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Share Name | Share Symbol | Market | Type |
---|---|---|---|
1 800 Flowers Com | NASDAQ:FLWS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -0.43% | 9.25 | 8.88 | 11.00 | 9.465 | 9.10 | 9.35 | 337,653 | 05:00:01 |
Reports Revenues of $822.1 million and Net Income of $62.9 million, or $0.97 per share, which Includes a Non-Cash Impairment Charge of $19.8 million
Adjusted Net Income (1) was $82.7 million, or $1.27 per share
Gross Profit Margin Improves 230 basis points to 43.3%, Marking the Fifth Consecutive Quarter of Year-Over-Year Gross Profit Margin Expansion
Generates Adjusted EBITDA (1) of $130.1 million
Updates Fiscal 2024 Revenue Guidance
(1) Refer to “Definitions of Non-GAAP Financial Measures” and the tables attached at the end of this press release for reconciliation of non-GAAP results to applicable GAAP results.)
1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), a leading provider of gifts designed to help inspire customers to give more, connect more, and build more and better relationships, today reported results for its fiscal 2024 second quarter ended December 31, 2023.
Fiscal 2024 Second Quarter Highlights
“Our second quarter earnings came in line with our expectations, as our gross profit margin recovery and expense optimization efforts helped offset a softer than anticipated consumer environment,” said Jim McCann, Chairman and Chief Executive Officer of 1-800-FLOWERS.COM, Inc. “This was our fifth consecutive quarter of gross margin expansion, and we are well on our path to returning to our historical mean annual gross margin rate in the low 40s percent range. Our gross profit margin is benefiting from a reversion to the mean of certain commodity costs combined with our Work Smarter initiatives that are centered on operating more efficiently and provide a benefit to both our gross profit margin and operating expenses.”
“We are maintaining our full year Adjusted EBITDA estimate, as our Work Smarter initiatives that are contributing to our gross profit margin and operating margin are expected to continue to mitigate a softer topline environment,” continued Mr. McCann. “Our quarter-over-quarter sales trends continue to move in the right direction and our Relationship Innovation and Work Smarter initiatives are having a clear and direct impact on our business, which we expect to only be further buoyed as the broader consumer discretionary environment improves.”
Segment Results
The Company provides Fiscal 2024 second quarter selected financial results for its Gourmet Foods and Gift Baskets, Consumer Floral and Gifts, and BloomNet segments in the tables attached to this release and as follows:
Company Guidance
The Company is updating its Fiscal 2024 guidance to reduce its revenue outlook for the full year, while maintaining its Adjusted EBITDA and Free Cash Flow expectations, as the improvement in gross profit margin and the company’s expense optimization efforts are expected to mitigate the softer than anticipated revenue improvement.
As a result, the Company now expects Fiscal 2024:
Conference Call
The Company will conduct a conference call to discuss the above details and attached financial results today, February 1, 2024, at 8:00 a.m. (ET). The conference call will be webcast from the Investors section of the Company’s website at www.1800flowersinc.com. A recording of the call will be posted on the Investors section of the Company’s website within two hours of the call’s completion. A telephonic replay of the call can be accessed beginning at 2:00 p.m. (ET) today through February 8, 2024, at: (US) 1-877-344-7529; (Canada) 855-669-9658; (International) 1-412-317-0088; enter conference ID #: 4402294.
Definitions of non-GAAP Financial Measures:
We sometimes use financial measures derived from consolidated financial information, but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain of these are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. Non-GAAP financial measures referred to in this document are either labeled as “non-GAAP” or designated as such with a “1”. See below for definitions and the reasons why we use these non-GAAP financial measures. Where applicable, see the Selected Financial Information below for reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures. Reconciliations for forward-looking figures would require unreasonable efforts at this time because of the uncertainty and variability of the nature and amount of certain components of various necessary GAAP components, including, for example, those related to compensation, tax items, amortization or others that may arise during the year, and the Company’s management believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The lack of such reconciling information should be considered when assessing the impact of such disclosures.
