Build-A-Bear Workshop, Inc. Reports an $18 Million Improvement in Operating Performance for the 2014 Fiscal Year

Consolidated comparable store sales increase 9.9% for the 2014 fourth quarter and increase 1.6% for the fiscal year
Retail gross margin expands 730 basis points for the fourth quarter and 450 basis points for the 2014 fiscal year
Pre-tax income improves to $12.6 million for the 2014 fourth quarter and to $16.0 million for the 2014 fiscal year from a pre-tax loss of $2.1 million for the 2013 fiscal year

ST. LOUIS - (BUSINESS WIRE) - Feb. 19, 2015 - Build-A-Bear Workshop, Inc. (NYSE:BBW) today reported results for the fourth quarter and fiscal year ended January 3, 2015.

Fourth Quarter 2014 Highlights (14 weeks ended January 3, 2015):

  • Consolidated net retail sales were $130.0 million, compared to $106.3 million in the fiscal 2013 fourth quarter (13 weeks ended December 28, 2013);
  • Consolidated comparable store sales increased 9.9%, including an 8.5% increase in North America and a 14.0% increase in Europe (fourth quarter comparable store sales are compared to the 14-week period ended January 4, 2014);
  • Retail gross margin expanded 730 basis points to 52.2% compared to 44.9% in the fiscal 2013 fourth quarter;
  • Net income improved to $11.8 million, or $0.67 per diluted share, compared to net income of $5.4 million, or $0.31per diluted share in the fiscal 2013 fourth quarter; and
  • Adjusted net income improved to $12.8 million, or $0.73 per diluted share, compared to adjusted net income of $6.9 million, or $0.40 per diluted share in the fiscal 2013 fourth quarter. (See Reconciliation of Net Income (Loss) to Adjusted Net Income.)

Sharon Price John, Build-A-Bear Workshop’s Chief Executive Officer commented, “The fourth quarter marked a strong finish to the year for Build-A-Bear Workshop. In the quarter, we delivered a 9.9% increase in consolidated comparable store sales, a 730 basis point expansion in retail gross margin and adjusted net income of $12.8 million up from $6.9 million in the fourth quarter of 2013. During the year, we made steady progress toward our stated long term sales productivity and profitability goals with sales growth across geographies, increased sales per square foot and expanded four-wall contribution margin.

“We are leveraging our momentum from the fourth quarter and are off to a positive start in 2015,” Ms. John continued. “Our priorities in the year ahead are focused on continuing the disciplined execution of our strategy while capitalizing on our powerful brand to generate incremental revenue and profit streams for our Company. During the year, we expect to see additional progress toward our goal to drive continuous improvement and sustained profitable growth.”

Additional Fourth Quarter 2014 Details (14 weeks ended January 3, 2015):

  • Total revenues were $131.5 million compared to $108.1 million in the fiscal 2013 fourth quarter (13 weeks endedDecember 28, 2013);
  • Consolidated e-commerce sales rose 9.0%, excluding the impact of foreign exchange;
  • Selling, general and administrative expense (“SG&A”) was $56.4 million, or 42.9% of total revenues, including $1.0 million in management transition, asset impairment and store closing expenses. This compares to $44.3 million, or 40.9% of total revenues in the fiscal 2013 fourth quarter, including $1.5 million in management transition, store closing and asset impairment expenses. Excluding these costs in both periods, SG&A increased 260 basis points to 42.1% of total revenues in the fiscal 2014 fourth quarter; and
  • Pre-tax income improved to $12.6 million compared to pre-tax income of $5.0 million in the 2013 fourth quarter.

