Build-A-Bear Workshop Inc (BBW) 2025 Q3 法說會逐字稿

Greetings. Welcome to Build-A-Bear Workshop Third Quarter 2025 Earnings Call. (Operator Instructions)

您好。歡迎參加 Build-A-Bear Workshop 2025 年第三季財報電話會議。 （操作說明）

Please note, this conference is being recorded. I would now like to turn the conference over to Gary Schnierow with Investor Relations. Thank you. You may begin.

請注意，本次會議正在錄音。現在我將會議交給投資者關係部的加里·施尼羅先生。謝謝。您可以開始了。

Thank you. Good morning, everyone, and welcome to Build-A-Bear's Third Quarter 2025 Earnings Conference Call. With us today are Sharon John, Build-A-Bear's Chief Executive Officer; Chris Hurt, Chief Operating Officer; and Voin Todorovic, Chief Financial Officer.

謝謝大家。早安，歡迎參加Build-A-Bear 2025年第三季財報電話會議。今天出席會議的有Build-A-Bear執行長Sharon John、營運長Chris Hurt和財務長Voin Todorovic。

During this call, we'll refer to forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially. Please refer to our forms 10-K and 10-Q, including the Risk Factors section. We undertake no obligation to update any forward-looking statements.

在本次電話會議中，我們將提及一些前瞻性陳述，這些陳述受風險和不確定性因素的影響。實際結果可能與這些陳述有重大差異。請參閱我們的10-K表和10-Q表，包括「風險因素」部分。我們不承擔更新任何前瞻性陳述的義務。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website.

在本次電話會議中，我們將提供GAAP和非GAAP財務指標。非GAAP指標與GAAP指標的調節表已包含在今天的獲利新聞稿中，該新聞稿已透過我們的投資者關係網站發布並向公眾開放。

And now I'll turn the call over to Sharon.

現在我把電話交給莎倫。

Thank you, Gary. Good morning, and thanks for joining us for Build-A-Bear's Third Quarter Fiscal 2025 Earnings Call. Today, I would like to begin by thanking the entire team for continuing to drive our positive momentum from the first half to deliver year-to-date record revenue and pretax income.

謝謝 Gary。早安，感謝您參加 Build-A-Bear 2025 財年第三季財報電話會議。今天，首先我要感謝整個團隊，感謝他們延續上半年的良好勢頭，使我們今年迄今為止的營收和稅前利潤均創下歷史新高。

Results that reflect the many strategic and operational advancements we have been systematically executing over the past few years. Solid third-quarter results coupled with the consistency of the underlying fundamentals give us confidence in reaffirming our full year guidance, inclusive of ongoing tariff headwind.

這些業績反映了我們過去幾年系統性地實施的許多策略和營運改善措施。穩健的第三季業績以及基本面的穩定，使我們有信心重申全年業績預期，即使考慮到持續的關稅阻力。

Based on this guidance, Build-A-Bear is positioned to deliver fiscal 2025 revenue of over $0.5 billion for the first time in the company's history. We believe our year-to-date results and positive outlook underscore the resilience of our evolved and diversified business model. Even as we navigate a challenging macro environment, we remain on track to deliver top-tier store contribution margins for the fifth consecutive year, while our asset-light commercial segment is expected to achieve its fourth straight year of growth exceeding 20%.

基於此預期，Build-A-Bear預計在2025財年實現公司史上首次超過5億美元的營收。我們相信，年初至今的業績和積極的展望凸顯了我們不斷發展且多元化的商業模式的韌性。即便麵臨充滿挑戰的宏觀環境，我們仍有望連續第五年實現門市利潤率達到行業領先水平，同時，我們的輕資產商業部門預計將連續第四年實現超過20%的成長。

This strong performance reflects our continued efforts to monetize the power, positioning and equity of the Build-A-Bear brand, such as leveraging our multigenerational appeal to expand the addressable market with teens and adults now representing about 40% of sales, opening unique experiential retail concepts, including new co-branded locations and scaling through initiatives designed to go beyond our workshop like our new Mini Beans collection.

這一強勁的業績反映了我們不斷努力將 Build-A-Bear 品牌的實力、定位和品牌價值貨幣化，例如利用我們跨世代的吸引力來擴大目標市場，青少年和成年人現在約佔銷售額的 40%，開設獨特的體驗式零售概念，包括新的聯名門店，並透過旨在超越我們工作室的舉措（例如我們開設新的 Mini Beans 系列）來擴大規模。

Simply put, we're building on the brand's iconic status to reach more people in more places with more types of products for more occasions. Specifically for the quarter, revenue grew nearly 3% to almost $123 million, and pretax income declined $2 million to nearly $11 million, inclusive of about a $4 million negative tariff impact. For the first 9 months, revenue grew more than 8% to over $375 million and pretax income increased by 15% to almost $46 million, inclusive of about $5 million in a negative tariff impact.

簡言之，我們正依托品牌的標誌性地位，透過提供更多種類、更多場合適用的產品，觸達更多地區、更多消費者。具體而言，本季營收成長近3%，達到近1.23億美元；稅前利潤下降200萬美元，至近1,100萬美元，其中包含約400萬美元的關稅負面影響。前9個月，營收成長超過8%，超過3.75億美元；稅前利潤成長15%，至近4,600萬美元，其中包含約500萬美元的關稅負面影響。

We also returned more than $26 million to shareholders through dividends as well as buybacks, which contributed to more than 24% EPS growth for the first 3 quarters of the fiscal year. Overall, shareholders have received over $160 million since the beginning of fiscal 2021.

我們也透過派發股利和股票回購向股東返還了超過2,600萬美元，促成了本財年前三個季度每股收益成長超過24%。自2021財年開始以來，股東累計已獲得超過1.6億美元的回報。

As we look toward the final and most impactful quarter of the year, our primary focus remains on delivering strong 2025 results. At the same time, we continue to advance the long-term strategic initiatives that position us for future success.

展望今年最後一個也是影響最深遠的季度，我們的首要任務仍然是實現2025年的強勁業績。同時，我們將持續推動各項長期策略舉措，為未來的成功奠定基礎。

As a reminder, these priorities have remained consistent over the last few years and include, one, expanding and evolving our experiential retail footprint; two, advancing our comprehensive digital transformation; and three, leveraging the powerful equity of the Build-A-Bear brand beyond our workshops while continuing to return capital to shareholders.

需要提醒的是，這些優先事項在過去幾年中保持不變，包括：一、擴大和發展我們的體驗式零售佈局；二、推進我們全面的數位轉型；三、在我們的工作室之外，充分利用 Build-A-Bear 品牌的強大資產，同時繼續向股東返還資本。

Now Chris Hurt, Build-A-Bear's Chief Operations Officer, who has been an instrumental part of delivering our positive results over the past decade will share more on expanding our retail footprint. Chris?

現在，Build-A-Bear 的營運長 Chris Hurt 將分享更多關於拓展零售業務的資訊。過去十年，他為我們取得積極業績做出了重要貢獻。 Chris？

Thanks, Sharon. We remain committed to bringing our signature workshop experience, the cornerstone of the Build-A-Bear brand into new markets through a mix of our corporately managed partner-operated and franchise business model. This quarter, we made significant progress, adding 24 net new experience locations with 70% of those openings outside the United States, bringing our total locations to 651 and extending our reach to 33 countries, underscoring the global appeal of our brand.

