----

----

----

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| x | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the quarterly period ended April 2, 2011 |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------|

| o | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from              to               |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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| Delaware                                                      | 43-1883836                       |
|---------------------------------------------------------------|----------------------------------|
| (State or Other Jurisdiction ofIncorporation or Organization) | (IRS EmployerIdentification No.) |

|                                                    |       |
|---------------------------------------------------------|------------|
| 1954 Innerbelt Business Center DriveSt. Louis, Missouri | 63114      |
| (Address of Principal Executive Offices)                | (Zip Code) |

----

| Large accelerated filer  ̈      | Accelerated filer x                        |
|-----------------------------------------------|-------------------------------------------------|
|                                          |                                            |
| Non-accelerated filer  ̈        | Smaller reporting company  ̈ |
| (Do not check if a smaller reporting company) |                                            |

----

----

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|                         |           |                                                                                        |                             |
|------------------------------|----------------|---------------------------------------------------------------------------------------------|----------------------------------|
|                         |           |                                                                                        | Page                             |
|                         |           |
| Part I Financial Information |           |
|                         |           |                                                                                        |                             |
|                         | Item 1.   | Financial Statements (Unaudited)                                                            |      3  |
|                         |           | Consolidated Balance Sheets                                                                 |      3  |
|                         |           | Consolidated Statements of Operations                                                       |      4  |
|                         |           | Consolidated Statements of Cash Flows                                                       |      5  |
|                         |           | Notes to Consolidated Financial Statements                                                  |      6  |
|                         |           |                                                                                        |                             |
|                         | Item 2.   | Management’s Discussion and Analysis of Financial Condition and Results of Operations |      11 |
|                         |           |                                                                                        |                             |
|                         | Item 3.   | Quantitative and Qualitative Disclosures About Market Risk                                  |      19 |
|                         |           |                                                                                        |                             |
|                         | Item 4.   | Controls and Procedures                                                                     |      19 |
|                         |           |
| Part II Other Information    |           |
|                         |           |                                                                                        |                             |
|                         | Item  1A. | Risk Factors                                                                                |      20 |
|                         | Item 2.   | Unregistered Sales of Equity Securities and Use of Proceeds                                 |      20 |
|                         | Item 6.   | Exhibits                                                                                    |      21 |
|                         |           |                                                                                        |
|                         | Signatures     | 22                                                                                          |

----

| BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES                                                         |   |
|------------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED BALANCE SHEETS                                                                |   |
| (Unaudited)                                                                                          |   |
| (Dollars in thousands, except share and per share data)                                              |   |
|                                                                                                 |   |   |   |   |   |   |
|                                                                                                 |   | April 2, |   |   | January 1, |   |
|                                                                                                 |   | 2011 |   |   | 2011 |   |
|                                                                                                 |   |   |   |   |   |   |
| ASSETS                                                                                               |
|  Current assets:                                                                                |   |   |   |   |   |   |
|  Cash and cash equivalents                                                                      |   | $ | 45,124 |   |   | $ | 58,755 |   |
|  Inventories                                                                                    |   |   | 39,492 |   |   |   | 46,475 |   |
|  Receivables                                                                                    |   |   | 3,503 |   |   |   | 7,923 |   |
|  Prepaid expenses and other current assets                                                      |   |   | 19,128 |   |   |   | 18,425 |   |
|  Deferred tax assets                                                                            |   |   | 7,539 |   |   |   | 7,465 |   |
|  Total current assets                                                                           |   |   | 114,786 |   |   |   | 139,043 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
|  Property and equipment, net of accumulated depreciation of $168,978 and $163,606, respectively |   |   | 83,461 |   |   |   | 88,029 |   |
|  Goodwill                                                                                       |   |   | 33,561 |   |   |   | 32,407 |   |
|  Other intangible assets, net                                                                   |   |   | 1,264 |   |   |   | 1,444 |   |
|  Other assets, net                                                                              |   |   | 14,462 |   |   |   | 14,871 |   |
|  Total Assets                                                                                   |   | $ | 247,534 |   |   | $ | 275,794 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
|  LIABILITIES AND STOCKHOLDERS' EQUITY                                                           |
|  Current liabilities:                                                                           |   |   |   |   |   |   |   |   |
|  Accounts payable                                                                               |   | $ | 25,103 |   |   | $ | 36,325 |   |
|  Accrued expenses                                                                               |   |   | 6,363 |   |   |   | 15,488 |   |
|  Gift cards and customer deposits                                                               |   |   | 24,291 |   |   |   | 28,880 |   |
|  Deferred revenue                                                                               |   |   | 6,761 |   |   |   | 6,679 |   |
|  Total current liabilities                                                                      |   |   | 62,518 |   |   |   | 87,372 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
|  Deferred franchise revenue                                                                     |   |   | 1,639 |   |   |   | 1,706 |   |
|  Deferred rent                                                                                  |   |   | 27,387 |   |   |   | 28,642 |   |
|  Other liabilities                                                                              |   |   | 344 |   |   |   | 361 |   |
|                                                                                                 |   |   |   |   |   |   |   |   |
|  Stockholders' equity:                                                                          |   |   |   |   |   |   |   |   |
|  Preferred stock, par value $0.01, Shares authorized: 15,000,000; No shares                     |   |   |   |   |   |   |   |   |
|  issued or outstanding at April 2, 2011 and January 1, 2011                                     |   |   | - |   |   |   | - |   |
|  Common stock, par value $0.01, Shares authorized: 50,000,000;                                  |   |   |   |   |   |   |   |   |
|  Issued and outstanding: 19,600,470 and 19,631,623 shares, respectively                         |   |   | 196 |   |   |   | 196 |   |
|  Additional paid-in capital                                                                     |   |   | 74,409 |   |   |   | 76,582 |   |
|  Accumulated other comprehensive loss                                                           |   |   | (7,602 | ) |   |   | (9,959 | ) |
|  Retained earnings                                                                              |   |   | 88,643 |   |   |   | 90,894 |   |
|  Total stockholders' equity                                                                     |   |   | 155,646 |   |   |   | 157,713 |   |
|  Total Liabilities and Stockholders' Equity                                                     |   | $ | 247,534 |   |   | $ | 275,794 |   |