Fiscal Year 2014 (53 weeks ended January 3, 2015):

  • Total revenues were $392.4 million compared to $379.1 million in fiscal 2013 (52 weeks ended December 28, 2013);
  • Consolidated net retail sales were $387.7 million, compared to $373.2 million in the 2013 fiscal year;
  • Consolidated comparable store sales increased 1.6% and included a 1.4% increase in North America and a 2.3% increase in Europe (full year comparable store sales are compared to the 53-week period ended January 4, 2014);
  • Consolidated e-commerce sales rose 3.5%, excluding the impact of foreign exchange;
  • Retail gross margin expanded 450 basis points to 45.6% compared to 41.1% in fiscal 2013;
  • SG&A was $164.4 million, or 41.9% of revenues, including $2.2 million in management transition, asset impairment and store closing expenses, compared to $160.7 million, or 42.4% of revenues in fiscal 2013, including $5.3 million in management transition, asset impairment and store closing expenses. Excluding these costs in both periods, SG&A increased 30 basis points to 41.3% of total revenues in fiscal 2014;
  • Pre-tax income improved to $16.0 million from a pre-tax loss of $2.1 million in fiscal 2013;
  • Net income improved to $14.4 million or $0.81 per diluted share compared to net loss of $2.1 million or $0.13 per share in fiscal 2013; and
  • Adjusted net income improved to $16.5 million or $0.93 per diluted share, compared to adjusted net income of $2.9 million or $0.17 per diluted share in fiscal 2013. (See Reconciliation of Net Income (Loss) to Adjusted Net Income.)

Store Activity

During the year, the Company closed 15 stores and opened 16 locations to end the year with 324 Company-owned stores including 265 in North America and 59 in Europe. (See Company-Owned Store Activity Schedule.) The Company’s international franchisees ended the year with 71 stores.

Balance Sheet

As of January 3, 2015, cash and cash equivalents totaled $65.4 million. The Company ended the 2014 fourth quarter with no borrowings under its revolving credit facility. Total inventory at year end was $51.9 millioncompared to $50.2 million at 2013 year end. Inventory per square foot increased 4.9% as compared to the prior year period. In fiscal 2014, capital expenditures were $10.9 million; depreciation and amortization was $18.1 million. In fiscal 2015, the Company expects capital expenditures to be approximately $20 million to $25 millionto support the refresh and repositioning of stores as well as investment in infrastructure. Depreciation and amortization is expected to be approximately $16 million to $18 million.

2015 Key Strategic Initiatives

To increase shareholder value, the Company will begin to evolve from its stated goal of “sustained profitability” to “sustained profitable growth”. Through a combination of continuous improvement of current efforts andstrategic expansion into additive opportunities for each of the key initiatives outlined below, the Company expects to deliver both incremental revenue and profit. The four key initiatives are:

Expanding into More Places

The Company intends to continuously improve its real estate model by strategically evolving its store portfolio to align with market trends while selectively opening new locations and systematically refreshing its store base. To this end, the Company plans to open additional stores in high potential destinations such as tourist locations, outlet malls and shop-in-shops, which have proven more productive than traditional mall stores.

The Company expects to strategically expand its international presence by leveraging the improving strength in its company-owned stores to restructure and extend its international footprint. In 2014, the Company added a new franchisee in Turkey and restructured and expanded its franchise agreement inGermany with the addition of two countries, Switzerland and Austria. In 2015, the Company plans to enter new markets with both a redesigned franchise model and organic corporate expansion.

Targeting More People

The Company intends to continuously grow its business with its core three to twelve year-old consumer segment which represents a majority of current revenue. The Company will focus on initiatives that drive trial and increase repeat visits with an evolved segmentation, product development and marketing strategy.

The Company expects to strategically grow sales to consumers over twelve years-old with a focus on key categories including gift-giving, affinity and collectibles. This consumer segment currently represents over 20% of sales and has a tendency to over-index on less price-sensitive “gift-able” and on-line purchases. Therefore, the Company intends to leverage its e-commerce business to efficiently target these consumers.

Developing More Products

The Company intends to continuously improve and extend its efforts to successfully develop high impact product stories coupled with integrated marketing programs that tend to garner higher price points, drive add-on purchases and create “play beyond the plush”.

The Company also plans to strategically expand its presence and create new sales and profit streams by launching an out-bound licensing program to leverage its strong brand equity. Licensing will enable the Company to extend its brand reach with new offerings in relevant categories and will provide consumers with “products beyond the plush”.

