Financial results

1-800-Flowers.com reaps rewards of e-commerce boom

By Anthony Myers contact

- Last updated on GMT

1-800-Flowers.com CEO Chris McCann. Pic: 1-800-Flowers.com
1-800-Flowers.com CEO Chris McCann. Pic: 1-800-Flowers.com

Related tags: financial results

One of North America’s leading e-commerce providers of products has reported results for its Fiscal 2021 Third Quarter ended March 28, 2021, with record total net revenues of $474.2m, driven by ecommerce growth of 83.2%.

CEO Chris McCann, said: “The record top and bottom-line results for our fiscal third quarter reflect the strength of the ecommerce platform that we have built to drive solid, sustainable growth.

“The strong results for the quarter represent a continuation of the momentum that we have been building over the past several years. In addition, the acceleration provided by COVID has resulted in profound shifts in consumer behaviour that our massive database, strong brand portfolio, and leading-edge technology will turn into a new era of growth.

“We have continued to make significant investments in these areas to help drive strong organic growth while concurrently augmenting our capabilities and product selection with highly accretive acquisitions such as Personalization Mall.”

New customers

McCann also said that in addition to the strong top and bottom-line performance during the quarter, the company continued to grow its customer file at a record pace. “We have continued to leverage our digital marketing programmes to take advantage of the structural shift that consumers have made to ecommerce. As a result, we have added millions of new customers while driving increased purchase frequency from existing customers this year."

Regarding the company’s current fiscal fourth quarter, McCann said the company continued to see solid ecommerce demand in its 1-800-Flowers.com floral business through the first four weeks of the quarter. “We enter the fiscal fourth quarter with continued strong momentum and we expect double digit topline growth for the quarter despite the steep change in ecommerce growth which began in the prior year fourth quarter that we are now comparing against. That will put us on track to achieve over $2bn of revenue in our current fiscal year.”

Results snapshot:

  • Total net revenues increased 70.1% to $474.2 million, compared with total revenues of $278.8 million in the prior year period, driven by ecommerce growth of 83.2%.
  • Net Income for the quarter increased $11.1 million to $1.4 million, or $0.02 per share, compared with a net loss of $9.7 million, or a loss of $0.15 per diluted share in the prior year period. On an adjusted basis, net income for the quarter was $1.5 million, or $0.02 per share, compared with an adjusted net loss of $9.0 million, or a loss of $0.14 per share, in the prior year period.
  • Adjusted EBITDA for the quarter increased $17.8 million to $15.4 million, compared with a loss of $2.4 million in the prior year period.
  • Company guides to 10% to 15% revenue growth for its fiscal fourth quarter and approximately 40% for its full 2021 fiscal year. The company also anticipates double-digit revenue growth will continue in its next fiscal year.

Related topics: Chocolate, Retail & Shopper Insights

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