----

| BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES            |   |
|---------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS         |   |
| (Unaudited)                                             |   |
| (Dollars in thousands, except share and per share data) |   |
|                                                    |   |   |   |   |   |   |
|                                                    |   | Thirteen weeks ended |   |
|                                                    |   | April 2, 2011 |   |   | April 3, 2010 |   |
|                                                    |   |   |   |   |   |   |
| Revenues:                                               |   |   |   |   |   |   |
| Net retail sales                                        |   | $ | 94,159 |   |   | $ | 99,786 |   |
| Commercial revenue                                      |   |   | 1,106 |   |   |   | 967 |   |
| Franchise fees                                          |   |   | 726 |   |   |   | 683 |   |
| Total revenues                                          |   |   | 95,991 |   |   |   | 101,436 |   |
|                                                    |   |   |   |   |   |   |   |   |
| Costs and expenses:                                     |   |   |   |   |   |   |   |   |
| Cost of merchandise sold                                |   |   | 58,225 |   |   |   | 59,106 |   |
| Selling, general and administrative                     |   |   | 41,265 |   |   |   | 39,533 |   |
| Store preopening                                        |   |   | 47 |   |   |   | 11 |   |
| Interest expense (income), net                          |   |   | 103 |   |   |   | (32 | ) |
| Total costs and expenses                                |   |   | 99,640 |   |   |   | 98,618 |   |
|                                                    |   |   |   |   |   |   |   |   |
| Income (loss) before income taxes                       |   |   | (3,649 | ) |   |   | 2,818 |   |
| Income tax expense (benefit)                            |   |   | (1,398 | ) |   |   | 1,139 |   |
| Net income (loss)                                       |   | $ | (2,251 | ) |   | $ | 1,679 |   |
|                                                    |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share:                       |   |   |   |   |   |   |   |   |
| Basic                                                   |   | $ | (0.12 | ) |   | $ | 0.09 |   |
| Diluted                                                 |   | $ | (0.12 | ) |   | $ | 0.09 |   |
|                                                    |   |   |   |   |   |   |   |   |
| Shares used in computing common per share amounts:      |   |   |   |   |   |
| Basic                                                   |   |   | 18,090,245 |   |   |   | 18,974,540 |   |
| Diluted                                                 |   |   | 18,090,245 |   |   |   | 19,392,479 |   |