Driving More Profitability

The Company expects to strategically expand its profitability by prioritizing incremental growth initiatives, like those discussed above, that leverage existing infrastructure, are primarily royalty-based, and/or allow for discreet pricing and are therefore comparatively margin-accretive.

Today’s Conference Call Webcast

Build-A-Bear Workshop will host a live Internet webcast of its quarterly investor conference call at 9 a.m. ETtoday. The audio broadcast may be accessed at the Company’s investor relations Web site,http://IR.buildabear.com. The call is expected to conclude by 10 a.m. ET.

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 February 26, 2015. The telephone replay is available by calling (877)-870-5176. The access code is 13599885.

About Build-A-Bear Workshop, Inc.

Founded in St. Louis in 1997, Build-A-Bear Workshop, Inc. is the only global company that offers an interactive make-your-own stuffed animal retail-entertainment experience. There are approximately 400 Build-A-Bear Workshop stores worldwide, including company-owned stores in the U.S., Puerto Rico, Canada, the United Kingdom, Ireland and Denmark, and franchise stores in Europe, Asia, Australia, Africa, the Middle East, andMexico. The Company was named to the FORTUNE 100 Best Companies to Work For® list for the sixth year in a row in 2014. Build-A-Bear Workshop (NYSE: BBW) posted total revenue of $392.4 million in fiscal 2014. For more information, call 888.560.BEAR (2327) or visit the Investor Relations section of its Web site at buildabear.com®.

Forward-Looking Statements

This press release contains forward looking statements that involve risks and uncertainties and the Company’s actual results may differ materially from the results discussed in the forward-looking statements. These risks and uncertainties include, without limitation, those detailed under the caption “Risk Factors” in the Company’s annual report on Form 10-K for the year ended December 28, 2013, as filed with the SEC, and the following:

     

  general global economic conditions may deteriorate, which could lead to disproportionately reduced consumer demand for our products, which represent relatively discretionary spending;
     

  customer traffic may decrease in the shopping malls where we are located, on which we depend to attract guests to our stores;
     

  we may be unable to generate interest in and demand for our interactive retail experience, or to identify and respond to consumer preferences in a timely fashion;
     

  our marketing and on-line initiatives may not be effective in generating sufficient levels of brand awareness and guest traffic;
     

  we may be unable to generate comparable store sales growth;
     

  we may be unable to effectively operate or manage the overall portfolio of our company-owned stores;
     

  we may not be able to operate our company-owned stores in the United Kingdom and Ireland profitably;
     

  we may be unable to renew or replace our store leases, or enter into leases for new stores on favorable terms or in favorable locations, or may violate the terms of our current leases;
     

  the availability and costs of our products could be adversely affected by risks associated with international manufacturing and trade, including foreign currency fluctuation;
     

  our products could become subject to recalls or product liability claims that could adversely impact our financial performance and harm our reputation among consumers;
     

  we may lose key personnel, be unable to hire qualified additional personnel, or experience turnover of our management team;
     

  we are susceptible to disruption in our inventory flow due to our reliance on a few vendors;
     

  high petroleum products prices could increase our inventory transportation costs and adversely affect our profitability;
     

  we may be unable to effectively manage our international franchises or laws relating to those franchises may change;
     

  we may improperly obtain or be unable to adequately protect customer information in violation of privacy or security laws or customer expectations;
     

  we may suffer negative publicity or be sued due to violations of labor laws or unethical practices by manufacturers of our merchandise;
     

  we may suffer negative publicity or negative sales if the non-proprietary toy products we sell in our stores do not meet our quality or sales expectations;
     

  we may be unable to operate our company-owned distribution center efficiently or our third-party distribution center providers may perform poorly;
     

  our market share could be adversely affected by a significant, or increased, number of competitors;
     

  we may fail to renew, register or otherwise protect our trademarks or other intellectual property;
     

  poor global economic conditions could have a material adverse effect on our liquidity and capital resources;
     

  we may have disputes with, or be sued by, third parties for infringement or misappropriation of their proprietary rights;
     

  fluctuations in our quarterly results of operations could cause the price of our common stock to substantially decline; and
     

  we may be unable to repurchase shares of our common stock at the times or in the amounts we currently anticipate or the results of the share repurchase program may not be as beneficial as we currently anticipate.
           

