<SEC-DOCUMENT>0001157523-16-005404.txt : 20160503
<SEC-HEADER>0001157523-16-005404.hdr.sgml : 20160503
<ACCEPTANCE-DATETIME>20160503070015
ACCESSION NUMBER:		0001157523-16-005404
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160503
DATE AS OF CHANGE:		20160503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BUILD A BEAR WORKSHOP INC
		CENTRAL INDEX KEY:			0001113809
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-HOBBY, TOY & GAME SHOPS [5945]
		IRS NUMBER:				431883836
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0102

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32320
		FILM NUMBER:		161613570

	BUSINESS ADDRESS:	
		STREET 1:		1954 INNERBELT BUSINESS CENTRE DRIVE
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63114
		BUSINESS PHONE:		314-423-8000

	MAIL ADDRESS:	
		STREET 1:		1954 INNERBELT BUSINESS CENTRE DRIVE
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63114
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51333522.htm
<DESCRIPTION>BUILD-A-BEAR-WORKSHOP, INC. 8-K
<TEXT>
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      <font style="font-family: Times New Roman; font-size: 12pt">UNITED STATES</font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font><br><br><font style="font-family: Times New Roman; font-size: 12pt">WASHINGTON,
      DC 20549</font><br><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt">FORM
      8-K</font><br><br><font style="font-family: Times New Roman; font-size: 12pt">CURRENT
      REPORT PURSUANT</font><br><font style="font-family: Times New Roman; font-size: 12pt">TO
      SECTION 13 OR 15&#160;(d) OF THE</font><br><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      EXCHANGE ACT OF 1934</font><br><br><font style="font-family: Times New Roman; font-size: 12pt">Date
      of report (Date of earliest event</font><br><font style="font-family: Times New Roman; font-size: 12pt">reported)</font><font style="font-family: Times New Roman; font-size: 10pt">
      </font><font style="font-family: Times New Roman; font-size: 12pt">May
      3, 2016</font><br><br>
    </p>
    <p style="text-align: center">
      <u><font style="font-size: 12pt">&#160;&#160;&#160;&#160;&#160;Build-A-Bear Workshop, Inc.&#160;&#160;&#160;&#160;</font></u><br><font style="font-family: Times New Roman; font-size: 12pt">(Exact
      Name of Registrant as Specified in Its Charter)</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><br>
    </p>
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    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
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        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>&#160;&#160;&#160;&#160;&#160;Delaware&#160;&#160;&#160;&#160;&#160;</u>
          </p>
        </td>
        <td style="width: 34%; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>&#160;&#160;&#160;&#160;&#160;001-32320&#160;&#160;&#160;&#160;&#160;</u>
          </p>
        </td>
        <td style="width: 33%; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>&#160;&#160;&#160;&#160;&#160;43-1883836&#160;&#160;&#160;&#160;&#160;</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Incorporation)
          </p>
        </td>
        <td style="width: 34%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
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    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 10%">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; width: 40%; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1954 Innerbelt Business Center Drive<br>St. Louis, Missouri
          </p>
        </td>
        <td style="width: 26%; padding-bottom: 2.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; width: 15%; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            63114
          </p>
        </td>
        <td style="width: 9%; padding-bottom: 2.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 40%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of Principal Executive Offices)</font>
          </p>
        </td>
        <td style="width: 26%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 15%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Zip
            Code)</font>
          </p>
        </td>
        <td style="width: 9%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <u><font style="font-family: Times New Roman; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(314)
      423-8000&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></u><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt">(Registrant&#8217;s
      Telephone Number, Including Area Code)</font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions </font>(<i>see </i>General Instruction A.2.
      below):
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-size: 10pt">
      </font><font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-size: 10pt">
      </font><font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-size: 10pt">
      </font><font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-size: 10pt">
      </font><font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <u>Item 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition</u>.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      On May 3, 2016, Build-A-Bear Workshop, Inc. (the &#8220;Company&#8221;) issued a
      press release setting forth the Company&#8217;s first quarter 2016 results and
      announcing that the Company&#8217;s Board of Directors authorized an
      exploration of a full range of strategic alternatives. &#160;A copy of the
      Company&#8217;s press release is being furnished as Exhibit 99.1 and hereby
      incorporated by reference.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The information furnished in, contained, or incorporated by reference
      into this Item 2.02, including Exhibit 99.1 attached hereto, is being
      furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of
      the Securities and Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) or
      otherwise subject to the liabilities of that section, nor shall it be
      deemed incorporated by reference in any filing under the Securities Act
      of 1933, as amended, or the Exchange Act, regardless of any general
      incorporation language in such filing.&#160;&#160;In addition, this report
      (including Exhibit 99.1) shall not be deemed an admission as to the
      materiality of any information contained herein that is required to be
      disclosed solely as a requirement of this Item.