----

| BUILD-A-BEAR WORKSHOP, INC. AND SUBSIDIARIES                            |
|-------------------------------------------------------------------------|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                         |
| (Unaudited)                                                             |
| (in thousands)                                                          |
|                                                                    |   |   |   |   |   |   |
|                                                                    |   | Thirteen weeks ended |   |
|                                                                    |   | April 2, 2011 |   |   | April 3, 2010 |   |
|                                                                    |   |   |   |   |   |   |
| Cash flows from operating activities:                                   |   |   |   |   |   |   |
| Net income (loss)                                                       |   | $ | (2,251 | ) |   | $ | 1,679 |   |
| Adjustments to reconcile net income to                                  |   |   |   |   |   |   |   |   |
| net cash used in operating activities:                                  |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                           |   |   | 6,524 |   |   |   | 6,868 |   |
| Deferred taxes                                                          |   |   | 392 |   |   |   | 112 |   |
| Loss on disposal of property and equipment                              |   |   | 119 |   |   |   | 28 |   |
| Stock-based compensation                                                |   |   | 1,255 |   |   |   | 1,229 |   |
| Change in assets and liabilities:                                       |   |   |   |   |   |   |   |   |
| Inventories                                                             |   |   | 7,220 |   |   |   | (2,998 | ) |
| Receivables                                                             |   |   | 4,465 |   |   |   | 1,246 |   |
| Prepaid expenses and other assets                                       |   |   | (873 | ) |   |   | 1,504 |   |
| Accounts payable and accrued expenses                                   |   |   | (20,433 | ) |   |   | (5,028 | ) |
| Lease related liabilities                                               |   |   | (1,330 | ) |   |   | (1,075 | ) |
| Gift cards and customer deposits and deferred revenue                   |   |   | (4,644 | ) |   |   | (4,548 | ) |
| Net cash used in operating activities                                   |   |   | (9,556 | ) |   |   | (983 | ) |
| Cash flows from investing activities:                                   |   |   |   |   |   |   |   |   |
| Purchases of property and equipment, net                                |   |   | (2,229 | ) |   |   | (2,916 | ) |
| Purchases of other assets and other intangible assets                   |   |   | (93 | ) |   |   | (341 | ) |
| Net cash used in investing activities                                   |   |   | (2,322 | ) |   |   | (3,257 | ) |
| Cash flows from financing activities:                                   |   |   |   |   |   |   |   |   |
| Purchases of Company's common stock                                     |   |   | (2,464 | ) |   |   | (1,359 | ) |
| Exercise of employee stock options                                      |   |   | 3 |   |   |   | - |   |
| Net cash used in financing activities                                   |   |   | (2,461 | ) |   |   | (1,359 | ) |
| Effect of exchange rates on cash                                        |   |   | 708 |   |   |   | (1,560 | ) |
| Net decrease in cash and cash equivalents                               |   |   | (13,631 | ) |   |   | (7,159 | ) |
| Cash and cash equivalents, beginning of period                          |   |   | 58,755 |   |   |   | 60,399 |   |
| Cash and cash equivalents, end of period                                |   | $ | 45,124 |   |   | $ | 53,240 |   |
| Supplemental disclosure of cash flow information:                       |   |   |   |   |   |   |   |   |
| Net cash (received) paid during the period for income taxes             |   | $ | (867 | ) |   | $ | 14 |   |
| Noncash Transactions:                                                   |   |   |   |   |   |   |   |   |
| Return of common stock in lieu of tax withholdings and option exercises |   | $ | 671 |   |   | $ | 654 |   |

----

|                   |   | April 2, |   |   | January 1, |   |
|------------------------|--------|----------|--------|--------|------------|--------|
|                   |   | 2011     |   |   | 2011       |   |
| Prepaid rent           |   | $        | 7,914  |   |       | $      | 7,959 |   |
| Prepaid income taxes   |   |     | 2,908  |   |       |   | 2,458 |   |
| Short-term investments |   |     | 2,834  |   |       |   | 1,771 |   |
| Other                  |   |     | 5,472  |   |       |   | 6,237 |   |
|                   |   | $        | 19,128 |   |       | $      | 18,425 |   |

| Balance as of January 1, 2011                            |   | $      | 32,407 |   |
|----------------------------------------------------------|--------|--------|--------|--------|
|    Effect of foreign currency translation |   |   | 1,154  |   |
| Balance as of April 2, 2011                              |   | $      | 33,561 |   |

