Record breaking sales during Covid
Although the share price has slipped slightly from its all-time high, leading USA wire service 1-800 Flowers still managed to report record breaking sales during the worst of the Covid pandemic.
With growth predicted to continue into 2021 the company highlighted in their Q4 reported that total net revenues increased a record 61.1 percent to $418.0 million, compared with $259.4 million in the prior year period while adjusted net income was $15.1 million, or $0.23 per diluted share, compared with a net loss of $8.3 million, or ($0.13) per share, in the prior year period.
For the full year total net revenues increased 19.3 percent to $1.49 billion, compared with $1.25 billion in the prior year, reflecting strong growth across all three of the Company’s business segments. Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said, “The record results of our fourth quarter and fiscal 2020 year demonstrate the strong execution of our strategy to engage with our customers and build deeper relationships and thereby drive sustainable, long-term growth.
Despite the unprecedented challenges brought on by the COVID-19 pandemic, all our associates across the Company have worked tirelessly to help our customers express themselves and remain connected during a very difficult time. I thank them for their extraordinary efforts on behalf of our customers.”
McCann noted that through the first three quarters of fiscal 2020 – before the impact of the pandemic – the Company achieved solid growth in its top and bottom-line results, as well as strong growth in its customer files. “This reflects our ability to leverage our business platform, including our all-star family of brands, our focus on innovation in technology and product development and, most important, providing a truly exemplary customer experience.
We carried this momentum into the fiscal fourth quarter where it was accelerated by the pandemic as we saw customers increasingly turning to our brands and our expanded product offerings to help them remain connected and express themselves during a very difficult time. As a result, we achieved record top and bottom-line results for both the quarter and the full year.”
McCann said that, despite the uncertainty in the overall economy, the Company has seen a continuation of strong customer demand and growth in its customer files through the first two months of its fiscal 2021 first quarter.
He added that the Company expects these positive trends will continue into the key holiday season in the fiscal second quarter. “While we are aware of certain headwinds, including higher operating costs due to COVID-19 safety precautions, lower wholesale orders from mass market retailers, capacity constraints at third-party shipping vendors and the potential distraction of the pending national election, we believe that we will continue to benefit from the macro shift of consumers to ecommerce, the strong growth in our customer files, the recent addition of the PersonalizationMall.com business and the prevailing consumer sentiments of expression and connection that are at the core of our vision as a company.”
