Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 29, 2019 | Jan. 31, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | 1 800 FLOWERS COM INC | |
Entity Central Index Key | 0001084869 | |
Trading Symbol | flws | |
Current Fiscal Year End Date | --06-28 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 29, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Class A common stock | |
Entity Interactive Data Current | Yes | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 35,753,963 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 28,542,823 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 29, 2019 | Jun. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 295,561 | $ 172,923 |
Trade receivables, net | 44,561 | 12,374 |
Inventories | 68,032 | 92,361 |
Prepaid and other | 23,439 | 25,580 |
Total current assets | 431,593 | 303,238 |
Property, plant and equipment, net | 162,568 | 166,681 |
Operating lease right-of-use assets | 72,943 | |
Goodwill | 74,711 | 62,590 |
Other intangibles, net | 66,727 | 59,615 |
Other assets | 17,678 | 14,316 |
Total assets | 826,220 | 606,440 |
Current liabilities: | ||
Accounts payable | 61,826 | 25,704 |
Accrued expenses | 151,028 | 96,793 |
Current maturities of long-term debt | 5,000 | 5,000 |
Current portion of long-term operating lease liabilities | 8,849 | |
Total current liabilities | 226,703 | 127,497 |
Long-term debt | 89,738 | 91,973 |
Long-term operating lease liabilities | 66,405 | |
Deferred tax liabilities | 27,895 | 28,898 |
Other liabilities | 14,571 | 15,361 |
Total liabilities | 425,312 | 263,729 |
Commitments and contingencies (See Note 13 and Note 14) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued | ||
Additional paid-in-capital | 353,643 | 349,319 |
Retained earnings | 167,406 | 108,525 |
Accumulated other comprehensive loss | (253) | (269) |
Treasury stock, at cost, 17,579,956 and 17,209,093 Class A shares at December 29, 2019 and June 30, 2019, respectively, and 5,280,000 Class B shares at December 29, 2019 and June 30, 2019 | (120,762) | (115,732) |
Total stockholders’ equity | 400,908 | 342,711 |
Total liabilities and stockholders’ equity | 826,220 | 606,440 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock | 536 | 530 |
Common Class B [Member] | ||
Stockholders’ equity: | ||
Common stock | $ 338 | $ 338 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 29, 2019 | Jun. 30, 2019 |
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) | 53,678,919 | 53,084,127 |
Treasury stock, shares (in shares) | 17,579,956 | 17,209,093 |
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 | 33,822,823 |
Treasury stock, shares (in shares) | 5,280,000 | 5,280,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Net revenues | $ 605,642 | $ 571,316 | $ 792,905 | $ 740,812 |
Cost of revenues | 336,470 | 316,489 | 447,587 | 417,445 |
Gross profit | 269,172 | 254,827 | 345,318 | 323,367 |
Operating expenses: | ||||
Marketing and sales | 127,404 | 119,664 | 184,243 | 172,618 |
Technology and development | 11,733 | 10,906 | 22,536 | 21,185 |
General and administrative | 22,634 | 21,603 | 44,156 | 42,033 |
Depreciation and amortization | 7,830 | 7,969 | 15,465 | 15,812 |
Total operating expenses | 169,601 | 160,142 | 266,400 | 251,648 |
Operating income | 99,571 | 94,685 | 78,918 | 71,719 |
Interest expense, net | 985 | 1,430 | 1,580 | 2,420 |
Other (income) expense, net | (975) | 1,266 | (891) | 992 |
Income before income taxes | 99,561 | 91,989 | 78,229 | 68,307 |
Income tax expense | 25,409 | 23,411 | 19,348 | 16,995 |
Net income | $ 74,152 | $ 68,578 | $ 58,881 | $ 51,312 |
Basic net income per common share (in dollars per share) | $ 1.15 | $ 1.07 | $ 0.91 | $ 0.80 |
Diluted net income per common share (in dollars per share) | $ 1.12 | $ 1.04 | $ 0.89 | $ 0.77 |
Weighted average shares used in the calculation of net income per common share: | ||||
Basic (in shares) | 64,687 | 64,209 | 64,595 | 64,415 |
Diluted (in shares) | 66,401 | 66,136 | 66,486 | 66,483 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Net income | $ 74,152 | $ 68,578 | $ 58,881 | $ 51,312 |
Other comprehensive income (currency translation & other miscellaneous items) | 16 | 71 | 16 | 61 |
Comprehensive income | $ 74,168 | $ 68,649 | $ 58,897 | $ 51,373 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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] | Total |
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 |
Net income | 51,312 | 51,312 | |||||
Translation adjustment | (61) | (61) | |||||
Stock-based compensation (in shares) | 409,676 | ||||||
Stock-based compensation | $ 4 | 2,624 | 2,628 | ||||
Exercise of stock options (in shares) | 268,234 | ||||||
Exercise of stock options | $ 3 | 362 | 365 | ||||
Acquisition of Class A treasury stock (in shares) | 1,124,948 | ||||||
Acquisition of Class A treasury stock | $ (13,405) | (13,405) | |||||
Other | 330 | 330 | |||||
Balance (in shares) at Dec. 30, 2018 | 52,749,203 | 33,822,823 | 22,383,738 | ||||
Balance at Dec. 30, 2018 | $ 527 | $ 338 | 344,769 | 125,071 | (261) | $ (114,371) | 356,073 |
Balance (in shares) at Oct. 01, 2018 | 52,162,960 | 33,822,823 | 21,604,412 | ||||
Balance at Oct. 01, 2018 | $ 521 | $ 338 | 343,038 | 57,283 | (190) | $ (105,006) | 295,984 |
Net income | 68,578 | 68,578 | |||||
Translation adjustment | (71) | (71) | |||||
Stock-based compensation (in shares) | 408,009 | ||||||
Stock-based compensation | $ 4 | 1,669 | 1,673 | ||||
Exercise of stock options (in shares) | 178,234 | ||||||
Exercise of stock options | $ 2 | 62 | 64 | ||||
Acquisition of Class A treasury stock (in shares) | 779,326 | ||||||
Acquisition of Class A treasury stock | $ (9,365) | (9,365) | |||||
Other | (790) | (790) | |||||
Balance (in shares) at Dec. 30, 2018 | 52,749,203 | 33,822,823 | 22,383,738 | ||||
Balance at Dec. 30, 2018 | $ 527 | $ 338 | 344,769 | 125,071 | (261) | $ (114,371) | 356,073 |
Balance (in shares) at Jun. 30, 2019 | 53,084,127 | 33,822,823 | 22,489,093 | ||||
Balance at Jun. 30, 2019 | $ 530 | $ 338 | 349,319 | 108,525 | (269) | $ (115,732) | 342,711 |
Net income | 58,881 | 58,881 | |||||
Translation adjustment | 16 | 16 | |||||
Stock-based compensation (in shares) | 444,792 | ||||||
Stock-based compensation | $ 4 | 4,041 | $ 4,045 | ||||
Exercise of stock options (in shares) | 150,000 | 150,000 | |||||
Exercise of stock options | $ 2 | 283 | $ 285 | ||||
Acquisition of Class A treasury stock (in shares) | 370,863 | ||||||
Acquisition of Class A treasury stock | $ (5,030) | (5,030) | |||||
Balance (in shares) at Dec. 29, 2019 | 53,678,919 | 33,822,823 | 22,859,956 | ||||
Balance at Dec. 29, 2019 | $ 536 | $ 338 | 353,643 | 167,406 | (253) | $ (120,762) | 400,908 |
Balance (in shares) at Sep. 29, 2019 | 53,216,294 | 33,822,823 | 22,491,206 | ||||
Balance at Sep. 29, 2019 | $ 532 | $ 338 | 351,304 | 93,254 | (269) | $ (115,763) | 329,396 |
Net income | 74,152 | 74,152 | |||||
Translation adjustment | 16 | 16 | |||||
Stock-based compensation (in shares) | 437,625 | ||||||
Stock-based compensation | $ 4 | 2,276 | 2,280 | ||||
Exercise of stock options (in shares) | 25,000 | ||||||
Exercise of stock options | 63 | 63 | |||||
Acquisition of Class A treasury stock (in shares) | 368,750 | ||||||
Acquisition of Class A treasury stock | $ (4,999) | (4,999) | |||||
Balance (in shares) at Dec. 29, 2019 | 53,678,919 | 33,822,823 | 22,859,956 | ||||
