Business
1-800-FLOWERS.COM, Inc. Reports Fiscal 2023 Third Quarter Results
Generates Net Revenues of $417.6 million and a Net Loss of $71.0 million, which Net Loss Includes an After-Tax, Non-Cash Goodwill and Intangible Asset
About this update from 1-800-flowers.com, Inc.
[{"type":"text","content":"\nGenerates Net Revenues of $417.6 million and a Net Loss of $71.0 million, which Net Loss Includes an After-Tax, Non-Cash Goodwill and Intangible Asset Impairment Charge of $53.1 million\n\n\nAdjusted Net Loss(1) Improves to $17.8 million, Compared with an Adjusted Net Loss of $21.0 million in the Prior Year Period\n\n\nAdjusted EBITDA(1) Loss Improves to $5.5 million, Compared with an Adjusted EBITDA Loss of $12.0 million in the Prior Year Period, as Gross Margin Improvement and Operating Efficiencies Mitigate Revenue Decline\n\n\nUpdates Fiscal 2023 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 third quarter, ended April 2, 2023.\n\n\nFiscal 2023 Third Quarter Highlights\n\n\n\nTotal consolidated revenues decreased 11.1% to $417.6 million, compared with total consolidated revenues of $469.6 million in the prior year period.\n\n\n\nGross profit margin for the quarter increased 80 basis points to 33.6%, compared with 32.8% in the prior year period.\n\n\n\nOperating expenses increased $44.7 million from the prior year period, including a $64.6 million non-cash goodwill and intangible assets impairment charge. Excluding the impact of this charge, operating expenses declined $19.8 million or 11.0%, as compared with the prior year period.\n\n\n\nNet loss for the quarter was $71.0 million, or $1.10 per share, which includes an after-tax non-cash goodwill and intangible assets impairment charge of $53.1 million or $0.82 per share. Adjusted Net Loss1 was $17.8 million, or $0.27 per share.\n\n\n\nAdjusted EBITDA1 for the quarter was a loss of $5.5 million, as compared with an Adjusted EBITDA1 loss of $12.0 million in the prior year period.\n\n\n\n\n\nChris McCann, CEO of 1-800-FLOWERS.COM, Inc., said “Our third quarter results reflect a continuation of the trends that we have experienced throughout this fiscal year. In this challenging consumer environment, we are executing on our strategy to invest in and develop stronger customer relatio...