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1-800-FLOWERS.COM, Inc. Reports Results For Its Fiscal 2018 Second Quarter
- Total revenues were $526.1 million, compared with reported revenues of $554.6 million in the prior year period. On a comparable1 basis (adjusted for the sale of Fannie May Confection Brands which closed on May 30, 2017), total revenues increased 2.4 percent, primarily reflecting ecommerce growth of 5.7 percent at the Company’s Harry & David brand.
- EPS was $1.06 per diluted share, compared with $0.93 per diluted share in the prior year period. On a comparable1 basis (adjusted for a one-time benefit associated with the “Tax Cuts and Jobs Act” and the sale of Fannie May) Adjusted EPS was $0.88 per diluted share, unchanged compared with the prior year period.
- Adjusted EBITDA1 was $94.5 million, compared with $101.7 million in the prior year period.
- Company expects its revenue growth rate to accelerate to more than 5.0 percent and to achieve year-over-year growth for comparable Adjusted EBITDA and EPS during the second half of fiscal 2018.
(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,” “Comparable”) results to applicable GAAP results.)
CARLE PLACE, N.Y.--(BUSINESS WIRE)--January 31, 2018--1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), a leading gourmet food and floral gift provider for all occasions, today reported results for its fiscal 2018 second quarter. Chris McCann, CEO of 1-800-FLOWERS.COM, said, “Our results for the fiscal second quarter were mixed. In terms of revenues, while total revenue growth was below our expectations, we were pleased to see continued acceleration for the Harry & David brand, which grew ecommerce revenues nearly six percent during the quarter. In addition, we had solid revenue growth in 1-800-Baskets.com consumer and wholesale businesses and in our consumer floral business, where the 1-800-Flowers.com brand further extended its market leadership position during the quarter.
“These positive trends were offset during the quarter by operational issues in our Cheryl’s Cookies business in the final week of the holiday season. The temporary disruption to Cheryl’s production and fulfillment operations was related to a new manufacturing and warehouse management system that was installed during our fiscal first quarter. Most important, the issue has been addressed and sales of Cheryl’s Cookies, which were on plan prior to the mid-December disruption, have resumed at a solid pace since the start of the current fiscal third quarter.
“As we enter the second half of our fiscal year, we see several tailwinds – including better day placement for the Valentine holiday, the modernization and increasing strength of Harry & David and growing everyday gifting across all of our brands – that will enable us to accelerate revenue growth to more than five percent and drive year-over-year increases in bottom-line contribution for all three of our business segments.”
Fiscal 2018 Second Quarter Results:
Total net revenues for the quarter were $526.1 million, compared with total reported revenues of $554.6 million in the prior year period. On a comparable basis, total net revenues grew 2.4 percent, or $12.4 million, compared with $513.7 million in the prior year period. Comparable revenue growth was driven primarily by the Company’s Gourmet Food and Gift Baskets segment, which increased 2.6 percent. This growth, combined with Consumer Floral segment growth of 2.3 percent, more than offset slightly lower revenues in the Company’s BloomNet segment, which were down less than 1.0 percent.
Gross profit margin for the quarter was 44.7 percent, compared with reported gross profit margin of 46.3 percent in the prior year period. Comparable gross profit margin for the prior year period was 46.9 percent. The lower reported and comparable gross profit margin primarily reflected the impact of the operational issue at the Company’s Cheryl’s Cookies brand combined with increased transportation costs in the Gourmet Food and Gift Baskets segment and initiatives to take advantage of opportunities in the marketplace to extend our leadership for the 1-800-Flowers.com brand. Operating expenses as a percent of total revenues was 28.7 percent, compared with reported operating expenses as a percent of total revenues of 28.9 percent in the prior year period. Comparable operating expenses as a percent of total revenues was 29.1 percent in the prior year period.
The combination of these factors resulted in Adjusted EBITDA of $94.5 million, compared with reported Adjusted EBITDA of $101.7 million. The lower adjusted EBITDA primarily reflects the impact of the operational issues at the Company’s Cheryl’s Cookies business as well as lower contribution margin in the Company’s Consumer Floral segment. Net income was $70.7 million, or $1.06 per diluted share. On a comparable basis, net income was $58.5 million, or $0.88 per diluted share, unchanged compared the prior year period.
The following information was filed by 1 800 Flowers Com Inc (FLWS) on Wednesday, January 31, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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