ST. LOUIS - Build-A-Bear Workshop, Inc. (NYSE: BBW) has announced the appointment of Kim Utlaut as the new Senior Vice President and Chief Brand Officer. Utlaut brings over two decades of experience from her previous leadership roles at The Coca-Cola Company (NYSE:KO), where she served as a General Manager for Franchise Leadership.
In her new role at Build-A-Bear, Utlaut will be responsible for guiding the company's brand and communications strategy, focusing on deepening the engagement with a diverse consumer base across various channels and product lines globally. Her appointment comes at a time when Build-A-Bear has seen three years of record-setting performance.
Chris Hurt, Chief Operations Officer at Build-A-Bear, expressed confidence in Utlaut's ability to contribute to the company's growth, citing her extensive background in brand strategy and marketing, as well as her innovative approach and dedication.
Build-A-Bear has recently expanded its global retail footprint and advanced its digital transformation, alongside investing in brand collaborations. Utlaut's career at Coca-Cola included developing strategic partnerships with major organizations and implementing marketing strategies that enhanced brand visibility and drove recruitment and retention efforts. Her experience also includes roles at Sprint and Anheuser-Busch.
Since its inception in 1997, Build-A-Bear has grown into a multi-generational brand known for allowing guests to create personalized stuffed animals. The brand has over 500 locations worldwide and has extended its reach through e-commerce and licensing agreements. The company's latest communications campaign, "The Stuff You Love," celebrates over 25 years of creating memories.
For the fiscal year 2023, Build-A-Bear Workshop, Inc. reported consolidated total revenues of $486.1 million. The information in this article is based on a press release statement.
In other recent news, Build-A-Bear Workshop, Inc. has seen some notable developments. The company has reported a revenue increase of 2.4% in its second quarter of 2024, reaching nearly $112 million. Additionally, the firm's gross margin improved to 54.2%, with pretax income experiencing a 10.2% increase to $11.5 million.
The company has also appointed David Henderson as its new Chief Revenue Officer, as part of its commitment to continued growth. Henderson, previously holding leadership roles at Melissa & Doug, Newell Brands, and Hasbro (NASDAQ:HAS), will be responsible for driving growth across Build-A-Bear's primary revenue streams.
In terms of global expansion, Build-A-Bear has announced plans to open new stores in Italy, France, and the US, with a total of 50 new locations planned for this fiscal year. Furthermore, the company is enhancing its digital and omni-channel capabilities, despite a 28.2% decline in web demand in Q2. However, Q3 has shown a strong rebound with double-digit growth.
These recent developments highlight Build-A-Bear's focus on growth and shareholder value creation. The company is also exploring reinvestment opportunities, including potential acquisitions that are additive or synergistic to existing operations.
InvestingPro Insights
Build-A-Bear Workshop's recent appointment of Kim Utlaut as Chief Brand Officer aligns with the company's strong market performance and growth strategy. According to InvestingPro data, BBW's market capitalization stands at $506.36 million, reflecting its significant presence in the retail sector. The company's revenue for the last twelve months reached $483.37 million, with a healthy gross profit margin of 54.66%, indicating efficient cost management and pricing power.
InvestingPro Tips highlight that BBW has been trading near its 52-week high, with a strong return of 62.24% over the last year. This performance underscores the company's successful expansion and digital transformation efforts mentioned in the article. Additionally, the tip that management has been aggressively buying back shares suggests confidence in the company's future prospects, which could be further bolstered by Utlaut's strategic leadership.
The company's P/E ratio of 10.81 and adjusted P/E ratio of 10.07 for the last twelve months indicate that the stock may be reasonably valued compared to its earnings, especially considering its recent growth. However, an InvestingPro Tip notes that BBW is trading at a high Price / Book multiple, which investors should consider in their valuation analysis.
For those interested in a deeper dive into Build-A-Bear's financials and future outlook, InvestingPro offers 14 additional tips that could provide valuable insights for investment decisions.
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