Balance at Dec. 29, 2019 | $ 536 | $ 338 | $ 353,643 | $ 167,406 | $ (253) | $ (120,762) | $ 400,908 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Operating activities: | ||
Net income | $ 58,881 | $ 51,312 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,465 | 15,812 |
Amortization of deferred financing costs | 325 | 452 |
Deferred income taxes | (1,003) | (654) |
Bad debt expense | 731 | 582 |
Stock-based compensation | 4,045 | 2,628 |
Other non-cash items | (187) | (501) |
Changes in operating items: | ||
Trade receivables | (32,918) | (36,047) |
Inventories | 25,358 | 24,819 |
Prepaid and other | 1,021 | 3,159 |
Accounts payable and accrued expenses | 90,166 | 78,361 |
Other assets and liabilities | 272 | (340) |
Net cash provided by operating activities | 162,156 | 139,583 |
Investing activities: | ||
Acquisitions, net of cash acquired | (20,500) | |
Capital expenditures, net of non-cash expenditures | (10,712) | (11,786) |
Purchase of equity investments | (1,001) | |
Net cash used in investing activities | (32,213) | (11,786) |
Financing activities: | ||
Acquisition of treasury stock | (5,030) | (13,405) |
Proceeds from exercise of employee stock options | 285 | 365 |
Proceeds from bank borrowings | 20,000 | 30,000 |
Repayment of notes payable and bank borrowings | (22,500) | (34,312) |
Debt issuance cost | (60) | |
Net cash used in financing activities | (7,305) | (17,352) |
Net change in cash and cash equivalents | 122,638 | 110,445 |
Cash and cash equivalents: | ||
Beginning of period | 172,923 | 147,240 |
End of period | $ 295,561 | $ 257,685 |
Note 1 - Accounting Policies
Note 1 - Accounting Policies | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by 1 800 10 10 X. not three six December 29, 2019 not may June 28, 2020. Annual Report on Form 10 June 30, 2019 The Company’s quarterly results may second 50% third fourth first 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. Revenue Recognition Net revenue is measured based on the amount of consideration that we expect to receive, reduced by discounts and estimates for credits and returns (calculated based upon previous experience and management’s evaluation). Service and outbound shipping charged to customers are recognized at the time the related merchandise revenues are recognized and are included in net revenues. Inbound and outbound shipping and delivery costs are included in cost of revenues. Net revenues exclude sales and other similar taxes collected from customers. A description of our principal revenue generating activities is as follows: ● E-commerce revenues - consumer products sold through our online and telephonic channels. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due prior to the date of shipment. ● Retail revenues - consumer products sold through our retail stores. Revenue is recognized when control of the goods is transferred to the customer, at the point of sale, at which time payment is received. ● Wholesale revenues - products sold to our wholesale customers for subsequent resale. Revenue is recognized when control of the goods is transferred to the customer, in accordance with the terms of the applicable agreement. Payment terms are typically 30 ● BloomNet Services - membership fees as well as other service offerings to florists. Membership and other subscription-based fees are recognized monthly as earned. Services revenues related to orders sent through the floral network are variable, based on either the number of orders or the value of orders, and are recognized in the period in which the orders are delivered. The contracts within BloomNet Services are typically month-to-month and as a result no 30 Deferred Revenues Deferred revenues are recorded when the Company has received consideration (i.e. advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenues primarily relate to e-commerce orders placed, but not Our total deferred revenue as of June 30, 2019 $17.3 $5.9 $15.9 three six December 29, 2019. December 29, 2019 $28.8 Recently Issued Accounting Pronouncements - Adopted In February 2016, No. 2016 02, 842 842” July 1, 2019 not not not 12 no $80.7 $78.7 Note 13 842 Recently Issued Accounting Pronouncements – Not Financial Instruments – Measurement of Credit Losses. June 2016, No. 2016 13, 326 2016 13 2016 13 2021, Goodwill – Impairment Test January 2017, No. 2017 04, 350 two 2017 04, 2021, not |
Note 2 - Net Income Per Common
Note 2 - Net Income Per Common Share | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2 The following table sets forth the computation of basic and diluted net income per common share: Three Months Ended Six Months Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 (in thousands, except per share data) Numerator: Net income $ 74,152 $ 68,578 $ 58,881 $ 51,312 Denominator: Weighted average shares outstanding 64,687 64,209 64,595 64,415 Effect of dilutive securities: Employee stock options 997 1,415 1,046 1,476 Employee restricted stock awards 717 512 845 592 1,714 1,927 1,891 2,068 Adjusted weighted-average shares and assumed conversions 66,401 66,136 66,486 66,483 Net income per common share Basic $ 1.15 $ 1.07 $ 0.91 $ 0.80 Diluted $ 1.12 $ 1.04 $ 0.89 $ 0.77 |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 3 The Company has a Long Term Incentive and Share Award Plan, which is more fully described in Note 12 13 Company’s Annual Report on Form 10 June 30, 2019 The amounts of stock-based compensation expense recognized in the periods presented are as follows: Three Months Ended Six Months Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 (in thousands) Stock options $ 28 $ 78 $ 93 $ 183 Restricted stock 2,252 1,595 3,952 2,445 Total 2,280 1,673 4,045 2,628 Deferred income tax benefit 300 395 1,003 654 Stock-based compensation expense, net $ 1,980 $ 1,278 $ 3,042 $ 1,974 Stock-based compensation is recorded within the following line items of operating expenses: Three Months Ended Six Months Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 (in thousands) Marketing and sales $ 1,047 $ 731 $ 1,863 $ 986 Technology and development 173 105 292 156 General and administrative 1,060 837 1,890 1,486 Total $ 2,280 $ 1,673 $ 4,045 $ 2,628 Stock based compensation expense has not Note 12 Stock Options The following table summarizes stock option activity during the six December 29, 2019: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding at June 30, 2019 1,365,000 $ 2.48 Granted - $ - Exercised (150,000 ) $ 1.90 Forfeited - $ - Outstanding at December 29, 2019 1,215,000 $ 2.55 1.7 $ 14,288 Exercisable at December 29, 2019 1,210,000 $ 2.52 1.7 $ 14,267 As of December 29, 2019, not $0.0 0.2 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 and performance conditions and, in certain cases, holding periods (Restricted Stock). The following table summarizes the activity of non-vested restricted stock awards during the six December 29, 2019: Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2019 1,438,592 $ 10.81 Granted 724,055 $ 13.04 Vested (444,792 ) $ 10.28 Forfeited (45,474 ) $ 12.54 Non-vested at December 29, 2019 1,672,381 $ 11.87 The fair value of non-vested shares is determined based on the closing stock price on the grant date. As of December 29, 2019, $14.6 2.0 |
Note 4 - Acquisition