----

|                         |   |      |      |   |           |   |   | Weighted         |   |   | Aggregate      |   |
|------------------------------|--------|-----------|-----------|--------|----------------|--------|--------|------------------|--------|--------|----------------|--------|
|                         |   |      |      |   | Weighted       |   |   | Average          |   |   | Intrinsic      |   |
|                         |   | Number of |      |   | Average        |   |   | Remaining        |   |   | Value          |   |
|                         |   | Shares    |      |   | Exercise Price |   |   | Contractual Term |   |   | (in thousands) |   |
| Outstanding, January 1, 2011 |   |      | 1,125,223 |   |           | $      | 8.73   |             |   |   |           |   |   |   |
| Granted                      |   |      | 301,403   |   |           |   | 6.22   |             |   |   |           |   |   |   |
| Exercised                    |   |      | 11,621    |   |           |   | 5.99   |             |   |   |           |   |   |   |
| Forfeited                    |   |      | 2,111     |   |           |   | 8.58   |             |   |   |           |   |   |   |
| Outstanding, April 2, 2011   |   |      | 1,412,894 |   |           | $      | 8.22   |             |   |   | 7.5            |   |   | $ | 468 |   |
|                         |   |      |      |   |           |   |   |             |   |   |           |   |   |   |   |   |
| Options Exercisable As Of:   |   |      |      |   |           |   |   |             |   |   |           |   |   |   |   |   |
| April 2, 2011                |   |      | 608,279   |   |           | $      | 11.10  |             |   |   | 5.5            |   |   | $ | 235 |   |

----

|                         |   |      |      |   | Weighted        |   |
|------------------------------|--------|-----------|-----------|--------|-----------------|--------|
|                         |   |      |      |   | Average Grant   |   |
|                         |   | Number of |      |   | Date Fair Value |   |
|                         |   | Shares    |      |   | per Award       |   |
| Outstanding, January 1, 2011 |   |      | 1,468,378 |   |            | $      | 5.96 |   |
| Granted                      |   |      | 452,972   |   |            |   | 6.21 |   |
| Vested                       |   |      | 305,994   |   |            |   | 8.97 |   |
| Canceled or expired          |   |      | 5,439     |   |            |   | 6.22 |   |
| Outstanding, April 2, 2011   |   |      | 1,609,917 |   |            | $      | 5.46 |   |

|                              |   | Thirteen weeks ended |       |
|-----------------------------------|--------|----------------------|------------|
|                              |   | April 2, 2011        |       |   | April 3, 2010 |   |
|                              |   |                 |       |   |   |   |
| Net income (loss)                 |   | $                    | (2,251     | ) |   | $ | 1,679 |   |
| Weighted average number of common |   |                 |       |   |   |   |   |   |
| shares outstanding                |   |                 | 18,090,245 |   |   |   | 18,974,540 |   |
| Effect of dilutive securities:    |   |                 |       |   |   |   |   |   |
| Stock options                     |   |                 | -          |   |   |   | 100,995 |   |
| Restricted stock                  |   |                 | -          |   |   |   | 316,944 |   |
| Weighted average number of common |   |                 |       |   |   |   |   |   |
| shares outstanding - dilutive     |   |                 | 18,090,245 |   |   |   | 19,392,479 |   |
|                              |   |                 |       |   |   |   |   |   |
| Earnings (loss) per share:        |   |                 |       |   |   |   |   |   |
| Basic:                            |   | $                    | (0.12      | ) |   | $ | 0.09 |   |
| Diluted                           |   | $                    | (0.12      | ) |   | $ | 0.09 |   |

----

|                               |   |   |    |   |       |   |   | International |   |   |   |   |
|------------------------------------|--------|--------|---------|--------|------------|--------|--------|---------------|--------|--------|--------|--------|
|                               |   | Retail |    |   | Commercial |   |   | Franchising   |   |   | Total  |   |
| Thirteen weeks ended April 2, 2011 |   |   |    |   |       |   |   |          |   |   |   |   |
| Net sales to external customers    |   | $      | 94,159  |   |       | $      | 1,106  |          |   | $      | 726    |   |   | $ | 95,991 |   |
| Income (loss) before income taxes  |   |   | (4,384  | )      |       |   | 410    |          |   |   | 325    |   |   |   | (3,649 | ) |
| Capital expenditures, net          |   |   | 2,288   |   |       |   | -      |          |   |   | 34     |   |   |   | 2,322 |   |
| Depreciation and amortization      |   |   | 6,468   |   |       |   | -      |          |   |   | 56     |   |   |   | 6,524 |   |
| Thirteen weeks ended April 3, 2010 |   |   |    |   |       |   |   |          |   |   |   |   |   |   |   |   |
| Net sales to external customers    |   | $      | 99,786  |   |       | $      | 967    |          |   | $      | 683    |   |   | $ | 101,436 |   |
| Income before income taxes         |   |   | 1,909   |   |       |   | 570    |          |   |   | 339    |   |   |   | 2,818 |   |
| Capital expenditures, net          |   |   | 3,221   |   |       |   | -      |          |   |   | 36     |   |   |   | 3,257 |   |
| Depreciation and amortization      |   |   | 6,765   |   |       |   | -      |          |   |   | 103    |   |   |   | 6,868 |   |
|                               |   |   |    |   |       |   |   |          |   |   |   |   |   |   |   |   |
|                               |   |   |    |   |       |   |   |          |   |   |   |   |   |   |   |   |
| Total Assets as of:                |   |   |    |   |       |   |   |          |   |   |   |   |   |   |   |   |
| April 2, 2011                      |   | $      | 234,636 |   |       | $      | 10,153 |          |   | $      | 2,745  |   |   | $ | 247,534 |   |
| April 3, 2010                      |   |   | 261,903 |   |       |   | 3,332  |          |   |   | 3,436  |   |   |   | 268,671 |   |

