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1-800-FLOWERS.COM, Inc. Reports Record Revenues for its Fiscal 2021 Fourth Quarter and Full Year

1-800-FLOWERS.COM, Inc. Reports Record Revenues for its Fiscal 2021 Fourth Quarter and Full Year; Company Guides to Continued Double-Digit Revenue Growth in its Current Fiscal 2022 Full Year

 

Fourth Quarter Highlights:

  • Total Net Revenues increased 16.5 percent to $487.0 million, compared with $418.0 million in the prior year period.
  • Net Income and Adjusted Net Income1 was $13.3 million, or $0.20 per diluted share, compared with Net Income of $9.8 million, or $0.15 per diluted share, and Adjusted Net Income1 of $15.1 million, or $0.23 per diluted share in the prior year period.
  • Adjusted EBITDA1 was $30.2 million, compared with $32.5 million in the prior year period, primarily reflecting historically low digital marketing rates related to the onset of the COVID-19 pandemic in the prior year period.

Full Year Highlights:

  • Total Net Revenues increased 42.5 percent to a record $2.12 billion, compared with $1.49 billion in the prior year, reflecting strong growth across the Company’s three business segments.
  • Net Income was $118.7 million, or $1.78 per diluted share, compared with Net Income of $59.0 million, or $0.89 per diluted share, in the prior year period. Adjusted Net Income1 increased 88.6 percent to $122.6 million, or $1.84 per diluted share, compared with $65.0 million, or $0.98 per diluted share, in the prior year.
  • Adjusted EBITDA1 increased 64.5 percent to a record $213.1 million, compared with $129.5 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.)

JERICHO, N.Y.--(BUSINESS WIRE)-- 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 fourth quarter and full year ended June 27, 2021.

Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said, “We are very proud of our record top and bottom-line results for fiscal 2021. These achievements, in what was both an incredibly dynamic and challenging year, reflect the dedication of our associates across the Company who worked diligently to overcome the unprecedented hurdles of the global pandemic to help millions of customers stay connected and express themselves to the important people in their lives.” For the year, McCann noted that the Company had achieved a significant milestone, surpassing  $2 billion in revenues and it expects to continue to drive sustainable, long-term revenue growth, as well as strong cash flows, both organically and through strategic acquisitions that can help expand its unique ecommerce platform. “Our guidance for double-digit revenue growth in fiscal 2022 is based on several factors, including the significant shift of consumers to ecommerce shopping, which we anticipate will continue, the tremendous growth and positive behaviors we have seen in our customer files and our significantly expanded product offering.”

McCann said the Company’s customer file grew at an unprecedented level in fiscal 2021 with new-to-file customers increasing 62 percent, adding more than 6.5 million new customers, and helping to bring the Company’s 12-month active customer file to approximately 14 million. “Equally important,” he said, “was that, even with strong new customer growth, existing customers represented approximately 64 percent of our total revenue in fiscal 2021.”

“Looking ahead into fiscal 2022, we will continue to focus on engaging with our customers through increasingly personalized content, enhanced customer care initiatives, and a growing range of experiential programs designed to deepen our relationships and build a true customer community,” he said.

Fiscal 2021 Fourth Quarter Results:

For the fourth quarter of 2021, total net revenues increased 16.5 percent to  $487.0 million compared with  $418.0 million in the prior year period. Excluding contributions from PersonalizationMall.com®, which the Company acquired in August of 2020, total revenue for the quarter increased 3.8 percent. Revenues for the quarter increased 87.7 percent compared with total revenues of  $259.4 million in the fourth quarter of fiscal 2019.

Gross profit margin for the quarter increased 20 basis points to 40.7 percent, compared with gross profit margin of 40.5 percent in the prior year period. Operating expenses as a percent of total revenues improved 10 basis points to 37.5 percent, compared with 37.6 percent in the prior year period. Excluding the impact of the Company’s non-qualified deferred 401k compensation plan and, in fiscal 2020, the 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 increased 180 basis points to 37.2 percent compared with 35.4 percent in the prior year. This reflects higher digital marketing and advertising rates compared with the prior year period.

As a result, Adjusted EBITDA1 for the quarter was  $30.2 million compared with  $32.5 million in the prior year period. Net Income and Adjusted Net Income1 for the quarter was  $13.3 million, or  $0.20 per diluted share, compared with Net Income of  $9.8 million, or  $0.15 per diluted share and Adjusted Net Incomeof  $15.1 million, or  $0.23 per diluted share in the prior year period.

