Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 01, 2018 | Sep. 07, 2018 | Dec. 31, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | 1 800 FLOWERS COM INC | ||
Entity Central Index Key | 1,084,869 | ||
Trading Symbol | flws | ||
Current Fiscal Year End Date | --07-01 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 266,120 | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 1, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 36,048,548 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 28,542,823 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 01, 2018 | Jul. 02, 2017 |
Assets | ||
Cash and cash equivalents | $ 147,240 | $ 149,732 |
Trade receivables, net | 12,935 | 14,073 |
Inventories | 88,825 | 75,862 |
Prepaid and other | 24,021 | 17,735 |
Total current assets | 273,021 | 257,402 |
Property, plant and equipment, net | 163,340 | 161,381 |
Goodwill | 62,590 | 62,590 |
Other intangibles, net | 59,823 | 61,090 |
Other assets | 12,115 | 10,007 |
Total assets | 570,889 | 552,470 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 41,437 | 27,781 |
Accrued expenses | 73,299 | 90,206 |
Current maturities of long-term debt | 10,063 | 7,188 |
Total current liabilities | 124,799 | 125,175 |
Long-term debt | 92,267 | 101,377 |
Deferred tax liabilities | 26,200 | 33,868 |
Other liabilities | 12,719 | 9,811 |
Total liabilities | 255,985 | 270,231 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | ||
Additional paid-in capital | 341,783 | 337,726 |
Retained earnings (deficit) | 73,429 | 32,638 |
Accumulated other comprehensive loss | (200) | (187) |
Treasury stock, at cost, 15,978,790 and 14,709,731 Class A shares in 2018 and 2017, respectively, and 5,280,000 Class B shares in 2018 and 2017 | (100,966) | (88,790) |
Total stockholders’ equity | 314,904 | 282,239 |
Total liabilities and stockholders’ equity | 570,889 | 552,470 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 520 | 513 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 338 | $ 339 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jul. 01, 2018 | Jul. 02, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 52,071,293 | 51,227,779 |
Treasury stock, shares (in shares) | 15,978,790 | 14,709,731 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 33,822,823 | 33,901,603 |
Treasury stock, shares (in shares) | 5,280,000 | 5,280,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Net revenues | $ 1,151,921 | $ 1,193,625 | $ 1,173,024 |
Cost of revenues | 662,896 | 673,344 | 655,566 |
Gross profit | 489,025 | 520,281 | 517,458 |
Operating expenses: | |||
Marketing and sales | 298,810 | 317,527 | 318,175 |
Technology and development | 39,258 | 38,903 | 39,234 |
General and administrative | 77,440 | 84,116 | 84,383 |
Depreciation and amortization | 32,469 | 33,376 | 32,384 |
Total operating expenses | 447,977 | 473,922 | 474,176 |
Operating income | 41,048 | 46,359 | 43,282 |
Interest expense, net | 3,631 | 5,821 | 6,674 |
Other (income) expense, net | (605) | (15,471) | (14,839) |
Income before income taxes | 38,022 | 56,009 | 51,447 |
Income tax expense (benefit) | (2,769) | 11,968 | 15,579 |
Net Income | 40,791 | 44,041 | 35,868 |
Less: Net loss attributable to noncontrolling interest | (1,007) | ||
Net income attributable to 1-800-FLOWERS.COM, Inc. | $ 40,791 | $ 44,041 | $ 36,875 |
Basic net income per common share attributable to 1-800-FLOWERS.COM, Inc. (in dollars per share) | $ 0.63 | $ 0.68 | $ 0.57 |
Diluted net income per common share attributable to 1-800-FLOWERS.COM, Inc. (in dollars per share) | $ 0.61 | $ 0.65 | $ 0.55 |
Weighted average shares used in the calculation of net income per common share: | |||
Basic (in shares) | 64,666 | 65,191 | 64,896 |
Diluted (in shares) | 66,938 | 67,735 | 67,083 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Net income | $ 40,791 | $ 44,041 | $ 35,868 |
Other comprehensive income/(loss) (currency translation) | (13) | (41) | 252 |
Comprehensive income | 40,778 | 44,000 | 36,120 |
Net loss attributable to noncontrolling interest | (1,007) | ||
Other comprehensive income (loss) (currency translation) attributable to noncontrolling interest | 87 | ||
Comprehensive net loss attributable to noncontrolling interest | (920) | ||
Comprehensive income attributable to 1-800-FLOWERS.COM, Inc. | $ 40,778 | $ 44,000 | $ 37,040 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Parent [Member] | Noncontrolling Interest [Member] | Common Class A [Member] | Total |
Balance (in shares) at Jun. 28, 2015 | 42,875,291 | 39,310,044 | 17,154,475 | |||||||
Balance at Jun. 28, 2015 | $ 429 | $ 393 | $ 319,108 | $ (48,278) | $ (371) | $ (62,832) | $ 208,449 | $ 1,807 | $ 210,256 | |
Net income | 36,875 | 36,875 | (1,007) | 35,868 | ||||||
Translation adjustment | 165 | 165 | 87 | 252 | ||||||
Noncontrolling interest write-off | 60 | 60 | (887) | (827) | ||||||
Conversion of Class B stock into Class A stock (in shares) | 4,047,040 | (4,047,040) | ||||||||
Conversion of Class B stock into Class A stock | $ 40 | $ (40) | ||||||||
Stock-based compensation (in shares) | 879,863 | |||||||||
Stock-based compensation | $ 9 | 6,334 | 6,343 | 6,343 | ||||||
Exercise of stock options (in shares) | 1,044,255 | |||||||||
Exercise of stock options | $ 10 | 3,507 | 3,517 | 3,517 | ||||||
Excess tax benefit from stock-based compensation | 2,400 | 2,400 | $ 2,400 | |||||||
Acquisition of Class A treasury stock (in shares) | 1,714,550 | 1,714,550 | ||||||||
Acquisition of Class A treasury stock | $ (15,223) | (15,223) | $ (15,223) | |||||||
Balance (in shares) at Jul. 03, 2016 | 48,846,449 | 35,263,004 | 18,869,025 | |||||||
Balance at Jul. 03, 2016 | $ 488 | $ 353 | 331,349 | (11,403) | (146) | $ (78,055) | 242,586 | 242,586 | ||
Net income | 44,041 | 44,041 | 44,041 | |||||||
Translation adjustment | (41) | (41) | (41) | |||||||
Conversion of Class B stock into Class A stock (in shares) | 1,361,401 | (1,361,401) | 1,361,401 | |||||||
Conversion of Class B stock into Class A stock | $ 14 | $ (14) | ||||||||
Stock-based compensation (in shares) | 965,429 | |||||||||
Stock-based compensation | $ 10 | 6,092 | 6,102 | 6,102 | ||||||
Exercise of stock options (in shares) | 54,500 | |||||||||
Exercise of stock options | $ 1 | 285 | 286 | $ 286 | ||||||
Acquisition of Class A treasury stock (in shares) | 1,120,706 | 1,120,706 | ||||||||
Acquisition of Class A treasury stock | $ (10,735) | (10,735) | $ (10,735) | |||||||
Balance (in shares) at Jul. 02, 2017 | 51,227,779 | 33,901,603 | 19,989,731 | |||||||
Balance at Jul. 02, 2017 | $ 513 | $ 339 | 337,726 | 32,638 | (187) | $ (88,790) | 282,239 | 282,239 | ||
Net income | 40,791 | 40,791 | 40,791 | |||||||
Translation adjustment | (13) | (13) | (13) | |||||||
Conversion of Class B stock into Class A stock (in shares) | 78,780 | (78,780) | 78,780 | |||||||
Conversion of Class B stock into Class A stock | $ 1 | $ (1) | ||||||||
Stock-based compensation (in shares) | 622,734 | |||||||||
Stock-based compensation | $ 5 | 3,721 | 3,726 | $ 3,726 | ||||||
Exercise of stock options (in shares) | 142,000 | 142,000 | ||||||||
Exercise of stock options | $ 1 | 336 | 337 | $ 337 | ||||||
Acquisition of Class A treasury stock (in shares) | 1,269,059 | 1,269,059 | ||||||||
Acquisition of Class A treasury stock | $ (12,176) | (12,176) | $ (12,176) | |||||||
Balance (in shares) at Jul. 01, 2018 | 52,071,293 | 33,822,823 | 21,258,790 | |||||||
Balance at Jul. 01, 2018 | $ 520 | $ 338 | $ 341,783 | $ 73,429 | $ (200) | $ (100,966) | $ 314,904 | $ 314,904 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Operating activities: | |||
Net income | $ 40,791 | $ 44,041 | $ 35,868 |
Reconciliation of net income to net cash provided by operating activities, net of acquisitions/dispositions: | |||
Gain on sale of Fannie May | (14,607) | ||
Depreciation and amortization | 32,469 | 33,376 | 32,384 |
Amortization of deferred financing costs | 953 | 1,532 | 1,791 |
Deferred income taxes | (7,668) | (1,649) | (3,000) |
Foreign equity investment impairment | 2,278 | ||
Loss on sale/impairment of iFlorist | 1,990 | ||
Bad debt expense | 1,068 | 1,158 | 1,278 |
Stock-based compensation | 3,726 | 6,102 | 6,343 |
Excess tax benefit from stock-based compensation | (2,400) | ||
Other non-cash items | 565 | 133 | 517 |
Changes in operating items: | |||
Trade receivables | 70 | (6,220) | (4,210) |
Insurance receivable | 2,979 | ||
Inventories | (12,963) | (9,277) | (10,216) |
Prepaid and other | (6,286) | (2,609) | (1,560) |
Accounts payable and accrued expenses | 5,249 | 9,132 | (6,429) |
Other assets | (88) | (36) | (29) |
Other liabilities | 455 | (66) | 89 |
Net cash provided by operating activities | 58,341 | 61,010 | 57,673 |
Investing activities: | |||
Proceeds from sale of business | 111,955 | ||
Working capital adjustment related to sale of Fannie May | (8,500) | ||
Capital expenditures, net of non-cash expenditures | (33,306) | (33,653) | (33,938) |
Net cash provided by (used in) investing activities | (41,806) | 78,302 | (33,938) |
Financing activities: | |||
Acquisition of treasury stock | (12,176) | (10,735) | (15,223) |
Excess tax benefit from stock based compensation | 2,400 | ||
Proceeds from exercise of employee stock options | 337 | 286 | 3,517 |
Proceeds from bank borrowings | 30,000 | 181,000 | 178,000 |
Repayment of notes payable and bank borrowings | (37,188) | (186,451) | (192,543) |
Debt issuance costs | (1,506) | ||
Net cash used in financing activities | (19,027) | (17,406) | (23,849) |
Net change in cash and cash equivalents | (2,492) | 121,906 | (114) |
Cash and cash equivalents: | |||
Beginning of year | 149,732 | 27,826 | 27,940 |
End of year | $ 147,240 | $ 149,732 | $ 27,826 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information: - Interest paid amounted to $4.0 $4.4 $5.0 July 1, 2018, July 2, 2017 July 3, 2016, - The Company paid income taxes of approximately $5.2 $6.8 $13.4 July 1, 2018, July 2, 2017, July 3, 2016, See accompanying Notes to Consolidated Financial Statements. |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1. 1 800 40 1 800 100% The Company’s BloomNet® international floral wire service provides a broad range of quality products and value-added services designed to help professional florists grow their businesses profitably. The 1 800 1 800 SM |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 2. Basis of Presentation The consolidated financial statements include the accounts of 1 800 2018, 2017 2016, 1%, Fiscal Year The Company’s fiscal year is a 52 53 June 30. 2018 2017, July 1, 2018 July 2, 2017, 52 2016, July 3, 2016, 53 . Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits with banks, highly liquid money market funds, United States government securities, overnight repurchase agreements and commercial paper with maturities of three Inventories Inventories are valued at the lower of cost or market using the first first Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed using the straight-line method over the assets’ estimated useful lives. Amortization of leasehold improvements and capital leases is computed using the straight-line method over the shorter of the estimated useful lives and the initial lease terms. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software. Orchards in production, consisting of direct labor and materials, supervision and other items, are capitalized as part of capital projects in progress – orchards until the orchards produce fruit in commercial quantities. Upon attaining commercial levels of production, the capital investments in these orchards are recorded as land improvements. Estimated useful lives are periodically reviewed, and where appropriate, changes are made prospectively. The Company’s property, plant and equipment is depreciated using the following estimated lives: Building and building improvements (years) 10-40 Leasehold improvements (years) 3-10 Furniture, fixtures and production equipment (years) 3-10 Software (years) 3-7 Orchards in production and land improvements (years) 15-35 Property, plant and equipment are reviewed for impairment whenever changes in circumstances or events may not Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in each business combination, with the carrying value of the Company’s goodwill allocated to its reporting units, in accordance with the acquisition method of accounting. Goodwill is not fourth not may In applying the goodwill impairment test, the Company has the option to perform a qualitative test (also known as “Step 0” two 1” 2” 0 first not may not not” two The first 1” two no second 2” not 2 2, The Company generally estimates the fair value of a reporting unit using an equal weighting of the income and market approaches. The Company uses industry accepted valuation models and set criteria that are reviewed and approved by various levels of management and, in certain instances, the Company engages third first During fiscal years 2018, 2017 2016, 0 not not” Other Intangibles, net Other intangibles consist of definite-lived intangible assets (such as investment in licenses, customer lists, and others) and indefinite-lived intangible assets (such as acquired trade names and trademarks). The cost of definite-lived intangible assets is amortized to reflect the pattern of economic benefits consumed, over the estimated periods benefited, ranging from 3 16 not Definite-lived intangibles are reviewed for impairment whenever changes in circumstances or events may not The Company tests indefinite-lived intangible assets for impairment at least annually, during the fourth may not 0” 0 not may not not” third During fiscal years 2018, 2017 2016, 0 not not” Business Combinations The Company accounts for business combinations in accordance with ASC Topic 805, not 3 Deferred Catalog Costs The Company capitalizes the costs of producing and distributing its catalogs. These costs are amortized in direct proportion to actual sales from the corresponding catalogs over a period not 12 $3.0 $2.7 July 1, 2018 July 2, 2017 Investments The Company has certain investments in non-marketable equity instruments of private companies. The Company accounts for these investments using the equity method if they provide the Company the ability to exercise significant influence, but not 20% 50%, The Company’s equity method investment is comprised of an interest in Flores Online, a Sao Paulo, Brazil based internet floral and gift retailer, that the Company originally acquired on May 31, 2012. 24.9% $0.6 July 1, 2018 $1.0 July 2, 2017, July 1, 2018, July 2, 2017 July 3, 2016 $0.1 December 31, 2017, 5% 5% $0.1 December 31, 2017, $0.2 September 27, 2015, $1.7 2016. Investments in non-marketable equity instruments of private companies, where the Company does not $1.7 July 1, 2018 July 2, 2017, $1.5 Note 4. July 3, 2016, one $0.5 2016. The Company also holds certain trading securities associated with its Non-Qualified Deferred Compensation Plan (“NQDC Plan”). These investments are measured using quoted market prices at the reporting date and are included within the “Other assets” line item in the consolidated balance sheets (see Note 10 ) Each reporting period, the Company uses available qualitative and quantitative information to evaluate its investments for impairment. When a decline in fair value, if any, is determined to be other-than-temporary, an impairment charge is recorded in the consolidated statement of operations. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions. Concentration of credit risk with respect to accounts receivable is limited due to the Company's large number of customers and their dispersion throughout the United States, and the fact that a substantial portion of receivables are related to balances owed by major credit card companies. Allowances relating to consumer, corporate and franchise accounts receivable ( $2.4 July 1, 2018 $1.8 July 2, 2017) Revenue Recognition Net revenues are generated by e-commerce operations from the Company’s online and telephonic sales channels as well as other operations (retail/wholesale) and primarily consist of the selling price of merchandise, service or outbound shipping charges, net of discounts, returns and credits. Net revenues are recognized primarily upon product delivery and do not Cost of Revenues Cost of revenues consists primarily of florist fulfillment costs (fees paid directly to florists), the cost of floral and non-floral merchandise sold from inventory or through third Marketing and Sales Marketing and sales expense consists primarily of advertising expenses, catalog costs, online portal and search expenses, retail store and fulfillment operations (other than costs included in cost of revenues), and customer service center expenses, as well as the operating expenses of the Company’s departments engaged in marketing, selling and merchandising activities. The Company expenses all advertising costs, with the exception of catalog costs (see Deferred Catalog Costs first $138.2 $137.5 $133.1 July 1, 2018, July 2, 2017 July 3, 2016, Technology and Development Technology and development expense consists primarily of payroll and operating expenses of the Company’s information technology group, costs associated with its websites, including hosting, content development and maintenance and support costs related to the Company’s order entry, customer service, fulfillment and database systems. Costs associated with the acquisition or development of software for internal use are capitalized if the software is expected to have a useful life beyond one three seven one S toc k-Based Compensation The Company records compensation expense associated with restricted stock awards and other forms of equity compensation based upon the fair value of stock-based awards as measured at the grant date. The cost associated with share-based awards that are subject solely to time-based vesting requirements is recognized over the awards’ service period for the entire award on a straight-line basis. The cost associated with performance-based equity awards is recognized for each tranche over the service period, based on an assessment of the likelihood that the applicable performance goals will be achieved. Derivatives and hedging The Company does not not July 1, 2018 July 2, 2017. Income Taxes The Company uses the asset and liability method to account for income taxes. The Company has established deferred tax assets and liabilities for temporary differences between the financial reporting bases and the income tax bases of its assets and liabilities at enacted tax rates expected to be in effect when such assets or liabilities are realized or settled. The Company recognizes as a deferred tax asset, the tax benefits associated with losses related to operations. Realization of these deferred tax assets assumes that we will be able to generate sufficient future taxable income so that these assets will be realized. The factors that the Company considers in assessing the likelihood of realization include the forecast of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 50% not” Net Income Per Share Basic net income per common share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common and dilutive common equivalent shares (consisting primarily of employee stock options and unvested restricted stock awards) outstanding during the period . Recent Accounting Pronouncements In May 2014, No. 2014 09, first June 30, 2019, not first 2019. In July 2015, No. 2015 11, 330 July 3, 2017. 2015 11 not In January 2016, No. 2016 01, June 30, 2019. not In February 2016, No. 2016 02, 842 June 28, 2020. In March 2016, No. 2016 09, No. 2016 09 No. 2016 09 2016 09, 2017. not 2017, not no not In June 2016, No. 2016 13, 326 2016 13 2016 13 July 4, 2021, In June 2016, 2016 15, 230 2016 15 June 30, 2019, not In January 2017, No. 2017 01, 805 2017 01 2017 01 June 30, 2019, not In January 2017, No. 2017 04, 350 two 2017 04, July 4, 2021, not In February 2017, No. 2017 05, 2017 05 June 30, 2019 may not In May 2017, No. 2017 09, 718 not 2017 09 June 30, 2019, not U.S. Tax Reform On December 22, 2017, 35% 21%. July 1, 2018, 28% 2018, 21% Note 11. On December 22, 2017, No. 118, 118” not may one Reclassifications Certain balances in the prior fiscal years have been reclassified to conform to the presentation in the current fiscal year. |
Note 3 - Net Income Per Common
Note 3 - Net Income Per Common Share From Continuing Operations | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 The following table sets forth the computation of basic and diluted net income per common share from continuing operations: Years Ended July 1, 2018 July 2, 2017 July 3, 2016 (in thousands, except per share data) Numerator: Net income $ 40,791 $ 44,041 $ 35,868 Less: Net loss attributable to noncontrolling interest - - (1,007 ) Net income attributable to 1-800-FLOWERS.COM, Inc. 40,791 44,041 36,875 Denominator: Weighted average shares outstanding 64,666 65,191 64,896 Effect of dilutive securities: Employee stock options (1) 1,580 1,519 1,294 Employee restricted stock awards 692 1,025 893 Total effect of dilutive securities 2,272 2,544 2,187 Adjusted weighted-average shares and assumed conversions 66,938 67,735 67,083 Net income per common share from continuing operations attributable to 1-800-FLOWERS.COM, Inc. Basic $ 0.63 $ 0.68 $ 0.57 Diluted $ 0.61 $ 0.65 $ 0.55 Note ( 1 0.0 0.0 0.1 July 1, 2018, July 2, 2017 July 3, 2016, |
Note 4 - Dispositions
Note 4 - Dispositions | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 4. On March 15, 2017, May May May”) $115.0 May 30, 2017, August 2017, $11.4 $14.6 The Company and Ferrero also entered into a transition services agreement whereby the Company will provide certain post-closing services to Ferrero and Fannie May 18 May, May Operating results of Fannie May May 30, 2017, 2017, May $85.6 not Disposition of Colonial Gifts Limited ("iFlorist") During October 2015, $1.5 not $2.0 |
Note 5 - Inventory