EBITDA and Adjusted EBITDA:
We define EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA adjusted for the impact of stock-based compensation, Non-Qualified Plan Investment appreciation/depreciation, and for certain items affecting period-to-period comparability. See Selected Financial Information for details on how EBITDA and Adjusted EBITDA were calculated for each period presented. The Company presents EBITDA and Adjusted EBITDA because it considers such information meaningful supplemental measures of its performance and believes such information is frequently used by the investment community in the evaluation of similarly situated companies. The Company uses EBITDA and Adjusted EBITDA as factors to determine the total amount of incentive compensation available to be awarded to executive officers and other employees. The Company's credit agreement uses EBITDA and Adjusted EBITDA to determine its interest rate and to measure compliance with certain covenants. EBITDA and Adjusted EBITDA are also used by the Company to evaluate and price potential acquisition candidates. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Some of the limitations are: (a) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, the Company's working capital needs; (b) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company's debts; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and EBITDA does not reflect any cash requirements for such capital expenditures. EBITDA and Adjusted EBITDA should only be used on a supplemental basis combined with GAAP results when evaluating the Company's performance.
Segment Contribution Margin and Adjusted Segment Contribution Margin
We define Segment Contribution Margin as earnings before interest, taxes, depreciation, and amortization, before the allocation of corporate overhead expenses. Adjusted Segment Contribution Margin is defined as Segment Contribution Margin adjusted for certain items affecting period-to-period comparability. See Selected Financial Information for details on how Segment Contribution Margin and Adjusted Segment Contribution Margin were calculated for each period presented. When viewed together with our GAAP results, we believe Segment Contribution Margin and Adjusted Segment Contribution Margin provide management and users of the financial statements meaningful information about the performance of our business segments. Segment Contribution Margin and Adjusted Segment Contribution Margin are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. The material limitation associated with the use of Segment Contribution Margin and Adjusted Segment Contribution Margin is that they are an incomplete measure of profitability as they do not include all operating expenses or non-operating income and expenses. Management compensates for this limitation when using these measures by looking at other GAAP measures, such as Operating Income and Net Income.
Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share:
We define Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share as Net Income (Loss) and Net Income (Loss) Per Common Share adjusted for certain items affecting period-to-period comparability. See Selected Financial Information below for details on how Adjusted Net Income (Loss) Per Common Share and Adjusted or Comparable Net Income (Loss) Per Common Share were calculated for each period presented. We believe that Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share are meaningful measures because they increase the comparability of period-to-period results. Since these are not measures of performance calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, GAAP Net Income (Loss) and Net Income (Loss) Per Common share, as indicators of operating performance and they may not be comparable to similarly titled measures employed by other companies.
Free Cash Flow:
We define Free Cash Flow as net cash provided by operating activities less capital expenditures. The Company considers Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of fixed assets, which can then be used to, among other things, invest in the Company’s business, make strategic acquisitions, strengthen the balance sheet, and repurchase stock or retire debt. Free Cash Flow is a liquidity measure that is frequently used by the investment community in the evaluation of similarly situated companies. Since Free Cash Flow is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. A limitation of the utility of Free Cash Flow as a measure of financial performance is that it does not represent the total increase or decrease in the Company's cash balance for the period.
About 1-800-FLOWERS.COM, Inc.
1-800-FLOWERS.COM, Inc. is a leading provider of gifts designed to help inspire customers to give more, connect more, and build more and better relationships. The Company’s e-commerce business platform features an all-star family of brands, including: 1-800-Flowers.com®, 1-800-Baskets.com®, Cheryl’s Cookies®, Harry & David®, PersonalizationMall.com®, Shari’s Berries®, FruitBouquets.com®, Things Remembered®, Moose Munch®, The Popcorn Factory®, Wolferman’s Bakery®, Vital Choice®, and Simply Chocolate®. Through the Celebrations Passport® loyalty program, which provides members with free standard shipping and no service charge across our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen relationships with customers. The Company also operates BloomNet®, an international floral and gift industry service provider offering a broad-range of products and services designed to help members grow their businesses profitably; Napco℠, a resource for floral gifts and seasonal décor; DesignPac Gifts, LLC, a manufacturer of gift baskets and towers; and Alice’s Table®, a lifestyle business offering fully digital floral, culinary and other experiences to guests across the country. 1-800-FLOWERS.COM, Inc. was recognized among the top 5 on the National Retail Federation’s 2021 Hot 25 Retailers list, which ranks the nation’s fastest-growing retail companies, and was named to the Fortune 1000 list in 2022. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS. For more information, visit 1800flowersinc.com or follow @1800FLOWERSInc on Twitter.