謝謝莎倫。我們始終致力於將Build-A-Bear品牌的核心——標誌性的工作坊體驗——帶入新市場，並透過公司直營、合作夥伴營運和特許經營相結合的商業模式來實現這一目標。本季度，我們取得了顯著進展，新增24家體驗店，其中70%位於美國以外地區，使我們的門市總數達到651家，業務拓展至33個國家，凸顯了我們品牌的全球吸引力。

We also expanded our corporately operated business model in North America, with 7 new stores, including 3 in Canada, 3 in the greater metro areas of New York and Atlanta, plus a return to Puerto Rico in the highly popular Plaza Las Americas Mall, where the store opening was met with tremendous benefit as our guests were excited to once again engage with the Build-A-Bear brand. These openings, which vary in size and format, reinforce our commitment to high return opportunities in new markets.

我們也在北美拓展了公司自營業務模式，新增了7家門市，包括加拿大3家、紐約和亞特蘭大大都會區各3家，以及重返波多黎各，進駐人氣極高的美洲廣場購物中心（Plaza Las Americas Mall）。新店開幕反應熱烈，顧客們很高興能再次體驗Build-A-Bear品牌。這些門市規模和形式各異，體現了我們致力於在新興市場中把握高回報機會的承諾。

Our international partners and franchisees continue to drive growth in expansion with new locations in Colombia, Denmark, Finland, Mexico, New Zealand, Panama, Qatar, South Africa, Sweden and the UAE. This expansion by our international partners and franchisees further demonstrates the scalability of the brand and our ability to continue to grow our international presence. We ended the quarter with 375 corporately managed stores, 108 franchise locations and 168 partner-operated locations.

我們的國際合作夥伴和加盟商持續推動業務擴張，在哥倫比亞、丹麥、芬蘭、墨西哥、紐西蘭、巴拿馬、卡達、南非、瑞典和阿聯酋開設了新店。這些擴張進一步展現了品牌的可擴展性以及我們持續拓展國際業務的能力。本季末，我們共有375家公司直營店、108家加盟店和168家合作夥伴經營店。

Since Q2 of 2023, we have doubled the number of asset-light partner operated locations, which now represents more than 25% of our total units. Given this emphasis on optimizing operations during the busy holiday season, we opened a vast majority of brand expansion through the first 9 months and remain on track to achieve our guidance of at least 60 net new locations this year.

自 2023 年第二季以來，我們已將輕資產合作夥伴經營門市的數量翻了一番，目前這些門市占我們總門市數的 25% 以上。鑑於我們著重優化假日旺季的運營，我們在前 9 個月內完成了絕大部分品牌擴張計劃，並有望實現今年至少新增 60 家門市的目標。

We are also excited to share that after a decade, the Build-A-Bear brand reentered Germany in the first part of the fourth quarter with one of our existing European partners, Intersource, with locations now open in Berlin and Frankfurt. These openings were a tremendous success as guests were thrilled to once again experience a brand in their home market, and additional locations planned for Stuttgart later in the quarter. This marks another important step in our overall European growth strategy and further strengthen our global footprint by demonstrating international scalability.

我們很高興地宣布，時隔十年，Build-A-Bear品牌於第四季度初重返德國市場，與我們現有的歐洲合作夥伴Intersource攜手，在柏林和法蘭克福開設了新店。新店開幕取得了巨大成功，顧客們欣喜地再次在本土市場體驗到這個品牌。此外，我們計劃在本季稍後在斯圖加特開設更多新店。這標誌著我們整體歐洲成長策略的另一個重要里程碑，並透過展現國際化規模，進一步鞏固了我們的全球佈局。

As a reminder, we opened the first Build-A-Bear Hello Kitty and Friends workshop in the popular Century City mall in Los Angeles in November of 2024, and it quickly became a successful destination for devoted and real fans, collectors, families, kids of all ages and even Hello Kitty herself. This one of a kind collaboration made it clear that the experience deserve a broader presence, especially in unique places that attract millions of visitors, both domestically and from around the world.

提醒一下，我們在2024年11月在洛杉磯著名的世紀城購物中心開設了第一家Build-A-Bear Hello Kitty and Friends主題工坊，它迅速成為忠實粉絲、收藏家、家庭、各年齡段兒童，甚至Hello Kitty本人也趨之若鶓的熱門去處。這次獨一無二的合作讓我們意識到，這種體驗值得更廣泛地推廣，尤其是在那些吸引數百萬國內外遊客的獨特場所。

As announced this morning, we are expanding the Build-A-Bear Hello Kitty and Friends workshop concept with corporately managed stores opening in early 2026 at 2 premier malls, American Dream just outside New York City, and Mall of America in Minneapolis. These co-branded experiential stores will complement our already established Build-A-Bear Workshop at both shopping destinations.

正如今天早上宣布的那樣，我們將拓展 Build-A-Bear Hello Kitty 和朋友們主題體驗店的概念，計劃於 2026 年初在兩家頂級購物中心開設由公司直營的門店，分別是位於紐約市郊的美國夢購物中心 (American Dream) 和位於明尼阿波利斯的美國購物中心 (Mall of America)。這些聯名體驗店將與我們在這兩家購物中心已有的 Build-A-Bear Workshop 門市互補。

As new Build-A-Bear Workshop experience locations open around the globe, we are not only expanding our reach, we're adding a little more heart to life in more places for more people, positioning Build-A-Bear for sustained global growth.

隨著 Build-A-Bear Workshop 體驗店在全球各地開業，我們不僅在擴大業務範圍，還在更多地方為更多人的生活增添更多溫情，從而使 Build-A-Bear 能夠持續實現全球增長。

Thank you, Chris. Our workshops and the emotional, memorable experiences they provide remain at the heart of the Build-A-Bear brand, and we're excited about continuing the expansion of our global footprint especially through our asset-light partner-operated model, which we believe offers a meaningful runway as we bring the Build-A-Bear experience to more markets and consumers around the world.

謝謝你，克里斯。我們的工作坊以及它們所帶來的充滿情感、令人難忘的體驗仍然是 Build-A-Bear 品牌的核心，我們很高興能夠繼續擴大我們的全球商業版圖，特別是透過我們輕資產的合作夥伴營運模式，我們相信這種模式為我們把 Build-A-Bear 的體驗帶給世界各地更多的市場和消費者提供了堅實的基礎。

As part of our digital transformation objective, which is focused on driving omnichannel growth, we recently appointed Carmen Flores as the Senior Vice President of E-commerce and Digital Experiences. Carmen, a seasoned executive, having led digital evolution at companies like Montblanc and the LEGO Group will partner closely with our brand and technology team to strengthen consumer engagement to drive our digital business through more personalized, seamless interactions powered by technology and AI because we know that some of our visitors come to buildabear.com to transact.

作為我們數位轉型目標的一部分，該目標旨在推動全通路成長，我們近期任命 Carmen Flores 為電子商務和數位體驗高級副總裁。卡門是一位經驗豐富的管理者，曾領導萬寶龍和樂高集團等公司的數位轉型，她將與我們的品牌和技術團隊緊密合作，透過科技和人工智慧賦能的更個人化、無縫的互動，加強消費者參與度，從而推動我們的數位化業務發展。因為我們知道，部分訪客造訪 buildabear.com 的目的是為了進行交易。

While others come to find a store and plan a visit, we believe the real unlock for the concept of e-comm at Build-A-Bear is striking the right balance between e-commerce and e-communications. Over the past few years, we have built a strong infrastructure and the next step is leveraging through our people and processes to monetize that investment fully.