Note 5 - Inventory | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 5. The Company’s inventory, stated at cost, which is not July 1, 2018 July 2, 2017 (in thousands) Finished goods $ 33,930 $ 34,476 Work-in-process 17,575 11,933 Raw materials 37,320 29,453 Total inventory $ 88,825 $ 75,862 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 The following table presents goodwill by segment and the related change in the net carrying amount: Consumer Floral BloomNet Wire Service Gourmet Foods & Gift Baskets Total Balance at July 3, 2016 $ 17,441 $ - $ 60,226 $ 77,667 Sale of Fannie May - - (15,077 ) (15,077 ) Balance at July 2, 2017 $ 17,441 $ - $ 45,149 $ 62,590 Balance at July 1, 2018 $ 17,441 $ - $ 45,149 $ 62,590 There were no July 1, 2018, July 2, 2017 July 3, 2016. The Company’s other intangible assets consist of the following: July 1, 2018 July 2, 2017 Amortization Period Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) Intangible assets with determinable lives Investment in licenses 14-16 $ 7,420 $ 6,042 $ 1,378 $ 7,420 $ 5,937 $ 1,483 Customer lists 3-10 12,184 9,354 2,830 12,184 8,227 3,957 Other 5-14 2,946 2,172 774 2,946 2,045 901 Total intangible assets with determinable lives 22,550 17,568 4,982 22,550 16,209 6,341 Trademarks with indefinite lives 54,841 - 54,841 54,749 - 54,749 Total identifiable intangible assets $ 77,391 $ 17,568 $ 59,823 $ 77,299 $ 16,209 $ 61,090 Intangible assets with determinable lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not No July 1, 2018, July 2, 2017 July 3, 2016. The amortization of intangible assets for the years ended July 1, 2018, July 2, 2017 July 3, 2016 $1.4 $1.4 $1.9 2019 $0.7 2020 $0.6 2021 $0.6 2022 $0.5 2023 $0.5 $2.1 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7. July 1, 2018 July 2, 2017 (in thousands) Land $ 30,789 $ 30,789 Orchards in production and land improvements 10,962 9,703 Building and building improvements 58,450 56,791 Leasehold improvements 12,997 11,950 Production equipment and furniture and fixtures 53,066 47,293 Computer and telecommunication equipment 46,925 45,026 Software 115,944 119,177 Capital projects in progress - orchards 10,789 9,971 Property, plant and equipment, gross 339,922 330,700 Accumulated depreciation and amortization (176,582 ) (169,319 ) Property, plant and equipment, net $ 163,340 $ 161,381 Depreciation expense for the years ended July 1, 2018, July 2, 2017 July 3, 2016 $31.3 $32.0 $30.5 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 8. Accrued expenses consisted of the following: July 1, 2018 July 2, 2017 (in thousands) Payroll and employee benefits $ 19,244 $ 22,767 Deferred revenue 13,524 13,865 Accrued marketing expenses 12,472 11,974 Fannie May working capital adjustment - 8,500 Accrued florist payout 6,890 6,576 Other 21,169 26,524 Accrued Expenses $ 73,299 $ 90,206 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 The Company’s current and long-term debt consists of the following: July 1, 2018 July 2, 2017 (in thousands) Revolver (1) $ - $ - Term Loan (1) 104,938 112,125 Deferred Financing Costs (2,608 ) (3,560 ) Total debt 102,330 108,565 Less: current maturities of long-term debt 10,063 7,188 Long-term debt $ 92,267 $ 101,377 ( 1 December 23, 2016, “2016 2016 September 30, 2014 $115.0 two December 23, 2021. 19 April 2, 2017, 5% 7.5% 10% 12.5% 15% $61.8 $200 $100 January 1 August 1, may For each borrowing under the 2016 may 1 0.75% 1.5%, 0.5% 1% 2 1.75% 2.5%, 2016 July 1, 2018. 2016 Future principal payments under the term loan are as follows: $10.1 2019, $12.9 2020, $15.8 2021, $66.1 2022 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 10 Cash and cash equivalents, trade and other receivables, accounts payable and accrued expenses are reflected in the consolidated balance sheets at carrying value, which approximates fair value due to the short-term nature of these instruments. Although no may may not may Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 3 three Level 1 Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not Level 3 Valuations based on inputs that are supported by little or no The following table presents by level, within the fair value hierarchy, financial assets and liabilities measured at fair value on a recurring basis: Carrying Value Fair Value Measurements Assets (Liabilities) Level 1 Level 2 Level 3 (in thousands) Assets (liabilities) as of July 1, 2018: Trading securities held in a “rabbi trust” (1) $ 9,368 $ 9,368 $ - $ - $ 9,368 $ 9,368 $ - $ - Assets (liabilities) as of July 2, 2017: Trading securities held in a “rabbi trust” (1) $ 6,916 $ 6,916 $ - $ - $ 6,916 $ 6,916 $ - $ - ( 1 The Company has established a Non-qualified Deferred Compensation Plan (the “NQDC Plan”) for certain members of senior management. Deferred compensation plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Trading securities held in a rabbi trust are measured using quoted market prices at the reporting date and are included in the “Other assets” line item, with the corresponding liability included in the “Other liabilities” line item in the consolidated balance sheets. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11. Significant components of the income tax provision are as follows: Years ended July 1, 2018 July 2, 2017 July 3, 2016 (in thousands) Current provision: Federal $ 3,385 $ 11,859 $ 15,876 State 1,514 1,758 2,703 Foreign - - - Current income tax expense 4,899 13,617 18,579 Deferred provision (benefit): Federal (9,331 ) (1,563 ) (2,949 ) State 1,648 (90 ) (7 ) Foreign 15 4 (44 ) Deferred income tax (benefit) (7,668 ) (1,649 ) (3,000 ) Income tax expense (benefit) $ (2,769 ) $ 11,968 $ 15,579 A reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows: Years ended July 1, 2018 July 2, 2017 July 3, 2016 Tax at U.S. statutory rates 28.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 5.7 2.3 3.4 Valuation allowance change 2.6 14.9 1.3 Foreign rate differences - 0.1 (2.6 ) Deductible stock-based compensation (1.6 ) (1.6 ) (0.2 ) Domestic production deduction (2.0 ) (2.1 ) (2.6 ) Tax credits (2.5 ) (1.7 ) (4.2 ) Tax Act impact on deferred tax balance (1) (32.0 ) - - Return to provision (5.8 ) - (0.3 ) Tax effect of Fannie May disposition - (25.3 ) - Other, net 0.3 (0.2 ) 0.5 Effective tax rate (7.3 )% 21.4 % 30.3 % On December 22, 2017, 35% 21%. July 1, 2018 28% July 1, 2018, 21% ( 1 118 July 1, 2018, $12.2 35% 21%. not Pursuant to SAB 118, one 2019. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of the Company's deferred income tax assets (liabilities) are as follows: Years ended July 1, 2018 July 2, 2017 (in thousands) Deferred income tax assets: Loss and credit carryforwards $ 11,286 $ 12,717 Accrued expenses and reserves 3,871 4,626 Stock-based compensation 1,344 2,565 Deferred compensation 1,711 1,950 Gross deferred income tax assets 18,212 21,858 Less: Valuation allowance (9,972 ) (11,772 ) Deferred tax assets, net 8,240 10,086 Deferred income tax liabilities: Other intangibles (14,983 ) (20,537 ) Tax in excess of book depreciation (19,457 ) (23,417 ) Deferred tax liabilities (34,440 ) (43,954 ) Net deferred income tax liabilities $ (26,200 ) $ (33,868 ) not not not July 1, 2018, $28.4 not 2022. $2.8 not 2034. The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and various foreign countries. The Company is currently undergoing its U.S. federal examination for fiscal 2016, 2015 2017 2013. 2013 The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At July 1, 2018, $0.6 no twelve |
Note 12 - Capital Stock
Note 12 - Capital Stock | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Capital Stock Disclosure [Text Block] | Note 12. Holders of Class A common stock generally have the same rights as the holders of Class B common stock, except that holders of Class A common stock have one 10 may may one one one 2018 2017, 78,780 1,361,401 The Company has a stock repurchase plan through which purchases can be made from time to time in the open market and through privately negotiated transactions, subject to general market conditions. The repurchase program is financed utilizing available cash. In October 2016, $25 August 30, 2017, $30.0 $12.2 1,269,059 $10.7 1,120,706 $15.2 1,714,550 July 1, 2018, July 2, 2017 July 3, 2016, July 1, 2018, $20.0 The Company has stock options and restricted stock awards outstanding to participants under the 1 800 2003 October 22, 2009, October 28, 2011 September 14, 2016) ( |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 13. The Plan is administered by the Compensation Committee or such other Board committee (or the entire Board) as may July 1, 2018, 5.5 1999 The amounts of stock-based compensation expense recognized within operating income (*) in the periods presented are as follows: Years Ended July 1, 2018 July 2, 2017 July 3, 2016 (in thousands, except per share data) Stock options $ 429 $ 446 $ 432 Restricted stock awards 3,297 5,248 5,911 Total 3,726 5,694 6,343 Deferred income tax benefit 961 2,213 1,987 Stock-based compensation expense, net $ 2,765 $ 3,481 $ 4,356 Stock based compensation expense is recorded within the following line items of operating expenses: Years Ended July 1, 2018 July 2, 2017 (*) July 3, 2016 (in thousands) Marketing and sales $ 989 $ 1,624 $ 2,306 Technology and development 198 315 493 General and administrative 2,539 3,755 3,544 Total $ 3,726 $ 5,694 $ 6,343 Stock-based compensation expense has not Note 15. (*) Excludes approximately $0.4 May, May Stock Options The Company did not 2018, 2017 2016. July 1, 2018: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (000s) Outstanding beginning of period 2,127,734 $ 2.42 Granted - $ - Exercised (142,000 ) $ 2.49 Forfeited/Expired (17,500 ) $ 9.83 Outstanding end of period 1,968,234 $ 2.35 2.9 $ 20,077 Options vested or expected to vest at end of period 1,968,234 $ 2.35 2.9 $ 20,077 Exercisable at July 1, 2018 1,580,234 $ 2.29 2.8 $ 16,207 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of fiscal 2018 July 1, 2018. July 1, 2018, July 2, 2017 July 3, 2016 $1.1 $0.5 $4.2 The following table summarizes information about stock options outstanding at July 1, 2018: Options Outstanding Options Exercisable Exercise Price Options Outstanding Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Options Exercisable Weighted- Average Exercise Price $ 1.79 895,000 2.3 $ 1.79 770,000 $ 1.79 $ 2.22 – 2.44 32,000 1.5 $ 2.43 32,000 $ 2.43 $ 2.63 1,000,000 3.3 $ 2.63 750,000 $ 2.63 $ 3.26 – 10.20 41,234 4.7 $ 7.63 28,234 $ 6.94 1,968,234 2.9 $ 2.35 1,580,234 $ 2.29 As of July 1, 2018, not $0.4 1.0 Restricted Stock The Company grants shares of Common Stock to its employees that are subject to restrictions on transfer and risk of forfeiture until fulfillment of applicable service conditions and, in certain cases, holding periods (Restricted Stock). The following table summarizes the activity of non-vested restricted stock during the year ended July 1, 2018: Shares Weighted Average Grant Date Fair Value Non-vested – beginning of period 1,352,873 $ 7.44 Granted 921,473 $ 9.50 Vested (622,734 ) $ 7.87 Forfeited (683,339 ) $ 9.46 Non-vested - end of period 968,273 $ 7.70 The fair value of non-vested shares is determined based on the closing stock price on the grant date. As of July 1, 2018, $4.3 1.8 |
Note 14 - Employee Retirement P
Note 14 - Employee Retirement Plans | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 14. The Company has a 401 21 one may 401 not may 2018, 2017 2016. The Company also has a nonqualified supplemental deferred compensation plan for certain executives pursuant to Section 409A 1% 100% December 31, 2016, 50% $2,500. January 1, 2017, July 1, 2018 July 2, 2017, $9.4 $6.9 July 2, 2017 July 3, 2016 $0.1 $0.8 $1.0 $0.1 July 1, 2018, July 2, 2017 July 3, 2016, |
Note 15 - Business Segments