    </p>
    <p>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 10pt; text-align: center; font-family: Times New Roman">
          2
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">

    </p>
    <p style="white-space: nowrap">
      <u>Item 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits</u>.
    </p>
    <p style="white-space: nowrap">
      (d)&#160;&#160;Exhibits
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit Number</u>
          </p>
        </td>
        <td style="width: 80%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description of Exhibit</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td style="width: 80%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 20%; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 80%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release dated May 3, 2016
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <br>
      <br>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURES</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 6%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            BUILD-A-BEAR WORKSHOP, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 6%">

        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 8%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 6%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 6%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Date:
        </td>
        <td style="width: 45%; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            May 3, 2016
          </p>
        </td>
        <td style="width: 6%; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; width: 36%; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Voin Todorovic
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 6%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 36%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name: Voin Todorovic
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 6%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 36%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title: Chief Financial Officer
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 10pt; text-align: center; font-family: Times New Roman">
          3
        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit Number</u>
          </p>
        </td>
        <td style="width: 80%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description of Exhibit</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td style="width: 80%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 20%; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 80%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release dated May 3, 2016
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      4
    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51333522ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Build-A-Bear
      Workshop, Inc. Reports 2.2% Consolidated Comparable Sales Increase in
      2016 First Quarter, Reiterates Annual Guidance and Announces Exploration
      of Strategic Alternatives</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Consolidated
        comparable sales increase 2.2%</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>New
        Discovery store format sales increase 14.0%</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Retail
        gross margin expands 160 basis points to 48.4%</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Pre-tax
        income of $5.3 million, includes $1.9 million in planned new business
        initiative costs related to Discovery store rollout and international
        expansion</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Reiterates
        expectation for a 15% to 25% increase in GAAP pre-tax income in fiscal
        2016</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Board
        of Directors authorizes an exploration of a full range of strategic
        alternatives to potentially accelerate key growth initiatives while
        enhancing total shareholder value</b></font>
      </li>
    </ul>
    <p>
      ST. LOUIS--(BUSINESS WIRE)--May 3, 2016--Build-A-Bear Workshop, Inc.
      (NYSE:BBW) today reported results for the first quarter ended April 2,
      2016. The first quarter included increased net revenues, positive
      consolidated comparable sales and expansion in gross margin. As planned,
      first quarter net income was negatively impacted by the expenses related
      to the rollout of the Company&#8217;s new Discovery format stores and costs
      related to international expansion, including China. In addition, the
      Company&#8217;s tax rate rose to 33.3% from 3.3% in the 2015 first quarter,
      due to the release of the tax valuation allowance in 2015.
    </p>
    <p>
      <b>Fiscal First Quarter 2016 Highlights (13 weeks ended April 2, 2016)</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Consolidated comparable sales (stores and e-commerce) increased 2.2%
        following a 2.2% increase in the fiscal 2015 first quarter. The fiscal
        2016 first quarter included a 3.0% increase in North America,
        following a flat performance in the fiscal 2015 first quarter and a
        1.8% decrease in Europe, following an increase of 14.0% in the fiscal
        2015 first quarter;
      </li>
      <li style="margin-bottom: 10.0px">
        Sales from Discovery format stores (15 stores as of quarter end)
        increased 14.0% and included a 14.1% increase in North America and a
        13.4% increase in Europe;
      </li>
      <li style="margin-bottom: 10.0px">
        Retail gross margin expanded 160 basis points to 48.4% compared to
        46.8% in the fiscal 2015 first quarter;
      </li>
      <li style="margin-bottom: 10.0px">
        Pre-tax income was $5.3 million, which included $1.9 million in
        business expansion costs, compared to pre-tax income of $7.1 million
        in the fiscal 2015 first quarter;
      </li>
      <li style="margin-bottom: 10.0px">
        Tax expense increased to $1.8 million with a tax rate of 33.3%
        compared to a tax expense of $0.2 million with a tax rate of 3.3% in
        the fiscal 2015 first quarter. The change in the Company&#8217;s tax rate as
        compared to the prior year&#8217;s first quarter was driven by the release
        of its tax valuation allowance in fiscal 2015; and
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $3.5 million, or $0.22 per diluted share, compared to
        net income of $6.8 million, or $0.40 per diluted share, in the fiscal
        2015 first quarter.