當其他人來這裡尋找門市並計劃造訪時，我們認為Build-A-Bear電子商務理念的真正突破在於找到電子商務和電子通訊之間的最佳平衡點。過去幾年，我們已經建立了強大的基礎設施，下一步是透過我們的人員和流程，充分發揮這些投資的價值。

Our third area is capitalizing on opportunities that leverage our 30 years of multiple generational brand equity for incremental growth. On top of our experienced location expansion that Chris discussed, one example of this effort is represented by pre-stuffed branded plush that can be sold outside of our workshop in a wide variety of retail environments.

我們的第三個領域是充分利用我們30年來幾代人累積的品牌資產，實現穩步成長。除了克里斯提到的經驗豐富的門市擴張之外，我們還推出了預先填充的品牌毛絨玩具，可以在我們工作室以外的各種零售環境中銷售，這便是我們努力的一個例子。

While we originally launched our proprietary Mini Beans collectibles in Build-A-Bear Workshop as a pilot project, given that we are now approaching 3 million units sold with over 60% growth in the third quarter alone, we believe this highlights the opportunity to drive broader global reach of the brand through thousands of additional points of sale beyond the workshop. In fact, Mini Bean's distribution has already expanded into a number of independent retailers.

雖然我們最初是在Build-A-Bear Workshop推出我們獨有的Mini Beans系列收藏品的試點項目，但鑑於目前銷量已接近300萬件，僅第三季度就增長了60%以上，我們相信這凸顯了通過在Build-A-Bear Workshop之外的數千個銷售點，將品牌推向更廣闊的全球市場的巨大潛力。事實上，Mini Beans的銷售管道已擴展到多家獨立零售商。

Specific third quarter highlights include our strong Halloween collection, featuring a new fan favorite Posable Bat that generated over 3 million social views, raising awareness of the entire Halloween offering. You may recall that 2024 had been our best-selling Halloween assortment on record, but we're pleased to share that we saw a double-digit increase in 2025, likely driven by the continued macro interest in the holiday, but also from our strong seasonal offering including our exclusive Hello Kitty and Friends co-branded Halloween characters, further solidifying the power of that special relationship.

第三季的亮點包括我們強勁的萬聖節系列，其中一款備受粉絲喜愛的可動蝙蝠玩具在社交媒體上獲得了超過300萬次的瀏覽量，顯著提升了整個萬聖節系列的知名度。您可能還記得，2024年是我們有史以來最暢銷的萬聖節系列，但我們很高興地宣布，2025年的銷量實現了兩位數的增長，這很可能得益於人們對萬聖節的持續關注，同時也得益於我們強大的季節性產品陣容，包括我們獨家推出的Hello Kitty和朋友們聯名萬聖節角色，進一步鞏固了我們與Hello Kitty之間的特殊合作關係。

Separately, on September 9, once again, we positioned Build-A-Bear as the celebrated centerpiece of National Teddy Bear Day, delivering record results on top of all of those teddy hugs during a special acknowledgment of the importance of stuffed animal.

另外，9 月 9 日，我們再次將 Build-A-Bear 定位為全國泰迪熊日的焦點，在特別表彰毛絨玩具重要性的同時，還獲得了創紀錄的業績，並收穫了無數泰迪熊擁抱。

From a fourth quarter-to-date perspective, we're pleased to share that we delivered the best Black Friday in the company's history with momentum improving after a slowdown at the end of the third quarter in October. While some of this shift may reflect external factors, we believe our holiday merchandising and marketing efforts have played a key role in driving our stronger conversion and higher dollars per transaction so far in the quarter.

從第四季至今的情況來看，我們很高興地宣布，公司黑色星期五的銷售業績創下歷史新高，在經歷了10月底第三季末的放緩之後，銷售勢頭明顯回升。雖然部分成長可能受到外部因素的影響，但我們相信，假期期間的商品陳列和行銷活動在推動本季度迄今為止更高的轉換率和更高的單筆交易金額方面發揮了關鍵作用。

Turning to the holiday strategy. This season, we are offering fun trend animals like Gingerbread Axolotl, classics like our Timeless Teddy in Santa gear, stocking stuffers including our all-important gift cards, which are key to driving January traffic and sales, seasonal Mini Bean and new on-trend bag charms inspired by some of our historical bestsellers.

接下來談談假日行銷策略。本季，我們將推出趣味十足的潮流動物玩偶，例如薑餅墨西哥鈍口蠑螈；經典款玩偶，例如身著聖誕老人裝扮的永恆泰迪熊；以及各種聖誕襪填充物，包括我們至關重要的禮品卡（這是提升一月份客流量和銷售額的關鍵）；此外還有季節限定的迷你豆豆玩偶，以及靈感源自我們一些歷史包暢銷的新歷史包。

And as always, we are reinforcing Build-A-Bear as an experiential destination. A big part of the strategy is being seen as a part of our guest holiday tradition. That is why our core messaging leverages our centerpiece Merry, Mission animated feature film, which this year celebrates the tenth anniversary of Glisten, the magical snowdeer and heroine of the movie with a limited edition version that really lights up.

一如既往，我們致力於將 Build-A-Bear 打造成一個體驗式目的地。我們的一項重要策略是將其融入顧客的節日傳統之中。因此，我們的核心訊息傳遞重點放在了我們的招牌動畫電影《歡樂假期》（Merry Mission）上映十週年紀念版上映。今年，為了慶祝電影中神奇的雪鹿女主角 Glisten 的十週年，我們特別推出了一款會發光的限量版。

In closing, it's been a delight to be here in Manhattan this week, participating in Giving Tuesday with our value partners Salesforce and First Book, alongside the Build-A-Bear Foundation to provide books and bears to kids in need. This week's events culminate with today's earnings call from the New York Stock Exchange, where we will also take part in the annual tree lighting ceremony this evening.

最後，很高興本週能在曼哈頓與我們的重要合作夥伴 Salesforce 和 First Book 以及 Build-A-Bear 基金會一起參與「捐贈星期二」活動，為有需要的孩子們提供書籍和泰迪熊。本週的活動以今天在紐約證券交易所舉行的財報電話會議達到高潮，我們也將參加今晚的年度聖誕樹點燈儀式。

Without a doubt, I feel genuine sense of pride and gratitude for this remarkable organization, our Board, shareholders, partners and amazing guests around the world who not only enable us but also share in our mission to add a little more heart to life.

毫無疑問，我對這個卓越的組織、我們的董事會、股東、合作夥伴以及來自世界各地的了不起的賓客們感到由衷的自豪和感激，他們不僅支持我們，而且與我們共同致力於為生活增添更多溫馨。

And with that, I'll turn the call over to Voin.

接下來，我將把電話交給沃因。

Thank you, Sharon, and good morning, everyone. I will discuss the quarterly results and then share more about our full year outlook. We achieved the highest revenue in the company's history for both the third quarter and the first 9 months of the year. This was also the highest pretax income for the first 9 months. And absent the impact of tariffs, it would have also been a record for third quarter pretax income.

謝謝莎倫，大家早安。我將先介紹季度業績，然後再分享我們全年的展望。我們第三季和前九個月的營收均創下公司歷史新高。前九個月的稅前利潤也創下歷史新高。如果不計關稅的影響，第三季的稅前利潤也將創下歷史新高。

These results underscore the durability of our evolved business model and the effectiveness of the strategic initiatives that we have implemented over the past several years. Moving to a more detailed review of our third quarter results. Total revenues were $122.7 million, an increase of 2.7%. As a reminder, this was on top of 11% growth last year. Net retail sales were $112.3 million, an increase of 2.5%.

