Build-A-Bear Workshop, Inc. reported on Tuesday (Sept. 1) a 299 percent jump in eCommerce sales in Q2 as stores had to stay shuttered for part of the time amid the pandemic, according to a press release.
“Our second quarter results show the impact of store closures in response to the COVID-19 pandemic and the significant shift to e-commerce which increased nearly 300% for the period,” Build-A-Bear Workshop President and CEO Sharon Price John said in the press release.
Build-A-Bear Workshop reported that total inventory at the close of the quarter was $55.5 million, which marked an 11 percent drop compared to the close of Q2 2019. The company also reported that selling, general and administrative expenses decreased by $14.2 million from Q2 2019.
Cash and cash equivalents stood at $25.3 million at the close of the quarter, which marked a rise of $10.3 million compared to the close of Q2 2019.
Build-A-Bear Workshop reported that 359 retail locations were in operation as of the beginning of August, which comprised about 90 percent of its corporately managed shops with the inclusion of 307 in North America and 52 beyond the region.
The company said it “successfully completed renegotiations” of about 95 percent of its store leases, bringing about deferments, abatements and decreases in rent.
As for its overall results, Build-A-Bear Workshop reported an adjusted loss per share of 82 cents on total revenues of $40.4 million. The results fell short of analyst expectations of a loss per share of 80 cents on revenues of $31.79 million.
In April, Build-a-Bear Workshop, Inc. launched its Workshop Wednesdays online program to give kids and families entertainment during the pandemic. The digital resource provides various activities and ways to keep entertained during the week.
The company will offer activities each Wednesday, with the inclusion of coloring sheets, story time and recipes for snacks in addition to a virtual bear builder, according to news at the time.
The bear builder had functionality that allows shoppers to select a bear, dress their bears, provide sounds and scents and create a wish on their heart for them or another individual.