Our profitability could be adversely affected by high petroleum  products prices.  The profitability of our business depends to a certain degree  upon the price of petroleum products, both as a component of the  transportation costs for delivery of inventory from our vendors  to our stores and as a raw material used in the production of our  animal skins and stuffing. For example, our results in fiscal 2011were  impacted by significant increases in fuel surcharges due to higher  petroleum products prices. We are unable to predict what the price of  crude oil and the resulting petroleum products will be in the future.  We may be unable to pass along to our customers the increased  costs that would result from higher petroleum prices. Therefore, any  such increase could have an adverse impact on our business and  profitability.  Our market share may be adversely impacted at any time by a  significant number of competitors.  We operate in a highly competitive environment characterized by low  barriers to entry. We compete against a diverse group of competitors.  Because we are primarily mall-based, we see our competition as  those mall-based retailers that compete for prime mall locations,  including various apparel, footwear and specialty retailers. As a  retailer whose signature product is a stuffed animal that is typically  purchased as a toy or gift, we also compete with big box retailers  and toy stores, as well as manufacturers that sell plush toys. Since  we offer our guests an experience as well as merchandise, we also  view our competition as any company that competes for our guests’  time and entertainment dollars, such as movie theaters, restaurants,  amusement parks and arcades. In addition, there are several small  companies that operate “make your own” teddy bear and stuffed  animal experiences in retail stores and kiosks. Although we believe  that currently none of these companies offers the breadth and depth  of the Build-A-Bear Workshop products and experience, we cannot  assure you that they will not compete directly with us in the future.  Many of our competitors have longer operating histories, significantly  greater financial, marketing and other resources, and greater name  recognition. We cannot assure you that we will be able to compete  successfully with them in the future, particularly in geographic  locations that represent new markets for us. If we fail to compete  successfully, our market share and results of operations could be  materially and adversely affected.  We may suffer negative publicity or a decrease in sales or  profitability if the non-proprietary toy products we sell in our  stores do not meet our quality standards or fail to achieve our sales  expectations.  We may expand our product assortment to include interactive  toy products manufactured by other toy companies. If sales of  such products do not meet our expectations or are impacted by  competitors’ pricing, we may have to take markdowns or employ  If our future quarterly results fluctuate significantly or fail to meet the  expectations of the investment community, then the market price of  our common stock could decline substantially.  Retailers generally are subject to fluctuations in quarterly results.  Our operating results for one period may not be indicative of results  for other periods, and may fluctuate significantly due to a variety of  factors, including:  Fluctuations in our quarterly results of operations could cause the  price of our common stock to substantially decline.  Although we believe that our capital structure and credit facilities  will provide sufficient liquidity, there can be no assurance that our  liquidity will not be affected by changes in the capital markets or that  our capital resources will at all times be sufficient or at an acceptable  cost to satisfy our liquidity needs. Capital market conditions may  affect the renewal or replacement of our credit agreement, which was  originally entered into in 2000 and has been extended annually since  then and currently expires December 31, 2015.  Poor global economic conditions could have a material adverse  effect on our liquidity and capital resources.  other strategies to liquidate the product. If other toy companies do  not meet quality standards or violate any manufacturing or labor  laws, we suffer negative publicity and not realize our sales plans.  Risks Related to Owning Our Common Stock  12  BUILD-A-BEAR WORKSHOP, INC.  2013 FORM 10-K • the timing and frequency of national media appearances and other  public relations events.  • the timing of store closures, relocations and openings and related  expenses; and  • weather conditions;  • actions of competitors or mall anchors and co-tenants;  • the continued introduction and expansion of merchandise  offerings;  • changes in consumer preferences;  • the timing and frequency of our marketing initiatives;  • the effectiveness of our inventory management;  • the impact of the 53rd week;  • seasonal shopping patterns, including whether the Easter holiday  occurs in the first or second quarter and other school holiday  schedules;  • changes in general economic conditions and consumer spending  patterns;  • increases or decreases in comparable store sales;  • the profitability of our stores; 