這些業績凸顯了我們不斷完善的商業模式的穩健性，以及過去幾年實施的各項策略措施的有效性。接下來，我們將更詳細地回顧第三季的業績。總收入為1.227億美元，年增2.7%。值得一提的是，去年同期營收成長了11%。淨零售額為1.123億美元，年增2.5%。

Looking at our direct-to-consumer sales in more detail, we saw solid performance in August and September followed by a decline in October around the time of the government shutdown. As Sharon mentioned, the fourth quarter to date has shown a positive rebound from October. For the quarter overall, store sales were up with a slight transaction decrease driven by a 1% decline in traffic.

從更詳細的直接面向消費者的銷售情況來看，8月和9月表現強勁，但10月由於政府停擺而出現下滑。正如莎倫所提到的，第四季迄今已從10月開始出現積極反彈。本季整體而言，門市銷售額有所成長，但交易量略有下降，這主要是由於客流量下降了1%。

October also faced a tougher comparison due to a new license introduction last year that benefited traffic. For the quarter, domestic store traffic outperformed the national benchmark. Also, dollars per transaction were up as selected price increases and product mix contributed to higher average unit retail prices.

由於去年新推出的許可證制度提振了客流量，10月的業績也面臨更大的年比壓力。本季度，國內門市客流量超過了全國平均水準。此外，由於部分商品價格上漲和產品組合調整推高了平均單價，每筆交易的金額也有所增加。

E-commerce demand declined 10.8%, primarily due to challenging comparison driven by a strong license product launch last year. The timing of web launches also shifted revenue between quarters. And as such, on a year-to-date basis, e-commerce demand is down less than 1%.

電子商務需求下降了10.8%，主要原因是去年強勁的授權產品發布導致基數較高。此外，網站上線時間的差異也影響了各季度的營收。因此，年初至今，電子商務需求實際下降不到1%。

Commercial revenue, which primarily represents wholesale sales to our partner operators grew 4.2% for the quarter. The timing of shipments negatively impacted our third quarter. However, commercial revenue has increased 15.3% year-to-date. We continue to expect commercial revenue to grow by more than 20% for the year.

本季商業收入（主要指向合作夥伴營運商的批發銷售額）成長了4.2%。發貨時間對第三季業績造成了負面影響。然而，今年迄今，商業收入已成長15.3%。我們仍預計全年商業收入將成長超過20%。

Gross margin was 53.7%, a decline of 40 basis points compared to last year, primarily reflecting the impact of tariffs. Tariffs and related costs reduced gross profit by about $4 million in the quarter. SG&A was $55.3 million or 45.1% of total revenues compared to 43.3% last year. Higher store level compensation, including medical benefits and higher minimum wage requirements, timing of marketing expenses and general inflationary pressures contributed to the increase.

毛利率為53.7%，較去年同期下降40個基點，主要受關稅影響。關稅及相關成本導致本季毛利減少約400萬美元。銷售、管理及行政費用為5,530萬美元，佔總營收的45.1%，高於去年同期的43.3%。門市員工薪資（包括醫療福利和更高的最低工資標準）、行銷費用支出時間以及整體通膨壓力均導致了銷售、管理及行政費用的增長。

Pretax income of $10.7 million was $2.4 million below last year's $13.1 million. Tariffs and associated costs reduced pretax income by about $4 million. EPS of $0.62 compared to $0.73 last year, reflected lower pretax income, a slightly lower income tax rate and a reduced share count. Although this quarter is the first to be meaningfully impacted by tariffs over the first 9 months, we delivered record revenues and profits resulting in over 24% EPS growth versus last year.

稅前利潤為1,070萬美元，比去年同期的1,310萬美元減少了240萬美元。關稅及相關成本使稅前利潤減少了約400萬美元。每股收益為0.62美元，低於去年同期的0.73美元，反映了稅前利潤下降、所得稅率略有降低以及流通股數量減少。儘管本季是前9個月中第一個受到關稅顯著影響的季度，但我們仍實現了創紀錄的營收和利潤，使得每股盈餘較去年同期成長超過24%。

We also remain committed to returning capital to shareholders. During the quarter, we returned $13 million through dividends and share repurchases, bringing our year-to-date total to $26.1 million. We also maintained significant flexibility with about $70 million remaining under our board approved repurchase authorization.

我們始終致力於向股東返還資本。本季度，我們透過派發股息和股票回購返還了1,300萬美元，使年初至今的返還總額達到2,610萬美元。此外，我們仍保持相當大的彈性，在董事會批准的股票回購授權下，我們仍有約7,000萬美元的資金。

Turning to the balance sheet. At third quarter end, cash and cash equivalents totaled $27.7 million compared to $29 million last year. The company finished the quarter with no borrowings under its revolving credit facility. Inventory at quarter end was $83.3 million, an increase of $12.5 million. The increase was driven by the accelerated purchases to mitigate contemplated changes in tariff rates as well as the inclusion of tariffs into the cost of inventory.

接下來看一下資產負債表。截至第三季末，公司現金及現金等價物總額為2,770萬美元，去年同期為2,900萬美元。公司本季末未動用循環信貸額度。季末存貨為8,330萬美元，較上年同期增加1,250萬美元。增加的主要原因是為應對預期關稅稅率變化而加快採購，以及將關稅計入存貨成本。

In addition, a portion of the increase was made to support the growth of our commercial segment. We remain comfortable in both the level and composition of our inventory, which we believe positions us well to meet demand and execute our growth strategy for the balance of the year.

此外，部分增資用於支持我們商業部門的成長。我們對目前的庫存水準和結構感到滿意，相信這使我們能夠很好地滿足市場需求，並在今年剩餘時間內有效執行我們的成長策略。

Turning to the outlook. We are reaffirming our full year guidance as shared in today's press release. At the midpoint of our range, our annual revenue guidance implies about 2% growth in the fourth quarter. As you know, December has historically been the most significant month of the quarter and the year for Build-A-Bear. We also continue to expect our commercial segment to grow by more than 20% for the full year, which implies at least 30% growth in the fourth quarter.

展望未來，我們重申今天新聞稿中發布的全年業績預期。以預期區間中位數計算，第四季營收成長約2%。眾所周知，12月曆來是Build-A-Bear全年乃至每季最重要的月份。我們仍預期全年商業業務成長將超過20%，這意味著第四季至少成長30%。

Turning to our pretax income guidance. The midpoint implies about $20 million in fourth quarter pretax income. As a reminder, we guided to less than $11 million in tariffs impact for the year. For the first 9 months, we recognized about $1 million in the second quarter and roughly $4 million in the third quarter, which implies a remaining tariff impact of less than $6 million for the last quarter of the year. It is important to note that tariff impact in 2025 reflects only the last 7 months of the fiscal year.

接下來談談我們的稅前利潤預期。預期中位數意味著第四季度稅前利潤約為2000萬美元。需要提醒的是，我們先前預計全年關稅影響將低於1,100萬美元。在前九個月中，我們在第二季度確認了約100萬美元的關稅影響，在第三季度確認了約400萬美元的關稅影響，這意味著第四季度剩餘的關稅影響將低於600萬美元。值得注意的是，2025年的關稅影響僅反映本財政年度的最後7個月。

Additionally, as previously mentioned on our last call, our pretax guidance continues to include approximately $5 million in additional medical and labor costs. Of note, these costs collectively represent a headwind of almost $60 million for the year.

此外，正如我們在上次電話會議中提到的，我們的稅前業績預期仍包含約500萬美元的額外醫療和人力成本。值得注意的是，這些成本合計將使全年業績面臨近6,000萬美元的不利影響。

In closing, we are pleased with our strong year-to-date performance. As we look ahead, our focus remains on executing the company's strategic objectives of expanding the global footprint, accelerating the digital transformation and leveraging our strong brand equity while delivering consistent value to shareholders through disciplined capital allocation.

