1-800-FLOWERS.COM, Inc becomes a Fortune 1000 company
The company has grown from a single floral shop to now being among America’s 1000 largest organisations with more than a dozen gifting brands spanning gourmet food, confectionery, personalised keepsake items, floral, and more.
The company’s recent landmarks include:
- Doubled the size of its business – with revenues exceeding $2bn
- Doubled the size of its customer base
- And, since the start of the company’s current fiscal year, it has attracted nearly 4.2 million new customers
- Grew its Celebrations Passport loyalty programme to more than one million members
- Added four new brands to its portfolio: Shari’s Berries, PersonalizationMall.com, Vital Choice, and Alice’s Table
Earlier this year, 1-800-FLOWERS.COM, Inc posted total net revenues for the first quarter of $469.6m, down 1.0% compared with $474.2m in the prior-year period. Compared with the company’s fiscal 2020 third quarter, prior to the pandemic, revenues were up 68.4%.
Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said, “Our results for the fiscal third quarter were below our expectations. A solid Valentine’s Day holiday for our 1-800-Flowers brand was offset by overall slower consumer demand for everyday gifting occasions throughout the period. These results reflected a continuation, and in some areas an escalation, of the macro-economic cost headwinds that we discussed back in January at the start of the quarter, combined with slower consumer demand reflecting growing consumer concerns with rapidly rising inflation and geopolitical unrest.
“While total revenues for the quarter were essentially flat with the prior year period, they were up more than 68% compared with our fiscal 2020 third quarter. Over the past three years we have essentially doubled our revenues to more than $2bn and we anticipate driving further growth in the current fiscal fourth quarter and for the full year by leveraging our large customer file, the strong growth we continue to see in our Celebrations Passport loyalty program – which has grown more than 40 percent since the beginning of the current fiscal year – as well as initiatives in new innovative products and partnerships,” he said.
In terms of bottom-line results, McCann said that while the company anticipates facing continued cost headwinds in the near term, “Our strong balance sheet enables us to invest in our operating platform, including investments to automate warehouse and distribution facilities, optimize our outbound shipping operations and build and bring in inventory early. Over the longer term, we anticipate these initiatives will enable us to improve our gross margins and drive enhanced bottom-line performance.”