----

|                                                                                                                                   |   | North       |   |   |       |   |   |      |   |   |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|--------|------------|--------|--------|-----------|--------|--------|--------|--------|
|                                                                                                                                   |   | America (1) |   |   | Europe (2) |   |   | Other (3) |   |   | Total  |   |
| Thirteen weeks ended April 2, 2011                                                                                                     |   |        |   |   |       |   |   |      |   |   |   |   |
| Net sales to external customers                                                                                                        |   | $           | 79,183 |   |       | $      | 16,082 |      |   | $      | 726    |   |   | $ | 95,991 |   |
| Property and equipment, net                                                                                                            |   |        | 72,241 |   |       |   | 11,220 |      |   |   | -      |   |   |   | 83,461 |   |
| Thirteen weeks ended April 3, 2010                                                                                                     |   |        |   |   |       |   |   |      |   |   |   |   |   |   |   |   |
| Net sales to external customers                                                                                                        |   | $           | 84,968 |   |       | $      | 15,785 |      |   | $      | 683    |   |   | $ | 101,436 |   |
| Property and equipment, net                                                                                                            |   |        | 84,083 |   |       |   | 11,858 |      |   |   | -      |   |   |   | 95,941 |   |
|                                                                                                                                   |   |        |   |   |       |   |   |      |   |   |   |   |   |   |   |   |
| (1) North America includes company-owned stores in the United States, Canada and Puerto Rico                                      |   |        |   |   |       |
| (2) Europe includes company-owned stores in the United Kingdom and Ireland and, prior to 2011, France                             |   |
| (3) Other includes franchise businesses outside of the United States, Canada, Puerto Rico, the United Kingdom, Ireland and France |   |

----

----

|   | • | Company-owned retail stores located in the United States, Canada, Puerto Rico, the United Kingdom and Ireland, webstores, pop-ups and seasonal, event-based locations; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Transactions with other business partners, mainly comprised of licensing our intellectual property, including entertainment properties, for third-party use and wholesale product sales; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  • | International stores operated under franchise agreements. |
|--------|---------------|-----------------------------------------------------------|

|          |   | Thirteen Weeks Ended |
|---------------|--------|----------------------|
|          |   | April 2, 2011        |   | April 3, 2010 |
|          |   |                 |   |   |   |   |
| North America |   | (9.3                 | )% |   | 1.9 | % |
| Europe        |   | (4.1                 | )% |   | 3.2 | % |
| Consolidated  |   | (8.5                 | )% |   | 2.1 | % |

|   | • | We believe the calendar shift of the Easter holiday and associated school breaks to the fiscal 2011 second quarter from the fiscal 2010 first quarter negatively impacted our comparable store sales. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We believe that the decline in gift card sales in the 2010 fourth quarter negatively impacted our comparable store sales in the fiscal 2011 first quarter as a significant percentage of the cards are redeemed in the first quarter. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We believe that in the UK, the increase in VAT coupled with cutbacks in government spending has resulted in a decline in consumer sentiment and a corresponding decline in spending, negatively impacting our comparable store sales.  We believe that this decline was partially offset by the impact of weather which made the year-over-year comparison easier and created pent-up demand during December of 2010. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We are continuing our focus on product innovation and introducing limited edition products supported by a fully integrated approach to marketing and promotion; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We intend to drive incremental sales from existing traffic by expanding our assortment of brand right toys; |
|--------|---------|-------------------------------------------------------------------------------------------------------------|

|   | • | We are focused on increasing engagement in the digital world, both through our online virtual world for children, bearville.com, and our social media efforts, to drive brand interaction and traffic to our stores; and |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We enhanced our gift card upsell program to drive incremental visits to our stores. |
|--------|---------|-------------------------------------------------------------------------------------|

