1-800-FLOWERS.COM reports strong top and bottom-line growth
Leading US gift provider 1-800-FLOWERS.COM, Inc, has reported a strong top and bottom-line growth for its Fiscal 2020 Second Quarter with total revenues at $605.6m, up 6.0% compared with $571.3m in the prior year period, driven by strong growth in all three of the company’s business segments.
The company announced that net income was $74.2m, or EPS of $1.12 per diluted share, compared with net income of $68.6m, or EPS of $1.04 per diluted share, in the prior year period.
Chris McCann, CEO, 1-800-FLOWERS.COM, Inc., said: “The strong top and bottom line results we achieved in our fiscal second quarter illustrate the continued revenue growth momentum we have across all three of our business segments, along with increasing operating leverage on the investments we have made in our business platform.”
As the company gears up for key gifting occasions like Valentine’s Day this week and Mother’s Day, McCann said the company is well placed to expand its market leadership position in the floral space during the second half of our fiscal year.
McCann noted the company’s gourmet foods and gift baskets business segment represented more than three-quarters of total consolidated revenues for the period. Growth in this segment was driven primarily by the company’s Harry & David brand, combined with strong growth in the 1-800-Baskets wholesale gift baskets business and contributions from the Shari’s Berries brand, which was acquired in August 2019.
“Harry & David continues to benefit from the digital transformation of its marketing programs as well as its expanded product offerings of unique, shareable gifts for both holiday and everyday occasions, which is enabling it to attract new customers while also deepening engagement with existing customers,” he said.
McCann also said the company’s consumer floral business segment achieved strong results for the quarter with solid top-line growth and improved bottom-line contributions. “The 1-800-Flowers brand continued to extend its market leadership position, leveraging the investments we have made – and continue to make – in innovative, digital marketing programs and truly original merchandise designs. In BloomNet, the strong results for the quarter reflected our ability to leverage increased order volumes to drive sales of our expanded range of products and services. As a result, BloomNet also continued to grow its market share during the quarter,” he said.