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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)--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.
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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 and adjusted net income per common share are meaningful measures because they increase the comparability of period to period results.
Under the income approach, the Company uses a discounted cash flow methodology which requires management to make significant estimates and assumptions related to forecasted revenues, gross profit margins, operating income margins, working capital cash flow, perpetual growth rates, and long-term discount rates, among others.
Net revenues increased 7.1% during fiscal 2019, attributable to growth from nearly all brands, but primarily due to: (i) strong growth from Harry & David, driven by improved merchandising assortments, increased investments in digital marketing programs, and its "Share More" messaging, which resonated with customers, contributing to new customer acquisition and increases in its "everyday" business, and (ii) as 1-800-Baskets/DesignPac, which generated year-over-year growth from new and existing wholesale customers, as well through its e-commerce business attributable to its Simply Chocolate product line.
Net revenues increased 14.9% during fiscal 2019, primarily due to higher services revenues, including membership, settlement processing, directory and transaction fees, monetizing the increased 1-800-Flowers and florist-to-florist orders being sent through the network, building on the efforts begun during the second half of fiscal 2018 to capture a greater share of orders from local flower shops and third-party, online floral companies.
The Company expects the anticipated strong revenue growth, combined with continued operating leverage and contributions from PersonalizationMall, will enable it to drive Adjusted EBITDA for the quarter to break-even or slightly positive, compared with a loss of $11.3 million in the prior year period.
Increased efficiency around our digital...Read more
The Company entered fiscal 2020...Read more
Gross profit percentage decreased 30...Read more
Some of the limitations are:...Read more
The following table presents the...Read more
Net revenues increased 8.8% during...Read more
During the year ended June...Read more
Technology and development expense consists...Read more
Depreciation and amortization expense decreased...Read more
Interest expense, net decreased 12.0%...Read more
Net revenues increased 21.1% during...Read more
See Segment Information below for...Read more
Qualitative factors may include, but...Read more
Net revenues increased 8.6% during...Read more
During fiscal 2019, net revenues...Read more
General and administrative expense increased...Read more
These headwinds have been partially...Read more
The Company experienced growth across...Read more
While the continuing impacts of...Read more
As a result, consolidated annual...Read more
The Company presents EBITDA and...Read more
These non-GAAP financial measures are...Read more
The Company built upon this...Read more
Net revenues increased 19.2% during...Read more
Technology and development expenses increased...Read more
Excluding the incremental revenue contributed...Read more
The cost of definite-lived intangible...Read more
Other Intangibles, net Other intangibles...Read more
The Company also operates BloomNet?,...Read more
Segment contribution margin and adjusted...Read more
Qualitative factors may include, but...Read more
Since these are not measures...Read more
Cash Flows Net cash provided...Read more
Adjusted EBITDA, which excludes the...Read more
Where applicable, see the Segment...Read more
As a result, the Company...Read more
When viewed together with our...Read more
Depreciation and amortization expense increased...Read more
The Company incurred approximately $2.7mm...Read more
As of June 28, 2020,...Read more
Disaggregated revenue by channel follows:...Read more
The quantitative impairment test for...Read more
(a) Segment performance is measured...Read more
Regarding the fiscal first quarter:...Read more
In addition to the impact...Read more
If the carrying amount of...Read more
If the carrying value exceeds...Read more
The costs of these functions,...Read more
Other indefinite-lived intangible assets' fair...Read more
During the fiscal years ended...Read more
General and administrative expense increased...Read more
Liquidity and borrowings The Company's...Read more
Adjusted for the benefit of...Read more
To determine fair value of...Read more
(b) Corporate expenses consist of...Read more
However, with the onset 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-K Annual Report
Accession Number: 0001437749-20-019622
Submitted to the SEC: Fri Sep 11 2020 3:00:35 PM EST
Accepted by the SEC: Fri Sep 11 2020
Period: Sunday, June 28, 2020
Industry: Retail Stores