1-800-Flowers.Com Stock Plummets On Q2 Earnings Miss, FY22 Outlook Cut

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  • 1-800-Flowers.Com Inc FLWS reported second-quarter FY22 sales growth of 7.5% year-on-year, to $943.04 million, missing the analyst consensus of $976.63 million.
  • Gourmet foods & gift baskets revenue rose 9.8% Y/Y, consumer floral & gifts increased 3.2%, and BloomNet climbed 11.4%.
  • EPS of $1.34 missed the analyst consensus of $1.79.
  • The gross margin for the quarter contracted 530 basis points Y/Y to 40.1%, reflecting increased inbound and outbound shipping and labor costs.
  • The operating margin was 12.3%, and operating income for the quarter fell 21.6% to $115.7 million.
  • Adjusted EBITDA for the quarter fell 19% Y/Y to $133.1 million.
  • "The widely reported cost increases associated with these macro headwinds significantly exceeded our expectations during the quarter, impacting our margins and bottom-line results," said CEO Chris McCann.
  • The company held $271.1 million in cash and equivalents as of December 26, 2021.
  • Outlook: 1-800-Flowers sees FY22 revenue growth of 7% - 9% (prior view 10.0% - 12.0%).
  • The company expects FY22 EPS of $0.90 - $1.00 (prior view of in line with FY21), below the consensus of $1.85.
  • Price Action: FLWS shares are trading lower by 27.6% at $15.26 in premarket on the last check Thursday.
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