Build-A-Bear Workshop (St. Louis) released its third-quarter earnings for the year, and while the company saw same-store sales improve, its profits and revenue declined more than expected.
Comparable store sales increased 2.1 percent. The company’s profit dropped to $1.1 million, from $1.8 million last year. Quarterly revenue dropped to $85.6 million, from $86.7 million last year. Analysts had expected an increase in revenue to $89.2 million.
According to the St. Louis Post-Dispatch, in the wake of the news, the company told analysts it is looking to revive business by opening stores in more non-traditional locations, such as outlet malls. It also has plans to open stores within seven Macy’s (Cincinnati) department stores for the holiday shopping season and will partner with McDonald’s (Oak Brook, Ill.) to offer Build-A-Bear branded stuffed animals in the restaurants’ Happy Meals during that same time frame. It will also be launching a new Snoopy character to coincide with The Peanuts Movie opening next week.