FLWS–COMP FLWS-FN
Special Note Regarding Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events and can generally be identified using statements that include words such as “estimate,” “expects,” “project,” “believe,” “anticipate,” “intend,” “plan,” “foresee,” “forecast,” “likely,” “should,” “will,” “target” or similar words or phrases. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to, statements regarding the Company’s ability to achieve its guidance for the full Fiscal year; the Company’s ability to leverage its operating platform and reduce its operating expense ratio; its ability to successfully integrate acquired businesses and assets; its ability to successfully execute its strategic initiatives; its ability to cost effectively acquire and retain customers; the outcome of contingencies, including legal proceedings in the normal course of business; its ability to compete against existing and new competitors; its ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; its ability to reduce promotional activities and achieve more efficient marketing programs; and general consumer sentiment and industry and economic conditions that may affect levels of discretionary customer purchases of the Company’s products. The Company undertakes no obligation to publicly update any of the forward-looking statements, whether because of new information, future events or otherwise, made in this release or in any of its SEC filings. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. For a more detailed description of these and other risk factors, refer to the Company’s SEC filings, including the Company’s Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.
Note: The following tables are an integral part of this press release without which the information presented in this press release should be considered incomplete.
1-800-FLOWERS.COM, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
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
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
Selected Financial Information
Consolidated Statements of Operations
(in thousands, except for per share data)
(unaudited)
Three Months Ended
Six Months Ended
December 31, 2023
January 1, 2023
December 31, 2023
January 1, 2023
Net revenues:
E-Commerce
$
738,406
$
790,410
$
948,317
$
1,029,332
Other
83,648
107,467
142,787
172,149
Total 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
$
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
Selected Financial Information
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended
December 31, 2023
January 1, 2023
Operating activities:
Net income
$
31,665
$
48,838
Adjustments to reconcile net income to net cash provided by operating activities:
Intangible impairment
19,762
-
Depreciation and amortization
27,346
27,009
Amortization of deferred financing costs
361
671
Deferred income taxes
(6,108
)
(846
)
Bad debt expense
225
2,407
Stock-based compensation
4,595
3,454
Other non-cash items
(385
)
(470
)
Changes in operating items:
Trade receivables
(26,384
)
(31,622
)
Inventories
29,808
46,506
Prepaid and other
6,640
7,550
Accounts payable and accrued expenses
125,404
89,050
Other assets and liabilities
(169
)
1,113
Net cash provided by operating activities
212,760
193,660
Investing activities:
Capital expenditures
(17,807
)
(23,849
)
Net cash used in investing activities
(17,807
)
(23,849
)
Financing activities:
Acquisition of treasury stock
(4,787
)
(1,175
