1-800-FLOWERS.COM, Inc. (NASDAQ:FLWS), the world’s leading florist and gift shop, today reported results for its fiscal 2013 fourth quarter and full year. For the year, total revenue from continuing operations increased 4.0 percent to $735.5 million, compared with $707.5 million in fiscal 2012. Gross profit margin from continuing operations for the year increased 10 basis points to 41.5 percent, compared with 41.4 percent in the prior year. Operating expense ratio for the year improved 50 basis points to 38.0 percent of total net sales, compared with 38.5 percent in the prior year. As a result of these factors, Adjusted EBITDA for the year, which excludes stock-based compensation expense and a pre-tax gain of $3.8 million in fiscal 2012 related to the sale of 17 Fannie May company-owned stores, increased $4.5 million, or 10.2 percent, to $48.9 million, compared with $44.3 million in the prior year. Adjusted Net Income from continuing operations for the year increased 43.9 percent to $15.7 million, or $0.24 per fully-diluted share, compared with $10.9 million, or $0.16 per fully-diluted share, in the prior year.
Revenues from continuing operations for the Company’s fourth quarter grew approximately 1.4 percent on a comparable, non-GAAP basis (adjusted for the shift of the Easter holiday which fell in the Company’s third quarter during fiscal 2013 compared with fiscal 2012 when it fell in the Company’s fourth quarter). On a reported basis, fourth quarter revenues declined 2.5 percent to $173.0 million compared with $177.3 million in the prior year period.
Gross margin for the quarter was 41.0 percent, compared with 41.6 percent in the prior year period. Operating expense ratio for the quarter was 40.7 percent of total net sales, compared with 40.1 percent in the prior year period. As a result of these factors, which reflect the impact of the aforementioned Easter shift, for the fourth quarter EBITDA, excluding stock-based compensation expense, was $6.3 million, compared with $8.6 million in the prior year period and net income from continuing operations was $538,000, or $0.01 per fully-diluted share, compared with $1.7 million, or $0.03 per fully-diluted share, in the prior year period.
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