1-800-FLOWERS.COM, Inc. Reports Strong Revenue and Earnings Growth for Its Fiscal 2021 First Quarter

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 first quarter ended September 27, 2020.

Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said “The strong results that we achieved in our fiscal first quarter reflects a continuation of the accelerated customer demand and customer file growth that we saw throughout last year. We have been building on this momentum by leveraging our unique business platform, including our all-star collection of brands, our advanced technology stack and our manufacturing, distribution and logistics capabilities. As a result, we have become our customers’ go-to resource to help them connect and express themselves – sentiments that have grown increasingly important.”

McCann noted that strong top and bottom line results for the quarter were driven by double-digit growth in the Company’s three business segments. “Our customers are increasingly seeing our great products and brands as solutions for their everyday need to connect with the important people in their lives. In addition, our efficient digital marketing programs are helping us drive new customer growth at an accelerated pace with an increasing number of both new and existing customers joining our Celebrations Passport loyalty program, which helps drive increased purchase frequency, retention and life-time value. The combination of these positive trends significantly enhances our ability to deliver sustainable top and bottom-line growth both near and longer term.”

Regarding the Company’s current fiscal second quarter, McCann said that the Company continued to see strong e-commerce demand through the first four weeks of the period. “As we enter the key holiday season, we have built significant momentum across our business by leveraging our expanded product offering and focusing on engaging with our customers to build relationships. While we are cognizant of continuing uncertainty in the overall environment due to the COVID-19 pandemic, we are well positioned to deliver solid results for the holiday season and our fiscal second quarter.”

First Quarter 2021 Financial Results
Total consolidated revenues increased 51.5 percent to $283.8 million, compared with total consolidated revenues of $187.3 million in the prior year period, reflecting strong growth in the Company’s three business segments along with contributions from PersonalizationMall.com (“PMall”), which the Company acquired in August 2020. Excluding the contribution from PMall, total net revenues increased 40.6 percent compared with the prior year period.

Gross profit margin for the quarter was 40.7 percent, unchanged compared with the prior year period. Operating expenses as a percent of total revenues improved 630 basis points to 45.4 percent of total sales, compared with 51.7 percent of total sales in the prior year period. Excluding the impacts of the Company’s non-qualified deferred 401k compensation plan and one-time costs primarily associated with its acquisition of PersonalizationMall.com, operating expenses, as a percentage of total revenues improved 820 basis points to 43.5% in the quarter. This reflected the strong revenue growth in the quarter combined with the Company’s ability to leverage its operating platform.

The combination of these factors resulted in a 128.7 percent, or $14.5 million, improvement in Adjusted EBITDA to $3.2 million, compared with a loss of $11.3 million in the prior year period. Net loss for the quarter was $9.8 million, or ($0.15) per share. Adjusted Net Loss1 was $6.5 million, or ($0.10) per share, compared with a net loss of $15.3 million, or ($0.24) per share in the prior year period.
details at: https://www.1800flowersinc.com/news-and-media/newsroom/press-releases/2020/10-29-2020-103041744

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