All other brand names, product names, or trademarks belong to their respective holders.

 

Unaudited Condensed Consolidated Statements of Operations
(dollars in thousands, except share and per share data)
                     
      14 Weeks         13 Weeks    
      Ended         Ended    
      January 3,   % of Total     December 28,   % of Total
      2015   Revenues(1)     2013     Revenues(1)
Revenues:                    
Net retail sales   $ 129,973   98.8   $ 106,266     98.3  
Franchise fees     815   0.6     1,165     1.1  
Commercial revenue     714   0.5     658     0.6  

Total revenues

    131,502   100.0     108,089     100.0  
Costs and expenses:                    
Cost of merchandise sold     62,410   47.8     58,901     55.1  
Selling, general and administrative     56,383   42.9     44,253     40.9  
Interest expense (income), net     89   0.1     (93 )   (0.1 )
Total costs and expenses     118,882   90.4     103,061     95.3  
Income before income taxes     12,620   9.6     5,028     4.7  
Income tax expense (benefit)     800   0.6     (418 )   (0.4 )
Net income   $ 11,820   9.0   $ 5,446     5.0  
                     
Income per common share:                    
Basic   $ 0.68       $ 0.31      
Diluted   $ 0.67       $ 0.31      
Shares used in computing common per share amounts:                  
Basic     16,932,393         16,637,548      
Diluted     17,206,636         16,802,775      
                     

 

 

(1)

  Selected statement of operations data expressed as a percentage of total revenues, except cost of merchandise sold which is expressed as a percentage of net retail sales and commercial revenue. 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.
       

 

 
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(dollars in thousands, except share and per share data)
                     
      53 Weeks         52 Weeks    
      Ended         Ended    
      January 3,   % of Total     December 28,   % of Total
      2015   Revenues(1)     2013   Revenues(1)
Revenues:                    
Net retail sales   $ 387,725   98.8   $ 373,173     98.4  
Franchise fees     2,531   0.6     3,564     0.9  
Commercial revenue     2,098   0.5     2,332     0.6  
Total revenues     392,354   100.0     379,069     100.0  
Costs and expenses:                    
Cost of merchandise sold     211,832   54.3     220,738     58.8  
Selling, general and administrative     164,445   41.9     160,708     42.4  
Interest expense (income), net     53   0.0     (259 )   (0.1 )
Total costs and expenses     376,330   95.9     381,187     100.6  
Income (loss) before income taxes     16,024   4.1     (2,118 )   (0.6 )
Income tax expense (benefit)     1,662   0.4     (6 )   0.0  
Net income (loss)   $ 14,362   3.7   $ (2,112 )   (0.6 )
                     
Income (loss) per common share:                    
Basic   $ 0.82       $ (0.13 )    
Diluted   $ 0.81       $ (0.13 )    
Shares used in computing common per share amounts:                  
Basic     16,908,001         16,465,138      
Diluted     17,133,811         16,465,138      
                       

 

  (1)   Selected statement of operations data expressed as a percentage of total revenues, except cost of merchandise sold which is expressed as a percentage of net retail sales and commercial revenue. 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.
       

 

 
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands, except per share data)
         
    January 3,   December 28,
    2015   2013
ASSETS        
Current assets:        
Cash and cash equivalents   $ 65,389     $ 44,665  
Inventories     51,939       50,248  
Receivables     11,461       14,542  
Prepaid expenses and other current assets     15,611       11,547  
Deferred tax assets     1,378       81  
Total current assets     145,778       121,083  
         
Property and equipment, net     62,766       70,163  
Other intangible assets, net     304       518  
Other assets, net     3,206       3,847  
Total Assets   $ 212,054     $ 195,611  
         
         

