1-800-FLOWERS.COM, Inc. Board Increases Stock Repurchase Program to $40 Million

Who doesn’t feel a rush of joy when they open a handwritten card or letter received in the mail? Many of us rediscovered the simple, yet powerful pleasures of keeping in touch with pen, paper and a postage stamp during the pandemic. Later this month, everyone across America – and around the globe – is invited to send a card, deliver a smile and together create a much-needed wave of happiness during Thinking of You Week. Celebrated September 20 to 26, Thinking of You Week is an international movement to celebrate the joy of sending and receiving hand-written notes and greeting cards. Launched in the United Kingdom in 2014, the celebration was brought to the U.S. by the Greeting Card Association in 2018.

Revenue at Simon & Schuster rose 10% in the second quarter ended June 30, 2017, over the comparable period in 2016, and operating income increased 8%, S&S parent company CBS reported. It was the second consecutive quarter that revenue at S&S grew by double digits in 2017. Revenue in the most recent period was $206 million, up from $187 million, and earnings rose to $28 million from $26 million a year ago. The increase was led by growth in print book sales as well as digital audio. Results also include Adams Media, which S&S bought last November. S&S CEO Carolyn Reidy said the company's children's, audio, and international divisions all had double digit sales increase in the quarter, while sales in the adult group rose by single digits. With digital audio posting another strong quarter, sales of the format were up 34% in the first half of 2017 over the same period of 2016. Reidy estimated that S&S will increase its title output of digital audio by 20% to 25% for the year. Click Read More below for additional detail.

The Book Manufacturers’ Institute (BMI) released the January results for its monthly survey on capacity and lead times for soft cover and hard cover books. This month showed both capacities and lead times continuing to decline. According to responses regarding hard cover books, the average manufacturer was running at 72% of their capacity, down from December’s 82%. The average lead time for completed hard cover books went down to 48 days from 50 days, continuing the trend. For soft cover books, capacity usage dropped to 75% compared to 82% last month. The average lead time dropped to 29 days from 33 days, continuing that trend as well.