Note 15 - Business Segments | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 15. The Company’s management reviews the results of the Company’s operations by the following three • 1 800 • BloomNet Wire Service, and • Gourmet Foods & Gift Baskets Segment performance is measured based on contribution margin, which includes only the direct controllable revenue and operating expenses of the segments. As such, management’s measure of profitability for these segments does not not Years ended Net revenues July 1, 2018 July 2, 2017 July 3, 2016 (in thousands) Net revenues: 1-800-Flowers.com Consumer Floral $ 457,460 $ 437,132 $ 418,492 BloomNet Wire Service 89,569 87,700 85,483 Gourmet Foods & Gift Baskets 605,523 670,677 670,453 Corporate 1,114 1,102 1,066 Intercompany eliminations (1,745 ) (2,986 ) (2,470 ) Total net revenues $ 1,151,921 $ 1,193,625 $ 1,173,024 Years ended Operating Income from Continuing Operations July 1, 2018 July 2, 2017 July 3, 2016 (in thousands) Segment Contribution Margin: 1-800-Flowers.com Consumer Floral $ 50,808 $ 51,860 $ 50,773 BloomNet Wire Service 31,683 32,383 30,629 Gourmet Foods & Gift Baskets 70,927 77,312 79,398 Segment Contribution Margin Subtotal 153,418 161,555 160,800 Corporate (a) (79,901 ) (81,820 ) (85,134 ) Depreciation and amortization (32,469 ) (33,376 ) (32,384 ) Operating income $ 41,048 $ 46,359 $ 43,282 (a) Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-Based Compensation. In order to leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 16 Leases The Company currently leases office, store facilities, and equipment under various leases through fiscal 2030. As of July 1, 2018, one Operating Leases (in thousands) 2019 $ 15,722 2020 11,615 2021 10,020 2022 8,880 2023 8,596 Thereafter 43,189 Total minimum lease payments $ 98,022 At July 1, 2018, $3.8 $25.7 $32.6 $34.3 July 1, 2018, July 2, 2017 July 3, 2016, Other Commitments The Company’s purchase commitments consist primarily of inventory, equipment and technology (hardware and software) purchase orders made in the ordinary course of business, most of which have terms less than one July 1, 2018, one $3.5 The Company had approximately $1.8 July 1, 2018. Litigation There are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such claims, lawsuits and pending actions will not |
Note 17 - Fire at the Fannie Ma
Note 17 - Fire at the Fannie May Warehouse and Distribution Facility | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Nonrecurring Items [Text Block] | Note 17 . May On November 27, 2014, not 2014 May During fiscal 2016, May $55.0 $29.6 $5.8 third 2016. $19.6 July 3, 2016. The following table reflects the costs related to the fire and the insurance recovery and associated gain as of July 3, 2016: Fire-related Insurance Recovery (in thousands) Loss on inventory $ 29,587 Other fire related costs 5,802 Total fire related costs 35,389 Less: fire related insurance recoveries (55,000 ) Fire related gain $ (19,611 ) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 1 800 Schedule II Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts ‑ Describe Deductions ‑ Describe (a) Balance at End of Period Reserves and allowances deducted from asset accounts: Reserve for estimated doubtful accounts-accounts/notes receivable Year Ended July 1, 2018 $ 1,846,000 $ 1,068,000 $ - $ (496,000 ) $ 2,418,000 Year Ended July 2, 2017 $ 2,104,000 $ 1,158,000 $ - $ (1,416,000 ) $ 1,846,000 Year Ended July 3, 2016 $ 2,235,000 $ 1,278,000 $ - $ (1,409,000 ) $ 2,104,000 (a) Reduction in reserve due to write-off of accounts/notes receivable balances. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 01, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of 1 800 2018, 2017 2016, 1%, |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company’s fiscal year is a 52 53 June 30. 2018 2017, July 1, 2018 July 2, 2017, 52 2016, July 3, 2016, 53 . |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits with banks, highly liquid money market funds, United States government securities, overnight repurchase agreements and commercial paper with maturities of three |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost or market using the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed using the straight-line method over the assets’ estimated useful lives. Amortization of leasehold improvements and capital leases is computed using the straight-line method over the shorter of the estimated useful lives and the initial lease terms. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software. Orchards in production, consisting of direct labor and materials, supervision and other items, are capitalized as part of capital projects in progress – orchards until the orchards produce fruit in commercial quantities. Upon attaining commercial levels of production, the capital investments in these orchards are recorded as land improvements. Estimated useful lives are periodically reviewed, and where appropriate, changes are made prospectively. The Company’s property, plant and equipment is depreciated using the following estimated lives: Building and building improvements (years) 10-40 Leasehold improvements (years) 3-10 Furniture, fixtures and production equipment (years) 3-10 Software (years) 3-7 Orchards in production and land improvements (years) 15-35 Property, plant and equipment are reviewed for impairment whenever changes in circumstances or events may not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in each business combination, with the carrying value of the Company’s goodwill allocated to its reporting units, in accordance with the acquisition method of accounting. Goodwill is not fourth not may In applying the goodwill impairment test, the Company has the option to perform a qualitative test (also known as “Step 0” two 1” 2” 0 first not may not not” two The first 1” two no second 2” not 2 2, The Company generally estimates the fair value of a reporting unit using an equal weighting of the income and market approaches. The Company uses industry accepted valuation models and set criteria that are reviewed and approved by various levels of management and, in certain instances, the Company engages third first During fiscal years 2018, 2017 2016, 0 not not” |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangibles, net Other intangibles consist of definite-lived intangible assets (such as investment in licenses, customer lists, and others) and indefinite-lived intangible assets (such as acquired trade names and trademarks). The cost of definite-lived intangible assets is amortized to reflect the pattern of economic benefits consumed, over the estimated periods benefited, ranging from 3 16 not Definite-lived intangibles are reviewed for impairment whenever changes in circumstances or events may not The Company tests indefinite-lived intangible assets for impairment at least annually, during the fourth may not 0” 0 not may not not” third During fiscal years 2018, 2017 2016, 0 not not” |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company accounts for business combinations in accordance with ASC Topic 805, not 3 |
Deferred Charges, Policy [Policy Text Block] | Deferred Catalog Costs The Company capitalizes the costs of producing and distributing its catalogs. These costs are amortized in direct proportion to actual sales from the corresponding catalogs over a period not 12 $3.0 $2.7 July 1, 2018 July 2, 2017 |
Investment, Policy [Policy Text Block] | Investments The Company has certain investments in non-marketable equity instruments of private companies. The Company accounts for these investments using the equity method if they provide the Company the ability to exercise significant influence, but not 20% 50%, The Company’s equity method investment is comprised of an interest in Flores Online, a Sao Paulo, Brazil based internet floral and gift retailer, that the Company originally acquired on May 31, 2012. 24.9% $0.6 July 1, 2018 $1.0 July 2, 2017, July 1, 2018, July 2, 2017 July 3, 2016 $0.1 December 31, 2017, 5% 5% $0.1 December 31, 2017, $0.2 September 27, 2015, $1.7 2016. Investments in non-marketable equity instruments of private companies, where the Company does not $1.7 July 1, 2018 July 2, 2017, $1.5 Note 4. July 3, 2016, one $0.5 2016. The Company also holds certain trading securities associated with its Non-Qualified Deferred Compensation Plan (“NQDC Plan”). These investments are measured using quoted market prices at the reporting date and are included within the “Other assets” line item in the consolidated balance sheets (see Note 10 ) Each reporting period, the Company uses available qualitative and quantitative information to evaluate its investments for impairment. When a decline in fair value, if any, is determined to be other-than-temporary, an impairment charge is recorded in the consolidated statement of operations. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions. Concentration of credit risk with respect to accounts receivable is limited due to the Company's large number of customers and their dispersion throughout the United States, and the fact that a substantial portion of receivables are related to balances owed by major credit card companies. Allowances relating to consumer, corporate and franchise accounts receivable ( $2.4 July 1, 2018 $1.8 July 2, 2017) |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Net revenues are generated by e-commerce operations from the Company’s online and telephonic sales channels as well as other operations (retail/wholesale) and primarily consist of the selling price of merchandise, service or outbound shipping charges, net of discounts, returns and credits. Net revenues are recognized primarily upon product delivery and do not |
Cost of Sales, Policy [Policy Text Block] | Cost of Revenues Cost of revenues consists primarily of florist fulfillment costs (fees paid directly to florists), the cost of floral and non-floral merchandise sold from inventory or through third |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Marketing and Sales Marketing and sales expense consists primarily of advertising expenses, catalog costs, online portal and search expenses, retail store and fulfillment operations (other than costs included in cost of revenues), and customer service center expenses, as well as the operating expenses of the Company’s departments engaged in marketing, selling and merchandising activities. The Company expenses all advertising costs, with the exception of catalog costs (see Deferred Catalog Costs first $138.2 $137.5 $133.1 July 1, 2018, July 2, 2017 July 3, 2016, |
Research, Development, and Computer Software, Policy [Policy Text Block] | Technology and Development Technology and development expense consists primarily of payroll and operating expenses of the Company’s information technology group, costs associated with its websites, including hosting, content development and maintenance and support costs related to the Company’s order entry, customer service, fulfillment and database systems. Costs associated with the acquisition or development of software for internal use are capitalized if the software is expected to have a useful life beyond one three seven one |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | S toc k-Based Compensation The Company records compensation expense associated with restricted stock awards and other forms of equity compensation based upon the fair value of stock-based awards as measured at the grant date. The cost associated with share-based awards that are subject solely to time-based vesting requirements is recognized over the awards’ service period for the entire award on a straight-line basis. The cost associated with performance-based equity awards is recognized for each tranche over the service period, based on an assessment of the likelihood that the applicable performance goals will be achieved. |