LIABILITIES AND STOCKHOLDERS' EQUITY

       
Current liabilities:        
Accounts payable   $ 38,107     $ 34,977  
Accrued expenses     24,058       16,380  
Gift cards and customer deposits     34,268       33,786  
Deferred revenue     2,654       4,687  
Deferred tax liability     -       900  
Total current liabilities     99,087       90,730  
         
Deferred franchise revenue     945       905  
Deferred rent     13,353       19,357  
Other liabilities     1,044       229  
         
         
Stockholders' equity:        
Common stock, par value $0.01 per share     174       174  
Additional paid-in capital     69,362       69,094  
Accumulated other comprehensive loss     (8,698 )     (7,303 )
Retained earnings     36,787       22,425  
Total stockholders' equity     97,625       84,390  
Total Liabilities and Stockholders' Equity   $ 212,054     $ 195,611  
                 

 

     
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES    
Unaudited Selected Financial and Store Data    
(dollars in thousands, except for per square foot data)    
                                         
            14 Weeks       13 Weeks       53 Weeks       52 Weeks    
            Ended       Ended       Ended       Ended    
            January 3,       December 28,       January 3,       December 28,    
           

2015

      2013       2015       2013    
                                         
Other financial data:                                    
  Retail gross margin ($) (1)     $ 67,871       $ 47,680       $ 176,838       $ 153,477      
  Retail gross margin (%) (1)       52.2 %       44.9 %       45.6 %       41.1 %    
  E-commerce sales     $ 7,110       $ 6,359       $ 15,062       $ 14,256      
  Capital expenditures, net (2)     $ 5,209       $ 4,670       $ 10,890       $ 19,362      
  Depreciation and amortization     $ 4,743       $ 4,817       $ 18,128       $ 19,216      
                                         
Store data (3):                                    
  Number of company-owned stores at end of period                                  
    North America - Traditional                       245         253      
    North America - Non-traditional                       20         10      
    Total North America                       265         263      
    Europe - Traditional                       57         58      
    Europe - Non-traditional                       2         2      
    Total Europe                       59         60      
    Total stores                       324         323      
                                         
  Number of franchised stores at end of period                       71         86      
                                         
  Company-owned store square footage at end of period                                  
    North America - Traditional                       688,633         716,098      
    North America - Non-traditional                       37,309         19,507      
    Total North America                       725,942         735,605      
    Europe - Traditional (4)                       82,863         84,933      
    Europe - Non-traditional (4)                       1,926         1,926      
    Total Europe                       84,789         86,859      
    Total square footage                       810,731         822,464      
                                         
  Net retail sales per gross square foot - North America (5)                   $ 409       $ 381      
  Net retail sales per selling square foot - Europe (6)                   £ 567       £ 525      
                                         
  Comparable store sales change (7)                                    
    North America       8.5 %       (2.8 )%       1.4 %       5.7 %    
    Europe       14.0 %       (0.1 )%       2.3 %       2.9 %    
    Consolidated       9.9 %       (2.2 )%       1.6 %       5.1 %    
                                         

 

         
    (1)   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.
         
    (2)   Capital expenditures, net represents cash paid for property, equipment, other assets and other intangible assets.
         
    (3)   Excludes our webstore and seasonal and event-based locations. North American stores are located in the United States, Canada and Puerto Rico. In Europe, stores are located in the United Kingdom and Ireland.
         
    (4)   Square footage for stores located in Europe is estimated selling square footage.
         
    (5)   Net retail sales per gross square foot represents net retail sales from stores open throughout the entire period divided by the total gross square footage of such stores in North America. Calculated on an annual basis only.
         
    (6)   Net retail sales per selling square foot for Europe represents net retail sales in local currency from stores open throughout the entire period in Europe divided by the total selling square footage of such stores. Calculated on an annual basis only.
         
    (7)   Comparable store sales percentage changes are based on net retail sales and stores are considered comparable beginning in their thirteenth full month of operation.
         

