1 800 FLOWERS COM INC

For the period ended Dec 31, 2023. Filed Feb 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2023 · Filed Feb 8, 2024

FLWS$2.73-2.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1-800-FLOWERS.COM, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except for share data)

	December 31, 2023	July 2, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents	$312,017	$126,807
Trade receivables, net	46,578	20,419
Inventories	161,324	191,334
Prepaid and other	24,557	34,583
Total current assets	544,476	373,143
Property, plant and equipment, net	227,643	234,569
Operating lease right-of-use assets	117,825	124,715
Goodwill	153,577	153,376
Other intangibles, net	117,897	139,888
Other assets	30,292	25,739
Total assets	$1,191,710	$1,051,430
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$92,418	$52,588
Accrued expenses	224,084	141,914
Current maturities of long-term debt	10,000	10,000
Current portion of long-term operating lease liabilities	15,433	15,759
Total current liabilities	341,935	220,261
Long-term debt, net	181,749	186,391
Long-term operating lease liabilities	110,740	117,330
Deferred tax liabilities, net	25,026	31,134
Other liabilities	28,900	24,471
Total liabilities	688,350	579,587
Commitments and contingencies (See Note 14)
Stockholders' equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued	-	-
Class A common stock, $0.01 par value, 200,000,000 shares authorized, 58,743,969 and 58,273,747 shares issued at December 31, 2023 and July 2, 2023, respectively	588	583
Class B common stock, $0.01 par value, 200,000,000 shares authorized, 32,348,221 shares issued at December 31, 2023 and July 2, 2023	323	323
Additional paid-in capital	392,849	388,215
Retained earnings	302,748	271,083
Accumulated other comprehensive loss	(170)	(170)
Treasury stock, at cost, 21,089,336 and 20,565,875 Class A shares at December 31, 2023 and July 2, 2023, respectively and 5,280,000 Class B shares at December 31, 2023 and July 2, 2023	(192,978)	(188,191)
Total stockholders’ equity	503,360	471,843
Total liabilities and stockholders’ equity	$1,191,710	$1,051,430

1-800-FLOWERS.COM, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except for per share data)

	Three Months Ended		Six Months Ended
	December 31, 2023	January 1, 2023	December 31, 2023	January 1, 2023
Net revenues	$822,054	$897,877	$1,091,104	$1,201,481
Cost of revenues	466,357	530,111	633,479	732,257
Gross profit	355,697	367,766	457,625	469,224
Operating expenses:
Marketing and sales	188,557	194,466	271,075	283,605
Technology and development	14,822	14,952	30,126	29,692
General and administrative	27,154	28,908	55,643	55,153
Depreciation and amortization	14,152	14,315	27,346	27,009
Intangible impairment	19,762	-	19,762	-
Total operating expenses	264,447	252,641	403,952	395,459
Operating income	91,250	115,125	53,673	73,765
Interest expense, net	4,611	4,143	8,093	6,964
Other (income) expense, net	(2,736)	148	(2,262)	1,070
Income before income taxes	89,375	110,834	47,842	65,731
Income tax expense	26,468	28,304	16,177	16,893
Net income and comprehensive net income	62,907	82,530	31,665	48,838
Basic net income per common share	$0.97	$1.28	$0.49	$0.76
Diluted net income per common share	$0.97	$1.27	$0.49	$0.75
Weighted average shares used in the calculation of net income per common share:
Basic	64,835	64,675	64,814	64,606
Diluted	65,177	64,835	65,155	64,820

1-800-FLOWERS.COM, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders' Equity

(in thousands, except share data)

Common Stock · Additional · Accumulated Other · Total
Class A · Class B · Paid-in · Retained · Comprehensive · Treasury Stock · Stockholders’
	Shares	Amount	Shares	Amount	Capital	Earnings	Loss	Shares	Amount	Equity
Balance at October 1, 2023	58,309,547	$583	32,348,221	$323	$390,579	$239,841	$(170)	25,856,358	$(188,265)	$442,891
Net income	-	-	-	-	-	62,907	-	-	-	62,907
Stock-based compensation	429,312	5	-	-	2,226	-	-	-	-	2,231
Exercise of stock options	5,110	-	-	-	44	-	-	-	-	44
Acquisition of Class A treasury stock	-	-	-	-	-	-	-	512,978	(4,713)	(4,713)
Balance at December 31, 2023	58,743,969	$588	32,348,221	$323	$392,849	$302,748	$(170)	26,369,336	$(192,978)	$503,360
Balance at October 2, 2022	57,706,389	$577	32,529,614	$325	$381,440	$282,093	$(211)	25,698,396	$(186,952)	$477,272
Net income	-	-	-	-	-	82,530	-	-	-	82,530
Stock-based compensation	368,249	4	-	-	1,895	-	-	-	-	1,899
Conversion – Class B into Class A	181,393	2	(181,393)	(2)	-	-	-		-	-
Acquisition of Class A treasury stock	-	-	-	-	-	-	-	140,248	(1,175)	(1,175)
Balance at January 1, 2023	58,256,031	$583	32,348,221	$323	$383,335	$364,623	$(211)	25,838,644	$(188,127)	$560,526

1-800-FLOWERS.COM, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders' Equity

(in thousands, except share data)

Common Stock · Additional · Accumulated Other · Total
Class A · Class B · Paid-in · Retained · Comprehensive · Treasury Stock · Stockholders’
	Shares	Amount	Shares	Amount	Capital	Earnings	Loss	Shares	Amount	Equity
Balance at July 2, 2023	58,273,747	$583	32,348,221	$323	$388,215	$271,083	$(170)	25,845,875	$(188,191)	$471,843
Net income	-	-	-	-	-	31,665	-	-	-	31,665
Stock-based compensation	465,112	5	-	-	4,590	-	-	-	-	4,595
Exercise of stock options	5,110	-	-	-	44	-	-	-	-	44
Acquisition of Class A treasury stock	-	-	-	-	-	-	-	523,461	(4,787)	(4,787)
Balance at December 31, 2023	58,743,969	$588	32,348,221	$323	$392,849	$302,748	$(170)	26,369,336	$(192,978)	$503,360
Balance at July 3, 2022	57,706,389	$577	32,529,614	$325	$379,885	$315,785	$(211)	25,698,396	$(186,952)	$509,409
Net income	-	-	-	-	-	48,838	-	-	-	48,838
Stock-based compensation	368,249	4	-	-	3,450	-	-	-	-	3,454
Conversion – Class B into Class A	181,393	2	(181,393)	(2)	-	-	-		-	-
Acquisition of Class A treasury stock	-	-	-	-	-	-	-	140,248	(1,175)	(1,175)
Balance at January 1, 2023	58,256,031	$583	32,348,221	$323	$383,335	$364,623	$(211)	25,838,644	$(188,127)	$560,526

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