Business
1-800-FLOWERS.COM, Inc. Reports Fiscal 2023 Fourth Quarter and Year-End Results
Reports Fiscal Year 2023 Revenue of $2.0 Billion and a Net Loss of $44.7 Million, which Net Loss Includes an After-Tax, Non-Cash Charge of $57.8 Million
About this update from 1-800-flowers.com, Inc.
[{"type":"text","content":"\nReports Fiscal Year 2023 Revenue of $2.0 Billion and a Net Loss of $44.7 Million, which Net Loss Includes an After-Tax, Non-Cash Charge of $57.8 Million Associated with the Third Quarter Goodwill and Intangible Asset Impairment Charge\n\n\nFiscal Year 2023 Adjusted Net Income1 was $13.4 million, or $0.21 Per Share, Compared with Adjusted Net Income1 of $32.9 Million, or $0.50 Per Diluted Share, in the Prior Year Period\n\n\nGenerates Adjusted EBITDA1 of $91.2 Million During Fiscal Year 2023, as the Fourth Quarter Adjusted EBITDA Loss1 Improves by $10.2 Million to $6.6 Million\n\n\nReports Fiscal Year 2023 Free Cash Flow1 of $70.7 Million\n\n\nIssues Fiscal Year 2024 Outlook\n\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\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 fourth quarter and full year ended July 2, 2023.\n\n\n\n\nFiscal 2023 Fourth Quarter Highlights\n\n\n\nTotal consolidated revenues decreased 17.9% to $398.8 million, compared with total consolidated revenues of $485.9 million in the prior year period, which included a 53rd week. Excluding the impact of the 53rd week in the prior year period, revenues declined 14.8%.\n\n\n\n\n\nGross profit margin increased 340 basis points to 37.1%, compared with 33.7% in the prior year period. This continues the trend of improving gross margin since the fiscal first quarter led by improvements across the Company’s three business segments, which benefited from lower ocean freight costs, the Company’s strategic pricing initiatives, and a decline in certain commodity costs.\n\n\n\n\n\nOperating expenses declined $18.7 million, or 9.8%, from $190.7 million in the prior year period to $172.0 million. On a percentage basis, operating expenses increased to 43.1% of sales, compared with 39.3% in the prior year period, primarily due to sales deleverage and the performance of our non-qualified deferred compensation plan, which was partially mitigated by marketing efficiencies.\n\n\n\n\n\nNet loss for the quarter was $22.5 million, or ($0.35) per sh...