----

|                |   | Thirteen Weeks Ended |   |
|---------------------|--------|----------------------|--------|
|                |   | April 2, 2011        |   |   | April 3, 2010 |   |
| Beginning of period |   | 344                  |   |   | 345 |   |
| Opened              |   | -                    |   |   | - |   |
| Closed              |   | (2                   | )      |   | - |   |
| End of period       |   | 342                  |   |   | 345 |   |

|                |   | Thirteen Weeks Ended |   |
|---------------------|--------|----------------------|--------|
|                |   | April 2, 2011        |   |   | April 3, 2010 |   |
| Beginning of period |   | 63                   |   |   | 65 |   |
| Opened              |   | 2                    |   |   | 2 |   |
| Closed              |   | (2                   | )      |   | (4 | ) |
| End of period       |   | 63                   |   |   | 63 |   |

----

|                                |   | Thirteen weeks ended |
|-------------------------------------|--------|----------------------|
|                                |   | April 2,             |   | April 3, |
|                                |   | 2011                 |   | 2010 |
| Revenues:                           |   |                 |   |   |   |   |
| Net retail sales                    |   | 98.1                 | % |   | 98.4 | % |
| Commercial revenue                  |   | 1.2                  |   |   | 1.0 |   |
| Franchise fees                      |   | 0.8                  |   |   | 0.7 |   |
| Total revenues                      |   | 100.0                |   |   | 100.0 |   |
|                                |   |                 |   |   |   |   |
| Costs and expenses:                 |   |                 |   |   |   |   |
| Cost of merchandise sold (1)        |   | 61.1                 |   |   | 58.7 |   |
| Selling, general and administrative |   | 43.0                 |   |   | 39.0 |   |
| Store preopening                    |   | 0.0                  |   |   | 0.0 |   |
| Interest expense (income), net      |   | 0.1                  |   |   | (0.0 | ) |
| Total costs and expenses            |   | 103.8                |   |   | 97.2 |   |
|                                |   |                 |   |   |   |   |
| Income (loss) before income taxes   |   | (3.8                 | ) |   | 2.8 |   |
| Income tax expense (benefit)        |   | (1.5                 | ) |   | 1.1 |   |
| Net income (loss)                   |   | (2.3                 | ) |   | 1.7 |   |
|                                |   |                 |   |   |   |   |
|                                |   |                 |   |   |   |   |
| Retail gross margin % (2)           |   | 38.8                 | % |   | 41.1 | % |

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| (1) | Cost of merchandise sold is expressed as a percentage of net retail sales and commercial revenue. |
|-----|---------------------------------------------------------------------------------------------------|