      </li>
    </ul>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Sharon Price John, Build-A-Bear Workshop President and Chief Executive
      Officer commented, &#8220;In the quarter, we delivered higher revenue,
      positive consolidated comparable sales and expansion in gross margin.
      The 15 stores in our Discovery format achieved an average sales increase
      of 14% and continue to outpace our heritage stores on all key metrics.
      These consistently strong results support our planned investments in the
      ongoing rollout of the Discovery format stores with both remodels and
      new locations, including our expansion into China with a flagship store
      at the Shanghai Disney Resort that is scheduled to open in June.
    </p>
    <p>
      &#8220;As expected, the expenses associated with these initiatives had a
      negative impact on our profitability in the quarter. However, we have
      strategically elected to make these key investments during the first
      half of the year to maximize the number of Discovery locations open
      during our historically strongest season, the fourth quarter,&#8221; continued
      Ms. John. &#8220;Our confidence in this strategy is reflected in the
      reiteration of our annual guidance, which includes an expectation of a
      15% to 25% increase in pre-tax income in fiscal 2016 while delivering
      our fourth consecutive year of increased consolidated comparable sales
      and improved profitability.&#8221;
    </p>
    <p>
      <b>Additional Fiscal First Quarter 2016 Details (13 weeks ended April 2,
      2016)</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total revenues were $95.0 million compared to $93.4 million in the
        fiscal 2015 first quarter;
      </li>
      <li style="margin-bottom: 10.0px">
        Consolidated net retail sales were $94.1 million compared to $91.7
        million in the fiscal 2015 first quarter. The increase in net retail
        sales is primarily attributable to higher consolidated comparable
        sales, new store sales and the recognition of gift card breakage as
        revenue partially offset by the impact of currency and closed stores;
      </li>
      <li style="margin-bottom: 10.0px">
        Comparable e-commerce sales increased 1.0%, following an 8.8% increase
        in the fiscal 2015 first quarter;
      </li>
    </ul>
    <ul>
      <li style="margin-bottom: 10.0px">
        Selling, general and administrative expenses (&#8220;SG&amp;A&#8221;) were $39.7
        million, or 41.8% of total revenues compared to $37.2 million, or
        39.9% of total revenues in the fiscal 2015 first quarter. This
        expected increase in SG&amp;A versus the prior year&#8217;s first quarter is
        primarily due to a shift in the timing of marketing expenses,
        increased compensation expense, and investments in new business
        initiatives and international expansion to support the execution of
        the Company&#8217;s stated strategies; and
      </li>
      <li style="margin-bottom: 10.0px">
        Business expansion expenses were $1.9 million including store
        preopening expenses of $1.2 million associated with the first and
        second quarter openings of the Company&#8217;s new and remodeled Discovery
        format stores. The Company opened four of these locations in the
        fiscal 2016 first quarter and expects to open a minimum of 30
        additional new or remodeled Discovery stores in the remainder of the
        year, with the majority of these occurring in the second quarter.
      </li>
    </ul>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
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        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Store Activity</b>
    </p>
    <p>
      During the first quarter, the Company had nine stores closures and one
      new store opening. As of April 2, 2016, the Company operated 321
      Company-owned stores, including 15 in its new Discovery format, with 264
      locations in North America and 57 in Europe. The Company&#8217;s international
      franchisees ended the period with 76 stores in 11 countries.
    </p>
    <p>
      <b>Balance Sheet</b>
    </p>
    <p>
      The Company ended the fiscal 2016 first quarter with cash and cash
      equivalents totaling $30.8 million and no borrowings under its revolving
      credit facility. Total inventory at quarter-end was $54.0 million
      compared to $51.2 million in the prior year, an increase of 5.5%. In the
      fiscal 2016 first quarter, capital expenditures were $6.2 million, and
      depreciation and amortization was $3.8 million.