)
Proceeds from exercise of employee stock options
44
-
Proceeds from bank borrowings
82,000
195,900
Repayment of bank borrowings
(87,000
)
(205,900
)
Debt issuance cost
-
(383
)
Net cash used in financing activities
(9,743
)
(11,558
)
Net change in cash and cash equivalents
185,210
158,253
Cash and cash equivalents:
Beginning of period
126,807
31,465
End of period
$
312,017
$
189,718
1-800-FLOWERS.COM, Inc. and Subsidiaries
Selected Financial Information – Category Information
(dollars in thousands)
(unaudited)
Three Months Ended
December 31, 2023
Intangible Impairment
As Adjusted (non- GAAP) December 31, 2023
January 1, 2023
Things Remembered Transaction Costs
As Adjusted (non- GAAP) January 1, 2023
% Change
Net revenues:
Consumer Floral & Gifts
$
254,835
$
-
$
254,835
$
277,049
$
-
$
277,049
-8.0
%
BloomNet
27,236
27,236
32,852
32,852
-17.1
%
Gourmet Foods & Gift Baskets
539,963
539,963
588,431
588,431
-8.2
%
Corporate
279
279
72
72
287.5
%
Intercompany eliminations
(259
)
(259
)
(527
)
(527
)
50.9
%
Total net revenues
$
822,054
$
-
$
822,054
$
897,877
$
-
$
897,877
-8.4
%
Gross profit:
Consumer Floral & Gifts
$
109,176
$
109,176
$
112,274
$
112,274
-2.8
%
42.8
%
42.8
%
40.5
%
40.5
%
BloomNet
12,974
12,974
13,879
13,879
-6.5
%
47.6
%
47.6
%
42.2
%
42.2
%
Gourmet Foods & Gift Baskets
233,200
233,200
241,418
241,418
-3.4
%
43.2
%
43.2
%
41.0
%
41.0
%
Corporate
347
347
195
195
77.9
%
124.4
%
124.4
%
270.8
%
270.8
%
Total gross profit
$
355,697
$
-
$
355,697
$
367,766
$
-
$
367,766
-3.3
%
43.3
%
-
43.3
%
41.0
%
-
41.0
%
EBITDA (non-GAAP):
Segment Contribution Margin (non-GAAP) (a):
Consumer Floral & Gifts
$
10,593
$
19,762
$
30,355
$
27,886
$
-
$
27,886
8.9
%
BloomNet
9,088
9,088
9,348
9,348
-2.8
%
Gourmet Foods & Gift Baskets
118,153
118,153
123,503
123,503
-4.3
%
Segment Contribution Margin Subtotal
137,834
19,762
157,596
160,737
-
160,737
-2.0
%
Corporate (b)
(32,432
)
(32,432
)
(31,297
)
243
(31,054
)
-4.4
%
EBITDA (non-GAAP)
105,402
19,762
125,164
129,440
243
129,683
-3.5
%
Add: Stock-based compensation
2,231
2,231
1,899
1,899
17.5
%
Add: Compensation charge related to NQ Plan Investment Appreciation (Depreciation)
2,682
2,682
(196
)
(196
)
1468.4
%
Adjusted EBITDA (non-GAAP)
$
110,315
$
19,762
$
130,077
$
131,143
$
243
$
131,386
-1.0
%
1-800-FLOWERS.COM, Inc. and Subsidiaries
Selected Financial Information – Category Information
(dollars in thousands)
(unaudited)
Six Months Ended
December 31, 2023
Intangible Impairment
As Adjusted (non- GAAP) December 31, 2023
January 1, 2023
Things Remembered Transaction Costs
As Adjusted (non- GAAP) January 1, 2023
% Change
Net revenues:
Consumer Floral & Gifts
$
397,029
$
-
$
397,029
$
439,229
$
-
$
439,229
-9.6
%
BloomNet
56,106
56,106
66,219
66,219
-15.3
%
Gourmet Foods & Gift Baskets
638,072
638,072
696,659
696,659
-8.4
%
Corporate
549
549
116
116
373.3
%
Intercompany eliminations
(652
)
(652
)
(742
)
(742
)
12.1
%
Total net revenues
$
1,091,104
$
-
$
1,091,104
$
1,201,481
$
-
$
1,201,481
-9.2
%
Gross profit:
Consumer Floral & Gifts
$
165,498
$
-
$
165,498
$
174,193
$
-
$
174,193
-5.0
%
41.7
%
41.7
%
39.7
%
39.7
%
BloomNet
27,472
27,472
28,366
28,366
-3.2
%
49.0
%
49.0
%
42.8
%
42.8
%
Gourmet Foods & Gift Baskets
264,107
264,107
266,531
266,531
-0.9
%
41.4
%
41.4
%
38.3
%
38.3
%
Corporate
548
548
134
134
309.0
%
99.8
%
99.8
%
115.5
%
115.5
%
Total gross profit
$
457,625
$
-
$
457,625
$
469,224
$
-
$
469,224
-2.5
%
41.9
%
-
41.9
%
39.1
%
-
39.1
%