綜上所述，我們對年初至今的強勁業績感到滿意。展望未來，我們將繼續專注於執行公司策略目標，包括擴大全球業務版圖、加速數位轉型、充分發揮強大的品牌價值，並透過審慎的資本配置，持續為股東創造價值。

Finally, I want to extend my sincere thanks to our store and warehouse associates, corporate team members and valued partners around the world. Their dedication and collaboration were instrumental in delivering a record first 9 months results as we continue to be on track to achieve our fifth consecutive year of record results.

最後，我要衷心感謝我們遍佈全球的門市和倉庫員工、公司團隊成員以及所有重要的合作夥伴。他們的奉獻和協作是我們前九個月業績創下歷史新高的關鍵，我們也正朝著連續第五年創下業績新高的目標穩步邁進。

This concludes our prepared remarks. We will now turn the call back over to the operator for questions. Operator?

我們的發言到此結束。現在我們將把電話轉回給接線生，回答大家的問題。接線生？

(Operator Instructions) Eric Beder, SCC Research.

（操作說明）Eric Beder，SCC Research。

I'd like to button up on the tariff piece a little bit. So you [indiscernible] tariffs is about $10 million and a little bit of that was in Q2. When we think about next year, what are the opportunities to reduce this? Because if I sit here and just kind of extrapolate it to kind of like about $18 million in tariff impact next year. How should we be thinking about this going forward and your ability to start mitigating this even further?

我想就關稅問題再補充一些細節。你們的關稅大約是1000萬美元，其中一部分是在第二季產生的。展望明年，我們有哪些機會可以降低這部分支出？因為如果我簡單地推算一下，明年的關稅影響可能會達到1800萬美元左右。我們該如何看待這個問題，以及你們如何進一步減輕這部分影響？

I'll take that, Eric. Thank you for your question. As we mentioned in our call, yes, this year, we had about 7 months of tariff expenses. We believe that's going to be less than $11 million total for 7 months. As we go into next year, even though we are not providing any guidance on 2026 at this point, there is going to be additional months. Clearly, first 5 months of next year, we'll have some tougher comparison because we are going to be experiencing tariffs.

好的，埃里克。謝謝你的提問。正如我們在電話會議中提到的，是的，今年我們大約有7個月的關稅支出。我們預計這7個月的總支出將低於1,100萬美元。進入明年，雖然我們目前不提供2026年的任何預測，但肯定會有幾個月的支出。顯然，明年前5個月的情況會比較複雜，因為我們將面臨關稅的影響。

We continue to work and -- to find ways to mitigate some of the challenges that are caused by tariffs. Even as you've seen in our quarter, this year in Q4, we had $4 million of negative tariff impact and our profits only declined at a smaller margin. So we continue to do things that are within our control. We are working with our partners in Asia to reduce our cost. We are looking at ways to selectively and increase prices where we can to mitigate the offset of this additional cost.

我們仍在努力尋找應對關稅挑戰的方法。正如您在今年第四季所看到的，儘管關稅對我們造成了400萬美元的負面影響，但我們的利潤下降幅度較小。因此，我們將繼續採取力所能及的措施。我們正與亞洲的合作夥伴攜手降低成本。我們也在探索在條件允許的情況下選擇性地提高價格，以抵消關稅帶來的額外成本。

We are managing things within our control, such as promotions and discounts. And that's part of the reason, even in Q3, we are seeing a lesser negative impact of these tariffs on our financials with our strong margin results.

我們正在管理那些我們能夠控制的因素，例如促銷和折扣。這也是為什麼即使在第三季度，這些關稅對我們財務狀況的負面影響較小，我們仍然保持了強勁的利潤率。

So there are things that we continue to do to manage from the margin perspective as well as we are looking at things from the overall P&L perspective that are within our control to help mitigate some of those things that we are seeing.

因此，我們會繼續從利潤率的角度進行管理，同時也會從整體損益的角度審視我們可控的事項，以幫助緩解我們目前看到的一些問題。

Now one of the positive things from the tariff perspective is administration like the Chinese rate will go from 30% to 20% next year. So that will be a little bit of a benefit compared to the 30% that we had for a big part of this year.

從關稅角度來看，正面的一面是，例如中國的關稅稅率明年將從30%降至20%。與今年大部分時間裡30%的稅率相比，這將帶來一些好處。

It's also important to realize that some of our strategic initiatives that we have implemented even prior to the tariff situation have been focused on the diversification of the company. And so as Chris noted in some of his comments, we are growing our store count outside the United States, which are not for the large part, impacted by the tariff situation.

同樣重要的是要認識到，我們在關稅問題出現之前就實施的一些策略性舉措，其重點在於公司業務多元化。正如克里斯在一些評論中提到的，我們正在美國以外地區增加門市數量，而這些地區在很大程度上不受關稅問題的影響。

Great. And I want to talk about something we can see in our store visits. So one of the things in 2025 has been kind of the, I guess, diversification in pricing in the sense that the Mini Beans continue to be a great part of the business and they're about $10 right now. And on the flip side, we've also seen some higher-priced items expand such as the Giant Furry Friends. And to your point about Glisten, Glisten is a limited edition.

好的。我想談談我們在門市巡視中觀察到的一些現象。 2025 年的一個趨勢是價格多元化，例如迷你豆豆仍然是我們業務的重要組成部分，目前售價約為 10 美元。另一方面，我們也看到一些價格較高的產品，例如巨型毛絨玩具，並開始銷售。至於您提到的 Glisten，它是限量版。

It's about -- correct me, it's $100. How -- where are you seeing kind of the gains from doing these pieces? And how is this diversification? Is it bringing in the different customers to the business? And where should we be thinking about that going forward?

大概是——如果我沒記錯的話，是100美元。您認為這些措施能帶來哪些效益？這算不算多角化經營？它是否為公司帶來了不同的客戶群？我們接下來該如何規劃這方面？

Yes, Eric, I'll start. Yes. I mean we've talked about diversification across numerous fronts over the years. And rethinking beyond just what had been the standard approach to Build-A-Bear Workshop because the brand equity is, in our opinion, and from a research perspective is bigger than just the location of Build-A-Bear Workshop. That's one thing. But the second piece of the diversification is not just the global aspect that I mentioned.

是的，艾瑞克，我先來。是的。我的意思是，這些年來我們已經在很多方面討論過多元化。我們需要重新思考Build-A-Bear Workshop的傳統模式，因為我們認為，而且從研究的角度來看，品牌價值遠不止Build-A-Bear Workshop的門市位置。這是一方面。但多元化的第二面向不只指我剛才提到的全球化。

But yes, we have an enormous amount of opportunity, we believe, from the multigenerational aspect, which I noted in my comments, 40% of our sales are to teens and adults. That often, particularly when it is related to license, some of our key licensed products allows us a lot more pricing latitude. And then we have also had partnerships in the past where we've been up in the $100 range before like the Swarovski relationship that we have.

是的，我們相信，從跨世代的消費族群來看，我們擁有巨大的機會。正如我剛才提到的，我們40%的銷售額都來自青少年和成年人。尤其是在授權產品方面，我們的一些重點授權產品能讓我們在定價方面有更大的彈性。此外，我們過去也曾與一些品牌合作，例如與施華洛世奇的合作，產品價格一度達到100美元左右。

But that latitude, both on the lower end and the higher end, does bring in different types of gifts. And we reiterated that in that we believe that we have an opportunity to appeal to more people in more places for more products and more occasions. So while we have Mini Beans at $10, which are meant to be and, in fact, are manifesting themselves as a collectible, so people tend to buy more than one of those, so it's an individual -- it's a $10 purchase, but you usually are buying more than one.