    </p>
    <p>
      <b>Share Repurchase Activity</b>
    </p>
    <p>
      During the fiscal 2016 first quarter, the Company repurchased
      approximately 133,000 shares of its common stock for an aggregate amount
      of $1.5 million.
    </p>
    <p>
      <b>Review of Strategic Alternatives</b>
    </p>
    <p>
      The Company&#8217;s Board of Directors authorized an exploration of a full
      range of strategic alternatives. The Company retained Guggenheim
      Securities, LLC as its financial advisor and Bryan Cave LLP as its legal
      counsel to assist with the strategic review.
    </p>
    <p>
      Commenting on the strategic review, Sharon Price John stated, &#8220;The
      disciplined execution of our strategy has led to three consecutive years
      of positive consolidated comparable sales and profit growth fueled by
      margin expansion and improved operational metrics, such as the highest
      average transaction value in our history while consistently generating
      strong cash flow. The authorization to explore strategic alternatives by
      our Board will enable us to evaluate the various opportunities to
      potentially accelerate our key growth initiatives while enhancing total
      shareholder value.&#8221;
    </p>
    <p>
      No timetable has been set for the Company&#8217;s review process. The Company
      does not expect to comment further or update the market with any
      additional information on the process unless and until its Board of
      Directors deems disclosure appropriate or necessary. There is no
      assurance that this exploration will result in any strategic
      alternatives being announced or executed.
    </p>
    <p>
      <b>Fiscal 2016 Outlook</b>
    </p>
    <p>
      For fiscal 2016, the Company continues to expect:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total revenue to increase in the low to mid-single digit range
        compared to the prior year;
      </li>
      <li style="margin-bottom: 10.0px">
        Consolidated comparable sales to increase in the low-single digit
        range;
      </li>
      <li style="margin-bottom: 10.0px">
        GAAP pre-tax income to grow 15% to 25% compared to the prior year;
      </li>
      <li style="margin-bottom: 10.0px">
        A tax rate of approximately 30%;
      </li>
      <li style="margin-bottom: 10.0px">
        Capital expenditures in the range of $25 million to $30 million and
        depreciation and amortization in the range of $17 million to $19
        million; and
      </li>
      <li style="margin-bottom: 10.0px">
        To end the year with 340 to 345 stores, 45 to 55 of which are expected
        to be in its new Discovery format.
      </li>
    </ul>
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        </div>
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      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>2016 Key Strategic Initiatives</b>
    </p>
    <p>
      To increase shareholder value, the Company expects to continue to
      execute its &#8220;MORE&#8221; strategic plan which is designed to leverage the
      power of the Build-A-Bear brand by extending into <i>more</i> places
      with <i>more</i> products to reach <i>more</i> people to deliver <i>more</i>
      long-term profitability with key initiatives in four areas outlined
      below:
    </p>
    <p>
      <u>Expanding into More Places</u>
    </p>
    <p>
      The Company plans to expand its owned and operated locations in 2016 by
      adding 10 to 15 stores, net of closures. Through a combination of
      remodels and new openings, the Company expects to end the year with
      between 45 and 55 stores in its Discovery format. During the first
      quarter, the Company completed remodels of flagship locations at
      Broadway at the Beach in Myrtle Beach, South Carolina; Trafford Centre
      in Manchester, England; and Tivoli Gardens in Copenhagen, Denmark. The
      Company is also on schedule to open a Discovery format location in the
      new Disneytown at the Shanghai Disney Resort in China in June 2016. The
      Company also plans to continue to diversify its real estate portfolio
      with the addition of outlet format stores, shop-in-shops and seasonal
      pop-up locations. The Company also expects to offer a branded experience
      on board Carnival Cruise Line ships through a wholesale agreement,
      beginning in June of 2016.
    </p>
    <p>
      <u>Developing More Products</u>
    </p>
    <p>
      The Company plans to continue to develop and expand its offering of
      intellectual property concepts designed to appeal to key consumer
      segments. To that end, the Company recently successfully launched its
      new Horses &amp; Hearts Riding Club collection targeting its older girl
      segment which has delivered higher than average dollars per transaction
      with high attachment rates of accessory items to the plush products. In
      addition, updates to established properties including Honey Girls and
      Promise Pets, continued to fuel consumer interest. Each of the Company&#8217;s
      intellectual property concepts are supported by digital content of
      videos, games and/or music. The Company also expects to continue to
      expand its wholesale and outbound licensed programs with the addition of
      relevant categories throughout 2016, such as Spin Master Corp. and
      Frankford Candy Build-A-Bear branded products that will launch during
      the second half of the 2016 fiscal year.
