Build-A-Bear Workshop announces its 2007 full-year results
In its latest announcement, Build-A-Bear Workshop Inc, a retailer of customized stuffed animals, has revealed that its fourth quarter total revenue increased 3% to $147.4 million and its full-year total revenue grew at an even faster rate, namely by 9% to $474.4 million. According to the information provided by the company, its sales from European operations leapt up by 49% to $23.5 million.
Maxine Clark, Chairman and Chief Executive at Build-A-Bear Workshop, commented on this development saying “Our 2007 results reflect the current challenges in the retail environment. Our 2008 plan balances our long term business goals while recognizing these near term challenges.” She continued to add that the company will also be focusing on its virtual online world, buildabearville.com, in 2008.
As far as Europe is concerned, Maxine Clark said, “We are pleased with the growth and improvement delivered by our European operations. We are gaining positive traction in the United Kingdom; our brand building and store operation strategies are delivering results.”
Last year, Build-A-Bear Workshop opened up 50 new stores - 39 in North America, eight in the United Kingdom and three in France. As far as international franchising is concerned, the company currently has 53 stores located in 15 countries. It has, it says, franchise agreements covering 21 countries and is expecting franchisees to open up between 15 and 20 new stores in 2008.