic appeal which, for North American stores open for the entire year, averaged net retail sales per store of $1.2 million in fiscal 2025, 2024 and 2023. We ended fiscal 2025 with no borrowings under our credit agreement and with $26.8 million in cash, cash equivalents and restricted cash after investing $25.5 million in capital projects throughout the year. In fiscal 2025 the company utilized $27.5 million in cash to repurchase 508,945 shares under the share repurchase program that was authorized by the Board of Directors on September 11, 2024 (the “September 2024 Stock Repurchase Program”). The September 2024 Stock Repurchase Program terminated the August 2022 Stock Repurchase Program and authorized a new share repurchase program of up to $100 million.  From the end of fiscal 2025 through April 14, 2026, the Company utilized $10.7 million to repurchase 231,153 shares under the stock buyback program, leaving $51.0 million available under the September 2024 Stock Repurchase Program. On March 12, 2025, our Board of Directors approved a quarterly dividend program of $0.22 per share representing an increase of 10%, to evolve its strategic use of capital. During fiscal 2025, the company declared and paid quarterly dividends totaling $ 11.5 million to shareholders. Additionally, on March 11, 2026, the Board of Directors declared a quarterly cash dividend of $0.23 per share of issued and outstanding common stock, representing an increase of 4.5%.  The dividend will be paid on April 9, 2026, to all stockholders of record as of March 26, 2026. Recent Events and Trends Regarding Tariffs and International Trade  Global trade policy continues to evolve and the ultimate impact of recent developments with respect to U.S. tariffs is unclear. On February 20, 2026, the U.S. Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"). The ultimate availability, timing, and amount of any potential refunds of such tariffs remain uncertain and are subject to further legal, regulatory, and administrative developments. Following the Supreme Court’s decision, the U.S. presidential administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from all countries, in addition to any existing non-IEEPA tariffs. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on the Company's business. The Company continues to monitor and evaluate these developments and assess their potential impact on its business, financial condition, and results of operations. Since we import the vast majority of our products from vendors outside the U.S., we face uncertainty and risks related to tariffs and other trade policies that could negatively impact our Company.  Tariffs and other non-tariff trade practices can adversely affect our business in multiple ways including increased costs of our products. While we have taken steps in recent years to diversify our supply chain and reduce China sourcing by shifting primarily to Vietnam, we remain subject to substantial potential exposure to tariffs. Specifically, the latest tariffs implemented by the U.S. would have significant impact on our cost structure and product margins. Additionally, the uncertainty about trade policy, tariff rates, and other changes in practices affecting international trade, including whether such tariffs or other measures will be withdrawn, or modified in the future, makes it difficult for us to operate optimally. Depending on the level and longevity of the tariff disruption, we will continue to adjust our pricing while monitoring the impact of inflation and consumer confidence, on both a micro and macro basis. Following is a description and discussion of the major components of our statement of operations: Revenues Net retail sales, commercial revenue and international franchising: See Note 3 — "Revenue" to the consolidated financial statements for additional accounting information. We use net retail sales per square foot as a performance measure for our business. The following table details net retail sales per square foot for stores open throughout the fiscal year for the periods presented: [[GREPCENT_TABLE]] [["","","Fiscal year ended"],["","","January 31,","","","February 1,","","","February 3,"],["Net retail sales per square foot","","2026","","","2025","","","2024"],["North America (1)","","$518","","","$492","","","$495"],["United Kingdom (2)","","\u00a3735","","","\u00a3729","","","\u00a3629"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(1)","Net retail sales per square foot in North America represents net retail sales from stores open throughout the entire period in North America, excluding e-commerce sales, divided by the total leased square footage of such stores."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(2)","Net retail sales per square foot in the U.K. represents net retail sales from stores open throughout the entire period in the U.K., excluding e-commerce sales, divided by the total selling square footage of such stores."]] [[/GREPCENT_TABLE]] 27 Table of Contents Costs and Expenses Cost of merchandise sold: Cost of merchandise sold is driven primarily by our retail segment. Cost of merchandise sold – retail includes the cost of the merchandise, including royalties paid to licensors of third party branded merchandise, tariff costs, store occupancy cost, including store depreciation and store asset impairment charges (if not disclosed separately due to materiality) (See Note 6 — "Property and Equipment, net" to the consolidated financial statements for additional accounting information regarding store asset impairment), cost of warehousing and distribution, packaging, stuffing, damages and shortages, and shipping and handling costs incurred in shipment to customers. Retail gross profit is defined as net retail sales less the cost of merchandise sold - retail. For the commercial segment, cost of merchandise includes the cost of merchandise sold to third-party retailers on a wholesale basis for sale within their stores. For the franchise segment, cost of merchandise includes the sale of furniture, fixtures, and supplies to our franchise partners. Selling, general and administrative expense (“SGA”): These expenses include store payroll and benefits, advertising, credit card fees, store supplies and normal store pre-opening and closing expenses as well as central office general and administrative expenses, i [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2026 MD&A: /company/BBW/mda/fy2026/ All MD&A years: /company/BBW/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2025 MD&A](/company/BBW/mda/fy2025/): filed 2025-04-17; accession 0001437749-25-012234 (https://www.sec.gov/Archives/edgar/data/1113809/000143774925012234/bbw20241216_10k.htm) - [FY 2024 MD&A](/company/BBW/mda/fy2024/): filed 2024-04-18; accession 0001437749-24-012440 (https://www.sec.gov/Archives/edgar/data/1113809/000143774924012440/bbw20240123_10k.htm) - [FY 2023 MD&A](/company/BBW/mda/fy2023/): filed 2023-04-13; accession 0001437749-23-010169 (https://www.sec.gov/Archives/edgar/data/1113809/000143774923010169/bbw20221214_10k.htm) - [FY 2022 MD&A](/company/BBW/mda/fy2022/): filed 2022-04-14; accession 0001437749-22-008972 (https://www.sec.gov/Archives/edgar/data/1113809/000143774922008972/bbw20220129_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 5945 Retail-Hobby, Toy & Game Shops) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BBW.md · JSON record: /company/BBW.json · verified financials: /company/BBW/financials.json / /company/BBW/financials.csv · machine TOC for the whole site: /llms.txt