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1-800-FLOWERS.COM® Reports Top And Bottom Line Growth From Continuing Operations For Its Fiscal 2013 First Quarter

Stocks in this article: FLWS

1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), the world’s leading florist and gift shop, today reported revenue growth of 3.1 percent to $120.9 million from continuing operations for its fiscal 2013 first quarter ended September 30, 2012, compared with revenues from continuing operations of $117.2 million in the prior year period. The Company said the revenue growth for the quarter – typically the Company’s smallest in terms of revenue due to the lack of gifting holidays during the summer months – was driven by its Consumer Floral division, which increased 3.8 percent to $72.8 million, and its BloomNet business which increased 6.8 percent to $19.8 million, with revenues essentially unchanged in its Gourmet Food and Gift Baskets business compared with the prior year period.

Gross profit margin from continuing operations for the quarter increased 140 basis points to 41.1 percent, compared with 39.7 percent in the prior year period. This growth reflects strong gross margin performance across all three of the Company’s business segments including increases of 80 and 350 basis points in its Consumer Floral and BloomNet businesses, respectively. Operating expense ratio during the quarter was 46.4 percent compared with 46.3 percent in the prior year period.

The combination of these factors resulted in an improvement of $700,000 in EBITDA from continuing operations (excluding stock-based compensation expense of $1.0 million) to a loss of $1.0 million, compared with a loss of $1.7 million in the prior year period. EPS from continuing operations for the quarter improved $0.01 per share to a loss of $0.07 per share, compared with a loss of $0.08 per share in the prior year period.

Jim McCann, CEO of 1-800-FLOWERS.COM, said, “The results we achieved in our first quarter – particularly the strong gross margin improvement and enhanced bottom-line metrics – reflect the continued positive trends in our business that we have been seeing for the past seven quarters. Revenue for the first quarter, typically our smallest due to the lack of gift giving holidays during the summer months, benefited from continued market penetration in our Bloomnet business. In this area, our expanded suite of products and services is enabling us to deepen our relationships with our florist members – providing them with unique, incremental sales opportunities, such as our introduction of Fruit Bouquets and our new gift baskets program, as well as industry accredited training seminars designed to help them enhance their profitability through our Floriology Institute. These efforts, among others, have resulted in a growing market position for BloomNet in the wire service business.”

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