EBITDA (non-GAAP):
Segment Contribution Margin (non-GAAP) (a):
Consumer Floral & Gifts
$
19,419
$
19,762
$
39,181
$
38,696
$
-
$
38,696
1.3
%
BloomNet
18,475
18,475
18,865
18,865
-2.1
%
Gourmet Foods & Gift Baskets
107,125
107,125
104,793
-
104,793
2.2
%
Segment Contribution Margin Subtotal
145,019
19,762
164,781
162,354
-
162,354
1.5
%
Corporate (b)
(64,000
)
(64,000
)
(61,580
)
243
(61,337
)
-4.3
%
EBITDA (non-GAAP)
81,019
19,762
100,781
100,774
243
101,017
-0.2
%
Add: Stock-based compensation
4,595
4,595
3,454
3,454
33.0
%
Add: Compensation charge related to NQ Plan Investment Appreciation (Depreciation)
2,178
2,178
(1,102
)
(1,102
)
297.6
%
Adjusted EBITDA (non-GAAP)
$
87,792
$
19,762
$
107,554
$
103,126
$
243
$
103,369
4.0
%
1-800-FLOWERS.COM, Inc. and Subsidiaries
Selected Financial Information
(in thousands)
(unaudited)
Reconciliation of net income to adjusted net income (non-GAAP):
Three Months Ended
Six Months Ended
December 31, 2023
January 1, 2023
December 31, 2023
January 1, 2023
Net income
$
62,907
$
82,530
$
31,665
$
48,838
Adjustments to reconcile net income to adjusted net income (non-GAAP)
Add: Transaction costs
-
243
-
243
Add: Intangible impairment
19,762
-
19,762
-
Deduct: Income tax effect on adjustments
-
(63
)
-
(63
)
Adjusted net income (non-GAAP)
$
82,669
$
82,710
$
51,427
$
49,018
Basic and diluted net income per common share
Basic
$
0.97
$
1.28
$
0.49
$
0.76
Diluted
$
0.97
$
1.27
$
0.49
$
0.75
Basic and diluted adjusted net income per common share (non-GAAP)
Basic
$
1.28
$
1.28
$
0.79
$
0.76
Diluted
$
1.27
$
1.28
$
0.79
$
0.76
Weighted average shares used in the calculation of basic and diluted net income and adjusted 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
Selected Financial Information
(in thousands)
(unaudited)
Reconciliation of net income to adjusted EBITDA (non-GAAP):
Three Months Ended
Six Months Ended
December 31, 2023
January 1, 2023
December 31, 2023
January 1, 2023
Net income
$
62,907
$
82,530
$
31,665
$
48,838
Add: Interest expense and other, net
1,875
4,291
5,831
8,034
Add: Depreciation and amortization
14,152
14,315
27,346
27,009
Add: Income tax expense
26,468
28,304
16,177
16,893
EBITDA
105,402
129,440
81,019
100,774
Add: Stock-based compensation
2,231
1,899
4,595
3,454
Add: Compensation charge related to NQ Plan Investment Appreciation (Depreciation)
2,682
(196
)
2,178
(1,102
)
Add: Intangible Impairment
19,762
-
19,762
-
Add: Transaction costs
-
243
-
243
Adjusted EBITDA
$
130,077
$
131,386
$
107,554
$
103,369
(a) Segment performance is measured based on segment contribution margin or segment Adjusted EBITDA, reflecting only the direct controllable revenue and operating expenses of the segments, both of which are non-GAAP measurements. As such, management’s measure of profitability for these segments does not include the effect of corporate overhead, described above, depreciation and amortization, other income (net), and other items that we do not consider indicative of our core operating performance.
(b) Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-Based Compensation. In order to leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not directly allocable to a specific segment.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240201472134/en/
Investor Contact: Andy Milevoj (516) 237-4617 amilevoj@1800flowers.com
Media Contact: Cherie Gallarello cgallarello@1800flowers.com
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