BUILD-A-BEAR WORKSHOP INC [BBW], a leading provider of customizable stuffed animals and related products, announced its financial results for the quarter ended July 29, 2023. The company reported a net income of $8.3 million, reflecting a strong performance in its retail and commercial product and service segments. The quarterly revenue stood at $109.2 million, showcasing steady growth in its core business.
Build-A-Bear Workshop Inc demonstrated solid financial performance in the quarter ended July 29, 2023. The company's consolidated gross profit reached $58.6 million, representing a substantial increase from $49.9 million in the same period last year. Operating income was not provided in the financial statements. The net income of $8.3 million highlights the company's ability to effectively manage its operations and deliver profitability.
The quarterly revenue of $109.2 million reflects a growth of $8.5 million compared to the previous year. The growth was primarily driven by higher sales in the retail and commercial product and service segments. In the retail segment, revenue increased to $103.5 million from $95.9 million in the previous year, while the commercial product and service segment revenue reached $5.0 million, up from $4.1 million. The international franchising segment also contributed to the revenue growth, with revenue of $0.8 million.
Build-A-Bear Workshop Inc maintains financial stability with a healthy balance sheet. As of July 29, 2023, the company had total assets of $258.4 million. Its current assets amounted to $123.9 million, including cash and cash equivalents of $32.6 million and inventories of $66.3 million. The company also maintains a strong equity position, with stockholders' equity of $107.9 million.
The company reported basic earnings per share of $0.57 and diluted earnings per share of $0.57 for the quarter ended July 29, 2023. The basic earnings per share increased from $0.38 in the same period last year, while diluted earnings per share also saw improvement from $0.38 in the previous year. The increase in earnings per share highlights the company's ability to generate profitable growth.
Looking ahead, Build-A-Bear Workshop Inc remains optimistic about its future prospects. The company continues to focus on its core business and expanding its product offerings to capture new market opportunities. With a strong balance sheet and solid financial performance, the company is well-positioned for sustained growth and profitability.
Build-A-Bear Workshop Inc's financial results for the quarter ended July 29, 2023, demonstrate its ability to deliver profitable growth through its retail and commercial product and service segments. The company's net income of $8.3 million and quarterly revenue of $109.2 million reflect a strong performance in its core business. With a focus on financial stability and a positive outlook for future growth, Build-A-Bear Workshop Inc remains well-positioned in the market.