Analyst Summary:
Build-A-Bear Workshop, Inc. (BBW) reported a strong Q4 and fiscal year 2022, achieving double-digit increases in both total revenues and pre-tax income. The company reported total revenues of $467.9 million, an increase of 13.7% compared to fiscal 2021, and pre-tax income of $61.9 million, an increase of 22.1% compared to fiscal 2021. The CEO attributed the positive performance to the multi-year strategic plan, the value of the company's brand equity, expanded market, and enhanced customer engagement. The company also introduced fiscal 2023 guidance with expectations of growth in total revenues and pre-tax income. The company declared a second special dividend and has returned over $70 million to shareholders through stock repurchases and dividends in the past 24 months. The company had a net income of $48 million, an increase of 1.5% compared to fiscal 2021, and ended the fiscal year with 488 global locations. While fiscal 2023 is a 53-week year compared to a 52-week year in fiscal 2022, the company expects to deliver growth in total revenues and pre-tax income versus the prior year exclusive of the projected benefit of the 53rd week.