Fiscal 2021 Full Year Results:

Total net revenues for the full year increased 42.5 percent to  $2.12 billion, compared with  $1.49 billion in the prior year, reflecting strong growth across the Company’s three business segments as well as contributions from PersonalizationMall.com which the Company acquired in August of 2020. Excluding the contribution from PersonalizationMall.com, total net revenues grew 26.6 percent compared with the prior year. Gross profit margin for the year increased 40 basis points to 42.2 percent, compared with 41.8 percent in the prior year. Operating expense as a percent of total revenues improved 120 basis points to 35.2 percent, compared with 36.4 percent in the prior year. Excluding the impact 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 110 basis points to 34.7 percent compared with 35.8 percent in the prior year. Strong revenue growth and enhanced operating leverage resulted in Adjusted EBITDA1 growth of 64.5 percent to  $213.1 million, compared with  $129.5 million in the prior year. Net Income for the year was  $118.7 million, or  $1.78 per diluted share, compared with  $59.0 million, or  $0.89 per diluted share, in the prior year. Adjusted Net Income1 for the year was  $122.6 million, or  $1.84 per diluted share, compared with  $65.0 million, or  $0.98 per diluted share in the prior year.

SEGMENT RESULTS:

The Company provides fiscal 2021 fourth quarter and full year selected financial results for its Gourmet Foods and Gift Baskets, Consumer Floral and Gifts, and BloomNet® segments in the tables attached to this release and as follows:

  • Gourmet Foods and Gift Baskets: Revenue for the quarter was  $152.2 million, down 1.1 percent compared with the prior year period. Revenue for the quarter was up 110.0 percent compared to the same period in the Company’s fiscal 2019 fourth quarter. Gross profit margin was 38.9 percent, down 160 basis points, compared with 40.5 percent in the prior year period. Segment contribution margin was  $4.2 million, down 58.4 percent compared with  $10.1 million in the prior year period and down 72.5 percent compared with adjusted contribution margin of  $15.3 million in the prior year period. This primarily reflected higher year-over-year marketing rates as well as higher labor and shipping costs. For the year, revenue in this segment increased 21.6 percent to  $955.6 million, compared with  $785.5 million in the prior year. Gross profit margin for the year increased 40 basis points to 42.9 percent, compared with 42.5 percent in the prior year. As a result of these factors, along with leveraging operating expenses, adjusted segment contribution margin1 for the year increased 28.6 percent to  $148.9 million, compared with  $115.8 million in the prior year.
  • Consumer Floral & Gifts: Revenues for the quarter increased 27.2 percent to  $297.7 million, compared with  $234.1 million in the prior year period. This primarily reflects the contributions from PersonalizationMall.com, which the Company acquired in August of 2020, combined with growth for the Mother’s Day holiday period. Excluding the contributions from PersonalizationMall.com, growth in this segment was 4.4 percent for the quarter. Revenue for the quarter, excluding PersonalizationMall.com, was up 53.0 percent compared to the same period in the Company’s fiscal 2019 fourth quarter. Gross profit margin increased 120 basis points to 41.1 percent, compared with 39.9 percent in the prior year period. Segment contribution margin1 increased 5.8 percent to  $41.2 million, compared with  $39.0 million in the prior year period. For the year, revenues increased 72.8 percent to  $1.03 billion, compared with  $593.2 million in the prior year. Excluding contributions from PersonalizationMall.com, revenue in this segment grew 33.0 percent for the year. Gross margin increased 170 basis points to 41.1 percent compared with 39.4 percent in the prior year. Segment contribution margin1 increased 74.3 percent to  $128.6 million, compared with  $73.8 million in the prior year. The strong growth in contribution margin reflects contributions from PersonalizationMall.com combined with continued robust performance in the segment’s flagship 1-800-Flowers.com® consumer floral brand.
  • BloomNet: Revenues for the quarter increased 23.5 percent to  $37.3 million, compared with  $30.2 million in the prior year period. Revenue for the quarter was up 36.8 percent compared to the same period in the Company’s fiscal 2019 fourth quarter. Gross profit margin was 43.2 percent, down 210 basis points, compared with 45.3 percent in the prior year period, primarily reflecting product mix. Segment contribution margin1 increased 48.4 percent to  $11.3 million, compared with  $7.6 million in the prior year period, in part due to the Company’s decision in the year-ago period to waive certain fees. For the year, revenue increased 27.9 percent to  $142.9 million, compared with  $111.8 million in the prior year. Gross profit margin was 45.5 percent, down 300 basis points compared with 48.5 percent in the prior year, primarily reflecting product mix. Segment contribution margin1 for the year increased 30.7 percent to  $45.9 million, compared with  $35.1 million in the prior year.

