Build-A-Bear Workshop (BBW) has updated its fiscal outlook for 2024. The company projects total revenue to fall between $489 million and $495 million, which translates to a growth in the low-single-digit percentage range at the midpoint. Similarly, the anticipated pretax income is expected to be between $65 million and $67 million, aligning closely with the previous year's figures at the midpoint. In August, BBW had forecasted fiscal 2024 to witness total revenue growth on a low-to-mid-single-digit percentage compared to the 53-week fiscal 2023, along with a low-single-digit percentage increase in pretax income.
In contrast, when comparing fiscal 2024 to the non-GAAP 52-week year of 2023, the company foresees revenue growth in the said range of $489 million to $495 million, indicating a low-single-digit percentage increase at the midpoint. The pretax income is also projected to rise, in a similar percentage range. Previously in August, the company had expected the revenue and pretax income to grow by a mid-single-digit percentage in relation to the non-GAAP 52-week fiscal year of 2023.
Moreover, for 2024, Build-A-Bear Workshop plans to expand its presence globally by increasing net new units to at least 65 experience locations, a notable rise from the 50 locations initially planned.
As for the third-quarter results, the company reported a net income of $9.87 million or $0.73 per share, surpassing last year's figure of $7.59 million or $0.53 per share. According to Thomson Reuters, analysts had projected earnings of $0.65 per share, typically excluding special items. The company's revenue for the quarter saw an 11.0% increase, reaching $119.43 million compared to $107.56 million in the same period last year.