Note 4 - Acquisition | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 4 Acquisition of Shari’s Berries On August 14, 2019, $20.5 The total purchase price was allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values on the acquisition date. The Company is in the process of finalizing its allocation and this may $0.6 2 $6.9 $12.1 The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition: Shari’s Berries Preliminary Purchase Price Allocation (in thousands) Current assets $ 1,029 Intangible assets 7,540 Goodwill 12,121 Total assets acquired 20,690 Current liabilities 190 Net assets acquired $ 20,500 Raw materials inventory was valued at book value, as there have not The estimated fair value of the acquired tradenames was determined using the relief from royalty method, which is a risk-adjusted discounted cash flow approach. The relief from royalty method values an intangible asset by estimating the royalties saved through ownership of the asset. The relief from royalty method requires identifying the future revenue that would be generated by the trademark, multiplying it by a royalty rate deemed to be avoided through ownership of the asset and discounting the projected royalty savings amounts back to the acquisition date. The royalty rate used in the valuation was based on a consideration of market rates for similar categories of assets. The discount rate used in the valuation was based on the Company’s weighted average cost of capital, the riskiness of the earnings stream associated with the trademarks and the overall composition of the acquired assets. The estimated fair value of the acquired customer lists was determined using the excess earnings method under the income approach. This method requires identifying the future revenue that would be generated by existing customers at the time of the acquisition, considering an appropriate attrition rate based on the historical experience of the Company. Appropriate expenses are then deducted from the revenues and economic rents are charged for the return on contributory assets. The after-tax cash flows attributable to the asset are discounted back to their net present value at an appropriate intangible asset rate of return and summed to calculate the value of the customer lists. Operating results of the Shari’s Berries brand are reflected in the Company’s consolidated financial statements from the date of acquisition, within the Gourmet Food & Gift Baskets segment. Pro forma results of operations have not not |
Note 5 - Inventory
Note 5 - Inventory | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 5 The Company’s inventory, stated at cost, which is not December 29, 2019 June 30, 2019 (in thousands) Finished goods $ 36,430 $ 36,820 Work-in-process 7,644 17,535 Raw materials 23,958 38,006 Total inventory $ 68,032 $ 92,361 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 6 Months Ended |
Dec. 29, 2019 | |
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: 1-800-Flowers.com Consumer Floral BloomNet Wire Service Gourmet Food & Gift Baskets Total (in thousands) Balance at June 30, 2019 $ 17,441 $ - $ 45,149 $ 62,590 Acquisition of Shari’s Berries - - 12,121 12,121 Balance at December 29, 2019 $ 17,441 $ - $ 57,270 $ 74,711 The Company’s other intangible assets consist of the following: December 29, 2019 June 30, 2019 Amortization Period Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) (in thousands) Intangible assets with determinable lives Investment in licenses 14-16 $ 7,420 $ 6,200 $ 1,220 $ 7,420 $ 6,148 $ 1,272 Customer lists 2-10 12,825 10,123 2,702 12,184 9,798 2,386 Other 5-14 2,946 2,332 614 2,946 2,280 666 Total intangible assets with determinable lives 23,191 18,655 4,536 22,550 18,226 4,324 Trademarks with indefinite lives 62,191 - 62,191 55,291 - 55,291 Total identifiable intangible assets $ 85,382 $ 18,655 $ 66,727 $ 77,841 $ 18,226 $ 59,615 Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not 2020 $0.5 2021 $0.9 2022 $0.6 2023 $0.5 2024 $0.5 $1.5 |
Note 7 - Investments
Note 7 - Investments | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 7 Equity investments without a readily determinable fair value Investments in non-marketable equity instruments of private companies, where the Company does not $2.6 December 29, 2019 $1.6 June 30, 2019. Equity investments with a readily determinable fair value 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 |
Note 8 - Debt
Note 8 - Debt | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8 The Company’s current and long-term debt consists of the following: December 29, 2019 June 30, 2019 (in thousands) Revolver (1) $ - $ - Term Loan (1) 97,500 100,000 Deferred financing costs (2,762 ) (3,027 ) Total debt 94,738 96,973 Less: current debt 5,000 5,000 Long-term debt $ 89,738 $ 91,973 ( 1 On May 31, 2019, “2019 2019 December 23, 2016 ( “2016 $97 $100 29 May 31, 2024, 25 19 September 29, 2019, 5.0% first eight 10.0% 11 $62.5 $200 $100 January 1 August 1, may For each borrowing under the 2019 may 1 0.5% 1% 2 2019 December 29, 2019. 2019 Future principal payments under the Term Loan are as follows: $2.5 2020, $5.0 2021, $10.0 2022, $10.0 2023 $70.0 2024. |
Note 9 - Property, Plant and Eq
Note 9 - Property, Plant and Equipment | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 9 The Company’s property, plant and equipment consists of the following: December 29, 2019 June 30, 2019 (in thousands) Land $ 30,789 $ 30,789 Orchards in production and land improvements 11,701 11,339 Building and building improvements 60,255 59,236 Leasehold improvements 14,135 13,861 Production equipment and furniture and fixtures 63,556 61,415 Computer and telecommunication equipment 54,104 53,694 Software 139,797 132,078 Capital projects in progress - orchards 8,524 9,902 Property, plant and equipment, gross 382,861 372,314 Accumulated depreciation and amortization (220,293 ) (205,633 ) Property, plant and equipment, net $ 162,568 $ 166,681 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 10 Cash and cash equivalents, trade and other receivables, prepaids, 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) As of December 29, 2019: Trading securities held in a “rabbi trust” (1) $ 14,159 $ 14,159 $ - $ - Total assets (liabilities) at fair value $ 14,159 $ 14,159 $ - $ - As of June 30, 2019: Trading securities held in a “rabbi trust” (1) $ 11,816 $ 11,816 $ - $ - Total assets (liabilities) at fair value $ 11,816 $ 11,816 $ - $ - ( 1 The Company has established an 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 | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11 At the end of each interim reporting period, the Company estimates its effective income tax rate expected to be applicable for the full year. This estimate is used in providing for income taxes on a year-to-date basis and may three six December 29, 2019 25.5% 24.7% 25.4% 24.9% 2020 2019 21% 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 2017, 2018 2015. 2014 The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At December 29, 2019, $0.9 $0.2 twelve |
Note 12 - Business Segments
