Friday, May 03, 2024
For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q3 results. For Q3, the company reported revenue of $379.4 million, in-line with our estimate of $379.4 million. While revenues were down nearly $40 million year over year, the seasonal adj. EBITDA loss of $5.7 million was modestly better year over year. Notably, Q3 gross profit margins increased 300 basis points. The improved gross profit margin was driven by lower freight and commodity costs.
Improving revenue trends. While revenue trends are not recovering as fast as we originally hoped, there is substantial sequential quarterlyimprovement in ecommerce revenue, which was down 12% in Q1, down 6.6% in Q2 and a more moderate decrease of 4.9% in Q3. We expect that revenues will further moderate in fiscal Q4.
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