Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Sep. 04, 2020 | Dec. 29, 2019 | |
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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 347,718 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 28, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Class A common stock | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 28,358,614 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 36,052,706 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 28, 2020 | Jun. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 240,506 | $ 172,923 |
Trade receivables, net | 15,178 | 12,374 |
Inventories | 97,760 | 92,361 |
Prepaid and other | 25,186 | 25,580 |
Total current assets | 378,630 | 303,238 |
Property, plant and equipment, net | 169,075 | 166,681 |
Operating lease right-of-use assets | 66,760 | |
Goodwill | 74,711 | 62,590 |
Other intangibles, net | 66,273 | 59,615 |
Other assets | 18,986 | 14,316 |
Total assets | 774,435 | 606,440 |
Current liabilities: | ||
Accounts payable | 25,306 | 25,704 |
Accrued expenses | 141,741 | 96,793 |
Current maturities of long-term debt | 5,000 | 5,000 |
Current portion of long-term operating lease liabilities | 8,285 | |
Total current liabilities | 180,332 | 127,497 |
Long-term debt | 87,559 | 91,973 |
Long-term operating lease liabilities | 61,964 | |
Deferred tax liabilities | 28,632 | 28,898 |
Other liabilities | 16,174 | 15,361 |
Total liabilities | 374,661 | 263,729 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | ||
Additional paid-in capital | 358,031 | 349,319 |
Retained earnings | 167,523 | 108,525 |
Accumulated other comprehensive loss | (243) | (269) |
Treasury stock, at cost, 17,963,551and 17,209,093 Class A shares in 2020 and 2019, respectively, and 5,280,000 Class B shares in 2020 and 2019 | (126,412) | (115,732) |
Total stockholders’ equity | 399,774 | 342,711 |
Total liabilities and stockholders’ equity | 774,435 | 606,440 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 537 | 530 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 338 | $ 338 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 28, 2020 | 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) | 53,704,477 | 53,084,127 |
Treasury stock, shares (in shares) | 17,963,551 | 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 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Net revenues | $ 1,489,637 | $ 1,248,623 | $ 1,151,921 |
Cost of revenues | 867,441 | 722,502 | 662,896 |
Gross profit | 622,196 | 526,121 | 489,025 |
Operating expenses: | |||
Marketing and sales | 363,227 | 319,636 | 298,810 |
Technology and development | 48,698 | 43,758 | 39,258 |
General and administrative | 97,394 | 87,654 | 77,440 |
Depreciation and amortization | 32,513 | 29,965 | 32,469 |
Total operating expenses | 541,832 | 481,013 | 447,977 |
Operating income | 80,364 | 45,108 | 41,048 |
Interest expense, net | 2,438 | 2,769 | 3,631 |
Other income (loss) | (84) | 644 | 605 |
Income before income taxes | 77,842 | 42,983 | 38,022 |
Income tax expense (benefit) | 18,844 | 8,217 | (2,769) |
Net Income | $ 58,998 | $ 34,766 | $ 40,791 |
Basic net income per common share (in dollars per share) | $ 0.92 | $ 0.54 | $ 0.63 |
Diluted net income per common share (in dollars per share) | $ 0.89 | $ 0.52 | $ 0.61 |
Weighted average shares used in the calculation of net income per common share: | |||
Basic (in shares) | 64,463 | 64,342 | 64,666 |
Diluted (in shares) | 66,408 | 66,457 | 66,938 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Net income | $ 58,998 | $ 34,766 | $ 40,791 |
Other comprehensive income (loss) (currency translation) | 26 | (69) | (13) |
Comprehensive income | $ 59,024 | $ 34,697 | $ 40,778 |
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] | Total |
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 |
Net income | 40,791 | 40,791 | |||||
Translation adjustment | (13) | (13) | |||||
Conversion of Class B stock into Class A stock (in shares) | 78,780 | ||||||
Conversion of Class B stock into Class A stock | $ 1 | ||||||
Conversion of Class B stock into Class A stock (in shares) | (78,780) | ||||||
Conversion of Class B stock into Class A stock | $ (1) | ||||||
Stock-based compensation (in shares) | 622,734 | ||||||
Stock-based compensation | $ 5 | 3,721 | 3,726 | ||||
Exercise of stock options (in shares) | 142,000 | ||||||
Exercise of stock options | $ 1 | 336 | $ 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) | |||||
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 | 34,766 | 34,766 | |||||
Translation adjustment | (69) | (69) | |||||
Stock-based compensation (in shares) | 411,600 | ||||||
Stock-based compensation | $ 4 | 6,306 | 6,310 | ||||
Exercise of stock options (in shares) | 601,234 | ||||||
Exercise of stock options | $ 6 | 1,230 | $ 1,236 | ||||
Acquisition of Class A treasury stock (in shares) | 1,230,303 | 1,230,303 | |||||
Acquisition of Class A treasury stock | $ (14,766) | $ (14,766) | |||||
Other | 330 | 330 | |||||
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 | 58,998 | 58,998 | |||||
Translation adjustment | 26 | 26 | |||||
Stock-based compensation (in shares) | 470,350 | ||||||
Stock-based compensation | $ 5 | 8,429 | $ 8,434 | ||||