Note 12 - Business Segments | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 The Company’s management reviews the results of its operations by the following three • 1 800 • BloomNet Wire Service, and • Gourmet Food & 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 Three Months Ended Six Months Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Net Revenues: (in thousands) Segment Net Revenues: 1-800-Flowers.com Consumer Floral $ 115,716 $ 108,106 $ 206,484 $ 193,182 BloomNet Wire Service 25,722 23,435 51,162 47,428 Gourmet Food & Gift Baskets 464,584 440,003 535,799 500,521 Corporate 165 315 360 582 Intercompany eliminations (545 ) (543 ) (900 ) (901 ) Total net revenues $ 605,642 $ 571,316 $ 792,905 $ 740,812 Operating Income: Segment Contribution Margin: 1-800-Flowers.com Consumer Floral $ 10,890 $ 9,808 $ 19,414 $ 17,303 BloomNet Wire Service 9,134 8,257 17,491 15,895 Gourmet Food & Gift Baskets 113,387 105,514 106,787 96,393 Segment Contribution Margin Subtotal 133,411 123,579 143,692 129,591 Corporate (a) (26,010 ) (20,925 ) (49,309 ) (42,060 ) Depreciation and amortization (7,830 ) (7,969 ) (15,465 ) (15,812 ) Operating income $ 99,571 $ 94,685 $ 78,918 $ 71,719 (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 The following tables represent a disaggregation of revenue from contracts with customers, by channel: Three Months Ended Three Months Ended December 29, 2019 December 30, 2018 Consumer Floral BloomNet Wire Service Gourmet Food and Gift Baskets Consolidated Consumer Floral BloomNet Wire Service Gourmet Food and Gift Baskets Consolidated Net revenues (in thousands) E-commerce $ 113,858 $ - $ 373,226 $ 487,084 $ 106,300 $ - $ 352,521 $ 458,821 Retail 1,082 - 23,120 24,202 1,063 - 24,971 26,034 Wholesale - 7,270 68,238 75,508 - 5,793 62,511 68,304 BloomNet services - 18,452 - 18,452 - 17,642 - 17,642 Other 776 - - 776 743 - - 743 Corporate - - - 165 - - - 315 Eliminations - - - (545 ) - - - (543 ) Net revenues $ 115,716 $ 25,722 $ 464,584 $ 605,642 $ 108,106 $ 23,435 $ 440,003 $ 571,316 Six months ended Six months ended December 29, 2019 December 30, 2018 Consumer Floral BloomNet Wire Service Gourmet Food and Gift Baskets Consolidated Consumer Floral BloomNet Wire Service Gourmet Food and Gift Baskets Consolidated Net revenues (in thousands) E-commerce $ 202,946 $ - $ 413,188 $ 616,134 $ 189,750 $ - $ 386,771 $ 576,521 Retail 2,021 - 30,610 32,631 1,924 - 32,750 34,674 Wholesale - 16,018 92,001 108,019 - 13,926 81,000 94,926 BloomNet services - 35,144 - 35,144 - 33,502 - 33,502 Other 1,517 - - 1,517 1,508 - - 1,508 Corporate - - - 360 - - - 582 Eliminations - - - (900 ) - - - (901 ) Net revenues $ 206,484 $ 51,162 $ 535,799 $ 792,905 $ 193,182 $ 47,428 $ 500,521 $ 740,812 11 |
Note 13 - Leases
Note 13 - Leases | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 13 The Company currently leases plants, warehouses, offices, store facilities, and equipment under various leases through fiscal 2034. may 842. At the lease commencement date, we determine if a lease should be classified as an operating or a finance lease (we currently have no We recognize expense for our operating leases on a straight-line basis over the lease term. As these leases expire, it can be expected that in the normal course of business they will be renewed or replaced. Renewal option periods are included in the measurement of lease liability, where the exercise is reasonably certain to occur. Key estimates and judgments in accounting for leases include how we determine: ( 1 2 3 Additional information related to our leases is as follows: Three Months Ended Six Months Ended December 29, 2019 December 29, 2019 (in thousands) Lease costs: Operating lease costs $ 3,666 $ 7,306 Variable lease costs 4,346 7,886 Short-term lease cost 3,905 4,970 Sublease income (208 ) (478 ) Total lease costs $ 11,709 $ 19,684 Six Months Ended December 29, 2019 (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 6,807 Right-of-use assets obtained in exchange for new operating lease liabilities $ 178 December 29, 2019 (in thousands) Weighted-average remaining lease term - operating leases 9.7 years Weighted-discount rate - operating leases 3.8 % Maturities of lease liabilities in accordance with ASC 842 December 29, 2019 Remainder of 2020 $ 5,402 2021 11,679 2022 10,310 2023 9,901 2024 9,452 Thereafter 44,888 Total Future Minimum Lease Payments $ 91,632 Less Imputed Remaining Interest 16,378 Total $ 75,254 June 30, 2019, 840, one 2020 $ 16,588 2021 13,490 2022 12,081 2023 9,957 2024 9,498 Thereafter 44,953 Total Future Minimum Lease Payments $ 106,567 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 6 Months Ended |
Dec. 29, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 14 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 29, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by 1 800 10 10 X. not three six December 29, 2019 not may June 28, 2020. Annual Report on Form 10 June 30, 2019 The Company’s quarterly results may second 50% third fourth first |
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. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Net revenue is measured based on the amount of consideration that we expect to receive, reduced by discounts and estimates for credits and returns (calculated based upon previous experience and management’s evaluation). Service and outbound shipping charged to customers are recognized at the time the related merchandise revenues are recognized and are included in net revenues. Inbound and outbound shipping and delivery costs are included in cost of revenues. Net revenues exclude sales and other similar taxes collected from customers. A description of our principal revenue generating activities is as follows: ● E-commerce revenues - consumer products sold through our online and telephonic channels. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due prior to the date of shipment. ● Retail revenues - consumer products sold through our retail stores. Revenue is recognized when control of the goods is transferred to the customer, at the point of sale, at which time payment is received. ● Wholesale revenues - products sold to our wholesale customers for subsequent resale. Revenue is recognized when control of the goods is transferred to the customer, in accordance with the terms of the applicable agreement. Payment terms are typically 30 ● BloomNet Services - membership fees as well as other service offerings to florists. Membership and other subscription-based fees are recognized monthly as earned. Services revenues related to orders sent through the floral network are variable, based on either the number of orders or the value of orders, and are recognized in the period in which the orders are delivered. The contracts within BloomNet Services are typically month-to-month and as a result no 30 Deferred Revenues Deferred revenues are recorded when the Company has received consideration (i.e. advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenues primarily relate to e-commerce orders placed, but not Our total deferred revenue as of June 30, 2019 $17.3 $5.9 $15.9 three six December 29, 2019. December 29, 2019 $28.8 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements - Adopted In February 2016, No. 2016 02, 842 842” July 1, 2019 not not not 12 no $80.7 $78.7 Note 13 842 Recently Issued Accounting Pronouncements – Not Financial Instruments – Measurement of Credit Losses. June 2016, No. 2016 13, 326 2016 13 2016 13 2021, Goodwill – Impairment Test January 2017, No. 2017 04, 350 two 2017 04, 2021, not |
Note 2 - Net Income Per Commo_2
