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1-800-FLOWERS.COM, Inc. Reports Record Revenue and Profit Growth for Its Fiscal 2020 Fourth Quarter and Full Year; Company Expects Continued Strong Results in Its Current Fiscal 2021 First Quarter
Fourth Quarter Highlights:
- Total net revenues increased a record 61.1 percent to $418.0 million, compared with $259.4 million in the prior year period
- Net Income was $9.8 million, or $0.15 per diluted share. Adjusted Net Income1 was $15.1 million, or $0.23 per diluted share, compared with a net loss of $8.3 million, or ($0.13) per share, in the prior year period.
- Adjusted EBITDA1 was $32.5 million, compared with a loss of $2.7 million, in the prior year period.
Full Year Highlights:
- Total net revenues increased 19.3 percent to $1.49 billion, compared with $1.25 billion in the prior year, reflecting strong growth across all three of the Company’s business segments.
- Net Income was $59.0 million, or $0.89 per diluted share. Adjusted Net Income1 increased 86.9 percent to $65.0 million, or $0.98 per diluted share, compared with $34.8 million, or $0.52 per diluted share, in the prior year.
- Adjusted EBITDA1 increased 57.8 percent to $129.5 million, compared with $82.1 million in the prior year.
(1 Refer to “Definitions of Non-GAAP Financial Measures” and the tables attached at the end of this press release for reconciliation of Non-GAAP (“Adjusted”) results to applicable GAAP results.)
CARLE PLACE, N.Y.--(BUSINESS WIRE)--August 27, 2020--1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), a leading e-commerce provider of products and services designed to inspire more human expression, connection and celebration, today reported results for its Fiscal 2020 fourth quarter and full year ended June 28, 2020.
Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said, “The record results of our fourth quarter and fiscal 2020 year demonstrate the strong execution of our strategy to engage with our customers and build deeper relationships and thereby drive sustainable, long-term growth. Despite the unprecedented challenges brought on by the COVID-19 pandemic, all our associates across the Company have worked tirelessly to help our customers express themselves and remain connected during a very difficult time. I thank them for their extraordinary efforts on behalf of our customers.”
McCann noted that through the first three quarters of fiscal 2020 – before the impact of the pandemic – the Company achieved solid growth in its top and bottom-line results, as well as strong growth in its customer files. “This reflects our ability to leverage our business platform, including our all-star family of brands, our focus on innovation in technology and product development and, most important, providing a truly exemplary customer experience. We carried this momentum into the fiscal fourth quarter where it was accelerated by the pandemic as we saw customers increasingly turning to our brands and our expanded product offerings to help them remain connected and express themselves during a very difficult time. As a result, we achieved record top and bottom-line results for both the quarter and the full year.”
McCann said that, despite the uncertainty in the overall economy, the Company has seen a continuation of strong customer demand and growth in its customer files through the first two months of its fiscal 2021 first quarter. He added that the Company expects these positive trends will continue into the key holiday season in the fiscal second quarter. “While we are aware of certain headwinds, including higher operating costs due to COVID-19 safety precautions, lower wholesale orders from mass market retailers, capacity constraints at third-party shipping vendors and the potential distraction of the pending national election, we believe that we will continue to benefit from the macro shift of consumers to ecommerce, the strong growth in our customer files, the recent addition of the PersonalizationMall.com business and the prevailing consumer sentiments of expression and connection that are at the core of our vision as a company.”
Fiscal 2020 Fourth Quarter Results:
For the fourth quarter of 2020, total net revenues increased 61.1 percent to $418.0 million compared with $259.4 million in the prior year period. The strong performance was driven by net revenue growth in all three business segments, with Gourmet Foods and Gift Baskets up 112.3 percent, Consumer Floral up 46.5 percent, and BloomNet up 10.7 percent, compared with the prior year period. Total net revenue growth for the quarter also included contributions from Shari’s Berries which the Company acquired in August 2019. Excluding the contribution from Shari’s Berries, revenues for the quarter increased 53.9 percent compared with the prior year period.
Gross profit margin for the quarter was 40.5 percent, compared with gross profit margin of 40.6 percent in the prior year period. Operating expenses as a percent of total revenues were 37.6 percent, an improvement of 760 basis points compared with 45.2 percent in the prior year period. Excluding the impacts of the Company’s non-qualified deferred 401k compensation plan and costs associated with the closing of its Harry & David retail stores and its acquisition of PersonalizationMall.com, operating expenses, as a percentage of total revenues improved 960 basis points to 35.4% compared with 45.0% in the prior year.
Strong top-line growth and enhanced marketing efficiency resulted in Adjusted EBITDA1 of $32.5 million compared with a loss of $2.4 million in the prior year period. Net Income for the quarter was $9.8 million, or $0.15 per diluted share. Adjusted Net Income1 was $15.1 million, or $0.23 per diluted share, compared with a net loss of $8.3 million, or ($0.13) per share in the prior year period.
The following information was filed by 1 800 Flowers Com Inc (FLWS) on Thursday, August 27, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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