Business
1-800-FLOWERS.COM, Inc. Reports Fiscal 2023 First Quarter Results
First Quarter Results Slightly Exceeded Guidance Company Issues Fiscal 2023 Full Year Guidance Expects Fiscal 2023 Adjusted EBITDA1 to be in a range of $75
About this update from 1-800-flowers.com, Inc.
[{"type":"text","content":"\nFirst Quarter Results Slightly Exceeded Guidance\n\nCompany Issues Fiscal 2023 Full Year Guidance\n\nExpects Fiscal 2023 Adjusted EBITDA1 to be in a range of $75 million to $80 million\n\nExpects to Generate Free Cash Flow1 in Excess of $75 million in Fiscal Year 2023; Representing a More Than $135 Million Improvement as Compared to the Prior Year\n\n(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.)\n\n JERICHO, N.Y.--(BUSINESS WIRE)--\n1-800-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 2023 first quarter ended October 2, 2022.\n\nFiscal 2023 First Quarter Highlights\n\n\nTotal consolidated revenues decreased 1.9% to $303.6 million, compared with total consolidated revenues of $309.4 million in the prior year period.\n\n\n\nGross profit margin for the quarter was 33.4%, compared with 40.6% in the prior year period.\n\n\n\nOperating expenses were 47.0% of total sales, as compared with 47.1% in the prior year period.\n\n\n\nNet loss for the quarter was $33.7 million, or $(0.52) per share, compared with a net loss of $13.2 million, or $(0.20) per share in the prior year period.\n\n\n\nAdjusted EBITDA loss1 for the quarter was $28.0 million, as compared to an Adjusted EBITDA loss1 of $5.3 million in the prior year period.\n\n\nChris McCann, CEO of 1-800-FLOWERS.COM, Inc., said, “Our first quarter results were slightly better than our expectations, benefitting from the strength in our Gourmet Foods and Gift Baskets business. During the quarter, we saw consumers purchasing fewer everyday gifts as they responded to the significant macro-inflationary pressures affecting their discretionary spending. However, as we look out to the holiday season and the balance of our fiscal year, we are cautiously optimistic that consumers will spend during the major gift giving holiday occasions, while we anticipate they will remain guarded on their spending otherwise.”\n\n\n“Coming into Fiscal 2023, we expected a challenging macroeconomic backdrop to affect our performance during the first quarter. However, we expect to see a stabilization of our business during o...