Note 2 - Net Income Per Common Share (Tables) | 6 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 (in thousands, except per share data) Numerator: Net income $ 74,152 $ 68,578 $ 58,881 $ 51,312 Denominator: Weighted average shares outstanding 64,687 64,209 64,595 64,415 Effect of dilutive securities: Employee stock options 997 1,415 1,046 1,476 Employee restricted stock awards 717 512 845 592 1,714 1,927 1,891 2,068 Adjusted weighted-average shares and assumed conversions 66,401 66,136 66,486 66,483 Net income per common share Basic $ 1.15 $ 1.07 $ 0.91 $ 0.80 Diluted $ 1.12 $ 1.04 $ 0.89 $ 0.77 |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 6 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended Six Months Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 (in thousands) Stock options $ 28 $ 78 $ 93 $ 183 Restricted stock 2,252 1,595 3,952 2,445 Total 2,280 1,673 4,045 2,628 Deferred income tax benefit 300 395 1,003 654 Stock-based compensation expense, net $ 1,980 $ 1,278 $ 3,042 $ 1,974 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Six Months Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 (in thousands) Marketing and sales $ 1,047 $ 731 $ 1,863 $ 986 Technology and development 173 105 292 156 General and administrative 1,060 837 1,890 1,486 Total $ 2,280 $ 1,673 $ 4,045 $ 2,628 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding at June 30, 2019 1,365,000 $ 2.48 Granted - $ - Exercised (150,000 ) $ 1.90 Forfeited - $ - Outstanding at December 29, 2019 1,215,000 $ 2.55 1.7 $ 14,288 Exercisable at December 29, 2019 1,210,000 $ 2.52 1.7 $ 14,267 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2019 1,438,592 $ 10.81 Granted 724,055 $ 13.04 Vested (444,792 ) $ 10.28 Forfeited (45,474 ) $ 12.54 Non-vested at December 29, 2019 1,672,381 $ 11.87 |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 6 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Shari’s Berries Preliminary Purchase Price Allocation (in thousands) Current assets $ 1,029 Intangible assets 7,540 Goodwill 12,121 Total assets acquired 20,690 Current liabilities 190 Net assets acquired $ 20,500 |
Note 5 - Inventory (Tables)
Note 5 - Inventory (Tables) | 6 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 29, 2019 June 30, 2019 (in thousands) Finished goods $ 36,430 $ 36,820 Work-in-process 7,644 17,535 Raw materials 23,958 38,006 Total inventory $ 68,032 $ 92,361 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 1-800-Flowers.com Consumer Floral BloomNet Wire Service Gourmet Food & Gift Baskets Total (in thousands) Balance at June 30, 2019 $ 17,441 $ - $ 45,149 $ 62,590 Acquisition of Shari’s Berries - - 12,121 12,121 Balance at December 29, 2019 $ 17,441 $ - $ 57,270 $ 74,711 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | December 29, 2019 June 30, 2019 Amortization Period Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) (in thousands) Intangible assets with determinable lives Investment in licenses 14-16 $ 7,420 $ 6,200 $ 1,220 $ 7,420 $ 6,148 $ 1,272 Customer lists 2-10 12,825 10,123 2,702 12,184 9,798 2,386 Other 5-14 2,946 2,332 614 2,946 2,280 666 Total intangible assets with determinable lives 23,191 18,655 4,536 22,550 18,226 4,324 Trademarks with indefinite lives 62,191 - 62,191 55,291 - 55,291 Total identifiable intangible assets $ 85,382 $ 18,655 $ 66,727 $ 77,841 $ 18,226 $ 59,615 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 6 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 29, 2019 June 30, 2019 (in thousands) Revolver (1) $ - $ - Term Loan (1) 97,500 100,000 Deferred financing costs (2,762 ) (3,027 ) Total debt 94,738 96,973 Less: current debt 5,000 5,000 Long-term debt $ 89,738 $ 91,973 |
Note 9 - Property, Plant and _2
Note 9 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 29, 2019 June 30, 2019 (in thousands) Land $ 30,789 $ 30,789 Orchards in production and land improvements 11,701 11,339 Building and building improvements 60,255 59,236 Leasehold improvements 14,135 13,861 Production equipment and furniture and fixtures 63,556 61,415 Computer and telecommunication equipment 54,104 53,694 Software 139,797 132,078 Capital projects in progress - orchards 8,524 9,902 Property, plant and equipment, gross 382,861 372,314 Accumulated depreciation and amortization (220,293 ) (205,633 ) Property, plant and equipment, net $ 162,568 $ 166,681 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 29, 2019 | |
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) As of December 29, 2019: Trading securities held in a “rabbi trust” (1) $ 14,159 $ 14,159 $ - $ - Total assets (liabilities) at fair value $ 14,159 $ 14,159 $ - $ - As of June 30, 2019: Trading securities held in a “rabbi trust” (1) $ 11,816 $ 11,816 $ - $ - Total assets (liabilities) at fair value $ 11,816 $ 11,816 $ - $ - |
Note 12 - Business Segments (Ta
Note 12 - Business Segments (Tables) | 6 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended December 29, 2019 December 30, 2018 December 29, 2019 December 30, 2018 Net Revenues: (in thousands) Segment Net Revenues: 1-800-Flowers.com Consumer Floral $ 115,716 $ 108,106 $ 206,484 $ 193,182 BloomNet Wire Service 25,722 23,435 51,162 47,428 Gourmet Food & Gift Baskets 464,584 440,003 535,799 500,521 Corporate 165 315 360 582 Intercompany eliminations (545 ) (543 ) (900 ) (901 ) Total net revenues $ 605,642 $ 571,316 $ 792,905 $ 740,812 Operating Income: Segment Contribution Margin: 1-800-Flowers.com Consumer Floral $ 10,890 $ 9,808 $ 19,414 $ 17,303 BloomNet Wire Service 9,134 8,257 17,491 15,895 Gourmet Food & Gift Baskets 113,387 105,514 106,787 96,393 Segment Contribution Margin Subtotal 133,411 123,579 143,692 129,591 Corporate (a) (26,010 ) (20,925 ) (49,309 ) (42,060 ) Depreciation and amortization (7,830 ) (7,969 ) (15,465 ) (15,812 ) Operating income $ 99,571 $ 94,685 $ 78,918 $ 71,719 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Three Months Ended December 29, 2019 December 30, 2018 Consumer Floral BloomNet Wire Service Gourmet Food and Gift Baskets Consolidated Consumer Floral BloomNet Wire Service Gourmet Food and Gift Baskets Consolidated Net revenues (in thousands) E-commerce $ 113,858 $ - $ 373,226 $ 487,084 $ 106,300 $ - $ 352,521 $ 458,821 Retail 1,082 - 23,120 24,202 1,063 - 24,971 26,034 Wholesale - 7,270 68,238 75,508 - 5,793 62,511 68,304 BloomNet services - 18,452 - 18,452 - 17,642 - 17,642 Other 776 - - 776 743 - - 743 Corporate - - - 165 - - - 315 Eliminations - - - (545 ) - - - (543 ) Net revenues $ 115,716 $ 25,722 $ 464,584 $ 605,642 $ 108,106 $ 23,435 $ 440,003 $ 571,316 Six months ended Six months ended December 29, 2019 December 30, 2018 Consumer Floral BloomNet Wire Service Gourmet Food and Gift Baskets Consolidated Consumer Floral BloomNet Wire Service Gourmet Food and Gift Baskets Consolidated Net revenues (in thousands) E-commerce $ 202,946 $ - $ 413,188 $ 616,134 $ 189,750 $ - $ 386,771 $ 576,521 Retail 2,021 - 30,610 32,631 1,924 - 32,750 34,674 Wholesale - 16,018 92,001 108,019 - 13,926 81,000 94,926 BloomNet services - 35,144 - 35,144 - 33,502 - 33,502 Other 1,517 - - 1,517 1,508 - - 1,508 Corporate - - - 360 - - - 582 Eliminations - - - (900 ) - - - (901 ) Net revenues $ 206,484 $ 51,162 $ 535,799 $ 792,905 $ 193,182 $ 47,428 $ 500,521 $ 740,812 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 6 Months Ended |
