1-800-Flowers.com Inc (FLWS) Reports Q1 2024 Earnings: Net Loss of $31.2 Million
1-800-Flowers.com Inc (NASDAQ:FLWS) reported Q1 2024 revenues of $269.1 million and a net loss of $31.2 million.
The company's gross profit margin improved by 450 basis points to 37.9%.
Adjusted EBITDA loss improved by $5.5 million to $22.5 million.
On November 2, 2023, 1-800-Flowers.com Inc (NASDAQ:FLWS), a leading provider of gifts designed to inspire customers to give more and build better relationships, released its fiscal 2024 first quarter results. The company reported revenues of $269.1 million and a net loss of $31.2 million. Despite the net loss, the company saw an improvement in its gross profit margin by 450 basis points to 37.9% and a $5.5 million improvement in its adjusted EBITDA loss to $22.5 million.
Company Performance and Financial Highlights
Jim McCann, Chairman and CEO of 1-800-Flowers.com Inc (NASDAQ:FLWS), commented on the company's performance, stating,
Our first quarter performance came in-line with our expectations, benefiting from certain improving macro trends combined with our initiatives to operate more efficiently that led to the significant improvement in gross margin and lower expenses, which helped offset a softer consumer environment."
McCann also noted that the company's gross profit margins are expanding as anticipated, primarily due to lower ocean freight costs and a decline in certain commodity costs.
For fiscal 2024, the company expects revenues to remain pressured by a challenging consumer environment, but year-over-year trends to continue to improve during the holiday period and into the second half of the fiscal year. The company also expects continued improvement in gross margin.
Financial Tables Summary
As of October 1, 2023, the company's total assets stood at $1,051,348,000, with total liabilities at $608,457,000 and total stockholders' equity at $442,891,000. The company's net revenues for the first quarter of fiscal 2024 were $269,050,000, with a gross profit of $101,928,000. The company reported a net loss of $31,242,000 for the quarter.
The company's cash flow statement revealed a net cash used in operating activities of $143,884,000, net cash used in investing activities of $6,974,000, and net cash provided by financing activities of $32,426,000. The company ended the quarter with cash and cash equivalents of $8,375,000.
Company Overview
1-800-Flowers.com Inc (NASDAQ:FLWS) is a leading provider of gifts designed to inspire customers to give more, connect more, and build more and better relationships. The company's e-commerce business platform features an all-star family of brands, including 1-800-Flowers.com, 1-800-Baskets.com, Cheryls Cookies, Harry & David, PersonalizationMall.com, Sharis Berries, FruitBouquets.com, Things Remembered, Moose Munch, The Popcorn Factory, Wolfermans Bakery, Vital Choice, and Simply Chocolate.
Explore the complete 8-K earnings release (here) from 1-800-Flowers.com Inc for further details.
This article first appeared on GuruFocus.
