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Exhibit 99.1
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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 results to applicable GAAP results.)
CARLE PLACE, N.Y.--(BUSINESS WIRE)--April 29, 2021--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 2021 third quarter ended March 28, 2021.
Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said “The record top and bottom-line results for our fiscal third quarter reflect the strength of the ecommerce platform that we have built to drive solid, sustainable growth. The strong results for the quarter represent a continuation of the momentum that we have been building over the past several years. In addition, the acceleration provided by COVID has resulted in profound shifts in consumer behavior that our massive database, strong brand portfolio, and leading-edge technology will turn into a new era of growth.
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1 800 Flowers Com Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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We believe that adjusted net income (loss) and adjusted or comparable net income (loss) per common share are meaningful measures because they increase the comparability of period-to-period results.
Net cash provided by financing activities of $77.1 million, for the nine months ended March 28, 2021, related to proceeds from bank borrowings of $265.0 million (including the Companys New Term Loan in the amount of $100.0 million, which was used to repay borrowings then outstanding under the Companys Revolver in the amount of $97.5 million), repayment of notes payable and bank borrowings of $172.5 million (including the $97.5 million repayment of the Revolver upon closing of the $100.0 million New Term Loan), and the acquisition of $14.8 million of treasury stock.
General and administrative expenses increased 54.3% and 40.2% during the three and nine months ended March 28, 2021, respectively, compared to the same periods of the prior year, due to incremental costs related to: (i) PersonalizationMall (including transaction and litigation related costs), (ii) higher labor costs due to annual merit increases and performance related bonuses, as well as investment earnings on the Companys NQDC Plan assets (offset within Other (income) expenses noted below), and (iii) incremental health and safety-related COVID-19 related expenses.
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...Read more
Factors that could cause or...Read more
See Segment Information below for...Read more
While the continuing impacts of...Read more
The Company presents EBITDA and...Read more
These non-GAAP financial measures are...Read more
Gross profit increased by 112.4%...Read more
Gross profit increased 71.9% and...Read more
Net revenues increased 70.1% and...Read more
The effective rates for fiscal...Read more
Cash Flows Net cash provided...Read more
The Company also operates BloomNet?,...Read more
Segment contribution margin and adjusted...Read more
Our Annual Report on Form...Read more
The following table presents the...Read more
Where applicable, see the Segment...Read more
When viewed together with our...Read more
Based on this revenue growth,...Read more
Since these are not measures...Read more
The Company recorded income tax...Read more
The decrease in average order...Read more
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The marketing and merchandising investments...Read more
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We define adjusted net income...Read more
Depreciation and amortization expense increased...Read more
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Technology and development expense increased...Read more
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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: 0001437749-21-011266
Submitted to the SEC: Fri May 07 2021 1:03:34 PM EST
Accepted by the SEC: Fri May 07 2021
Period: Sunday, March 28, 2021
Industry: Retail Stores