    </p>
    <p>
      <u>Attracting More People</u>
    </p>
    <p>
      The Company expects to leverage its relationships with key licensors to
      reach more people, particularly with the teen-plus consumer, through a
      compelling offering of affinity, collectible, entertainment, sports and
      fashion properties. Accordingly, the Company continued to develop its
      Sports Central collection by offering limited edition products tied to
      major championship sporting events such as the exclusive Denver Bronco&#8217;s
      50<sup>th</sup> Anniversary Super Bowl bear which quickly sold out. The
      Company expects its planned launch of enhanced enterprise selling
      capabilities, which will allow consumers to order in store for home
      delivery, to continue to expand this business. In addition, the Company
      expects to attract its core segments and affinity consumers with new
      Marvel products in advance of the upcoming film, <i>Captain America:
      Civil War</i>,<i> </i>as well as launches tied to upcoming theatrical
      releases including<i> </i>Paramount Pictures&#8217; <i>Teenage Mutant
      Ninja Turtles: Out of the Shadows</i> and Disney-Pixar&#8217;s <i>Finding
      Dory.</i>
    </p>
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        </div>
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        </div>
      </div>
    </div>
    <p>
      <u>Driving More Profitability</u>
    </p>
    <p>
      The Company expects to increase its 2016 GAAP pretax profit by 15% to
      25% over its 2015 fiscal results by the disciplined execution of its
      stated strategies including those initiatives detailed above as well as
      its on-going efforts in process improvement and organizational
      efficiency, system upgrades, value engineering and strategic pricing to
      enhance merchandise margins.
    </p>
    <p>
      <b>Today&#8217;s Conference Call Webcast</b>
    </p>
    <p>
      Build-A-Bear Workshop will host a live Internet webcast of its quarterly
      investor conference call at 9 a.m. ET today. The audio broadcast may be
      accessed at the Company&#8217;s investor relations Web site, <u>http://IR.buildabear.com</u>.
      The call is expected to conclude by 10 a.m. ET.
    </p>
    <p>
      A replay of the conference call webcast will be available in the
      investor relations Web site for one year. A telephone replay will be
      available beginning at approximately noon ET today until midnight ET on
      May 10, 2016. The telephone replay is available by calling 885.384.5517.
      The access code is 13634730.
    </p>
    <p>
      <b>About Build-A-Bear</b>
    </p>
    <p>
      Founded in St. Louis in 1997, Build-A-Bear, a global brand kids love and
      parents trust, seeks to add a little more heart to life. Build-A-Bear
      Workshop has approximately 400 stores worldwide where guests can create
      customizable furry friends, including company-owned stores in the United
      States, Canada, Denmark, Ireland, Puerto Rico, and the United Kingdom,
      and franchise stores in Africa, Asia, Australia, Europe, Mexico and the
      Middle East. The company was named to the FORTUNE 100 Best Companies to
      Work For&#174; list for the eighth year in a row in 2016. Build-A-Bear
      Workshop, Inc. (NYSE: BBW) posted total revenue of $377.7 million in
      fiscal 2015. For more information, visit the Investor Relations section
      of buildabear.com.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This press release contains certain statements that are, or may be
      considered to be, &#8220;forward-looking statements&#8221; for the purpose of
      federal securities laws, including, but not limited to, statements that
      reflect our current views with respect to future events and financial
      performance. We generally identify these statements by words or phrases
      such as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221;
      &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;predict,&#8221; &#8220;future,&#8221; &#8220;potential&#8221; or
      &#8220;continue,&#8221; the negative or any derivative of these terms and other
      comparable terminology. All of the information concerning the potential
      outcome of exploring strategic alternatives, our future liquidity,
      future revenues, margins and other future financial performance and
      results, achievement of operating of financial plans or forecasts for
      future periods, sources and availability of credit and liquidity, future
      cash flows and cash needs, success and results of strategic initiatives
      and other future financial performance or financial position, as well as
      our assumptions underlying such information, constitute forward-looking
      information.
