Tariffs and years of teetering mall traffic have roiled much of the toy industry. But Build-A-Bear investors are continuing to reap sizeable gains.

Shares of Build-A-Bear Workshop are up more than 60% since the start of 2025, trading at just under $72 apiece as of September 23. That compares to just 13% for the SP 500 since the start of the year and marks dramatic growth from five years ago, when the St. Louis-based retailer's stock sat under $3.

The toy industry overall has been “reasonably soft” in recent years, notes Neil Saunders, managing director of GlobalData—but certain categories, including craft-oriented products, have done very well following the height of the COVID-19 pandemic. And that's key to Build-A-Bear's core business model: welcoming consumers into their brick-and-mortar stores to make their own plush animals.

That may also set Build-A-Bear apart from the malls its stores are often inside, many of which have struggled to see overall traffic rebound over the years.

“The mall may not be a destination, but Build-A-Bear often is—because it’s often a planned trip, Saunders said. “It’s a store within a mall that many consumers make a beeline for.”

Build-A-Bear still isn’t entirely immune to macroeconomic pressures, but the company's profit has soared to record after record in recent quarters. Last month, the retailer reported what it said were the best results for a second quarter and first half of a fiscal year in the history of Build-A-Bear, which opened its first store in 1997. Company executives pointed to strong store performance and other expansion efforts.

In the first half of its 2025 fiscal year, the company’s revenues hit $252.6 million, and its pre-tax income climbed to $34.9 million—up 11.5% and 31.5%, respectively, year-over-year.

The company also raised its financial outlook for the full year, despite anticipated costs of President Donald Trump's steep tariffs on goods coming into the U.S. from around the world and other headwinds.

This article was provided by The Associated Press.