Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity research on small cap consumer names.

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $58 price target and projections for Build-A-Bear Workshop with the company announcing 1QFY25 (April) results before the open on Thursday.</li><li>We believe, driven by strong Easter and Spring offerings, further expansion of the Mini Beans, and continued growth in the franchising and commercial space, revenue for 1Q will be solid.</li><li>That said, the near term question remains the impact of tariffs on overall margins, as Build-A-Bear purchased 58% of merchandise from China and 38% from Vietnam in FY24, with China projected by management to account for less than half of merchandise in FY25.</li></ul>

We are reiterating our Buy rating, $58 price target and projections for Build-A-Bear Workshop with the company announcing 1QFY25 (April) results before the open on Thursday.We believe, driven by strong Easter and Spring offerings, further expansion of the Mini Beans, and continued growth in the franchising and commercial space, revenue for 1Q will be solid.That said, the near term question remains the impact of tariffs on overall margins, as Build-A-Bear purchased 58% of merchandise from China and 38% from Vietnam in FY24, with China projected by management to account for less than half of merchandise in FY25.

BBW: 1Q Preview: Top Line Strong; Tariff Impact Unknown; Reiterate Buy, $58 PT

Build A Bear Workshop

BBW: 1Q Preview: Top Line Strong; Tariff Impact Unknown; Reiterate Buy, $58 PT