Derivatives, Policy [Policy Text Block] | Derivatives and hedging The Company does not not July 1, 2018 July 2, 2017. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the asset and liability method to account for income taxes. The Company has established deferred tax assets and liabilities for temporary differences between the financial reporting bases and the income tax bases of its assets and liabilities at enacted tax rates expected to be in effect when such assets or liabilities are realized or settled. The Company recognizes as a deferred tax asset, the tax benefits associated with losses related to operations. Realization of these deferred tax assets assumes that we will be able to generate sufficient future taxable income so that these assets will be realized. The factors that the Company considers in assessing the likelihood of realization include the forecast of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 50% not” |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share Basic net income per common share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common and dilutive common equivalent shares (consisting primarily of employee stock options and unvested restricted stock awards) outstanding during the period . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, No. 2014 09, first June 30, 2019, not first 2019. In July 2015, No. 2015 11, 330 July 3, 2017. 2015 11 not In January 2016, No. 2016 01, June 30, 2019. not In February 2016, No. 2016 02, 842 June 28, 2020. In March 2016, No. 2016 09, No. 2016 09 No. 2016 09 2016 09, 2017. not 2017, not no not In June 2016, No. 2016 13, 326 2016 13 2016 13 July 4, 2021, In June 2016, 2016 15, 230 2016 15 June 30, 2019, not In January 2017, No. 2017 01, 805 2017 01 2017 01 June 30, 2019, not In January 2017, No. 2017 04, 350 two 2017 04, July 4, 2021, not In February 2017, No. 2017 05, 2017 05 June 30, 2019 may not In May 2017, No. 2017 09, 718 not 2017 09 June 30, 2019, not U.S. Tax Reform On December 22, 2017, 35% 21%. July 1, 2018, 28% 2018, 21% Note 11. On December 22, 2017, No. 118, 118” not may one |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain balances in the prior fiscal years have been reclassified to conform to the presentation in the current fiscal year. |
Note 2 - Significant Accounti28
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Property Plant and Equipment Estimated Useful Lives [Table Text Block] | Building and building improvements (years) 10-40 Leasehold improvements (years) 3-10 Furniture, fixtures and production equipment (years) 3-10 Software (years) 3-7 Orchards in production and land improvements (years) 15-35 |
Note 3 - Net Income Per Commo29
Note 3 - Net Income Per Common Share From Continuing Operations (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended July 1, 2018 July 2, 2017 July 3, 2016 (in thousands, except per share data) Numerator: Net income $ 40,791 $ 44,041 $ 35,868 Less: Net loss attributable to noncontrolling interest - - (1,007 ) Net income attributable to 1-800-FLOWERS.COM, Inc. 40,791 44,041 36,875 Denominator: Weighted average shares outstanding 64,666 65,191 64,896 Effect of dilutive securities: Employee stock options (1) 1,580 1,519 1,294 Employee restricted stock awards 692 1,025 893 Total effect of dilutive securities 2,272 2,544 2,187 Adjusted weighted-average shares and assumed conversions 66,938 67,735 67,083 Net income per common share from continuing operations attributable to 1-800-FLOWERS.COM, Inc. Basic $ 0.63 $ 0.68 $ 0.57 Diluted $ 0.61 $ 0.65 $ 0.55 |
Note 5 - Inventory (Tables)
Note 5 - Inventory (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 1, 2018 July 2, 2017 (in thousands) Finished goods $ 33,930 $ 34,476 Work-in-process 17,575 11,933 Raw materials 37,320 29,453 Total inventory $ 88,825 $ 75,862 |
Note 6 - Goodwill and Intangi31
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Consumer Floral BloomNet Wire Service Gourmet Foods & Gift Baskets Total Balance at July 3, 2016 $ 17,441 $ - $ 60,226 $ 77,667 Sale of Fannie May - - (15,077 ) (15,077 ) Balance at July 2, 2017 $ 17,441 $ - $ 45,149 $ 62,590 Balance at July 1, 2018 $ 17,441 $ - $ 45,149 $ 62,590 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | July 1, 2018 July 2, 2017 Amortization Period Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) Intangible assets with determinable lives Investment in licenses 14-16 $ 7,420 $ 6,042 $ 1,378 $ 7,420 $ 5,937 $ 1,483 Customer lists 3-10 12,184 9,354 2,830 12,184 8,227 3,957 Other 5-14 2,946 2,172 774 2,946 2,045 901 Total intangible assets with determinable lives 22,550 17,568 4,982 22,550 16,209 6,341 Trademarks with indefinite lives 54,841 - 54,841 54,749 - 54,749 Total identifiable intangible assets $ 77,391 $ 17,568 $ 59,823 $ 77,299 $ 16,209 $ 61,090 |
Note 7 - Property, Plant and 32
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | July 1, 2018 July 2, 2017 (in thousands) Land $ 30,789 $ 30,789 Orchards in production and land improvements 10,962 9,703 Building and building improvements 58,450 56,791 Leasehold improvements 12,997 11,950 Production equipment and furniture and fixtures 53,066 47,293 Computer and telecommunication equipment 46,925 45,026 Software 115,944 119,177 Capital projects in progress - orchards 10,789 9,971 Property, plant and equipment, gross 339,922 330,700 Accumulated depreciation and amortization (176,582 ) (169,319 ) Property, plant and equipment, net $ 163,340 $ 161,381 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | July 1, 2018 July 2, 2017 (in thousands) Payroll and employee benefits $ 19,244 $ 22,767 Deferred revenue 13,524 13,865 Accrued marketing expenses 12,472 11,974 Fannie May working capital adjustment - 8,500 Accrued florist payout 6,890 6,576 Other 21,169 26,524 Accrued Expenses $ 73,299 $ 90,206 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | July 1, 2018 July 2, 2017 (in thousands) Revolver (1) $ - $ - Term Loan (1) 104,938 112,125 Deferred Financing Costs (2,608 ) (3,560 ) Total debt 102,330 108,565 Less: current maturities of long-term debt 10,063 7,188 Long-term debt $ 92,267 $ 101,377 |
Note 10 - Fair Value Measurem35
Note 10 - Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying Value Fair Value Measurements Assets (Liabilities) Level 1 Level 2 Level 3 (in thousands) Assets (liabilities) as of July 1, 2018: Trading securities held in a “rabbi trust” (1) $ 9,368 $ 9,368 $ - $ - $ 9,368 $ 9,368 $ - $ - Assets (liabilities) as of July 2, 2017: Trading securities held in a “rabbi trust” (1) $ 6,916 $ 6,916 $ - $ - $ 6,916 $ 6,916 $ - $ - |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended July 1, 2018 July 2, 2017 July 3, 2016 (in thousands) Current provision: Federal $ 3,385 $ 11,859 $ 15,876 State 1,514 1,758 2,703 Foreign - - - Current income tax expense 4,899 13,617 18,579 Deferred provision (benefit): Federal (9,331 ) (1,563 ) (2,949 ) State 1,648 (90 ) (7 ) Foreign 15 4 (44 ) Deferred income tax (benefit) (7,668 ) (1,649 ) (3,000 ) Income tax expense (benefit) $ (2,769 ) $ 11,968 $ 15,579 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended July 1, 2018 July 2, 2017 July 3, 2016 Tax at U.S. statutory rates 28.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 5.7 2.3 3.4 Valuation allowance change 2.6 14.9 1.3 Foreign rate differences - 0.1 (2.6 ) Deductible stock-based compensation (1.6 ) (1.6 ) (0.2 ) Domestic production deduction (2.0 ) (2.1 ) (2.6 ) Tax credits (2.5 ) (1.7 ) (4.2 ) Tax Act impact on deferred tax balance (1) (32.0 ) - - Return to provision (5.8 ) - (0.3 ) Tax effect of Fannie May disposition - (25.3 ) - Other, net 0.3 (0.2 ) 0.5 Effective tax rate (7.3 )% 21.4 % 30.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years ended July 1, 2018 July 2, 2017 (in thousands) Deferred income tax assets: Loss and credit carryforwards $ 11,286 $ 12,717 Accrued expenses and reserves 3,871 4,626 Stock-based compensation 1,344 2,565 Deferred compensation 1,711 1,950 Gross deferred income tax assets 18,212 21,858 Less: Valuation allowance (9,972 ) (11,772 ) Deferred tax assets, net 8,240 10,086 Deferred income tax liabilities: Other intangibles (14,983 ) (20,537 ) Tax in excess of book depreciation (19,457 ) (23,417 ) Deferred tax liabilities (34,440 ) (43,954 ) Net deferred income tax liabilities $ (26,200 ) $ (33,868 ) |
Note 13 - Stock Based Compens37
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Years Ended July 1, 2018 July 2, 2017 July 3, 2016 (in thousands, except per share data) Stock options $ 429 $ 446 $ 432 Restricted stock awards 3,297 5,248 5,911 Total 3,726 5,694 6,343 Deferred income tax benefit 961 2,213 1,987 Stock-based compensation expense, net $ 2,765 $ 3,481 $ 4,356 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Years Ended July 1, 2018 July 2, 2017 (*) July 3, 2016 (in thousands) Marketing and sales $ 989 $ 1,624 $ 2,306 Technology and development 198 315 493 General and administrative 2,539 3,755 3,544 Total $ 3,726 $ 5,694 $ 6,343 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (000s) Outstanding beginning of period 2,127,734 $ 2.42 Granted - $ - Exercised (142,000 ) $ 2.49 Forfeited/Expired (17,500 ) $ 9.83 Outstanding end of period 1,968,234 $ 2.35 2.9 $ 20,077 Options vested or expected to vest at end of period 1,968,234 $ 2.35 2.9 $ 20,077 Exercisable at July 1, 2018 1,580,234 $ 2.29 2.8 $ 16,207 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Exercise Price Options Outstanding Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Options Exercisable Weighted- Average Exercise Price $ 1.79 895,000 2.3 $ 1.79 770,000 $ 1.79 $ 2.22 – 2.44 32,000 1.5 $ 2.43 32,000 $ 2.43 $ 2.63 1,000,000 3.3 $ 2.63 750,000 $ 2.63 $ 3.26 – 10.20 41,234 4.7 $ 7.63 28,234 $ 6.94 1,968,234 2.9 $ 2.35 1,580,234 $ 2.29 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Non-vested – beginning of period 1,352,873 $ 7.44 Granted 921,473 $ 9.50 Vested (622,734 ) $ 7.87 Forfeited (683,339 ) $ 9.46 Non-vested - end of period 968,273 $ 7.70 |
Note 15 - Business Segments (Ta
Note 15 - Business Segments (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years ended Net revenues July 1, 2018 July 2, 2017 July 3, 2016 (in thousands) Net revenues: 1-800-Flowers.com Consumer Floral $ 457,460 $ 437,132 $ 418,492 BloomNet Wire Service 89,569 87,700 85,483 Gourmet Foods & Gift Baskets 605,523 670,677 670,453 Corporate 1,114 1,102 1,066 Intercompany eliminations (1,745 ) (2,986 ) (2,470 ) Total net revenues $ 1,151,921 $ 1,193,625 $ 1,173,024 Years ended Operating Income from Continuing Operations July 1, 2018 July 2, 2017 July 3, 2016 (in thousands) Segment Contribution Margin: 1-800-Flowers.com Consumer Floral $ 50,808 $ 51,860 $ 50,773 BloomNet Wire Service 31,683 32,383 30,629 Gourmet Foods & Gift Baskets 70,927 77,312 79,398 Segment Contribution Margin Subtotal 153,418 161,555 160,800 Corporate (a) (79,901 ) (81,820 ) (85,134 ) Depreciation and amortization (32,469 ) (33,376 ) (32,384 ) Operating income $ 41,048 $ 46,359 $ 43,282 |
Note 16 - Commitments and Con39
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating Leases (in thousands) 2019 $ 15,722 2020 11,615 2021 10,020 2022 8,880 2023 8,596 Thereafter 43,189 Total minimum lease payments $ 98,022 |
Note 17 - Fire at the Fannie 40
Note 17 - Fire at the Fannie May Warehouse and Distribution Facility (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Business Insurance Recoveries [Table Text Block] | Fire-related Insurance Recovery (in thousands) Loss on inventory $ 29,587 Other fire related costs 5,802 Total fire related costs 35,389 Less: fire related insurance recoveries (55,000 ) Fire related gain $ (19,611 ) |
Schedule II - Valuation and Q41
