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(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)--April 30, 2020--1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), a leading provider of gifts designed to help customers express, connect and celebrate, today reported results for its Fiscal 2020 third quarter ended March 29, 2020.
Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said, “Our solid results for the fiscal third quarter reflect the continuation of the momentum we saw throughout the first half of our fiscal year. Strong consolidated revenue growth of 12.2 percent was driven by increases across all three of our business segments. In our Gourmet Foods and Gift Baskets segment, revenues increased 27.1 percent, reflecting continuing positive trends in everyday gifting occasions and increased self-consumption as well as contributions from Shari’s Berries, which we acquired in August 2019.
“In our Consumer Floral segment, the 1-800-Flowers.com brand further extended its market leading position with revenue growth of 5.4 percent, driven by double-digit revenue growth during the Valentine’s Day holiday period. Our BloomNet business also continued to increase its market share position with revenues growing 7.9 percent in the quarter. In both Consumer Floral and BloomNet, top and bottom-line results for the quarter would have been even stronger were it not for softer consumer demand in the last few weeks of March related to the impact of the Covid-19 crisis. We saw this pattern reverse as we entered our current fiscal fourth quarter and demand has increased significantly as consumers are increasingly turning to the 1-800-Flowers brand to help them express themselves and stay connected.”
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1 800 Flowers Com Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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We believe that adjusted net income (loss) and adjusted net income (loss) per common share are meaningful measures because they increase the comparability of period to period results.
17 18 (in thousands, except per share data) Net income (loss) $ (9,657 ) $ (8,241 ) $ 49,224 $ 43,071 Add: Interest expense, net 2,752 (1,315 ) 3,441 2,097 Depreciation and amortization 7,803 7,028 23,268 22,840 Income tax expense - - 15,365 11,922 Less: Income tax benefit 3,983 5,073 - - EBITDA (3,085 ) (7,601 ) 91,298 79,930 Add: Transaction costs 911 - 911 - Add: Stock-based compensation 2,396 1,903 6,441 4,531 Add: Compensation charge related to NQ plan investment appreciation/(depreciation) (2,611 ) 1,294 (1,653 ) 327 Adjusted EBITDA $ (2,389 ) $ (4,404 ) $ 96,997 $ 84,788 (a) Segment performance is measured based on segment contribution margin or segment Adjusted EBITDA, reflecting only the direct controllable revenue and operating expenses of the segments, both of which are non-GAAP measurements.
Net revenues increased 12.2% and 8.3% during the three and nine months ended March 29, 2020, respectively, compared to the same periods of the prior year, due to growth across all three of the Company's business segments, reflecting the strategic marketing and merchandising investments across the Company's brands, the continuing positive trends in everyday gifting occasions, and increased self-consumption within the Gourmet Foods and Gift Baskets segment, as well as incremental revenues from Shari's Berries, which was acquired on August 14, 2019, and contributed approximately 4.1% of consolidated revenue growth.
Some of the limitations are: (a) EBITDA and adjusted EBITDA do not reflect changes in, or cash requirements for, the Company's working capital needs; (b) EBITDA and adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company's debts; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and EBITDA does not reflect any cash requirements for such capital expenditures.
Technology and development expense consists primarily of payroll and operating expenses of the Company's information technology group, costs associated with its websites, including hosting, design, content development and maintenance and support costs related to the Company's order entry, customer service, fulfillment and database systems.
Factors that could cause or...Read more
See Segment Information below for...Read more
These headwinds have been partially...Read more
The Company presents EBITDA and...Read more
These non-GAAP financial measures are...Read more
Technology and development expenses increased...Read more
Other revenues increased by 7.4%...Read more
The Company also operates BloomNet?,...Read more
Our Annual Report on Form...Read more
Cash Flows Net cash provided...Read more
16 The following table presents...Read more
Where applicable, see the Segment...Read more
Since these are not measures...Read more
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19 Disaggregated revenue by channel...Read more
Due to the seasonal nature...Read more
During the nine months ended...Read more
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Other expense, net for the...Read more
(b) Corporate expenses consist of...Read more
Financial Statements, Disclosures and Schedules
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1 800 Flowers Com Inc provided additional information to their SEC Filing as exhibits
Ticker: FLWS
CIK: 1084869
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-20-009975
Submitted to the SEC: Fri May 08 2020 11:54:45 AM EST
Accepted by the SEC: Fri May 08 2020
Period: Sunday, March 29, 2020
Industry: Retail Stores