1 800 FLOWERS COM INC

For the period ended Mar 31, 2024. Filed May 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.

Mar 31, 2024 · Filed May 8, 2024

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

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Contents

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Condensed Consolidated Balance Sheets

(in thousands, except for share data)

	March 31, 2024	July 2, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents	$183,956	$126,807
Trade receivables, net	26,779	20,419
Inventories	159,458	191,334
Prepaid and other	26,437	34,583
Total current assets	396,630	373,143
Property, plant and equipment, net	223,939	234,569
Operating lease right-of-use assets	114,784	124,715
Goodwill	153,577	153,376
Other intangibles, net	116,783	139,888
Other assets	34,269	25,739
Total assets	$1,039,982	$1,051,430
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$47,015	$52,588
Accrued expenses	138,004	141,914
Current maturities of long-term debt	10,000	10,000
Current portion of long-term operating lease liabilities	15,250	15,759
Total current liabilities	210,269	220,261
Long-term debt, net	179,432	186,391
Long-term operating lease liabilities	107,918	117,330
Deferred tax liabilities, net	22,599	31,134
Other liabilities	34,438	24,471
Total liabilities	554,656	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, 58,781,134 and 58,273,747 shares issued at March 31, 2024 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 March 31, 2024 and July 2, 2023	323	323
Additional paid-in capital	396,109	388,215
Retained earnings	285,845	271,083
Accumulated other comprehensive loss	(170)	(170)
Treasury stock, at cost, 21,514,159 and 20,565,875 Class A shares at March 31, 2024 and July 2, 2023, respectively and 5,280,000 Class B shares at March 31, 2024 and July 2, 2023	(197,369)	(188,191)
Total stockholders’ equity	485,326	471,843
Total liabilities and stockholders’ equity	$1,039,982	$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		Nine Months Ended
	March 31,	April 2,	March 31,	April 2,
	2024	2023	2024	2023
Net revenues	$379,405	$417,566	$1,470,509	$1,619,047
Cost of revenues	240,688	277,126	874,167	1,009,383
Gross profit	138,717	140,440	596,342	609,664
Operating expenses:
Marketing and sales	105,828	106,472	376,903	390,077
Technology and development	15,291	14,837	45,417	44,529
General and administrative	32,295	25,922	87,938	81,075
Depreciation and amortization	13,232	13,267	40,578	40,276
Goodwill and intangible impairment	-	64,586	19,762	64,586
Total operating expenses	166,646	225,084	570,598	620,543
Operating income (loss)	(27,929)	(84,644)	25,744	(10,879)
Interest expense, net	881	1,712	8,974	8,676
Other (income) expense, net	(3,574)	1,404	(5,836)	2,474
Income (loss) before income taxes	(25,236)	(87,760)	22,606	(22,029)
Income tax (benefit) expense	(8,333)	(16,767)	7,844	126
Net income (loss) and comprehensive net income (loss)	(16,903)	(70,993)	14,762	(22,155)
Basic net income (loss) per common share	$(0.26)	$(1.10)	$0.23	$(0.34)
Diluted net income (loss) per common share	$(0.26)	$(1.10)	$0.23	$(0.34)
Weighted average shares used in the calculation of net income (loss) per common share:
Basic	64,489	64,767	64,703	64,660
Diluted	64,489	64,767	65,057	64,660

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

Condensed Consolidated Statements of Stockholders' Equity

(in thousands, except share data)

Accumulated
Common Stock · Additional · 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 December 31, 2023	58,743,969	$588	32,348,221	$323	$392,849	$302,748	$(170)	26,369,336	$(192,978)	$503,360
Net loss	-	-	-	-	-	(16,903)	-	-	-	(16,903)
Stock-based compensation	12,262	-	-	-	3,046	-	-	-	-	3,046
Exercise of stock options	24,903	-	-	-	214	-	-	-	-	214
Acquisition of Class A treasury stock	-	-	-	-	-	-	-	424,823	(4,391)	(4,391)
Balance at March 31, 2024	58,781,134	$588	32,348,221	$323	$396,109	$285,845	$(170)	26,794,159	$(197,369)	$485,326
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
Net loss	-	-	-	-	-	(70,993)	-	-	-	(70,993)
Stock-based compensation	4,166	-	-	-	2,487	-	-	-	-	2,487
Conversion – Class B into Class A	-	-	-	-	-	-	-	-	-	-
Acquisition of Class A treasury stock	-	-	-	-	-	-	-	1,757	(22)	(22)
Balance at April 2, 2023	58,260,197	$583	32,348,221	$323	$385,822	$293,630	$(211)	25,840,401	$(188,149)	$491,998

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

Condensed Consolidated Statements of Stockholders' Equity

(in thousands, except share data)

Accumulated
Common Stock · Additional · 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	-	-	-	-	-	14,762	-	-	-	14,762
Stock-based compensation	477,374	5	-	-	7,636	-	-	-	-	7,641
Exercise of stock options	30,013	-	-	-	258	-	-	-	-	258
Acquisition of Class A treasury stock	-	-	-	-	-	-	-	948,284	(9,178)	(9,178)
Balance at March 31, 2024	58,781,134	$588	32,348,221	$323	$396,109	$285,845	$(170)	26,794,159	$(197,369)	$485,326
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 loss	-	-	-	-	-	(22,155)	-	-	-	(22,155)
Stock-based compensation	372,415	4	-	-	5,937	-	-	-	-	5,941
Conversion – Class B into Class A	181,393	2	(181,393)	(2)	-	-	-	-	-	-
Acquisition of Class A treasury stock	-	-	-	-	-	-	-	142,005	(1,197)	(1,197)
Balance at April 2, 2023	58,260,197	$583	32,348,221	$323	$385,822	$293,630	$(211)	25,840,401	$(188,149)	$491,998

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