1-800-FLOWERS.COM, Inc. (FLWS) Bundle
An Overview of 1-800-FLOWERS.COM, Inc. (FLWS)
General Summary of 1-800-FLOWERS.COM, Inc.
1-800-FLOWERS.COM, Inc. (FLWS) is a prominent player in the floral and gifting industry, founded in 1976 by Jim McCann. Initially starting as a floral delivery service, the company has expanded its offerings to include gourmet foods, gift baskets, and personalized gifts. As of 2024, the company operates various brands, including 1-800-Flowers, Harry & David, and BloomNet, providing a comprehensive range of products through both e-commerce and retail channels.
In the latest fiscal year, the company reported total sales of approximately $242.1 million for the three months ended September 29, 2024, marking a significant presence in the online gifting market.
Company's Financial Performance in the Latest Financial Reports
For the three months ending September 29, 2024, 1-800-FLOWERS.COM, Inc. experienced a decline in net revenues, reporting $242.1 million compared to $269.1 million in the previous year, representing a decrease of approximately 10.0%. This decline was primarily attributed to lower order volumes across its segments due to ongoing macroeconomic pressures affecting consumer spending.
The breakdown of net revenues is as follows:
| Segment | Net Revenues (in thousands) | Year-over-Year Change |
|---|---|---|
| E-Commerce | $193,174 | -8.0% |
| Other Revenues | $48,916 | -17.3% |
| Total Net Revenues | $242,090 | -10.0% |
The company's gross profit for the same period was reported at $92.3 million, down from $101.9 million in the prior year, reflecting a decrease of 9.4%. Operating expenses remained stable at approximately $139.3 million, resulting in an operating loss of $47.0 million compared to a loss of $37.6 million the previous year. The net loss for the period was $34.2 million, translating to a basic and diluted net loss per share of $0.53.
Introduction to Company as a Leader in the Industry
1-800-FLOWERS.COM, Inc. stands as a leading company in the floral and gifting industry, leveraging its extensive brand portfolio and robust e-commerce capabilities to capture market share. The company has successfully adapted to changing consumer preferences, continuously expanding its product offerings to include a wide range of gift options.
Despite recent challenges in revenue growth, the company's strategic acquisitions, such as Scharffen Berger and Card Isle, are expected to enhance its market presence and product diversity. The firm remains committed to innovation and customer satisfaction, making it a competitive player in the industry. To understand more about the company's success and strategic vision, further exploration of its mission statement, vision, and core values is encouraged.
Mission Statement of 1-800-FLOWERS.COM, Inc. (FLWS)
Mission Statement Overview
The mission statement of 1-800-FLOWERS.COM, Inc. (FLWS) emphasizes the company's commitment to providing exceptional service and high-quality products while creating memorable experiences for its customers. This mission guides the company’s operations, strategic planning, and customer engagement practices.
Core Component 1: Exceptional Customer Service
1-800-FLOWERS.COM is dedicated to delivering exceptional customer service, which is a cornerstone of its mission. The company aims to foster loyalty and satisfaction among its customers through various channels, including its website and customer service teams. In the three months ended September 29, 2024, the company fulfilled approximately 2.5 million orders through its e-commerce sales channel, demonstrating its commitment to meeting consumer needs even amidst economic pressures.
Core Component 2: High-Quality Products
The mission statement also underscores the importance of high-quality products. 1-800-FLOWERS.COM offers a diverse range of floral arrangements, gourmet foods, and gifts. For the three months ended September 29, 2024, the net revenues from the Consumer Floral & Gifts segment amounted to $135.2 million, although this reflected a 4.9% decrease compared to the previous year. This decline is attributed to ongoing macroeconomic challenges but emphasizes the company's focus on maintaining product quality.
Core Component 3: Memorable Experiences
Creating memorable experiences for customers is integral to the company's mission. This is achieved through personalized services and unique product offerings. The average order value during the same period was $78.25, indicating the company’s strategy to provide valuable offerings while adjusting product mix towards more modestly priced items. The company's commitment to enhancing customer experiences is reflected in its continuous investment in technology and service improvements.
| Financial Metrics | Q1 2024 | Q1 2023 | Change (%) |
|---|---|---|---|
| Total Net Revenues | $242.1 million | $269.1 million | -10.0% |
| Consumer Floral & Gifts Revenues | $135.2 million | $142.2 million | -4.9% |
| Average Order Value | $78.25 | Not Disclosed | -1.5% |
| Orders Fulfilled | 2.5 million | Not Disclosed | -6.5% |
The mission statement of 1-800-FLOWERS.COM, Inc. plays a crucial role in steering the company towards its long-term objectives by emphasizing exceptional customer service, high-quality products, and the creation of memorable experiences for its customers. The latest financial data reflects the company's ongoing challenges and its commitment to adapting to the market landscape while upholding its mission.
Vision Statement of 1-800-FLOWERS.COM, Inc. (FLWS)
Vision Statement Overview
The vision statement of 1-800-FLOWERS.COM, Inc. (FLWS) is centered around becoming the leading provider of floral and gourmet food gifts, with a commitment to innovation and customer satisfaction. By 2024, the company aims to expand its product offerings and enhance its brand recognition while navigating the challenges of a competitive market.