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts ‑ Describe Deductions ‑ Describe (a) Balance at End of Period Reserves and allowances deducted from asset accounts: Reserve for estimated doubtful accounts-accounts/notes receivable Year Ended July 1, 2018 $ 1,846,000 $ 1,068,000 $ - $ (496,000 ) $ 2,418,000 Year Ended July 2, 2017 $ 2,104,000 $ 1,158,000 $ - $ (1,416,000 ) $ 1,846,000 Year Ended July 3, 2016 $ 2,235,000 $ 1,278,000 $ - $ (1,409,000 ) $ 2,104,000 (a) Reduction in reserve due to write-off of accounts/notes receivable balances. |
Supplemental Cash Flow Inform42
Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 4 | $ 4.4 | $ 5 |
Income Taxes Paid, Net, Total | $ 5.2 | $ 6.8 | $ 13.4 |
Note 1 - Description of Busin43
Note 1 - Description of Business (Details Textual) | 12 Months Ended |
Jul. 01, 2018 | |
Minimum Period Over Which Gifts Have Been Provided to Customers | 40 years |
Percentage of Satisfaction Guaranteed | 100.00% |
Note 2 - Significant Accounti44
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 27, 2015 | Jun. 30, 2019 | Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Prepaid Catalog Expenses Current | $ 3,000 | $ 2,700 | ||||
Minimum Percentage Likelihood of Tax Benefit Realized Upon Statement of Tax Position to be Recognized | 20.00% | |||||
Maximum Percentage Likelihood of Tax Benefit Realized Upon Statement of Tax Position to be Recognized | 50.00% | |||||
Cost Method Investments | $ 1,700 | 1,700 | ||||
Equity Method Investment, Other than Temporary Impairment | $ 2,278 | |||||
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | 2,400 | 1,800 | ||||
Advertising Expense | $ 138,200 | $ 137,500 | $ 133,100 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 28.00% | 35.00% | 35.00% | |||
Scenario, Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||
Other Income (Expense), Net [Member] | ||||||
Cost-method Investments, Other than Temporary Impairment | $ 500 | |||||
Flores Online [Member] | ||||||
Equity Method Investment, Ownership Percentage | 24.90% | |||||
Equity Method Investments | $ 600 | $ 1,000 | ||||
Income (Loss) from Equity Method Investments, Total | 100 | 100 | $ 100 | |||
Percentage of Equity Method Investment Transferred to a Cost Method Investment | 5.00% | |||||
Equity Method Investment, Other than Temporary Impairment | $ 1,700 | |||||
Flores Online [Member] | Other Income (Expense), Net [Member] | ||||||
Equity Method Investment, Other than Temporary Impairment | $ 200 | |||||
Isabella Flores [Member] | ||||||
Cost Method Investment, Ownership Percentage | 5.00% | |||||
Cost Method Investments | 100 | |||||
Euroflorist [Member] | ||||||
Cost Method Investments | $ 1,500 | $ 1,500 | ||||
Minimum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||
Minimum [Member] | Software and Software Development Costs [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Maximum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 16 years | |||||
Maximum [Member] | Software and Software Development Costs [Member] | ||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||
International Sources [Member] | ||||||
Revenue Net Percent | 1.00% | 1.00% | 1.00% |
Note 2 - Significant Accounti45
Note 2 - Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Jul. 01, 2018 | |
Minimum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Minimum [Member] | Software and Software Development Costs [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Minimum [Member] | Orchards in Production and Land Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 15 years |
Maximum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 40 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Maximum [Member] | Software and Software Development Costs [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Maximum [Member] | Orchards in Production and Land Improvements [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 35 years |
Note 3 - Net Income Per Commo46
Note 3 - Net Income Per Common Share From Continuing Operations (Details Textual) - shares | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 100,000 |
Note 3 - Net Income Per Commo47
Note 3 - Net Income Per Common Share From Continuing Operations - Computation of Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Net income | $ 40,791 | $ 44,041 | $ 35,868 |
Less: Net loss attributable to noncontrolling interest | (1,007) | ||
Net income attributable to 1-800-FLOWERS.COM, Inc. | $ 40,791 | $ 44,041 | $ 36,875 |
Weighted average shares outstanding (in shares) | 64,666 | 65,191 | 64,896 |
Effect of dilutive securities (in shares) | 2,272 | 2,544 | 2,187 |
Adjusted weighted-average shares and assumed conversions (in shares) | 66,938 | 67,735 | 67,083 |
Basic (in dollars per share) | $ 0.63 | $ 0.68 | $ 0.57 |
Diluted (in dollars per share) | $ 0.61 | $ 0.65 | $ 0.55 |
Employee Stock Option [Member] | |||
Effect of dilutive securities (in shares) | 1,580 | 1,519 | 1,294 |
Restricted Stock [Member] | |||
Effect of dilutive securities (in shares) | 692 | 1,025 | 893 |
Note 4 - Dispositions (Details
Note 4 - Dispositions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2017 | Oct. 31, 2015 | Jul. 02, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | Mar. 15, 2017 | |
Gain (Loss) on Disposition of Business | $ 14,607 | ||||||
Fannie May [Member] | |||||||
Disposal Group, Including Discontinued Operation, Period of Post-closing Services | 1 year 180 days | ||||||
Disposal Group, Including Discontinued Operation, Revenue | $ 85,600 | ||||||
Fannie May [Member] | Other Nonoperating Income (Expense) [Member] | |||||||
Gain (Loss) on Disposition of Business | $ 14,600 | ||||||
Fannie May [Member] | Ferrero [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 115,000 | ||||||
Working Capital Adjustment in Disposition of Business | $ (11,400) | ||||||
Euroflorist [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,500 | ||||||
iFlorist [Member] | |||||||
Gain (Loss) on Disposition of Business | $ (2,000) |
Note 5 - Inventory - Summary of
Note 5 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Jul. 01, 2018 | Jul. 02, 2017 |
Finished goods | $ 33,930 | $ 34,476 |
Work-in-process | 17,575 | 11,933 |
Raw materials | 37,320 | 29,453 |
Total inventory | $ 88,825 | $ 75,862 |
Note 6 - Goodwill and Intangi50
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Goodwill and Intangible Asset Impairment, Total | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets, Total | 1,400 | $ 1,400 | $ 1,900 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 700 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 600 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 600 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 500 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 500 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 2,100 |
Note 6 - Goodwill and Intangi51
Note 6 - Goodwill and Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 02, 2017 | Jul. 01, 2018 | |
Balance | $ 77,667 | |
Sale of Fannie May | (15,077) | |
Balance | 62,590 | |
Balance | 62,590 | $ 62,590 |
Consumer Floral [Member] | ||
Balance | 17,441 | |
Sale of Fannie May | ||
Balance | 17,441 | |
Balance | 17,441 | 17,441 |
BloomNet Wire Service [Member] | ||
Balance | ||
Sale of Fannie May | ||
Balance | ||
Balance | ||
Gourmet Food and Gift Baskets [Member] | ||
Balance | 60,226 | |
Sale of Fannie May | (15,077) | |
Balance | 45,149 | |
Balance | $ 60,226 | $ 45,149 |
Note 6 - Goodwill and Intangi52
Note 6 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 01, 2018 | Jul. 02, 2017 | |
Intangible assets with determinable lives, gross | $ 22,550 | $ 22,550 |
Accumulated amortization | 17,568 | 16,209 |
Intangible assets with determinable lives, net | 4,982 | 6,341 |
Trademarks with indefinite lives, gross | 54,841 | 54,749 |
Total identifiable intangible assets, gross | 77,391 | 77,299 |
Total identifiable intangible assets, net | $ 59,823 | 61,090 |
Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 3 years | |
Maximum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 16 years | |
Licensing Agreements [Member] | ||
Intangible assets with determinable lives, gross | $ 7,420 | 7,420 |
Accumulated amortization | 6,042 | 5,937 |
Intangible assets with determinable lives, net | $ 1,378 | 1,483 |
Licensing Agreements [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 14 years | |
Licensing Agreements [Member] | Maximum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 16 years | |
Customer Lists [Member] | ||
Intangible assets with determinable lives, gross | $ 12,184 | 12,184 |
Accumulated amortization | 9,354 | 8,227 |
Intangible assets with determinable lives, net | $ 2,830 | 3,957 |
Customer Lists [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 3 years | |
Customer Lists [Member] | Maximum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 10 years | |
Other Intangible Assets [Member] | ||
Intangible assets with determinable lives, gross | $ 2,946 | 2,946 |
Accumulated amortization | 2,172 | 2,045 |
Intangible assets with determinable lives, net | $ 774 | $ 901 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 5 years | |
Other Intangible Assets [Member] | Maximum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 14 years |
Note 7 - Property, Plant and 53
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Depreciation, Total | $ 31.3 | $ 32 | $ 30.5 |
Note 7 - Property, Plant and 54
Note 7 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 01, 2018 | Jul. 02, 2017 |
Property, plant, and equipment, gross | $ 339,922 | $ 330,700 |
Accumulated depreciation and amortization | (176,582) | (169,319) |
Property, plant and equipment, net | 163,340 | 161,381 |
Land [Member] | ||
Property, plant, and equipment, gross | 30,789 | 30,789 |
Orchards in Production and Land Improvements [Member] | ||
Property, plant, and equipment, gross | 10,962 | 9,703 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 58,450 | 56,791 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 12,997 | 11,950 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 53,066 | 47,293 |
Computer and Telecommunication Equipment [Member] | ||
Property, plant, and equipment, gross | 46,925 | 45,026 |
Software and Software Development Costs [Member] | ||
Property, plant, and equipment, gross | 115,944 | 119,177 |
Capital Projects in Progress [Member] | ||
Property, plant, and equipment, gross | $ 10,789 | $ 9,971 |
Note 8 - Accrued Expenses - Acc
Note 8 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 01, 2018 | Jul. 02, 2017 |
Payroll and employee benefits | $ 19,244 | $ 22,767 |
Deferred revenue | 13,524 | 13,865 |
Accrued marketing expenses | 12,472 | 11,974 |
Fannie May working capital adjustment | 8,500 | |
Accrued florist payout | 6,890 | 6,576 |
Other | 21,169 | 26,524 |
Accrued Expenses | $ 73,299 | $ 90,206 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 01, 2018 | Jul. 02, 2017 | Sep. 30, 2014 | ||
Credit Facility 2014 [Member] | Revolving Credit Facility [Member] | ||||
Proceeds from Lines of Credit, Total | $ 200,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | |||
Term Loan [Member] | ||||
Long-term Debt, Total | [1] | 104,938 | $ 112,125 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 10,100 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 12,900 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 15,800 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 66,100 | |||
Term Loan [Member] | Credit Facility 2014 [Member] | ||||
Long-term Debt, Total | $ 115,000 | |||
Debt Instrument, Number of Installment Payments | 19 | |||
