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1-800-FLOWERS.COM, Inc. Reports Top And Bottom-Line Growth From Continuing Operations For Its Fiscal 2014 Second Quarter

Stocks in this article: FLWS

1-800-FLOWERS.COM, Inc. (NASDAQ:FLWS), the world’s leading florist and gift shop, today reported total net revenues from continuing operations of $266.3 million for its fiscal 2014 second quarter ended December 29, 2013, compared with revenues from continuing operations of $251.4 million in the prior year period. The Company said the 6.0 percent increase, or $15.0 million, reflected growth across all three of its business segments, led by its Gourmet Food and Gift Baskets segment, which grew 6.1 percent, or $8.5 million, to $149.6 million compared with $141.1 million in the prior year period.

Gross profit margin for the quarter increased 10 basis points to 41.7 percent, compared with 41.6 percent in the prior year period, primarily reflecting a 180 basis point improvement in its BloomNet wire service segment and a 20 basis point improvement in its Gourmet Food and Gift Baskets segment. Operating expenses as a percent of revenue was 30.9 percent, consistent with the prior year period.

As a result, EBITDA, excluding stock-based compensation expense, increased 7.0 percent to $34.9 million, compared with EBITDA of $32.6 million in the prior year period. Income from continuing operations increased 6.2 percent to $17.5 million, or $0.27 per diluted share, compared with $16.5 million, or $0.25 per diluted share, in the prior year period. Net income, including discontinued operations, increased 12.6 percent to $18.0 million, or $0.27 per diluted share, compared with $16.0 million, or $0.24 per diluted share.

Jim McCann, CEO of 1-800-FLOWERS.COM, said, “Our solid growth during the fiscal second quarter, across all three of our business segments, was achieved despite the significant headwinds we saw throughout the period, including the federal government shutdown in October and the calendar shift that resulted in six fewer shopping days between Thanksgiving and Christmas. We are particularly pleased with the results in our Gourmet Food and Gift Baskets segment, where our mass market gift baskets business again showed double-digit year-over-year revenue growth and our Fannie May Fine Chocolates business rebounded nicely from last year’s operational challenges. Overall, the Gourmet Food and Gift Baskets segment achieved solid growth in revenues and gross margin while reducing operating expenses as a percent of revenue, thereby driving a significantly enhanced bottom-line contribution for the quarter.”

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