Dec. 29, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended December 29, 2019 December 29, 2019 (in thousands) Lease costs: Operating lease costs $ 3,666 $ 7,306 Variable lease costs 4,346 7,886 Short-term lease cost 3,905 4,970 Sublease income (208 ) (478 ) Total lease costs $ 11,709 $ 19,684 Six Months Ended December 29, 2019 (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 6,807 Right-of-use assets obtained in exchange for new operating lease liabilities $ 178 December 29, 2019 (in thousands) Weighted-average remaining lease term - operating leases 9.7 years Weighted-discount rate - operating leases 3.8 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Remainder of 2020 $ 5,402 2021 11,679 2022 10,310 2023 9,901 2024 9,452 Thereafter 44,888 Total Future Minimum Lease Payments $ 91,632 Less Imputed Remaining Interest 16,378 Total $ 75,254 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2020 $ 16,588 2021 13,490 2022 12,081 2023 9,957 2024 9,498 Thereafter 44,953 Total Future Minimum Lease Payments $ 106,567 |
Note 1 - Accounting Policies (D
Note 1 - Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 29, 2019 | Dec. 29, 2019 | Jul. 01, 2019 | Jun. 30, 2019 | |
Contract with Customer, Liability, Current | $ 28,800 | $ 28,800 | $ 17,300 | |
Contract with Customer, Liability, Revenue Recognized | 5,900 | 15,900 | ||
Operating Lease, Liability, Total | 75,254 | 75,254 | ||
Operating Lease, Right-of-Use Asset | $ 72,943 | $ 72,943 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Liability, Total | $ 80,700 | |||
Operating Lease, Right-of-Use Asset | $ 78,700 |
Note 2 - Net Income Per Commo_3
Note 2 - Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Net income | $ 74,152 | $ 68,578 | $ 68,578 | $ 58,881 | $ 51,312 |
Basic (in shares) | 64,687 | 64,209 | 64,595 | 64,415 | |
Effect of dilutive securities (in shares) | 1,714 | 1,927 | 1,891 | 2,068 | |
Adjusted weighted-average shares and assumed conversions (in shares) | 66,401 | 66,136 | 66,486 | 66,483 | |
Net income per common share | |||||
Basic net income per common share (in dollars per share) | $ 1.15 | $ 1.07 | $ 0.91 | $ 0.80 | |
Diluted net income per common share (in dollars per share) | $ 1.12 | $ 1.04 | $ 0.89 | $ 0.77 | |
Share-based Payment Arrangement, Option [Member] | |||||
Effect of dilutive securities (in shares) | 997 | 1,415 | 1,046 | 1,476 | |
Restricted Stock [Member] | |||||
Effect of dilutive securities (in shares) | 717 | 512 | 845 | 592 |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) | 6 Months Ended |
Dec. 29, 2019USD ($) | |
Share-based Payment Arrangement, Option [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 73 days |
Restricted Stock [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 14,600,000 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Allocated share-based compensation expense | $ 2,280 | $ 1,673 | $ 4,045 | $ 2,628 |
Deferred income tax benefit | 300 | 395 | 1,003 | 654 |
Allocated share-based compensation expense, net | 1,980 | 1,278 | 3,042 | 1,974 |
Share-based Payment Arrangement, Option [Member] | ||||
Allocated share-based compensation expense | 28 | 78 | 93 | 183 |
Restricted Stock [Member] | ||||
Allocated share-based compensation expense | $ 2,252 | $ 1,595 | $ 3,952 | $ 2,445 |
Note 3 - Stock-based Compensa_5
Note 3 - Stock-based Compensation - Allocation of Stock-based Compensation to Operating Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Allocated share-based compensation expense | $ 2,280 | $ 1,673 | $ 4,045 | $ 2,628 |
Selling and Marketing Expense [Member] | ||||
Allocated share-based compensation expense | 1,047 | 731 | 1,863 | 986 |
Technology and Development [Member] | ||||
Allocated share-based compensation expense | 173 | 105 | 292 | 156 |
General and Administrative Expense [Member] | ||||
Allocated share-based compensation expense | $ 1,060 | $ 837 | $ 1,890 | $ 1,486 |
Note 3 - Stock-based Compensa_6
Note 3 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Dec. 29, 2019 | |
Outstanding, options (in shares) | 1,365,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.48 |
Granted, options (in shares) | |
Granted, weighted average exercise price (in dollars per share) | |
Exercised, options (in shares) | (150,000) |
Exercised, weighted average exercise price (in dollars per share) | $ 1.90 |
Forfeited, options (in shares) | |
Forfeited, weighted average exercise price (in dollars per share) | |
Outstanding, options (in shares) | 1,215,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.55 |
Outstanding, weighted average remaining contractual term (Year) | 1 year 255 days |
Outstanding, aggregate intrinsic value | $ 14,288 |
Exercisable, options (in shares) | 1,210,000 |
Exercisable, weighted average exercise price (in dollars per share) | $ 2.52 |
Exercisable, weighted average remaining contractual term (Year) | 1 year 255 days |
Exercisable, aggregate intrinsic value | $ 14,267 |
Note 3 - Stock-based Compensa_7
Note 3 - Stock-based Compensation - Non-vested Restricted Stock Activity (Details) - Restricted Stock [Member] | 6 Months Ended |
Dec. 29, 2019$ / sharesshares | |
Non-vested (in shares) | shares | 1,438,592 |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 10.81 |
Granted (in shares) | shares | 724,055 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 13.04 |
Vested (in shares) | shares | (444,792) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 10.28 |
Forfeited (in shares) | shares | (45,474) |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 12.54 |
Non-vested (in shares) | shares | 1,672,381 |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 11.87 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - USD ($) $ in Thousands | Aug. 14, 2019 | Dec. 29, 2019 | Jun. 30, 2019 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 7,540 | ||
Goodwill, Ending Balance | 12,121 | $ 74,711 | $ 62,590 |
Shari's Berries [Member] | |||
Business Combination, Consideration Transferred, Total | 20,500 | ||
Goodwill, Ending Balance | 12,100 | ||
Shari's Berries [Member] | Customer Lists [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 600 | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Shari's Berries [Member] | Trade Names [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 6,900 |
Note 4 - Acquisition - Prelimin
Note 4 - Acquisition - Preliminary Allocation of the Purchase Price to the Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Aug. 14, 2019 | Jun. 30, 2019 |
Current assets | $ 1,029 | ||
Intangible assets | 7,540 | ||
Goodwill | $ 74,711 | 12,121 | $ 62,590 |
Total assets acquired | 20,690 | ||
Current liabilities | 190 | ||
Net assets acquired | $ 20,500 |
Note 5 - Inventory - Summary of
Note 5 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Jun. 30, 2019 |
Finished goods | $ 36,430 | $ 36,820 |
Work-in-process | 7,644 | 17,535 |
Raw materials | 23,958 | 38,006 |
Total inventory | $ 68,032 | $ 92,361 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) $ in Millions | Dec. 29, 2019USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 0.5 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 0.9 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0.5 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 0.5 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 1.5 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill by Segment (Details) $ in Thousands | 6 Months Ended |
Dec. 29, 2019USD ($) | |
Goodwill | $ 62,590 |
Acquisition of Shari’s Berries | 12,121 |
Goodwill | 74,711 |
Consumer Floral [Member] | |
Goodwill | 17,441 |
Acquisition of Shari’s Berries | |
Goodwill | 17,441 |
BloomNet Wire Service [Member] | |
Goodwill | |
Acquisition of Shari’s Berries | |
Goodwill | |
Gourmet Food and Gift Baskets [Member] | |
