1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), the world’s leading florist and gift shop, today reported results for its fiscal 2012 fourth quarter and full year. Total revenue from continuing operations for the year increased 7.6 percent to $716.3 million in fiscal 2012 and 4.0 percent to $179.6 million in the fiscal fourth quarter ended July 1, 2012 on a comparable, non-GAAP basis reflecting results for fiscal 2012 full year which include 52 weeks compared with 53 weeks in fiscal 2011 and fiscal 2012 fourth quarter results which include 13 weeks compared with 14 weeks and the shift of the Easter holiday. On a reported basis, fiscal 2012 revenues grew 6.6 percent and fourth quarter revenues declined 1.4 percent.
Gross profit margin from continuing operations for the year was 41.0 percent, down 20 basis points compared with 41.2 percent in the prior year. For the fourth quarter, gross margin increased 100 basis points to 41.2 percent, compared with 40.2 percent in the prior year period. Operating expenses increased $11.2 million during the year, while operating expense ratio improved 90 basis points to 38.3 percent of total net sales, compared with 39.2 percent in the prior year. For the quarter, operating expenses decreased $1.6 million to $71.6 million, compared with $73.3 million in the prior year period, while operating expense ratio improved by 30 basis points to 39.9 percent, compared with 40.2 percent in the prior year period.
EBITDA* for the year (excluding stock-based compensation expense of $4.9 million) increased $10.3 million, or 27.6 percent, to $47.6 million, compared with $37.3 million in the prior year. EBITDA for the fourth quarter (excluding stock-based compensation expense of $1.1 million) increased $2.3 million, or 38.0 percent, to $8.4 million, compared with $6.1 million in the prior year period. For the year, net income from continuing operations increased 131.0 percent to $12.7 million, or $0.19* per share compared with $5.5 million or $0.08 per share in the prior year. For the fourth quarter, net income from continuing operations increased to $1.3 million, or $0.02 per share, compared with a loss of $360,000, or ($0.01) per share in the prior year period. Free Cash Flow* for the full fiscal year increased $9.0 million, or 65.9 percent, to $22.9 million compared with the prior year. (*EBITDA, Free Cash Flow and EPS for fiscal 2012 include a pre-tax gain of $3.8 million from the sale of 17 Fannie May Fine Chocolate company-owned stores to a new franchisee.)
Jim McCann, CEO of 1-800-FLOWERS.COM, said, “The strong top and bottom-line results achieved in Fiscal 2012, coming on top of similarly strong results last year, reflect continued positive trends in all three of our business segments. We are particularly pleased with the growth in revenues, gross margin and contribution margin in our core Consumer Floral business where we see customers reacting positively to our enhanced marketing efforts – including our industry leading initiatives in the fast evolving Social and Mobile channels – as they embrace our truly original product designs to help them deliver smiles.”
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