但這種價格上的自由度，無論高低，都帶來了不同類型的禮物。我們重申，我們相信這讓我們有機會在更多地方、更多場合，吸引更多消費者。例如，我們推出的迷你豆售價10美元，它旨在成為（實際上也確實如此）收藏品，所以人們往往會購買不只一個。雖然每個迷你豆售價10美元，但通常情況下，你會購買不只一個。

But we also continue to offer at the lowest end, our birthday treat there. So we have accessibility to consumers. But it is our -- we believe that it's an important aspect of our brand to stretch the limits on what makes sense and what -- if that is still valuable to the consumer. People love Glisten. So we wanted to try our own collectibles this year in our own special limited edition, and thus far so good.

但我們也繼續提供價格親民的產品，例如我們的生日禮物。這樣就能滿足不同消費者的需求。但我們認為，突破產品本身的界限，探索其合理性和價值所在，是我們品牌的重要組成部分。人們喜歡Glisten。所以今年我們想嘗試推出自己的收藏品，推出特別限量版，目前看來效果不錯。

Greg Gibas, Northland Securities.

Greg Gibas，北地證券。

Great. Wondering if you could speak to your promotional activity in the quarter? Was it something that you leaned into a little bit more? Or I guess, maybe how would you say compared year-over-year?

好的。我想請您談談本季的促銷活動？您是否加大了這方面的投入？或者，您能否談談與去年同期相比的情況？

Well, actually, our promotional activity, we have been managing our discounts and promotional activity much more stringently. And we are actually seeing lower discount rate in the quarter as we have seen over the last couple of quarters. This is one of those things that we believe it's within our control, and this is one of the ways we are trying to help mitigate the impact of some of these additional costs that are outside of our control.

實際上，我們已經更嚴格地管理了促銷活動，包括折扣和促銷活動。而且，與過去幾個季度相比，本季的折扣率確實有所下降。我們認為這是我們能夠控制的因素之一，也是我們努力減輕一些我們無法控制的額外成本影響的方式之一。

And as a reminder, over many years that we've been with the company, we have done a tremendous job of expanding our merchandise margin, managing our margin cost and being really focused on the experience and driving the overall ticket value versus really trying to drive growth to promotion.

再次提醒大家，在我們與公司合作的這些年裡，我們一直致力於擴大商品利潤率、控制利潤成本，並真正專注於提升客戶體驗和提高整體客單價，而不是一味追求促銷成長。

Our brand, it's very unique in a way how we are positioned and people are coming to our stores to celebrate their special events. And we believe creating the best experience for them and upselling and doing things to really enhance that experience is the way for us to both grow the business and deliver strong margin results.

我們的品牌定位非常獨特，人們會來我們的門市慶祝他們的特殊時刻。我們相信，為顧客打造最佳體驗，並透過追加銷售等方式真正提升這種體驗，是我們實現業務成長和高利潤的關鍵。

This goes in line as being a destination and people are coming to celebrate these special events and over the years, we have done, in my opinion, doing a really good job managing the margin and expanding over probably 1,000 points over the last decade or so.

這與這裡作為旅遊目的地的定位相符，人們來到這裡慶祝這些特殊活動。在我看來，多年來，我們在管理利潤率方面做得非常出色，並且在過去十年左右的時間裡，積分可能已經增加了 1000 多分。

Got it. That's very helpful. And I wanted to ask if you could share anything more about trends that you're seeing with Mini Bean sales and then, I guess, just overall demand with that product line? And I guess progress with kind of new SKU introductions with that product line as well.

明白了，這很有幫助。我還想問一下，您能否分享更多關於迷你豆銷售趨勢以及該產品線整體需求的資訊？還有，該產品線新品上市的進度如何？

Yes. Well, we're really excited about Mini Beans for a number of reasons. And I did share in the comments that we were approaching $3 million in sales. And just in this last quarter, we saw a 60% increase. And are now in, as I mentioned as well, in the early stages, but we're selling Mini Beans in different retailers outside of the workshop, but also to a lot of our partners where we have partner operating relationships.

是的。我們對Mini Beans感到非常興奮，原因有很多。我在評論裡也提到過，我們的銷售額即將達到300萬美元。而且光是上個季度，我們就實現了60%的成長。正如我之前提到的，我們目前還處於早期階段，但我們不僅在工作室以外的零售商處銷售Mini Beans，還透過我們許多合作夥伴的管道進行銷售。

So it's got the masthead of the Build-A-Bear, but it's like a -- Great Wolf Lodge, for example, they offer so many [indiscernible] outside of the United States and some of our partnerships in Europe.

所以它有 Build-A-Bear 的標誌，但它就像——例如 Great Wolf Lodge，他們在美國以外提供很多[無法辨認]服務，以及我們在歐洲的一些合作關係。

But we see this as it's a -- we create variety with the Mini Beans. They are collectible, they are seasonal. We bring out new characters. Some of them are based on our favorites from the Build-A-Bear historical collection. We also bring out what we call takedown of some of the seasonal products that we're doing and people like to buy those together.

但我們認為，迷你豆系列能帶來多樣性。它們具有收藏價值，而且會根據季節推出。我們會推出新的角色，其中一些角色取材自Build-A-Bear歷史系列中最受歡迎的角色。此外，我們也會推出一些季節性產品的複刻版，人們喜歡把它們一起購買。

But we're also just recently created things with partners. So we're starting to have Mini Beans with some of our licenses which has been extremely successful and very exciting.

但我們最近也與合作夥伴共同開發了一些產品。例如，我們開始與一些授權者合作推出 Mini Beans，這項合作非常成功，也令人興奮。

So Sanrio, as an example, which we mentioned a number of times in the prepared remarks, with Hello Kitty and Friends, just again, a tremendous multidimensional partnership for us, whether that's us creating seasonal products with them or Mini Beans with them or even new locations with that partnership. It's been wonderful and they have such great fans and the fanbase overlaps tremendously with Build-A-Bear. So it makes a lot of sense.

以三麗鷗為例，我們在準備的演講稿中多次提到，他們與Hello Kitty和朋友們的合作對我們來說意義非凡，而且是多方面的合作，無論是與他們共同開發季節性產品、迷你豆系列，還是透過合作開設新店，都讓我們受益匪淺。他們的粉絲群非常龐大，而且與Build-A-Bear的粉絲群高度重疊。所以，這樣的合作順理成章。

But we see Mini Beans as just -- it's a proof point in many ways of how we can extend beyond the make your own plush. And while we will never remove the destination aspect from the centerpiece and the heart of our company, it's how people are often introduced to our brand, and it's where that halo effect comes from. It is important for us to recognize that there is potential beyond that.

但我們認為Mini Beans在許多方面都證明了我們可以超越「DIY毛絨玩具」的範疇。雖然我們永遠不會將目的地體驗從公司的核心和靈魂中剝離，但人們往往是透過這種方式來了解我們的品牌，而光環效應也正是由此而來。對我們來說，認識到除此之外還有更大的發展潛力至關重要。

Yes, that's good to hear, Sharon. Congrats on the Black Friday.

是的，聽到這個消息真好，莎倫。恭喜你黑色星期五購物成功。

Steve Silver, Argus Research.

史蒂夫·西爾弗，阿格斯研究公司。

I had a question about the tie-ins. I know you guys mentioned that you had a presence around the Wicked movie coming out, which came out like right around Thanksgiving, which may have contributed to the strong results on Black Friday.