Debt Instrument, Principal Payment Percentage In Year One | 5.00% | |||
Debt Instrument, Principal Payment Percentage In Year Two | 7.50% | |||
Debt Instrument, Principal Payment Percentage In Year Three | 10.00% | |||
Debt Instrument, Principal Payment Percentage In Year Four | 12.50% | |||
Debt Instrument, Principal Payment Percentage in Year Five | 15.00% | |||
Debt Instrument, Principal Payment Due Upon Maturity | $ 61,800 | |||
Line of Credit and Term Loan [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
Line of Credit and Term Loan [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Line of Credit and Term Loan [Member] | Federal Funds Effective Swap Rate [Member] | ||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 0.50% | |||
Line of Credit and Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 1.00% | |||
Line of Credit and Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Line of Credit and Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
[1] | On December 23, 2016, the Company entered into an Amended and Restated Credit Agreement (the "2016 Amended Credit Agreement") with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2016 Amended Credit Agreement amended and restated the Company's credit agreement dated as of September 30, 2014 to, among other things, extend the maturity date of the $115.0 million outstanding term loan ("Term Loan") and the revolving credit facility (the "Revolver") by approximately two years to December 23, 2021. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on April 2, 2017, with escalating principal payments, at the rate of 5% in year one, 7.5% in year two, 10% in year three, 12.5% in year four, and 15% in year five, with the remaining balance of $61.8 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. For each borrowing under the 2016 Amended Credit Agreement, the Company may elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus an applicable margin varying from 0.75% to 1.5%, based on the Company's consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the highest of the federal funds rate and the overnight bank funding rate as published by the New York Fed, plus 0.5% and (c) an adjusted LIBO rate, plus 1% or (2) an adjusted LIBO rate plus an applicable margin varying from 1.75% to 2.5%, based on the Company's consolidated leverage ratio. The 2016 Amended Credit Agreement requires that while any borrowings are outstanding the Company comply with certain financial covenants and affirmative covenants as well as certain negative covenants, that subject to certain exceptions, limit the Company's ability to, among other things, incur additional indebtedness, make certain investments and make certain restricted payments. The Company was in compliance with these covenants as of July 1, 2018. The 2016 Amended Credit Agreement is secured by substantially all of the assets of the Company and the Subsidiary Guarantors. Future principal payments under the term loan are as follows: $10.1 million – fiscal 2019, $12.9 million – fiscal 2020, $15.8 million - fiscal 2021, and $66.1 million – fiscal 2022 |
Note 9 - Long-term Debt - Summa
Note 9 - Long-term Debt - Summary of Current and Long-term Debt (Details) - USD ($) $ in Thousands | Jul. 01, 2018 | Jul. 02, 2017 | |
Deferred Financing Costs | $ (2,608) | $ (3,560) | |
Debt instrument, carrying amount | 102,330 | 108,565 | |
Less: current maturities of long-term debt | 10,063 | 7,188 | |
Long-term debt | 92,267 | 101,377 | |
Line of Credit [Member] | |||
Revolver | [1] | ||
Term Loan [Member] | |||
Term Loan | [1] | $ 104,938 | $ 112,125 |
[1] | On December 23, 2016, the Company entered into an Amended and Restated Credit Agreement (the "2016 Amended Credit Agreement") with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2016 Amended Credit Agreement amended and restated the Company's credit agreement dated as of September 30, 2014 to, among other things, extend the maturity date of the $115.0 million outstanding term loan ("Term Loan") and the revolving credit facility (the "Revolver") by approximately two years to December 23, 2021. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on April 2, 2017, with escalating principal payments, at the rate of 5% in year one, 7.5% in year two, 10% in year three, 12.5% in year four, and 15% in year five, with the remaining balance of $61.8 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. For each borrowing under the 2016 Amended Credit Agreement, the Company may elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus an applicable margin varying from 0.75% to 1.5%, based on the Company's consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the highest of the federal funds rate and the overnight bank funding rate as published by the New York Fed, plus 0.5% and (c) an adjusted LIBO rate, plus 1% or (2) an adjusted LIBO rate plus an applicable margin varying from 1.75% to 2.5%, based on the Company's consolidated leverage ratio. The 2016 Amended Credit Agreement requires that while any borrowings are outstanding the Company comply with certain financial covenants and affirmative covenants as well as certain negative covenants, that subject to certain exceptions, limit the Company's ability to, among other things, incur additional indebtedness, make certain investments and make certain restricted payments. The Company was in compliance with these covenants as of July 1, 2018. The 2016 Amended Credit Agreement is secured by substantially all of the assets of the Company and the Subsidiary Guarantors. Future principal payments under the term loan are as follows: $10.1 million – fiscal 2019, $12.9 million – fiscal 2020, $15.8 million - fiscal 2021, and $66.1 million – fiscal 2022 |
Note 10 - Fair Value Measurem58
Note 10 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jul. 01, 2018 | Jul. 02, 2017 | |
Trading securities held in a “rabbi trust” | [1] | $ 9,368 | $ 6,916 |
Assets (liabilities) measured at fair value | 9,368 | 6,916 | |
Fair Value, Inputs, Level 1 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 9,368 | 6,916 |
Assets (liabilities) measured at fair value | 9,368 | 6,916 | |
Fair Value, Inputs, Level 2 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | ||
Assets (liabilities) measured at fair value | |||
Fair Value, Inputs, Level 3 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | ||
Assets (liabilities) measured at fair value | |||
[1] | The Company has established a Non-qualified Deferred Compensation Plan (the "NQDC Plan") for certain members of senior management. Deferred compensation plan assets are invested in mutual funds held in a "rabbi trust," which is restricted for payment to participants of the NQDC Plan. Trading securities held in a rabbi trust are measured using quoted market prices at the reporting date and are included in the "Other assets" line item, with the corresponding liability included in the "Other liabilities" line item in the consolidated balance sheets. |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 28.00% | 35.00% | 35.00% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (12,200) | ||
Deferred Tax Assets, Capital Loss Carryforwards | 28,400 | ||
Unrecognized Tax Benefits, Ending Balance | 600 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 2,800 | ||
Foreign Tax Authority [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,013 | ||
Domestic Tax Authority [Member] | |||
Income Tax Examination, Year under Examination | 2,016 | ||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,015 | ||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | |||
Open Tax Year | 2,017 | ||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,013 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Provision From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Current provision: | |||
Federal | $ 3,385 | $ 11,859 | $ 15,876 |
State | 1,514 | 1,758 | 2,703 |
Foreign | |||
Current income tax expense | 4,899 | 13,617 | 18,579 |
Deferred provision (benefit): | |||
Federal | (9,331) | (1,563) | (2,949) |
State | 1,648 | (90) | (7) |
Foreign | 15 | 4 | (44) |
Deferred income tax (benefit) | (7,668) | (1,649) | (3,000) |
Income tax expense (benefit) | $ (2,769) | $ 11,968 | $ 15,579 |
Note 11 - Income Taxes - Effect
Note 11 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 28.00% | 35.00% | 35.00% | |
State income taxes, net of federal tax benefit | 5.70% | 2.30% | 3.40% | |
Valuation allowance change | 2.60% | 14.90% | 1.30% | |
Foreign rate differences | 0.10% | (2.60%) | ||
Deductible stock-based compensation | (1.60%) | (1.60%) | (0.20%) | |
Domestic production deduction | (2.00%) | (2.10%) | (2.60%) | |
Tax credits | (2.50%) | (1.70%) | (4.20%) | |
Tax Act impact on deferred tax balance (1) | [1] | (32.00%) | ||
Return to provision | (5.80%) | (0.30%) | ||
Tax effect of Fannie May disposition | (25.30%) | |||
Other, net | 0.30% | (0.20%) | 0.50% | |
Effective tax rate | (7.30%) | 21.40% | 30.30% | |
[1] | Due to the complexities involved in accounting for the Tax Act, the SEC's Staff Accounting Bulletin ("SAB") 118 requires that the Company include in its financial statements a reasonable estimate of the impact of the Tax Act on earnings to the extent such reasonable estimate has been determined. Accordingly, for the fiscal year ended July 1, 2018, the Company recorded a tax benefit of $12.2 million related to the net change in deferred tax liabilities from the Tax Act's reduction of the U.S. federal tax rate from 35% to 21%. Certain deferred tax assets may be impacted by the Company's final interpretation of current and future guidance issued in connection with the changes imposed by the Tax Act on the deductibility of executive compensation. However, the Company does not expect such changes to be material to the financial statements. Pursuant to SAB 118, the Company is allowed a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts and will record any further resulting tax adjustments during fiscal 2019. |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Tax Assets (Details) - USD ($) $ in Thousands | Jul. 01, 2018 | Jul. 02, 2017 |
Deferred income tax assets: | ||
Loss and credit carryforwards | $ 11,286 | $ 12,717 |
Accrued expenses and reserves | 3,871 | 4,626 |
Stock-based compensation | 1,344 | 2,565 |
Deferred compensation | 1,711 | 1,950 |
Gross deferred income tax assets | 18,212 | 21,858 |
Less: Valuation allowance | (9,972) | (11,772) |
Deferred tax assets, net | 8,240 | 10,086 |
Deferred income tax liabilities: | ||
Other intangibles | (14,983) | (20,537) |
Tax in excess of book depreciation | (19,457) | (23,417) |
Deferred tax liabilities | (34,440) | (43,954) |
Net deferred income tax liabilities | $ (26,200) | $ (33,868) |
Note 12 - Capital Stock (Detail
Note 12 - Capital Stock (Details Textual) $ in Thousands | 12 Months Ended | ||||
Jul. 01, 2018USD ($)shares | Jul. 02, 2017USD ($)shares | Jul. 03, 2016USD ($)shares | Aug. 30, 2017USD ($) | Oct. 31, 2016USD ($) | |
Conversion Of Stock Shares Of Class A Common Stock Converted From A Share Of Class B Common Stock | shares | 1 | ||||
Stock Repurchase Program, Authorized Amount | $ | $ 30,000 | $ 25,000 | |||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 12,176 | $ 10,735 | $ 15,223 | ||
Treasury Stock, Shares, Acquired | shares | 1,269,059 | 1,120,706 | 1,714,550 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 20,000 | ||||
Common Class A [Member] | |||||
