Customized stuffed animal retailer Build-A-Bear Workshop Inc. ended the year with a decrease in both web sales and total revenue.
For the year ended Jan. 2, Build-A-Bear Workshop, No. 450 in the Internet Retailer Top 500 Guide, reported:
- Web sales of $11.0 million for the year were down 0.9% from $11.1 million in 2008.
- Web sales were 2.9% of total retail sales, compared with 2.4% a year ago.
- Total revenue fell 15.7% to $394.4 million from $467.9 million in 2008.
- Net loss was $12.5 million, compared with net income of $4.6 million in 2008.
- The retailer didn’t break out a number for year-over-year comparable-store sales.
“We made solid progress in 2009 including improved North American comparable-store sales trends each quarter of the year, a strong performance in Europe, a $25 million reduction in expenses and positive cash flow,” says Build-A-Bear CEO Maxine Clark.
For the fourth quarter, Build-A-Bear also reported:
- Web sales of $5.0 million, up 13.6% from $4.4 million in the fourth quarter of 2008.
- Web sales were 4.1% of total retail sales, compared with 3.1% a year ago.
- Total revenue fell 13.5% to $122.9 million from $142.1 million in the fourth quarter of 2008.
- Net loss was $916,000, compared with net income of $4.9 million in the last quarter of 2008.
- Comparable-store sales were down 12.9%.
Build-A-Bear had 345 stores as of Jan. 2, up from 288 a year ago. “We continue to aggressively focus on cost reduction programs over and above the $25 million achieved in fiscal 2009. We believe our strategies will lead to increased sales productivity and profitability with our actions already showing progress,” says Clark.