我有個關於連動活動的問題。我知道你們提到在電影《魔法壞女巫》（Wicked）上映前後做了一些推廣活動，這部電影上映的時間正好在感恩節前後，這可能對黑色星期五的銷售業績有所助益。

But I'm just trying to get a sense as to just broadly speaking, whenever Build-A-Bear is involved with a high-profile movie launch and its tie-in kind of thing, whether the sales that those products generate are really more concentrated around the launch of those movies or really what the tail looks like for how long beyond the launch marketing tends to go toward these products and how long the contributions extend?

但我只是想大致了解一下，當 Build-A-Bear 參與到備受矚目的電影上映及其相關活動中時，這些產品帶來的銷售額是更集中在電影上映期間，還是在電影上映後，營銷活動會持續多久，以及這些產品的貢獻會持續多久？

Yes. Thank you. Yes. So this is actually our second year of Wicked. We had Wicked with the original movie and because we knew, as did many of the partners that, that would be a 2-year event, the test of years.

是的，謝謝。是的，這其實是我們第二年舉辦《魔法壞女巫》音樂劇了。我們和許多合作夥伴一起推出了《魔法壞女巫》音樂劇，因為我們當時就知道，這將是一個為期兩年的活動，經得起時間的考驗。

So it's been great because Wicked was more successful than we expected in the first year so we were able to prepare a little bit better for this year. And while it is the tremendous partnership, I really can't look at it and say that's the reason why we drove Black Friday or that's the reason why we're seeing the [decreases.]

所以這很棒，因為《魔法壞女巫》第一年的成功超出了我們的預期，讓我們能夠更好地為今年做準備。雖然這是一次非常棒的合作，但我真的不能說這就是我們推動「黑色星期五」銷售成長或導致銷量下降的原因。

Our November trend is based on a much broader assortment than that. But of course, all of these licenses and everything that we do to appeal to different consumer groups for different purposes, and even our growth outside the United States is helpful in the achievement of those objectives in Black Friday. In fact, one of the interesting things about Black Friday is, I believe, Eric mentioned earlier, is these jumbos.

我們11月份的趨勢是基於比這更廣泛的產品系列。當然，所有這些授權以及我們為吸引不同消費群體、滿足不同需求所做的一切，甚至我們在美國以外的成長，都有助於我們在「黑色星期五」實現這些目標。事實上，我認為，正如艾瑞克之前提到的，「黑色星期五」的一大亮點就是這些巨型商品。

We had a really great -- we did do a promotion. We just walked through like last week we did, but we don't. But I mean, clearly, you have to participate in what the consumer expects on the Black Friday. But very limited promotion on that on the -- in some ways to introduce people to the aspect of these jumbos, and that was a big success for us on Black Friday.

我們確實做了一次很棒的促銷活動。就像上週一樣，我們只是簡單地逛了一圈，但我們並沒有刻意去做。我的意思是，很明顯，你必須參與消費者對黑色星期五的期待。但我們在黑色星期五的促銷活動非常有限——在某種程度上，是為了讓人們了解這些巨型冰箱，而這在黑色星期五對我們來說非常成功。

But the tail to your question of licensed products, particularly related to film. I'm going to apologize upfront. It's such a wide variety, it's almost like snowflakes. I mean it is a -- there isn't that much of a predictability on exactly how the consumer will react. Now we have a lot more information when it's a sequel like we did with Wicked because -- and that's a known entity.

但關於你提到的授權產品，特別是電影相關的產品，我得先道個歉。這類產品種類繁多，幾乎就像雪花一樣千差萬別。我的意思是，消費者的反應很難預測。當然，如果是像《魔法壞女巫》（Wicked）這樣的續集，我們掌握的資訊就多得多，因為——畢竟它是一部已知作品。

So that one we expect we had a little more latitude and those are a little more stretchy. But literally, unless the film is a big hit, if it's an unknown, it's -- you try to calculate and manage your risk on that. We do a pretty good job.

所以，我們預期這部電影的製作自由度會更高一些，也更靈活一些。但實際上，除非電影大獲成功，否則如果是一部名不見經傳的電影，你就得想辦法計算並控制風險。我們在這方面做得相當不錯。

Okay. I appreciate the color. And one more, if I may. It was a very interesting concept, the idea of expanding to a second Build-A-Bear location in these initial malls. I think you mentioned American Dream and Mall of America.

好的。我很喜歡這個顏色。如果可以的話，我再補充一點。在這些最初的幾家購物中心開設第二家 Build-A-Bear 門市的想法非常有趣。我想您提到了美國夢購物中心和美國購物中心。

So given the fact that Build-A-Bear would then have a multiple presence in some of these large malls, I'm curious as to whether that plays into any leverage from Build-A-Bear just in terms of lease terms given the existing presence and the contribution that Build-A-Bear is already making to some of these locations?

鑑於 Build-A-Bear 將在其中一些大型購物中心擁有多家門市，我很好奇，考慮到 Build-A-Bear 目前的門市佈局以及它已經對其中一些門市做出的貢獻，這是否會在租賃條款方面給 Build-A-Bear 帶來任何優勢？

Yes, that's a great question. I mean, obviously, the more revenue you're driving and the more foot traffic you participate or create with any of our great mall partners, it does create another bullet point of communication and possible leverage, if you want to call it that.

是的，這是一個很好的問題。我的意思是，很顯然，你帶來的收入越多，你與我們任何優秀的購物中心合作夥伴共同參與或創造的人流量越多，就越能增加溝通和潛在的談判籌碼，如果你願意這麼稱呼的話。

But our biggest, I would say opportunity there is just continuing to work with these partners particularly given that 60%, 70% up to 80%, depending on how you think about it or some of our research of our guests are coming to Build-A-Bear that happens to be in the mall or just coming to the mall and like stumbling into a Build-A-Bear. That destination-driven marketing and the experience that we provide is now the hallmark of what most retailers are looking for.

但我認為我們最大的機會在於繼續與這些合作夥伴攜手共進，尤其考慮到有60%、70%甚至80%的顧客（具體比例取決於你的理解或我們的一些調查結果）是偶然光顧位於購物中心的Build-A-Bear門店，或者只是在購物中心閒逛時偶然走進一家Build-A-Bear。這種以目的地為導向的行銷方式以及我們提供的體驗，如今已成為大多數零售商夢寐以求的行銷模式。

We are often credited with being a pioneer in that space. And that's a big asset for us as an organization, as a company, and we realize that and so do our partners. So that's probably our largest contribution in many of the discussions that we have with malls is that we believe we're part of the solution of people returning to in-person shopping and mall shopping and as do our partners, which is why we are getting a second location in 2 of the biggest destination-based retail concepts in the United States.

我們經常被譽為該領域的先驅。這對我們公司、對我們整個組織來說都是一筆巨大的財富，我們自己和我們的合作夥伴都深知這一點。因此，在我們與購物中心的多次洽談中，我們最大的貢獻或許在於：我們相信自己是人們重返線下購物和購物中心購物解決方案的一部分，我們的合作夥伴也認同這一點。正因如此，我們才能在美國兩家最大的目的地型零售中心開設第二家門市。

(Operator Instructions) Keegan Cox, DA Davidson.

（操作說明）基根·考克斯，DA·戴維森。

Yes. I was just curious on what you guys said with respect to the slowdown you saw with the government shutdown. I'm just wondering, did you see a trade down from your customer, like a mix shift towards lower price point products like Mini Beans? And then kind of continuing on that theme, how that spend shapes on kids versus kind of your adult customer.

