For the first quarter of 2019, total consolidated revenues increased 7.7 percent to $169.5 million, compared with total consolidated revenues of $157.3 million in the prior year period. Revenue growth in the quarter was driven by the Company’s 1-800-Flowers consumer floral segment, which increased 11.1 percent for the period, combined with its BloomNet wire service business which grew 21.4 percent, compared with the prior year period. Gross profit margin for the quarter was 40.4 percent, a decrease of 240 basis points compared with 42.8 percent in the prior year period. This primarily reflected a combination of investments to drive increased order volume in the Company’s Consumer Floral and BloomNet businesses and product mix in the Company’s Gourmet Foods and Gift Baskets segment related to the timing of certain wholesale and Fruit-of-the-Month Club shipments. Net loss was $17.3 million, or $0.27 loss per share, compared with a net loss of $13.2 million, or $0.20 loss per share, in the prior year period. Click read more below for additional detail.
Staples, Inc. (Nasdaq: SPLS) and Office Depot, Inc. (Nasdaq: ODP) today announced that they have certified substantial compliance with the Request for Additional Information (the “Second Request”) from the United States Federal Trade Commission (“FTC”) regarding the proposed merger between Staples and Office Depot.
Additionally, Staples and Office Depot have entered into a timing agreement with the FTC pursuant to which Staples and Office Depot have agreed not to close the proposed merger until at least forty-five full calendar days after each company has certified substantial compliance with the Second Request.
“We are pleased to have completed our submission of documents and information to the FTC in connection with the Second Request,” said Ron Sargent, chairman and chief executive officer, Staples. “We will continue to work closely with the FTC, and we look forward to completing the transaction.”
“I want to thank our teams for their hard work over the past five months gathering and delivering to the FTC a massive amount of information to complete the Second Request,” said Roland Smith, chairman and chief executive officer, Office Depot.