COMPANY GUIDANCE

  • For the fiscal 2022 full year, the Company is providing the following guidance:
    • Total revenue growth of 10.0 percent-to-12.0 percent compared with the prior year;
    • Adjusted EBITDA growth of 5.0 percent-to-8.0 percent;
    • EPS in line with fiscal 2021 as improved EBITDA is offset by higher depreciation and a higher effective tax rate; and
    • Free Cash Flow to exceed  $100 million
  • The Company’s guidance for the year is based on several factors including:
    • The significant increase in consumers shopping online where the Company’s broad product offering and brand portfolio makes it a leading destination for customers looking for solutions to help them connect, express themselves and celebrate - sentiments that have become more important than ever;
    • Significant expansion of the Company’s product offering, both organically and through strategic acquisitions like Shari’s Berries and PersonalizationMall.com;
    • Continued strong growth and positive behaviors in the Company’s customer file, including strong new-to-file customer growth as well as increased demand from existing customers; and
    • Continued strong growth in the Company’s Celebrations Passport® loyalty program, which is helping drive increased frequency, retention, and cross-category/cross-brand purchases.
  • The Company is also aware of several headwinds affecting its business, including:
    • a challenging labor market with both limited availability and rising wage rates; and
    • significant increases in both inbound and outbound shipping rates as well as higher commodity costs.

Definitions of non-GAAP Financial Measures:

We sometimes use financial measures derived from consolidated financial information, but not presented in our financial statements prepared in accordance with  U.S. generally accepted accounting principles (“GAAP”). Certain of these are considered "non-GAAP financial measures" under the  U.S. Securities and Exchange Commission rules. Non-GAAP financial measures referred to in this document are either labeled as “non-GAAP” or designated as such with a “1”. See below for definitions and the reasons why we use these non-GAAP financial measures. Where applicable, see the Selected Financial Information below for reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.

EBITDA and Adjusted EBITDA

We define EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA adjusted for the impact of stock-based compensation, Non-Qualified Plan Investment appreciation/depreciation, and for certain items affecting period-to-period comparability. See Selected Financial Information for details on how EBITDA and Adjusted EBITDA were calculated for each period presented. The Company presents EBITDA and Adjusted EBITDA because it considers such information meaningful supplemental measures of its performance and believes such information is frequently used by the investment community in the evaluation of similarly situated companies. The Company uses EBITDA and Adjusted EBITDA as factors to determine the total amount of incentive compensation available to be awarded to executive officers and other employees. The Company's credit agreement uses EBITDA and Adjusted EBITDA to determine its interest rate and to measure compliance with certain covenants. EBITDA and Adjusted EBITDA are also used by the Company to evaluate and price potential acquisition candidates. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. 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. EBITDA and Adjusted EBITDA should only be used on a supplemental basis combined with GAAP results when evaluating the Company's performance.

Segment Contribution Margin and Adjusted Segment Contribution Margin

We define Segment Contribution Margin as earnings before interest, taxes, depreciation, and amortization, before the allocation of corporate overhead expenses. Adjusted Contribution Margin is defined as Contribution Margin adjusted for certain items affecting period-to-period comparability. See Selected Financial Information for details on how Segment Contribution Margin and Adjusted Segment Contribution Margin were calculated for each period presented. When viewed together with our GAAP results, we believe Segment Contribution Margin and Adjusted Segment Contribution Margin provide management and users of the financial statements meaningful information about the performance of our business segments. Segment Contribution Margin and Adjusted Segment Contribution Margin are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. The material limitation associated with the use of the Segment Contribution Margin and Adjusted Segment Contribution Margin is that they are an incomplete measure of profitability as they do not include all operating expenses or non-operating income and expenses. Management compensates for these limitations when using this measure by looking at other GAAP measures, such as Operating Income and Net Income.

Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share:

We define Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share as Net Income (Loss) and Net Income (Loss) Per Common Share adjusted for certain items affecting period to period comparability. See Selected Financial Information below for details on how Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share were calculated for each period presented. We believe that Adjusted Net Income (Loss) and Adjusted or Comparable EPS are meaningful measures because they increase the comparability of period-to-period results. Since these are not measures of performance calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, GAAP Net Income (Loss) and Net Income (Loss) Per Common share, as indicators of operating performance and they may not be comparable to similarly titled measures employed by other companies.