    </p>
    <p>
      These statements are based only on our current expectations and
      projections about future events. Because these forward-looking
      statements involve risks and uncertainties, there are important factors
      that could cause our actual results, level of activity, performance or
      achievements to differ materially from the results, level of activity,
      performance or achievements expressed or implied by these
      forward-looking statements, including those factors discussed under the
      caption entitled &#8220;Risks Related to Our Business&#8221; and &#8220;Forward-Looking
      Statements&#8221; in our Annual Report on Form 10-K filed with the Securities
      and Exchange Commission (&#8220;SEC&#8221;) on March 17, 2016 and other periodic
      reports filed with the SEC which are incorporated herein.
    </p>
    <p>
      All of our forward-looking statements are as of the date of this Press
      Release only. In each case, actual results may differ materially from
      such forward-looking information. We can give no assurance that such
      expectations or forward-looking statements will prove to be correct. An
      occurrence of or any material adverse change in one or more of the risk
      factors or other risks and uncertainties referred to in this Press
      Release or included in our other public disclosures or our other
      periodic reports or other documents or filings filed with or furnished
      to the SEC could materially and adversely affect our continuing
      operations and our future financial results, cash flows, available
      credit, prospects and liquidity. Except as required by law, the Company
      does not undertake to publicly update or revise its forward-looking
      statements, whether as a result of new information, future events or
      otherwise.
    </p>
    <p>
      All other brand names, product names, or trademarks belong to their
      respective holders.
    </p>
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      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="21" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="21" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Unaudited Condensed Consolidated Income Statements</b>
        </td>
      </tr>
      <tr>
        <td colspan="21" style="text-align: center; padding-left: 0.0px" valign="top">
          (dollars in thousands, except share and per share data)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>13 Weeks</b>
        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>13 Weeks</b>
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Ended</b>
        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Ended</b>
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>April 2,</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>% of Total</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>April 4,</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>% of Total</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          <b>2016</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="top">
          <b>Revenues <sup>(1)</sup></b>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          <b>2015</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="top">
          <b>Revenues<sup> (1)</sup></b>
        </td>
      </tr>
      <tr>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Revenues:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="6" style="text-align: left; padding-left: 0.0px" valign="top">
          Net retail sales
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          94,056
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          99.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          91,664
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          98.1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="6" style="text-align: left; padding-left: 0.0px" valign="top">
          Commercial revenue
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          481
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,178
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1.3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="6" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Franchise fees
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          439
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          0.5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          551
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          0.6
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Total revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          94,976
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          100.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          93,393
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          100.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: left; padding-left: 0.0px" valign="top">
          Costs and expenses:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="6" style="text-align: left; padding-left: 0.0px" valign="top">
          Cost of merchandise sold - retail <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          48,557
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          51.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          48,792
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          53.2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="6" style="text-align: left; padding-left: 0.0px" valign="top">
          Cost of merchandise sold - commercial <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          51.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          360
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          30.6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="6" style="text-align: left; padding-left: 0.0px" valign="top">
          Selling, general and administrative
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          39,681
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          41.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          37,220
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          39.9
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="6" style="text-align: left; padding-left: 0.0px" valign="top">
          Store preopening
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,244
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.0
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="6" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Interest (income) expense, net
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          (27
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          (0.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          (51
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          (0.1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          89,704
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          94.4
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          86,341
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          92.4
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5,272
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7,052
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7.6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Income tax expense
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          1,754
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          1.8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          230
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          0.2
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Net income
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          3,518
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          6,822
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7.3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: left; padding-left: 0.0px" valign="top">
          Income per common share:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          0.22
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          0.41
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          0.22
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          0.40
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: left; padding-left: 0.0px" valign="top">
          Shares used in computing common per share amounts:
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          15,410,699
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          16,399,397
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          15,592,347
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          16,671,340
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>(1)</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Selected income statement data expressed as a percentage of total
          revenues, except cost of merchandise sold - retail and cost of
          merchandise sold - commercial that are expressed as a percentage of
          net retail sales and commercial revenue, respectively. Percentages
          will not total due to cost of merchandise sold being expressed as a
          percentage of net retail sales and commercial revenue and immaterial
          rounding.
