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NEW YORK – Construct-A-Bear Workshop, Inc. (NYSE: BBW) reported better-than-expected third-quarter outcomes and raised its full-year steerage, sending shares up 1.45% in premarket buying and selling Thursday.
The experiential retail firm posted adjusted earnings per share of $0.73 for the third quarter, surpassing analyst estimates of $0.65. Income climbed 11% YoY to $119.4 million, exceeding the consensus forecast of $113.7 million.
Construct-A-Bear’s web retail gross sales elevated 9.1% to $109.5 million, whereas e-commerce demand rose 1.3%. Industrial and worldwide franchise revenues jumped 38.8% to $9.9 million.
“Our greatest-ever third-quarter efficiency brings us one step nearer to a fourth consecutive yr of document revenues, reflecting the evolution of the enterprise mannequin and the facility of the Construct-A-Bear model,” mentioned Sharon Worth John, President and CEO of Construct-A-Bear Workshop.
The corporate raised its fiscal 2024 income steerage to $489-495 million, up from its earlier forecast and in step with analyst expectations of $493.6 million. Construct-A-Bear additionally elevated its projected web new unit development to no less than 65 expertise areas globally, up from 50 areas beforehand.
In the course of the quarter, Construct-A-Bear opened 17 new world expertise areas, increasing its worldwide footprint to over 20 international locations. The corporate ended Q3 with 565 world areas throughout its varied enterprise fashions.
Construct-A-Bear continued to return capital to shareholders, repurchasing $4.8 million price of shares and paying a $2.7 million quarterly dividend throughout Q3. For the primary 9 months of fiscal 2024, the corporate has returned $31.3 million to shareholders by buybacks and dividends.
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