Build-A-Bear Workshop’s net income increased last fiscal year, thanks to the expansion of its experience locations across the corporate, partner-operated, and franchise store business models.

The company’s annual net income climbed 10 per cent to $52.8 million as revenue widened 3.9 per cent to $486.1 million.

Net retail sales rose 2.2 per cent to $456.2 million while commercial revenue soared 37.2 per cent to $25.4 million. International franchising revenue surged 40.4 per cent to $486.1 million.

“We believe our record results reflect our strategy to continue the evolution of our business model, inclusive of our ongoing digital transformation, the broadening appeal of the Build-A-Bear brand, and last year’s net new unit growth of 37 experience locations across our corporate, partner-operated, and franchise store model,” Build-A-Bear Workshop president and CEO Sharon Price John.

“Looking ahead, we remain focused on our strategic initiatives to leverage the power of the Build-A-Bear brand, including a recent reorganization designed to further elevate our digital and marketing efforts, plus the expected acceleration of net new unit growth to at least 50 locations globally.”

For this fiscal year, the company forecasts revenue growth on a low-to-mid-single-digit percentage basis.

The company also expects net new unit growth of at least 50 experience locations, through a combination of corporately-managed, partner-operated, and franchised business models.