Free Cash Flow:

We define Free Cash Flow as net cash provided by operating activities less capital expenditures. The Company considers Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of fixed assets, which can then be used to, among other things, invest in the Company’s business, make strategic acquisitions, strengthen the balance sheet and repurchase stock or retire debt. Free Cash Flow is a liquidity measure that is frequently used by the investment community in the evaluation of similarly situated companies. Since Free Cash Flow is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in the company's cash balance for the period.

About 1-800-FLOWERS.COM, Inc.

1-800-FLOWERS.COM, Inc. is a leading provider of gifts designed to help customers express, connect and celebrate. The Company’s e-commerce business platform features an all-star family of brands, including: 1-800-Flowers.com®, 1-800-Baskets.com®, Cheryl’s Cookies®, Harry & David®, PersonalizationMall.com®, Shari’s Berries®, FruitBouquets.com®, Moose Munch®, The Popcorn Factory®, Wolferman’s Bakery®, Stock Yards® and Simply Chocolate®. Through the Celebrations Passport® loyalty program, which provides members with free standard shipping and no service charge across our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen relationships with customers. The Company also operates BloomNet®, an international floral and gift industry service provider offering a broad-range of products and services designed to help members grow their businesses profitably; Napco?, a resource for floral gifts and seasonal décor; and DesignPac Gifts, LLC, a manufacturer of gift baskets and towers. 1-800-FLOWERS.COM, Inc. was recognized among the top 5 on the National Retail Federation’s 2021 Hot 25 Retailers list, which ranks the nation’s fastest-growing retail companies. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS. For more information, visit 1800flowersinc.com or follow @1800FLOWERSInc on Twitter.

Special Note Regarding Forward Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events and can generally be identified using statements that include words such as “estimate,” “expects,” “project,” “believe,” “anticipate,” “intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target” or similar words or phrases. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to, statements regarding the Company’s ability to achieve its guidance for fiscal-year 2021 first quarter and the key holiday season; the impact of the Covid-19 pandemic on the Company; its ability to leverage its operating platform and reduce operating expense ratio; its ability to successfully integrate acquired businesses and assets; its ability to successfully execute its strategic initiatives; its ability to cost effectively acquire and retain customers; the outcome of contingencies, including legal proceedings in the normal course of business; its ability to compete against existing and new competitors; its ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; its ability to reduce promotional activities and achieve more efficient marketing programs; and general consumer sentiment and industry and economic conditions that may affect levels of discretionary customer purchases of the Company’s products. Reconciliations for forward looking figures would require unreasonable efforts at this time because of the uncertainty and variability of the nature and amount of certain components of various necessary GAAP components, including for example those related to compensation, tax items, amortization or others that may arise during the year, and the Company’s management believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The lack of such reconciling information should be considered when assessing the impact of such disclosures. The Company undertakes no obligation to publicly update any of the forward-looking statements, whether because of new information, future events or otherwise, made in this release or in any of its SEC filings. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. For a more detailed description of these and other risk factors, refer to the Company’s SEC filings, including the Company’s Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

Conference Call:

The Company will conduct a conference call to discuss the above details and attached financial results today, Thursday, August 26, 2021, at 8:00 a.m. (ET). The conference call will be webcast from the Investor Relations section of the Company’s website at www.1800flowersinc.com. A recording of the call will be posted on the Investor Relations section of the Company’s website within two hours of the call’s completion. A replay of the call can be accessed beginning at 2:00 p.m. (ET) on the day of the call through September 2, 2021, at: (US) 1-877-344-7529; ( Canada) 855-669-9658; (International) 1-412-317-0088; enter conference ID #: 10159487. If you have any questions regarding the above information, please contact the Investor Relations office at invest@1800flowers.com.

Note: The following tables are an integral part of this press release without which the information presented in this press release should be considered incomplete.

