Build-A-Bear reports Q2 net loss of $4.8 million

Mon. July 28, 2008; Posted: 05:07 AM

Jul 28, 2008 (Datamonitor via COMTEX) -- BBW | Quote | Chart | News | PowerRating -- Stuffed toy retailer Build-A-Bear Workshop has reported a net loss of $4.8 million, or a loss of $0.25 per diluted share, for the second quarter of fiscal 2008, compared to net income of $1.6 million, or $0.08 per diluted share, in the same quarter of fiscal 2007.

For the second quarter of fiscal 2008, total revenue was $94.7 million, a decline of 6%, compared to $100.4 million in the same quarter of fiscal 2007. For the second quarter of fiscal 2008, consolidated comparable store sales declined 17.9%.

Total revenue for the first six months of fiscal 2008 was $218.5 million, compared to $217.2 million in the first six months of fiscal 2007.

Consolidated comparable store sales for the first six months of fiscal 2008 declined 13.9%. Net income for the first six months of fiscal 2008 was $1.6 million, or $0.08 per diluted share, compared to $9.7 million, or $0.47 per diluted share, for the first six months of fiscal 2007.

Maxine Clark, chairman and chief executive bear of Build-A-Bear Workshop, said: "The slowdown in consumer spending is having a significant impact on our current business. In response to this environment, we are carefully allocating capital and managing cash, while aggressively reducing expenses. Foremost, our goal is to improve our sales trend while selectively investing in our unique brand for long-term growth."

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