是的。我只是好奇你們對政府停擺期間經濟放緩的看法。我想知道，你們的顧客是否出現了消費降級的情況，例如轉向購買像迷你豆子這樣價格更低的產品？然後，再進一步探討一下，這種消費模式在兒童和成年顧客之間有何差異。

Yes. So Thanks, Keegan, for the question. And as I mentioned in my prepared remarks, definitely, we saw some strength in our business in the first 2 months of the quarter. Then October, we had a little bit of a slowdown in traffic. And there are a few things that were happening at that time.

是的。謝謝基根的提問。正如我在準備好的發言稿中提到的，我們本季前兩個月的業務確實表現強勁。但到了十月份，客流量略為下降。當時也發生了一些其他的事情。

Definitely, there was some noise related by the government shutdown. In addition to that, last year, we had an introduction of -- for us at that time, we licensed Bluey, that performed really well for us and did help drive traffic last year. So that compounded some of the traffic challenges that we were facing this time around. And as we talked about, like we had like softer finish to the Q3, but we rebounded in November, and we are seeing some positive momentum. We had, as Sharon talked about, best Black Friday in our history.

政府停擺確實造成了一些幹擾。除此之外，去年我們推出了Bluey——當時我們獲得了它的授權——它的表現非常出色，確實為我們帶來了許多流量。所以，這加劇了我們今年面臨的一些流量挑戰。正如我們之前提到的，第三季末的業績略顯疲軟，但我們在11月份實現了反彈，並且目前正處於積極的成長勢頭。正如Sharon所說，我們迎來了史上最好的「黑色星期五」。

So some of those things, like it is really difficult to point out like specifically what's happening. But we are seeing growth in Mini Beans, as Sharon told, over 3 million units sold -- or sorry, approaching 3 million units sold with that particular property. But in addition to that, we are selling these giants to our consumer like over $100 price point.

所以有些事情，例如具體發生了什麼，真的很難指出。但正如莎倫所說，我們看到迷你豆銷量成長，超過300萬個——或者更準確地說，是接近300萬個。除此之外，我們也以超過100美元的價格向消費者銷售這些巨型產品。

So we are getting like to a lot of different consumers. And I don't think that's necessarily impacting us in a negative way. Our dollar per transactions continue to grow and we are pleased with that. Our conversion is strong. So those are things that we believe are within our control.

所以我們接觸到了很多不同的消費者群體。我認為這未必會對我們產生負面影響。我們的單筆交易金額持續成長，我們對此感到滿意。我們的轉換率也很高。所以，我們認為這些都是我們可以掌控的因素。

But definitely, there are concerns and challenges when we think from the macro environment and things that we always say, things that are outside of our control. We are trying to mitigate. We are trying to manage our expenses. And we still feel good about the guidance that we have provided on the full year basis to deliver fifth consecutive record year in our history.

但毫無疑問，從宏觀環境以及我們常說的那些我們無法控制的因素來看，確實存在一些擔憂和挑戰。我們正在努力減輕這些影響，並努力控制支出。儘管如此，我們仍然對全年業績預期充滿信心，並有望連續第五年創下公司歷史新高。

Got it. And then listening to just some of your competitor calls and some Black Friday store checks. They mentioned they're taking share in plush, and I saw that in some stores. I know you guys mostly benchmark against yourself. But as we think about the Mini Beans opportunity, I mean, what interests you about fulfilling that product in other retailers and taking on that competition.

明白了。然後我聽了一些競爭對手的電話會議，也去了一些黑色星期五的門市巡查。他們提到正在搶佔毛絨玩具的市場份額，我在一些門市也看到了這種情況。我知道你們主要以自身為標竿。但是，當我們考慮Mini Beans的銷售機會時，我的意思是，你們對在其他零售商處銷售這款產品並與之競爭的興趣點是什麼？

Yes. So definitely, that's one of those areas that when we think about what's happening with our stores, what's happening with Mini Beans, as I mentioned that we are approaching 3 million units sold in our stores. And that portion of those sales are also in other retail channels. So we are selling some of that to wholesale account, that's definitely an area of opportunity for us. And we believe there is a little white space as we move forward.

是的。所以，這絕對是我們在思考門市營運狀況以及Mini Beans品牌發展時需要考慮的領域之一。正如我之前提到的，我們的門市銷售即將達到300萬件。其中一部分銷售也來自其他零售通路。我們把一部分產品賣給了批發商，這無疑是一個充滿機會的領域。我們相信，隨著業務的拓展，這方面還有一些發展空間。

But as we think about the overall plush sales and everything, I can't comment on how other people and what their performance is. But I'll again reiterate, it's a fifth consecutive year of record results for us. So year after year, yes, we continue to beat our revenue goals, margin goals. We are pleased with the progress that we are making. But there is still some white space for us as we look to the future, especially in the wholesale channel.

但就整體毛絨玩具銷售情況而言，我無法評論其他公司的表現。但我再次重申，這已經是我們連續第五年創下業績新高。所以，年復一年，我們持續超越營收和獲利目標。我們對所取得的進展感到滿意。但展望未來，尤其是在批發通路方面，我們仍有提升空間。

And I'll just add a little bit to that. I mean, while we're really pleased with our growth from experienced retail location expansion, and I think Chris mentioned to 651 locations around the globe now. The expansion into new retail environments, that offers up literally thousands of doors that Build-A-Bear would otherwise not have a presence in, where it's not necessary to go through the experience that created us, but because that experience is so emotional and sell memorable, it creates a halo effect.

我再補充一點。我的意思是，我們對透過拓展實體零售店實現的成長非常滿意，克里斯也提到過，我們現在在全球擁有651家門市。但更重要的是，拓展到新的零售環境，這為我們打開了成千上萬扇原本Build-A-Bear無法涉足的大門。在這些地方，顧客無需體驗我們最初的產品，但正是因為這種體驗如此觸動人心、令人難忘，所以它產生了光環效應。

It's that brand and the brand equity stretches beyond the workshop walls. And Mini Beans is an example of that in that they are -- people understand that this is going to be a quality product.

正是這種品牌及其品牌價值超越了工作室的圍牆。 Mini Beans 就是一個很好的例子，因為人們明白，這將會是一款優質產品。

They think of it as it has the branded equity with it. So it's not just another plush on the shelf. It's Build-A-Bear. So when you think about what is the essence of the competition, we believe that the Mini Beans carry that branded aspect that benefits it in that space. And we are seeing that from early sales, both, of course, inside the Build-A-Bear Workshop, as I noted, but in some of the early stages of outside of the workshops as well.

他們認為這款產品具有品牌價值。所以它不僅僅是貨架上眾多毛絨玩具中的一款，它是Build-A-Bear品牌。因此，當我們思考競爭的本質時，我們認為Mini Beans系列毛絨玩具所具備的品牌優勢使其在該領域脫穎而出。我們從早期銷售中也看到了這一點，當然，正如我剛才提到的，這不僅體現在Build-A-Bear Workshop內部，也體現在一些早期階段的外部銷售中。

There are no further questions at this time. I would like to turn the conference back over to Sharon for closing remarks.

目前沒有其他問題了。現在我將會議交還給莎倫，請她作總結發言。

Thank you for being on the call today. And we certainly appreciate everyone joining us to hear our third quarter results and look forward to sharing our fourth quarter results with you next year.

感謝各位今天參加電話會議。我們非常感謝各位蒞臨聆聽我們第三季業績報告，並期待明年與大家分享第四季業績。

In closing, we wish you and your families a very happy holiday and a wonderful new year.

最後，祝您和您的家人節日快樂，新年快樂。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的會議到此結束。您可以斷開連接了，感謝您的參與。