1-800-FLOWERS.COM, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)

 

 

June 27, 2021

 

 

June 28, 2020

 

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

173,573

 

 

$

240,506

 

Trade receivables, net

 

 

20,831

 

 

 

15,178

 

Inventories

 

 

153,863

 

 

 

97,760

 

Prepaid and other

 

 

51,792

 

 

 

25,186

 

Total current assets

 

 

400,059

 

 

 

378,630

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

215,287

 

 

 

169,075

 

Operating lease right-of-use assets

 

 

86,230

 

 

 

66,760

 

Goodwill

 

 

208,150

 

 

 

74,711

 

Other intangibles, net

 

 

139,048

 

 

 

66,273

 

Other assets

 

 

27,905

 

 

 

18,986

 

Total assets

 

$

1,076,679

 

 

$

774,435

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

57,434

 

 

$

25,306

 

Accrued expenses

 

 

178,512

 

 

 

141,741

 

Current maturities of long-term debt

 

 

20,000

 

 

 

5,000

 

Current portion of long-term operating lease liabilities

 

 

9,992

 

 

 

8,285

 

Total current liabilities

 

 

265,938

 

 

 

180,332

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

161,512

 

 

 

87,559

 

Long-term operating lease liabilities

 

 

79,375

 

 

 

61,964

 

Deferred tax liabilities

 

 

34,162

 

 

 

28,632

 

Other liabilities

 

 

26,622

 

 

 

16,174

 

Total liabilities



567,609

 

 

 

374,661

 

Total stockholders’ equity

 

 

509,070

 

 

 

399,774

 

Total liabilities and stockholders’ equity

 

$

1,076,679

 

 

$

774,435

 

1-800-FLOWERS.COM, Inc. and Subsidiaries
Selected Financial Information
Consolidated Statements of Operations
(in thousands, except for per share data)
(unaudited)

 

 

Three Months Ended

 

 

Years Ended

 

 

 

June 27, 2021



June 28, 2020



June 27, 2021



June 28, 2020

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E-Commerce

 

$

438,109

 

 

$

382,400

 

 

$

1,879,550

 

 

$

1,230,385

 

Other

 

 

48,874

 

 

 

35,556

 

 

 

242,695

 

 

 

259,252

 

Total net revenues

 

 

486,983

 

 

 

417,956

 

 

 

2,122,245

 

 

 

1,489,637

 

Cost of revenues

 

 

288,979

 

 

 

248,530

 

 

 

1,225,816

 

 

 

867,441

 

Gross profit

 

 

198,004

 

 

 

169,426

 

 

 

896,429

 

 

 

622,196

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing and sales

 

 

130,364

 

 

 

100,378

 

 

 

533,268

 

 

 

363,227

 

Technology and development

 

 

14,491

 

 

 

14,262

 

 

 

54,428

 

 

 

48,698

 

General and administrative

 

 

27,176

 

 

 

33,207

 

 

 

117,136

 

 

 

97,394

 

Depreciation and amortization

 

 

10,718

 

 

 

9,245

 

 

 

42,510

 

 

 

32,513

 

Total operating expenses

 

 

182,749

 

 

 

157,092

 

 

 

747,342

 

 

 

541,832

 

Operating income

 

 

15,255

 

 

 

12,334

 

 

 

149,087

 

 

 

80,364

 

Interest expense, net

 

 

1,340

 

 

 

711

 

 

 

5,860

 

 

 

2,438

 

Other income (expense), net

 

 

1,687

 

 

 

1,630

 

 

 

5,888

 

 

 

(84

)

Income before income taxes

 

 

15,602

 

 

 

13,253

 

 

 

149,115

 

 

 

77,842

 

Income tax expense

 

 

2,292

 

 

 

3,479

 

 

 

30,463

 

 

 

18,844

 

Net income

 

$

13,310

 

 

$

9,774

 

 

$

118,652

 

 

$

58,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

0.20

 

 

$

0.15

 

 

$

1.83

 

 

$

0.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

$

0.20

 

 

$

0.15

 

 

$

1.78

 

 

$

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in the calculation of net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

65,023

 

 

 

64,283

 

 

 

64,739

 

 

 

64,463

 

Diluted

 

 

66,477

 

 

 

66,385

 

 

 

66,546

 

 

 

66,408

 

1-800-FLOWERS.COM, Inc. and Subsidiaries
Selected Financial Information
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

 

 

Years ended

 

 

June 27, 2021

 

June 27, 2020

 

 

 

 

 

Operating activities:

 

 

 

 

Net income

 

$

118,652

 

 

$

58,998

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

42,510

 

 

 

32,513

 

Amortization of deferred financing costs

 

 

1,143

 

 

 

646

 

Deferred income taxes

 

 

5,530

 

 

 

(266

)

Bad debt expense

 

 

964

 

 

 

4,143

 

Stock-based compensation

 

 

10,835

 

 

 

8,434

 

Other non-cash items

 

 

645

 

 

 

1,032

 

Changes in operating items:

 

 

 

 

Trade receivables

 

 

(5,236

)

 

 

(6,947

)

Inventories

 

 

(39,104

)

 

 

(4,371

)