| (2) | Retail gross margin represents net retail sales less cost of retail merchandise sold, which excludes cost of wholesale merchandise sold.  Retail gross margin was $36.6 million and $41.0 million for the thirteen weeks ended April 2, 2011 and April 3, 2010, respectively.  Retail gross margin percentage represents retail gross margin divided by net retail sales. |
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|   | • | We believe the calendar shift of the Easter holiday and associated school breaks to the fiscal 2011 second quarter from the fiscal 2010 first quarter negatively impacted our comparable store sales. |
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|   | • | We believe that the decline in gift card sales in the 2010 fourth quarter negatively impacted our comparable store sales in the fiscal 2011 first quarter as a significant percentage of the cards are redeemed in the first quarter. |
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|   | • | We believe that in the UK, the increase in VAT coupled with cutbacks in government spending has resulted in a decline in consumer sentiment and a corresponding decline in spending, negatively impacting our comparable store sales. We believe that this decline was partially offset by the impact of weather which made the year-over-year comparison easier and created pent-up demand during December of 2010. |
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|                                                                        |   | Thirteen weeks ended |   |   | Thirteen weeks ended |   |
|-----------------------------------------------------------------------------|--------|----------------------|--------|--------|----------------------|--------|
|                                                                        |   | April 2, 2011        |   |   | April 3, 2010        |   |
|                                                                        |   | North                |   |   |                 |   |   |   |   |   | North |   |   |   |   |   |   |   |
|                                                                        |   | America              |   |   | Europe               |   |   | Total |   |   | America |   |   | Europe |   |   | Total |   |
| Net income (loss)                                                           |   | $                    | (2,097 | )      |                 | $      | (154 | ) |   | $ | (2,251 | ) |   | $ | 1,461 |   |   | $ | 218 |   |   | $ | 1,679 |   |
| Income tax expense (benefit)                                                |   |                 | (1,345 | )      |                 |   | (53 | ) |   |   | (1,398 | ) |   |   | 1,044 |   |   |   | 95 |   |   |   | 1,139 |   |
| Interest expense (income)                                                   |   |                 | 148    |   |                 |   | (45 | ) |   |   | 103 |   |   |   | (1 | ) |   |   | (31 | ) |   |   | (32 | ) |
| Store and distribution center depreciation, amortization and impairment (1) | 4,492  |                 |   |   | 541                  |   |   |   | 5,033 |   |   |   | 4,435 |   |   |   | 609 |   |   |   | 5,044 |   |
| Store preopening expense                                                    |   |                 | 47     |   |                 |   | - |   |   |   | 47 |   |   |   | 11 |   |   |   | - |   |   |   | 11 |   |
| General and administrative expense (2)                                      |   |                 | 12,088 |   |                 |   | 973 |   |   |   | 13,061 |   |   |   | 9,938 |   |   |   | 754 |   |   |   | 10,692 |   |
| Franchising and commercial contribution (3)                                 |   |                 | (791   | )      |                 |   | - |   |   |   | (791 | ) |   |   | (1,012 | ) |   |   | - |   |   |   | (1,012 | ) |
| Non-store activity contribution (4)                                         |   |                 | (795   | )      |                 |   | (204 | ) |   |   | (999 | ) |   |   | (727 | ) |   |   | (154 | ) |   |   | (881 | ) |
| Store contribution                                                          |   | $                    | 11,747 |   |                 | $      | 1,058 |   |   | $ | 12,805 |   |   | $ | 15,149 |   |   | $ | 1,491 |   |   | $ | 16,640 |   |
|                                                                        |   |                 |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenues                                                              |   | $                    | 79,909 |   |                 | $      | 16,082 |   |   | $ | 95,991 |   |   | $ | 85,651 |   |   | $ | 15,785 |   |   | $ | 101,436 |   |
| Franchising and commercial revenues from external customers                 | (1,832 | )                    |   |   | -                    |   |   |   | (1,832 | ) |   |   | (1,650 | ) |   |   | - |   |   |   | (1,650 | ) |
| Revenues from non-store activities from external customers (4)              |   | (4,440               | )      |   |                 | (556   | ) |   |   | (4,996 | ) |   |   | (2,688 | ) |   |   | (485 | ) |   |   | (3,173 | ) |
| Store location net retail sales                                             |   | $                    | 73,637 |   |                 | $      | 15,526 |   |   | $ | 89,163 |   |   | $ | 81,313 |   |   | $ | 15,300 |   |   | $ | 96,613 |   |
|                                                                        |   |                 |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Store contribution as a percentage of store location net retail sales       |   | 16.0                 | %      |   |                 | 6.8    | % |   |   | 14.4 | % |   |   | 18.6 | % |   |   | 9.7 | % |   |   | 17.2 | % |
|                                                                        |   |                 |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total net income (loss) as a percentage of total revenues                   |   | (2.6                 | )%     |   |                 | (1.0   | )% |   |   | (2.3 | )% |   |   | 1.7 | % |   |   | 1.4 | % |   |   | 1.7 | % |

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| (1) | Store and distribution center depreciation, amortization and impairment includes depreciation and amortization of all capitalized assets in our store locations and Company-owned distribution center included in cost of merchandise sold. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | General and administrative expenses consist of non-store, central office general and administrative functions such as management payroll and related benefits, travel, information systems, accounting, purchasing and legal costs as well as the depreciation and amortization of central office leasehold improvements, furniture and fixtures, computer hardware and software, including assets related to the virtual world, and intellectual property. General and administrative expenses also include a central office marketing department, primarily payroll and related benefits expense, but exclude advertising expenses, such as direct mail and television advertising, which are included in store contribution. |
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| (3) | Franchising and licensing contribution includes franchising and licensing revenues and all expenses attributable to the international franchising and licensing and entertainment segments other than depreciation, amortization and interest expense/income. Depreciation and amortization related to franchising and licensing is included in the general and administrative expense caption. Interest expense/income related to franchising and licensing is included in the interest expense (income) caption. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Non-store activities include our webstores, pop-ups and seasonal and event-based locations as well as intercompany transfer pricing charges. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

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|                                | (a)                                                                                                                                                                         | (b)                                        | (c)                                                                                                                                                                             | (d)                                                                                                                      |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|
| Period                              |  Total Number ofShares (or Units)Purchased (1)                                                                                                                         |  Average PricePaid Per Share(or Unit) | Total Number ofShares (or Units)Purchased as Part ofPublicly AnnouncedPlans or Programs (2)                                   | Maximum Number (orApproximate Dollar Value) ofShares (or Units) that May Yet BePurchased Under the Plansor Programs |
| Jan. 2, 2011 – Jan. 29, 2011  |                             387 | $7.57                                      |  —                                                                                                                                                         | $23,714,009                                                                                                              |
| Jan. 30, 2011 – Feb. 26, 2011 |                             158 | $8.10                                      |  —                                                                                                                                                         | $23,714,009                                                                                                              |
| Feb. 27, 2011 – Apr. 2, 2011  |                      478,855                                       | $6.51                                      |                             374,523 | $21,249,805                                                                                                              |
| Total                               |                      479,400                                       | $6.51                                      |                             374,523 | $21,249,805                                                                                                              |