Number of Voting Rights Per Share | 1 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares | 78,780 | 1,361,401 | |||
Common Class B [Member] | |||||
Number of Voting Rights Per Share | 10 |
Note 13 - Stock Based Compens64
Note 13 - Stock Based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 0.4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1.1 | $ 0.5 | $ 4.2 |
Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 0.4 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 4.3 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days |
Note 13 - Stock Based Compens65
Note 13 - Stock Based Compensation - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | ||
Allocated share-based compensation expense | $ 3,726 | $ 5,694 | [1] | $ 6,343 |
Deferred income tax benefit | 961 | 2,213 | 1,987 | |
Allocated share-based compensation expense, net | 2,765 | 3,481 | 4,356 | |
Employee Stock Option [Member] | ||||
Allocated share-based compensation expense | 429 | 446 | 432 | |
Restricted Stock [Member] | ||||
Allocated share-based compensation expense | $ 3,297 | $ 5,248 | $ 5,911 | |
[1] | Excludes approximately $0.4 milliom of stock-based compensation expense recorded within the gain on the sale of Fannie May, resulting from the acceleration of vesting of shares for Fannie May personnel, upon closing of the disposition. |
Note 13 - Stock Based Compens66
Note 13 - Stock Based Compensation - Allocation of Stock-based Compensation to Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 01, 2018 | Jul. 02, 2017 | [1] | Jul. 03, 2016 | |
Allocated share-based compensation expense | $ 3,726 | $ 5,694 | $ 6,343 | |
Selling and Marketing Expense [Member] | ||||
Allocated share-based compensation expense | 989 | 1,624 | 2,306 | |
Technology and Development [Member] | ||||
Allocated share-based compensation expense | 198 | 315 | 493 | |
General and Administrative Expense [Member] | ||||
Allocated share-based compensation expense | $ 2,539 | $ 3,755 | $ 3,544 | |
[1] | Excludes approximately $0.4 milliom of stock-based compensation expense recorded within the gain on the sale of Fannie May, resulting from the acceleration of vesting of shares for Fannie May personnel, upon closing of the disposition. |
Note 13 - Stock Based Compens67
Note 13 - Stock Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Outstanding (in shares) | 2,127,734 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 2.42 | ||
Granted, options (in shares) | 0 | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | |||
Exercised, options (in shares) | (142,000) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 2.49 | ||
Forfeited, oprtions (in shares) | (17,500) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 9.83 | ||
Outstanding (in shares) | 1,968,234 | 2,127,734 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.35 | $ 2.42 | |
Outstanding, weighted average remaining contractual term (Year) | 2 years 328 days | ||
Outstanding, aggregate intrinsic value | $ 20,077 | ||
Options vested or expected to vest (in shares) | 1,968,234 | ||
Options vested or expected to ves, weighted average exercise price (in dollars per share) | $ 2.35 | ||
Options vested or expected to vest, weighted average remaining contractual term (Year) | 2 years 328 days | ||
Options vested or expected to vest, aggregate intrinsic value | $ 20,077 | ||
Exercisable, options (in shares) | 1,580,234 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 2.29 | ||
Exercisable, weighted average remaining contractual term (Year) | 2 years 292 days | ||
Exercisable, aggregate intrinsic value | $ 16,207 |
Note 13 - Stock Based Compens68
Note 13 - Stock Based Compensation - Stock Options Outstanding (Details) | 12 Months Ended |
Jul. 01, 2018$ / sharesshares | |
Options outstanding (in shares) | shares | 1,968,234 |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years 328 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 2.35 |
Options exercisable (in shares) | shares | 1,580,234 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 2.29 |
Exercise Price Range 1 [Member] | |
Options outstanding (in shares) | shares | 895,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years 109 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 1.79 |
Options exercisable (in shares) | shares | 770,000 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 1.79 |
Exercise Price Range 2 [Member] | |
Options outstanding (in shares) | shares | 32,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 1 year 182 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 2.43 |
Options exercisable (in shares) | shares | 32,000 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 2.43 |
Exercise price range, lower range limit (in dollars per share) | 2.22 |
Exercise price range, upper range limit (in dollars per share) | $ 2.44 |
Exercise Price Range 3 [Member] | |
Options outstanding (in shares) | shares | 1,000,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 109 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 2.63 |
Options exercisable (in shares) | shares | 750,000 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 2.63 |
Exercise Price Range 4 [Member] | |
Options outstanding (in shares) | shares | 41,234 |
Options outstanding, weighted-average remaining contractual life (Year) | 4 years 255 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 7.63 |
Options exercisable (in shares) | shares | 28,234 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 6.94 |
Exercise price range, lower range limit (in dollars per share) | 3.26 |
Exercise price range, upper range limit (in dollars per share) | $ 10.20 |
Note 13 - Stock Based Compens69
Note 13 - Stock Based Compensation - Non-vested Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Jul. 01, 2018$ / sharesshares | |
Non-vested – beginning of period (in shares) | shares | 1,352,873 |
Non-vested – beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 7.44 |
Granted (in shares) | shares | 921,473 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 9.50 |
Vested (in shares) | shares | (622,734) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 7.87 |
Forfeited (in shares) | shares | (683,339) |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 9.46 |
Non-vested - end of period (in shares) | shares | 968,273 |
Non-vested - end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 7.70 |
Note 14 - Employee Retirement70
Note 14 - Employee Retirement Plans (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Defined Contribution Plan Required Age Of Employees To Become Eligible To Participate | 21 years | |||
Defined Contribution Plan Number Of Months Of Service Must Be Completed To Participate | 30 days | |||
Defined Benefit Plan Participants Deferment Percentage Of Salary And Performance And Nonperformance Based Bonus | 1.00% | |||
Interest Expense [Member] | ||||
Deferred Compensation Arrangement With Individual Gain (Loss) On Investment | $ 800,000 | $ 1,000,000 | $ (100,000) | |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | ||||
Defined Benefit Plan Percentage Of Employer Matching Contribution On Deferrals Made By Each Participant | 50.00% | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 9,400,000 | 6,900,000 | ||
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | Maximum [Member] | ||||
Defined Benefit Plan Participants Deferment Percentage Of Salary And Performance And Nonperformance Based Bonus | 100.00% | |||
Defined Benefit Plan Employer Matching Contribution Per Participant Amount | $ 2,500 | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 100,000 | $ 100,000 |
Note 15 - Business Segments (De
Note 15 - Business Segments (Details Textual) | 12 Months Ended |
Jul. 01, 2018 | |
Number of Reportable Segments | 3 |
Note 15 - Business Segments - S
Note 15 - Business Segments - Segment Performance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | ||
Net revenues | $ 1,151,921 | $ 1,193,625 | $ 1,173,024 | |
Contribution margin | 153,418 | 161,555 | 160,800 | |
Depreciation and amortization | (32,469) | (33,376) | (32,384) | |
Operating income | 41,048 | 46,359 | 43,282 | |
Corporate, Non-Segment [Member] | ||||
Net revenues | 1,114 | 1,102 | 1,066 | |
Intersegment Eliminations [Member] | ||||
Net revenues | (1,745) | (2,986) | (2,470) | |
Consumer Floral [Member] | ||||
Contribution margin | 50,808 | 51,860 | 50,773 | |
Consumer Floral [Member] | Operating Segments [Member] | ||||
Net revenues | 457,460 | 437,132 | 418,492 | |
BloomNet Wire Service [Member] | ||||
Contribution margin | 31,683 | 32,383 | 30,629 | |
BloomNet Wire Service [Member] | Operating Segments [Member] | ||||
Net revenues | 89,569 | 87,700 | 85,483 | |
Gourmet Food and Gift Baskets [Member] | ||||
Contribution margin | 70,927 | 77,312 | 79,398 | |
Gourmet Food and Gift Baskets [Member] | Operating Segments [Member] | ||||
Net revenues | 605,523 | 670,677 | 670,453 | |
Corporate Segment [Member] | ||||
Corporate | [1] | $ (79,901) | $ (81,820) | $ (85,134) |
[1] | Corporate expenses consist of the Company's enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-Based Compensation. In order to leverage the Company's infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not directly allocable to a specific segment. |
Note 16 - Commitments and Con73
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |
Operating Leases, Rent Expense, Net, Total | $ 25.7 | $ 32.6 | $ 34.3 |
Letter of Credit [Member] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | 1.8 | ||
Technology Infrastructure [Member] | |||
Long-term Purchase Commitment, Amount | 3.5 | ||
Land and Building [Member] | |||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 3.8 |
Note 16 - Commitments and Con74
Note 16 - Commitments and Contingencies - Future Minimum Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Jul. 01, 2018USD ($) |
2,019 | $ 15,722 |
2,020 | 11,615 |
2,021 | 10,020 |
2,022 | 8,880 |
2,023 | 8,596 |
Thereafter | 43,189 |
Total minimum lease payments | $ 98,022 |
Note 17 - Fire at the Fannie 75
Note 17 - Fire at the Fannie May Warehouse and Distribution Facility (Details Textual) - Fire [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 27, 2015 | Jul. 03, 2016 | |
Insurance Recovery Settlement | $ 55,000 | |
Inventory Write-down | 29,600 | $ 29,587 |
Other Nonrecurring Expense | $ 5,800 | 5,802 |
Gain on Business Interruption Insurance Recovery | 19,611 | |
Other Nonoperating Income (Expense) [Member] | ||
Gain on Business Interruption Insurance Recovery | $ 19,600 |
Note 17 - Fire at the Fannie 76
Note 17 - Fire at the Fannie May Warehouse and Distribution Facility - Costs Related to the Fire and the Insurance Recovery (Details) - Fire [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 27, 2015 | Jul. 03, 2016 | |
Loss on inventory | $ 29,600 | $ 29,587 |
Other fire related costs | $ 5,800 | 5,802 |
Total fire related costs | 35,389 | |
Less: fire related insurance recoveries | (55,000) | |
Fire related gain | $ (19,611) |
Schedule II - Valuation and Q77
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||||
Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 | |||
Balance at Beginning of Period | $ 1,846,000 | $ 2,104,000 | $ 2,235,000 | ||
Charged to Costs and Expenses | 1,068,000 | 1,158,000 | 1,278,000 | ||
Deductions- Describe | (496,000) | [1] | (1,416,000) | [1] | (1,409,000) |
Balance at End of Period | $ 2,418,000 | $ 1,846,000 | $ 2,104,000 | ||
[1] | Reduction in reserve due to write-off of accounts/notes receivable balances. |