Commitment to Customer Satisfaction
1-800-FLOWERS.COM, Inc. emphasizes its dedication to customer satisfaction as a core component of its vision. The company aims to provide exceptional service and quality products, with a focus on creating memorable gifting experiences.
As of September 29, 2024, customer fulfillment was evidenced by the company fulfilling approximately 2.5 million orders through its e-commerce sales channel, a decrease of 6.5% compared to the previous year.
Expansion of Product Offerings
The company’s vision includes the expansion of its product range beyond traditional floral arrangements. This includes acquisitions that enhance its portfolio in the gourmet foods and gifts sector. In 2024, 1-800-FLOWERS.COM, Inc. completed the acquisition of Scharffen Berger, a chocolate manufacturing company, for approximately $3.3 million.
Innovative Technology Integration
1-800-FLOWERS.COM, Inc. plans to leverage technology to enhance customer engagement and streamline operations. Investments in technology are evident from the $15.6 million spent on technology and development in the first quarter of fiscal 2025, reflecting a 2.2% increase from the previous year.
Financial Performance Metrics
The financial landscape for 1-800-FLOWERS.COM, Inc. in 2024 reflects challenges due to macroeconomic conditions. The company's net revenues for the three months ended September 29, 2024, were $242.1 million, a decrease of 10.0% compared to $269.1 million in the same period of the prior year.
| Metric | Q1 2024 | Q1 2023 | % Change |
|---|---|---|---|
| Net Revenues | $242.1 million | $269.1 million | -10.0% |
| Net Loss | $(34.2) million | $(31.2) million | -9.6% |
| E-commerce Orders | 2.5 million | 2.7 million | -6.5% |
| Average Order Value | $78.25 | $79.50 | -1.6% |
Brand Recognition and Market Position
1-800-FLOWERS.COM, Inc. aims to enhance its brand recognition in the floral and gourmet gift market. The company’s branding strategy is supported by its diverse product offerings and commitment to customer service, despite a challenging retail environment marked by a decrease in consumer discretionary spending.
Conclusion on Vision Statement Elements
The vision statement of 1-800-FLOWERS.COM, Inc. as of 2024 reflects a comprehensive approach to customer satisfaction, product expansion, technological innovation, and financial resilience. The company continues to adapt to market demands while aiming to solidify its position as a leader in the floral and gourmet gift industry.
Core Values of 1-800-FLOWERS.COM, Inc. (FLWS)
Customer Commitment
The core value of customer commitment emphasizes the importance of delivering exceptional service and high-quality products to enhance customer satisfaction.
1-800-FLOWERS.COM, Inc. has demonstrated its commitment to customers through its various initiatives. For instance, during the three months ended September 29, 2024, the company fulfilled approximately 2.5 million orders, although this represented a decrease of 6.5% year-over-year due to challenging macroeconomic conditions. The average order value during this period was $78.25, reflecting a strategic shift towards offering a wider selection of more affordable items.
Additionally, the company has invested in customer service enhancements, including a new customer service platform, which aims to improve the overall shopping experience.
Innovation
Innovation is a key value that drives 1-800-FLOWERS.COM to continuously improve its product offerings and operational efficiency.
In 2024, the company expanded its product range through strategic acquisitions, including Scharffen Berger, a chocolate manufacturer, for approximately $3.3 million, and Card Isle, an e-commerce greeting card company, for $3.6 million. These acquisitions are aimed at diversifying the product portfolio and enhancing the customer experience.
Furthermore, the company reported a technology and development expense of $15.6 million during the first fiscal quarter of 2024, reflecting its commitment to technological advancements.
Integrity
Integrity is fundamental to 1-800-FLOWERS.COM's operations, ensuring transparency and ethical practices throughout the organization.
The company has implemented various measures to uphold integrity, including adherence to financial reporting standards. For the three months ended September 29, 2024, 1-800-FLOWERS.COM reported a net loss of $34.19 million, highlighting the importance of accurate financial disclosures. The effective tax rate for the same period was 29.6%, compared to 24.8% in the previous year, reflecting compliance with tax regulations.
Teamwork
Teamwork is a core value that fosters collaboration among employees to achieve common goals.
1-800-FLOWERS.COM encourages teamwork through its corporate structure, which supports shared service cost centers across departments, including information technology, human resources, and customer service. This collaborative approach enables efficient operations and enhances service delivery.
During the first quarter of 2024, the company incurred $28.5 million in general and administrative expenses, which includes costs related to employee support and team collaboration.
Community Engagement
Community engagement reflects 1-800-FLOWERS.COM's commitment to giving back to society and supporting local initiatives.
The company has been active in various charitable efforts, focusing on floral donations and support for local communities. For instance, it has partnered with several organizations to provide flowers for events and causes that strengthen community bonds.
Despite the financial challenges faced in 2024, 1-800-FLOWERS.COM continues to allocate resources towards community engagement, emphasizing the importance of social responsibility in its core values.
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Article updated on 8 Nov 2024
Resources:
- 1-800-FLOWERS.COM, Inc. (FLWS) Financial Statements – Access the full quarterly financial statements for Q1 2024 to get an in-depth view of 1-800-FLOWERS.COM, Inc. (FLWS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View 1-800-FLOWERS.COM, Inc. (FLWS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.