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Unaudited Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          (dollars in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>April 2,</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>January 2,</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>April 4,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 5.0px" valign="top">
          Current assets:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 5.0px" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          30,778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          45,196
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          54,679
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 5.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          53,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          53,877
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          51,170
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 5.0px" valign="top">
          Receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,440
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          13,346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          8,182
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="top">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          15,070
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          16,312
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          13,891
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 5.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          110,270
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          128,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          127,922
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 5.0px" valign="top">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          68,886
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          67,741
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          59,223
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 5.0px" valign="top">
          Deferred tax assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,863
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,864
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,835
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 5.0px" valign="top">
          Other intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,557
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,738
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          252
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="top">
          Other assets, net
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          4,439
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          4,260
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          1,805
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 4.0px; text-align: left; padding-left: 5.0px" valign="top">
          Total Assets
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          196,015
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          213,334
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          192,037
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>LIABILITIES AND STOCKHOLDERS' EQUITY</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 5.0px" valign="top">
          Current liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 5.0px" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          27,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          42,551
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          23,504
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 5.0px" valign="top">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          17,960
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          19,286
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          18,666
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 5.0px" valign="top">
          Gift cards and customer deposits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          31,617
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          35,391
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          31,982
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="top">
          Deferred revenue
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          2,485
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          2,633
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          2,739
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          79,874
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          99,861
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          76,891
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 5.0px" valign="top">
          Deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          13,167
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          12,156
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          12,660
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 5.0px" valign="top">
          Deferred franchise revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          681
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          728
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          890
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 5.0px" valign="top">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,213
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,175
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,155
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="text-align: left; padding-left: 5.0px" valign="top">
          Stockholders' equity:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 5.0px" valign="top">
          Common stock, par value $0.01 per share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          173
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 5.0px" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          65,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          66,009
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          70,780
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="text-align: left; padding-left: 5.0px" valign="top">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (10,614
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (9,971
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (9,697
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="top">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          45,823
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          43,218
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          39,185
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-bottom: 2.0px; text-align: left; padding-left: 5.0px" valign="top">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          101,080
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          99,414
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          100,441
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-bottom: 4.0px; text-align: left; padding-left: 5.0px" valign="top">
          Total Liabilities and Stockholders' Equity
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          196,015
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          213,334
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          192,037
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Unaudited Selected Financial and Store Data</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="text-align: center; padding-left: 0.0px" valign="top">
          (dollars in thousands)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>13 Weeks</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>13 Weeks</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>April 2,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>April 4,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Other financial data:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Retail gross margin ($)<sup> (1)</sup>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          45,499
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          42,872
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Retail gross margin (%) <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          48.4
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          46.8
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          E-commerce sales
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,242
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,249
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Capital expenditures <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,185
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,878
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,811
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,218
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Store data <sup>(3)</sup>:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Number of company-owned retail locations at end of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          North America
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          257
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="top">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          57
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          60
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px" valign="top">
          Total company-owned retail locations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          321
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          317
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Number of franchised stores at end of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          76
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          71
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Company-owned store square footage at end of period<sup> (4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          North America
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          716,751
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          713,605
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="top">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          82,436
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          86,188
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px" valign="top">
          Total square footage
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          799,187
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          799,793
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Consolidated comparable sales change <sup>(5)</sup></b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          North America
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3.0
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (0.1
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          (1.8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          )%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          14.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Consolidated
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          2.2
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          2.2
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          Stores
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2.2
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2.0
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          E-commerce
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          1.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          8.8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Consolidated
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          2.2
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          2.2
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom-color: black" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          (1)
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Retail gross margin represents net retail sales less retail cost of
          merchandise sold. Retail gross margin percentage represents retail
          gross margin divided by net retail sales.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          (2)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Capital expenditures represents cash paid for property, equipment,
          other assets and other intangible assets.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          (3)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Excludes e-commerce. North American stores are located in the United
          States, Canada and Puerto Rico. In Europe, stores are located in the
          United Kingdom, Ireland and Denmark.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          (4)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Square footage for stores located in North America is leased square
          footage. Square footage for stores located in Europe is estimated
          selling square footage.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          (5)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Comparable sales percentage changes are based on net retail sales
          and exclude the impact of foreign exchange. Stores are considered
          comparable beginning in their thirteenth full month of operation.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Build-A-Bear Workshop<br>Investors:<br>Voin Todorovic,
      314-423-8000 x5221<br>or<br>Media:<br>Beth Kerley<br><u>bethk@buildabear.com</u>
    </p>
    <p>

    </p>
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