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| (1) | Includes shares of our common stock delivered to us in satisfaction of the tax withholding obligation of holders of restricted shares which vested during the applicable period. Our equity incentive plans provide that the value of shares delivered to us to pay the withheld to cover tax obligations is calculated as the closing trading price of our common stock on the date the relevant transaction occurs. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | On March 2, 2011, we announced the further extension of our $50 million share repurchase program of our outstanding common stock until March 31, 2012.  The program was authorized by our board of directors.  Purchases may be made in the open market or in privately negotiated transactions, with the level and timing of activity depending on market conditions, applicable regulatory requirements, and other factors.  Purchase activity may be increased, decreased or discontinued at any time without notice.  Shares purchased under the program are subsequently retired. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|             |   |                                                                                                                                                                                                                                                    |
|------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Exhibit No. |   | Description                                                                                                                                                                                                                                             |
|             |   |                                                                                                                                                                                                                                                    |
| 2.1              |   | Agreement and Plan of Merger dated April 3, 2000 between Build-A-Bear Workshop, L.L.C. and the Registrant (incorporated by reference from Exhibit 2.1 to our Registration Statement on Form S-1, filed on August 12, 2004, Registration No. 333-118142) |
|             |   |                                                                                                                                                                                                                                                    |
| 3.1              |   | Third Amended and Restated Certificate of Incorporation (incorporated by reference from Exhibit 3.1 of our Current Report on Form 8-K, filed on November 11, 2004)                                                                                      |
|             |   |                                                                                                                                                                                                                                                    |
| 3.2              |   | Amended and Restated Bylaws (incorporated by reference from Exhibit 3.4 to our Registration Statement on Form S-1, filed on August 12, 2004, Registration No. 333-118142)                                                                               |
|             |   |                                                                                                                                                                                                                                                    |
| 4.1              |   | Specimen Stock Certificate (incorporated by reference from Exhibit 4.1 to Amendment No. 3 to our Registration Statement on Form S-1, filed on October 1, 2004, Registration No. 333-118142)                                                             |
|             |   |                                                                                                                                                                                                                                                    |
| 10.1             |   | Second Amendment to Employment, Confidentiality and Noncompete Agreement between Maxine Clark and the Company, dated as of March 22, 2011 (incorporated by reference from Exhibit 10.1 to our Current Report on Form 8-K, filed on March 28, 2011)      |
|             |   |                                                                                                                                                                                                                                                    |
| 10.2             |   | Form of Restricted Stock and Non-Qualified Stock Option Agreement (incorporated by reference from Exhibit 10.2 to our Current Report on Form 8-K, filed on March 28, 2011)                                                                              |
|             |   |                                                                                                                                                                                                                                                    |
| 31.1             |   | Rule 13a-14(a)/15d-14(a) certification (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, executed by the Chief Executive Bear)                                                                                                                |
|             |   |                                                                                                                                                                                                                                                    |
| 31.2             |   | Rule 13a-14(a)/15d-14(a) certification (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, executed by the Chief Operations and Financial Bear)                                                                                                 |
|             |   |                                                                                                                                                                                                                                                    |
| 32.1             |   | Section 1350 Certification (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, executed by the Chief Executive Bear)                                                                                                                            |
|             |   |                                                                                                                                                                                                                                                    |
| 32.2             |   | Section 1350 Certification (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, executed by the Chief Operations and Financial Bear)                                                                                                             |

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|   |   | BUILD-A-BEAR WORKSHOP, INC. (Registrant) |                                                                    |
|--------|--------|------------------------------------------|-------------------------------------------------------------------------|
|   |   |                                     |                                                                    |   |
|   |   |                                     |                                                                    |   |
|   |   | By:                                 | /s/ Maxine Clark                                                        |   |
|   |   |                                     | Maxine ClarkChairman of the Board and Chief Executive Bear              |   |
|   |   |                                     |                                                                    |   |
|   |   | By:                                      | /s/ Tina Klocke                                                         |   |
|   |   |                                     | Tina Klocke Chief Operations and Financial Bear, Treasurerand Secretary |   |