Goodwill | 45,149 |
Acquisition of Shari’s Berries | 12,121 |
Goodwill | $ 57,270 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 29, 2019 | Jun. 30, 2019 | |
Intangible assets with determinable lives, gross | $ 23,191 | $ 22,550 |
Accumulated amortization | 18,655 | 18,226 |
Intangible assets with determinable lives, net | 4,536 | 4,324 |
Trademarks with indefinite lives, gross | 62,191 | 55,291 |
Total identifiable intangible assets, gross | 85,382 | 77,841 |
Total identifiable intangible assets, net | 66,727 | 59,615 |
Licensing Agreements [Member] | ||
Intangible assets with determinable lives, gross | 7,420 | 7,420 |
Accumulated amortization | 6,200 | 6,148 |
Intangible assets with determinable lives, net | $ 1,220 | 1,272 |
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 | $ 12,825 | 12,184 |
Accumulated amortization | 10,123 | 9,798 |
Intangible assets with determinable lives, net | $ 2,702 | 2,386 |
Customer Lists [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 2 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 | 2,332 | 2,280 |
Intangible assets with determinable lives, net | $ 614 | $ 666 |
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 - Investments (Details T
Note 7 - Investments (Details Textual) - USD ($) $ in Millions | Dec. 29, 2019 | Jun. 30, 2019 |
Cost Method Investments | $ 2.6 | $ 1.6 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - USD ($) $ in Thousands | May 31, 2019 | Dec. 29, 2019 | Jun. 30, 2019 | May 30, 2019 | |
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] | $ 97,500 | $ 100,000 | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 2,500 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 5,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 10,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 10,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 70,000 | ||||
Term Loan [Member] | Credit Facility 2014 [Member] | |||||
Long-term Debt, Total | $ 100,000 | $ 97,000 | |||
Debt Instrument, Number of Installment Payments | 19 | ||||
Debt Instrument, Principal Payment Percentage In First Eight Payments | 5.00% | ||||
Debt Instrument, Principal Payment Percentage In Remaining Eleven Payments | 10.00% | ||||
Debt Instrument, Principal Payment Due Upon Maturity | $ 62,500 | ||||
Term Loan [Member] | Credit Facility 2014 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate, Increase (Decrease) | (0.25%) | ||||
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] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 0.50% | ||||
[1] | On May 31, 2019, the Company entered into a Second Amended and Restated Credit Agreement (the "2019 Credit Agreement") with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2019 Credit Agreement amended and restated the Company's existing amended and restated credit agreement dated as of December 23, 2016 (the "2016 Credit Agreement") to, among other modifications: (i) increase the amount of the outstanding term loan ("Term Loan") from approximately $97 million to $100 million, (ii) extend the maturity date of the outstanding Term Loan and the revolving credit facility ("Revolver") by approximately 29 months to May 31, 2024, and (iii) decrease the applicable interest rate margins for LIBOR and base rate loans by 25 basis points. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on September 29, 2019, with escalating principal payments, at the rate of 5.0% per annum for the first eight payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $62.5 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. |
Note 8 - Debt - Summary of Curr
Note 8 - Debt - Summary of Current and Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Jun. 30, 2019 | |
Deferred financing costs | $ (2,762) | $ (3,027) | |
Debt instrument, carrying amount | 94,738 | 96,973 | |
Less: current debt | 5,000 | 5,000 | |
Long-term debt | 89,738 | 91,973 | |
Line of Credit [Member] | |||
Revolver | [1] | ||
Term Loan [Member] | |||
Term Loan | [1] | $ 97,500 | $ 100,000 |
[1] | On May 31, 2019, the Company entered into a Second Amended and Restated Credit Agreement (the "2019 Credit Agreement") with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2019 Credit Agreement amended and restated the Company's existing amended and restated credit agreement dated as of December 23, 2016 (the "2016 Credit Agreement") to, among other modifications: (i) increase the amount of the outstanding term loan ("Term Loan") from approximately $97 million to $100 million, (ii) extend the maturity date of the outstanding Term Loan and the revolving credit facility ("Revolver") by approximately 29 months to May 31, 2024, and (iii) decrease the applicable interest rate margins for LIBOR and base rate loans by 25 basis points. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on September 29, 2019, with escalating principal payments, at the rate of 5.0% per annum for the first eight payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $62.5 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. |
Note 9 - Property, Plant and _3
Note 9 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Jun. 30, 2019 |
Property, plant, and equipment, gross | $ 382,861 | $ 372,314 |
Accumulated depreciation and amortization | (220,293) | (205,633) |
Property, plant and equipment, net | 162,568 | 166,681 |
Land [Member] | ||
Property, plant, and equipment, gross | 30,789 | 30,789 |
Orchards in Production and Land Improvements [Member] | ||
Property, plant, and equipment, gross | 11,701 | 11,339 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 60,255 | 59,236 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 14,135 | 13,861 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 63,556 | 61,415 |
Computer and Telecommunication Equipment [Member] | ||
Property, plant, and equipment, gross | 54,104 | 53,694 |
Software and Software Development Costs [Member] | ||
Property, plant, and equipment, gross | 139,797 | 132,078 |
Capital Projects in Progress [Member] | ||
Property, plant, and equipment, gross | $ 8,524 | $ 9,902 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Jun. 30, 2019 | |
Trading securities held in a “rabbi trust” | [1] | $ 14,159 | $ 11,816 |
Total assets (liabilities) at fair value | 14,159 | 11,816 | |
Fair Value, Inputs, Level 1 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 14,159 | 11,816 |
Total assets (liabilities) at fair value | 14,159 | 11,816 | |
Fair Value, Inputs, Level 2 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | ||
Total assets (liabilities) at fair value | |||
Fair Value, Inputs, Level 3 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | ||
Total assets (liabilities) at fair value | |||
[1] | The Company has established an 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 Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Jun. 28, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.50% | 25.40% | 24.70% | 24.90% | |
Income Tax Examination, Year under Examination | 2017 2018 | ||||
Unrecognized Tax Benefits, Ending Balance | $ 0.9 | $ 0.9 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0.2 | $ 0.2 | |||
Domestic Tax Authority [Member] | |||||
Open Tax Year | 2015 2016 2017 2018 2019 | ||||
Foreign Tax Authority [Member] | |||||
Open Tax Year | 2014 2015 2016 2017 2018 2019 | ||||
Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 12 - Business Segments (De