 

 
* Non-GAAP Financial Measures
 
In this press release, the Company’s financial results are provided both in accordance with generally accepted accounting principles (GAAP) and using certain non-GAAP financial measures. In particular, the Company provides historic earnings (loss) and earnings (loss) per diluted share adjusted to exclude certain costs and accounting adjustments, which are non-GAAP financial measures. These results are included as a complement to results provided in accordance with GAAP because management believes these non-GAAP financial measures help identify underlying trends in the Company’s business and provide useful information to both management and investors by excluding certain items that may not be indicative of the Company’s core operating results. These measures should not be considered a substitute for or superior to GAAP results.
 

 

                                               
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES  
Reconciliation of Net Income (Loss) to Adjusted Net Income  
(dollars in thousands, except per share data)  
                                               
                      14 Weeks       13 Weeks     53 Weeks       52 Weeks  
                      Ended       Ended     Ended       Ended  
                      January 3,       December 28,     January 3,       December 28,  
                      2015       2013     2015       2013  
Net income (loss)         $   11,820       $ 5,446     $   14,362       $ (2,112 )
                                               
  Management transition costs (1)           724         628         1,886         3,194  
  Other asset impairment (2)             304         288         304         288  
  Store closing costs (3)             (35 )       530         (34 )       1,567  
                                               
Adjusted net income         $   12,813       $ 6,892     $   16,518       $ 2,937  
                                               
                      14 Weeks       13 Weeks     53 Weeks       52 Weeks  
                      Ended       Ended     Ended       Ended  
                      January 3,       December 28,     January 3,       December 28,  
                      2015       2013     2015       2013  
Net income (loss) per diluted share       $   0.67       $ 0.31     $   0.81       $ (0.13 )
                                               
  Management transition costs (1)           0.04         0.04         0.10         0.19  
  Other asset impairment (2)             0.02         0.02         0.02         0.02  
  Store closing costs (3)             (0.0 )       0.03         (0.0 )       0.09  
                                               
Adjusted net income per diluted share       $   0.73       $ 0.40     $   0.93       $ 0.17  
                                             

 

     
(1)   Represents transition costs related to changes in executive management. Costs include severance, along with benefits and related taxes, executive search fees, signing bonus and professional fees.
     
(2)   Represents a non-cash charge to impair trade credits.
     
(3)   Represents the net impact related to the closing of stores, including asset impairment and disposal charges and severance costs along with adjustments to lease related liabilities.
     

 

   
BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES  
Company-Owned Store Activity  
                                       
          Fifty-three Weeks Ended January 3, 2015  
          December 28,                         January 3,  
          2013       Opened       Closed     2015  
  North America                                    
  Traditional       253         5         (13 )     245  
  Non-traditional       10         11         (1 )     20  
          263         16         (14 )     265  
                                       
  Europe                                    
  Traditional       58         -         (1 )     57  
  Non-traditional       2         -         -       2  
          60         -         (1 )     59  
  Total       323         16         (15 )     324  
                                       
          Fifty-two Weeks Ended December 28, 2013  
          December 29,                         December 28,  
          2012       Opened       Closed     2013  
  North America                                    
  Traditional       283         4         (34 )     253  
  Non-traditional       8         5         (3 )     10  
          291         9         (37 )     263  
                                       
  Europe                                    
  Traditional       58         1         (1 )     58  
  Non-traditional       2         -         -       2  
          60         1         (1 )     60  
  Total       351         10         (38 )     323  
                                       
          Fifty-two Weeks Ended December 29, 2012  
          December 31,                         December 29,  
          2011       Opened       Closed     2012  
  North America                                    
  Traditional       287         2         (6 )     283  
  Non-traditional       11         1         (4 )     8  
          298         3         (10 )     291  
                                       
  Europe                                    
  Traditional       56         2         -       58  
  Non-traditional       2         -         -       2  
          58         2         -       60  
  Total       356         5         (10 )     351  
                                         
                 

SOURCE Build-A-Bear Workshop, Inc.

Contacts:

Voin Todorovic
Build-A-Bear Workshop
Investor Relations
314.423.8000 x5221

Tanya Coventry-Strader
Build-A-Bear Workshop
Media Relations
314.423.8000 x5293

###

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