Prepaid and other

 

 

(22,850

)

 

 

(726

)

Accounts payable and accrued expenses

 

 

57,397

 

 

 

44,359

 

Other assets and liabilities

 

 

2,804

 

 

 

1,602

 

Net cash provided by operating activities

 

 

173,290

 

 

 

139,417

 

 

 

 

 

 

Investing activities:

 

 

 

 

Acquisitions, net of cash acquired

 

 

(250,942

)

 

 

(20,500

)

Capital expenditures, net of non-cash expenditures

 

 

(55,219

)

 

 

(34,703

)

Purchase of equity investments

 

 

(1,756

)

 

 

(1,176

)

Net cash used in investing activities

 

 

(307,917

)

 

 

(56,379

)

 

 

 

 

 

Financing activities:

 

 

 

 

Acquisition of treasury stock

 

 

(22,369

)

 

 

(10,680

)

Proceeds from exercise of employee stock options

 

 

2,253

 

 

 

285

 

Proceeds from bank borrowings

 

 

265,000

 

 

 

20,000

 

Repayment of notes payable and bank borrowings

 

 

(174,997

)

 

 

(25,000

)

Debt issuance cost

 

 

(2,193

)

 

 

(60

)

Net cash provided by (used in) financing activities

 

 

67,694

 

 

 

(15,455

)

 

 

 

 

 

Net change in cash and cash equivalents

 

 

(66,933

)

 

 

67,583

 

Cash and cash equivalents:

 

 

 

 

Beginning of period

 

 

240,506

 

 

 

172,923

 

End of period

 

$

173,573

 

 

$

240,506

 

1-800-FLOWERS.COM, Inc. and Subsidiaries
Selected Financial Information – Category Information
(dollars in thousands) (unaudited)

Segment Information shown below is appended to the Company's Earnings Release and includes the impact of Stock Based Compensation


Three Months Ended


June 27,

2021


June 28,

2020

Personalization

Mall Litigation

& Transaction

Costs

Harry &

David Store

Closure

Costs

As Adjusted

(non-GAAP)

June 28,

2020

%

Change

Net revenues:








Consumer Floral & Gifts

$

297,719

 


$

234,094

 

$

-


$

-


$

234,094

 

27.2

%

BloomNet

 

37,297

 


 

30,189

 



 

30,189

 

23.5

%

Gourmet Foods & Gift Baskets

 

152,168

 


 

153,842

 



 

153,842

 

-1.1

%

Corporate

 

46

 


 

119

 



 

119

 

-61.3

%

Intercompany eliminations

 

(247

)


 

(288

)

 

 

 

(288

)

14.2

%

Total net revenues

$

486,983

 


$

417,956

 

$

-

 

$

-

 

$

417,956

 

16.5

%








 

Gross profit:








Consumer Floral & Gifts

$

122,403

 


$

93,404

 

$

-

 

$

-

 

$

93,404

 

31.0

%


 

41.1

%


 

39.9

%



 

39.9

%









 

BloomNet

 

16,126

 


 

13,673

 



 

13,673

 

17.9

%


 

43.2

%


 

45.3

%



 

45.3

%









 

Gourmet Foods & Gift Baskets

 

59,220

 


 

62,260

 



 

62,260

 

-4.9

%


 

38.9

%


 

40.5

%



 

40.5

%









 

Corporate

 

255

 


 

89

 



 

89

 

186.5

%


 

554.3

%


 

74.8

%



 

74.8

%



 


 

 

 

 


Total gross profit

$

198,004

 


$

169,426

 

$

-

 

$

-

 

$

169,426

 

16.9

%


 

40.7

%


 

40.5

%

 

-

 

 

-

 

 

40.5

%









 

EBITDA (non-GAAP):








Segment Contribution Margin (non-GAAP) (a):








Consumer Floral & Gifts

$

41,195

 


$

38,953

 

$

-

 

$

-

 

$

38,953

 

5.8

%

BloomNet

 

11,271

 


 

7,595

 



 

7,595

 

48.4

%

Gourmet Foods & Gift Baskets

 

4,205

 


 

10,115

 

 

 

5,177

 

 

15,292

 

-72.5

%

Segment Contribution Margin Subtotal

 

56,671

 


 

56,663

 

 

-

 

 

5,177

 

 

61,840

 

-8.4

%

Corporate (b)

 

(30,698

)


 

(35,084

)

 

1,795

 

 

 

(33,289

)

7.8

%

EBITDA (non-GAAP)

 

25,973