Note 12 - Business Segments (Details Textual) | 6 Months Ended |
Dec. 29, 2019 | |
Number of Reportable Segments | 3 |
Note 12 - Business Segments - S
Note 12 - Business Segments - Segment Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | ||
Net revenues | $ 605,642 | $ 571,316 | $ 792,905 | $ 740,812 | |
Depreciation and amortization | (7,830) | (7,969) | (15,465) | (15,812) | |
Operating income | 99,571 | 94,685 | 78,918 | 71,719 | |
Operating Segments [Member] | |||||
Contribution margin | 133,411 | 123,579 | 143,692 | 129,591 | |
Corporate, Non-Segment [Member] | |||||
Net revenues | 165 | 315 | 360 | 582 | |
Corporate | [1] | (26,010) | (20,925) | (49,309) | (42,060) |
Intersegment Eliminations [Member] | |||||
Net revenues | (545) | (543) | (900) | (901) | |
Consumer Floral [Member] | |||||
Net revenues | 115,716 | 108,106 | 206,484 | 193,182 | |
Consumer Floral [Member] | Operating Segments [Member] | |||||
Net revenues | 115,716 | 108,106 | 206,484 | 193,182 | |
Contribution margin | 10,890 | 9,808 | 19,414 | 17,303 | |
Consumer Floral [Member] | Corporate, Non-Segment [Member] | |||||
Net revenues | |||||
Consumer Floral [Member] | Intersegment Eliminations [Member] | |||||
Net revenues | |||||
BloomNet Wire Service [Member] | |||||
Net revenues | 25,722 | 23,435 | 51,162 | 47,428 | |
BloomNet Wire Service [Member] | Operating Segments [Member] | |||||
Net revenues | 25,722 | 23,435 | 51,162 | 47,428 | |
Contribution margin | 9,134 | 8,257 | 17,491 | 15,895 | |
BloomNet Wire Service [Member] | Corporate, Non-Segment [Member] | |||||
Net revenues | |||||
BloomNet Wire Service [Member] | Intersegment Eliminations [Member] | |||||
Net revenues | |||||
Gourmet Food and Gift Baskets [Member] | |||||
Net revenues | 464,584 | 440,003 | 535,799 | 500,521 | |
Gourmet Food and Gift Baskets [Member] | Operating Segments [Member] | |||||
Net revenues | 464,584 | 440,003 | 535,799 | 500,521 | |
Contribution margin | 113,387 | 105,514 | 106,787 | 96,393 | |
Gourmet Food and Gift Baskets [Member] | Corporate, Non-Segment [Member] | |||||
Net revenues | |||||
Gourmet Food and Gift Baskets [Member] | Intersegment Eliminations [Member] | |||||
Net revenues | |||||
[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 12 - Business Segments - D
Note 12 - Business Segments - Disaggregation of Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | |
Net revenues | $ 605,642 | $ 571,316 | $ 792,905 | $ 740,812 |
Corporate, Non-Segment [Member] | ||||
Net revenues | 165 | 315 | 360 | 582 |
Intersegment Eliminations [Member] | ||||
Net revenues | (545) | (543) | (900) | (901) |
E-commerce [Member] | Operating Segments [Member] | ||||
Net revenues | 487,084 | 458,821 | 616,134 | 576,521 |
Retail Sales Channel [Member] | Operating Segments [Member] | ||||
Net revenues | 24,202 | 26,034 | 32,631 | 34,674 |
Wholesale [Member] | Operating Segments [Member] | ||||
Net revenues | 75,508 | 68,304 | 108,019 | 94,926 |
Bloomnet Services [Member] | Operating Segments [Member] | ||||
Net revenues | 18,452 | 17,642 | 35,144 | 33,502 |
Other [Member] | ||||
Net revenues | 776 | 743 | 1,517 | 1,508 |
Consumer Floral [Member] | ||||
Net revenues | 115,716 | 108,106 | 206,484 | 193,182 |
Consumer Floral [Member] | Operating Segments [Member] | ||||
Net revenues | 115,716 | 108,106 | 206,484 | 193,182 |
Consumer Floral [Member] | Corporate, Non-Segment [Member] | ||||
Net revenues | ||||
Consumer Floral [Member] | Intersegment Eliminations [Member] | ||||
Net revenues | ||||
Consumer Floral [Member] | E-commerce [Member] | Operating Segments [Member] | ||||
Net revenues | 113,858 | 106,300 | 202,946 | 189,750 |
Consumer Floral [Member] | Retail Sales Channel [Member] | Operating Segments [Member] | ||||
Net revenues | 1,082 | 1,063 | 2,021 | 1,924 |
Consumer Floral [Member] | Wholesale [Member] | Operating Segments [Member] | ||||
Net revenues | ||||
Consumer Floral [Member] | Bloomnet Services [Member] | Operating Segments [Member] | ||||
Net revenues | ||||
Consumer Floral [Member] | Other [Member] | ||||
Net revenues | 776 | 743 | 1,517 | 1,508 |
BloomNet Wire Service [Member] | ||||
Net revenues | 25,722 | 23,435 | 51,162 | 47,428 |
BloomNet Wire Service [Member] | Operating Segments [Member] | ||||
Net revenues | 25,722 | 23,435 | 51,162 | 47,428 |
BloomNet Wire Service [Member] | Corporate, Non-Segment [Member] | ||||
Net revenues | ||||
BloomNet Wire Service [Member] | Intersegment Eliminations [Member] | ||||
Net revenues | ||||
BloomNet Wire Service [Member] | E-commerce [Member] | Operating Segments [Member] | ||||
Net revenues | ||||
BloomNet Wire Service [Member] | Retail Sales Channel [Member] | Operating Segments [Member] | ||||
Net revenues | ||||
BloomNet Wire Service [Member] | Wholesale [Member] | Operating Segments [Member] | ||||
Net revenues | 7,270 | 5,793 | 16,018 | 13,926 |
BloomNet Wire Service [Member] | Bloomnet Services [Member] | Operating Segments [Member] | ||||
Net revenues | 18,452 | 17,642 | 35,144 | 33,502 |
BloomNet Wire Service [Member] | Other [Member] | ||||
Net revenues | ||||
Gourmet Food and Gift Baskets [Member] | ||||
Net revenues | 464,584 | 440,003 | 535,799 | 500,521 |
Gourmet Food and Gift Baskets [Member] | Operating Segments [Member] | ||||
Net revenues | 464,584 | 440,003 | 535,799 | 500,521 |
Gourmet Food and Gift Baskets [Member] | Corporate, Non-Segment [Member] | ||||
Net revenues | ||||
Gourmet Food and Gift Baskets [Member] | Intersegment Eliminations [Member] | ||||
Net revenues | ||||
Gourmet Food and Gift Baskets [Member] | E-commerce [Member] | Operating Segments [Member] | ||||
Net revenues | 373,226 | 352,521 | 413,188 | 386,771 |
Gourmet Food and Gift Baskets [Member] | Retail Sales Channel [Member] | Operating Segments [Member] | ||||
Net revenues | 23,120 | 24,971 | 30,610 | 32,750 |
Gourmet Food and Gift Baskets [Member] | Wholesale [Member] | Operating Segments [Member] | ||||
Net revenues | 68,238 | 62,511 | 92,001 | 81,000 |
Gourmet Food and Gift Baskets [Member] | Bloomnet Services [Member] | Operating Segments [Member] | ||||
Net revenues | ||||
Gourmet Food and Gift Baskets [Member] | Other [Member] | ||||
Net revenues |
Note 13 - Leases - Lease Costs
Note 13 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 29, 2019 | |
Operating lease costs | $ 3,666 | $ 7,306 | |
Variable lease costs | 4,346 | 7,886 | |
Short-term lease cost | 3,905 | 4,970 | |
Sublease income | (208) | (478) | |
Total lease costs | $ 11,709 | $ 19,684 | |
Cash paid for amounts included in measurement of operating lease liabilities | $ 6,807 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 178 | ||
Weighted-average remaining lease term - operating leases (Year) | 9 years 255 days | 9 years 255 days | |
Weighted-discount rate - operating leases | 3.80% | 3.80% |
Note 13 - Leases - Maturities o
Note 13 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 29, 2019USD ($) |
Remainder of 2020 | $ 5,402 |
2021 | 11,679 |
2022 | 10,310 |
2023 | 9,901 |
2024 | 9,452 |
Thereafter | 44,888 |
Total Future Minimum Lease Payments | 91,632 |
Less Imputed Remaining Interest | 16,378 |
Operating Lease, Liability, Total | $ 75,254 |
Note 13 - Leases - Future Minim
Note 13 - Leases - Future Minimum Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 16,588 |
2021 | 13,490 |
2022 | 12,081 |
2023 | 9,957 |
2024 | 9,498 |
Thereafter | 44,953 |
Total Future Minimum Lease Payments | $ 106,567 |