*Total net revenues increased 70.1 percent to $474.2 million, compared with total revenues of $278.8 million in the prior year period, driven by ecommerce growth of 83.2 percent.
*Net Income for the quarter increased $11.1 million to $1.4 million, or $0.02 per share, compared with a net loss of $9.7 million, or a loss of $0.15 per diluted share in the prior year period. On an adjusted basis, net income for the quarter was $1.5 million, or $0.02 per share, compared with an adjusted net loss of $9.0 million, or a loss of $0.14 per share, in the prior year period.
*Adjusted EBITDA1 for the quarter increased $17.8 million to $15.4 million, compared with a loss of $2.4 million in the prior year period.
*Company guides to 10-to-15 percent revenue growth for its fiscal fourth quarter and approximately 40 percent for its full 2021 fiscal year. Company also states that it anticipates double-digit revenue growth will continue in its next fiscal year.
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.
“Our highly scalable and leverageable business platform includes our all-star family of trusted brands, our advanced technology stack, our experience and expertise in digital marketing, our large and rapidly growing customer file, and our extensive manufacturing, distribution and logistics capabilities. We have continued to make significant investments in these areas to help drive strong organic growth while concurrently augmenting our capabilities and product selection with highly accretive acquisitions such as Personalization Mall.”
McCann said that in addition to the strong top and bottom-line performance during the quarter, the Company also continued to grow its customer file at a record pace. “We have continued to leverage our digital marketing programs to take advantage of the structural shift that consumers have made to ecommerce. As a result, we have added millions of new customers while driving increased purchase frequency from existing customers this year. In addition, we continue to see strong, double-digit growth in customers joining our Celebrations Passport® loyalty program, which now has more than 1 million members. Passport is a key driver of increased purchase frequency, customer retention, and customer lifetime value. The continuation of these positive trends further enhances our ability to deliver sustainable growth both near and longer term.”
Regarding the Company’s current fiscal fourth quarter, McCann said that the Company continued to see solid ecommerce demand in its 1-800-Flowers.com floral business through the first four weeks of the quarter. “We enter the fiscal fourth quarter with continued strong momentum and we expect double digit topline growth for the quarter despite the steep change in ecommerce growth which began in the prior year fourth quarter that we are now comparing against. That will put us on track to achieve over $2 billion of revenue in our current fiscal year.”
McCann concluded, “Based on our expectations for the fourth quarter, combined with what we see going forward, we anticipate driving double-digit growth in our next fiscal year.”
Third Quarter 2021 Financial Results
Total consolidated revenues increased 70.1 percent, or $195.4 million, to $474.2 million, compared with total consolidated revenues of $278.8 million in the prior year period, driven by ecommerce growth of 83.2 percent. Revenue growth in the quarter included contributions from PersonalizationMall.com which the Company acquired in August 2020. Excluding the contribution from PersonalizationMall.com total net revenues increased 55.7 percent, compared with the prior year period.
Gross profit margin for the quarter increased 40 basis points to 38.9 percent, compared with 38.5 percent in the prior year period. Operating expenses as a percent of total revenues improved 340 basis points to 39.0 percent, compared with 42.4 percent in the prior year period. Excluding the impacts of the Company’s non-qualified deferred 401k compensation plan and one-time transaction costs, operating expenses, as a percentage of total revenues improved 430 basis points to 38.8 percent in the quarter.
The combination of these factors resulted in an increase of $17.8 million, in Adjusted EBITDA to $15.4 million, compared with Adjusted EBITDA loss of $2.4 million in the prior year period. Net income for the quarter increased $11.1 million, to $1.4 million, or $0.02 per diluted share, compared with a net loss of $9.7 million, or $0.15 per share, in the prior year period. On an adjusted basis, net income for the quarter was $1.5 million, or $0.02 per share, compared with an adjusted net loss of $9.0 million, or a loss of $0.14 per share, in the prior year period.
details at: https://www.1800flowersinc.com/news-and-media/newsroom/press-releases/2021/04-29-2021-113035670