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) | 754,458 | 754,458 | |||||
Acquisition of Class A treasury stock | $ (10,680) | $ (10,680) | |||||
Balance (in shares) at Jun. 28, 2020 | 53,704,477 | 33,822,823 | 23,243,551 | ||||
Balance at Jun. 28, 2020 | $ 537 | $ 338 | $ 358,031 | $ 167,523 | $ (243) | $ (126,412) | $ 399,774 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Operating activities: | |||
Net income | $ 58,998 | $ 34,766 | $ 40,791 |
Reconciliation of net income to net cash provided by operating activities net of dispositions: | |||
Depreciation and amortization | 32,513 | 29,965 | 32,469 |
Amortization of deferred financing costs | 646 | 969 | 953 |
Deferred income taxes | (266) | 2,698 | (7,668) |
Bad debt expense | 4,143 | 1,383 | 1,068 |
Stock-based compensation | 8,434 | 6,310 | 3,726 |
Other non-cash items | 1,032 | (16) | 565 |
Changes in operating items: | |||
Trade receivables | (6,947) | (822) | 70 |
Inventories | (4,371) | (3,536) | (12,963) |
Prepaid and other | (726) | (2,313) | (6,286) |
Accounts payable and accrued expenses | 44,359 | 8,846 | 5,249 |
Other assets and other liabilities | 1,602 | (150) | 367 |
Net cash provided by operating activities | 139,417 | 78,100 | 58,341 |
Investing activities: | |||
Capital expenditures, net of non-cash expenditures | (34,703) | (32,560) | (33,306) |
Acquisitions, net of cash acquired | (20,500) | ||
Working capital adjustment related to sale of Fannie May | (8,500) | ||
Purchase of equity investments | (1,176) | ||
Net cash used in investing activities | (56,379) | (32,560) | (41,806) |
Financing activities: | |||
Acquisition of treasury stock | (10,680) | (14,766) | (12,176) |
Proceeds from exercise of employee stock options | 285 | 1,236 | 337 |
Proceeds from bank borrowings | 20,000 | 32,250 | 30,000 |
Repayment of notes payable and bank borrowings | (25,000) | (37,187) | (37,188) |
Debt issuance costs | (60) | (1,390) | |
Net cash used in financing activities | (15,455) | (19,857) | (19,027) |
Net change in cash and cash equivalents | 67,583 | 25,683 | (2,492) |
Cash and cash equivalents: | |||
Beginning of year | 172,923 | 147,240 | 149,732 |
End of year | $ 240,506 | $ 172,923 | $ 147,240 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information: - Interest paid amounted to $3.5 $4.7 $4.0 June 28, 2020, June 30, 2019 July 1, 2018, - The Company paid income taxes of approximately $15.5 $8.8 $5.2 June 28, 2020, June 30, 2019, July 1, 2018, See accompanying Notes to Consolidated Financial Statements. |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. 1 800 1 800 1 800 no 1 800 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 2. Basis of Presentation The consolidated financial statements include the accounts of 1 800 not 2020, 2019 2018. Fiscal Year The Company's fiscal year is a 52 53 June 30. 2020, 2019, 2018, June 28, 2020, June 30, 2019, July 1, 2018, 52 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, at which time they are reclassified to orchards in production. Estimated useful lives are periodically reviewed, and where appropriate, changes are made prospectively. The Company's property, plant and equipment are 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 2020 2018, 0 not not” 2019, 1 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 2020 2018, 0 not not” 2019, Business Combinations The Company accounts for business combinations in accordance with ASC Topic 805, not 3 The Company capitalizes the costs of producing and distributing its catalogs. Starting in fiscal 2019, No. 2014 09 2018. $3.0 $2.8 June 28, 2020 June 30, 2019 Investments Equity investments without a readily determinable fair value Investments in non-marketable equity instruments of private companies, where the Company does not $2.8 June 28, 2020 $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 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 ( $5.7 June 28, 2020 $2.8 June 30, 2019) 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 $17.3 June 28, 2020. June 28, 2020 $25.9 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 $171.4 $147.8 $138.2 June 28, 2020, June 30, 2019 July 1, 2018, 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 Stock-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 June 28, 2020 June 30, 2019. 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 . 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 16 842 Recently Issued Accounting Pronouncements – Not Financial Instruments – Measurement of Credit Losses. June 2016, No. 2016 13, 326 2016 13 2016 13 June 27, 2021, Goodwill – Impairment Test January 2017, No. 2017 04, 350 2 2017 04, June 27, 2021, not COVID- 19 On March 27, 2020, 19” not June 28, 2020. The Company is closely monitoring the impact of COVID- 19 19 not 19, 19 June 28, 2020 not not June 28, 2020, 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 | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3 The following table sets forth the computation of basic and diluted net income: Years Ended June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 (in thousands, except per share data) Numerator: Net income $ 58,998 $ 34,766 $ 40,791 Denominator: Weighted average shares outstanding 64,463 64,342 64,666 Effect of dilutive securities: Employee stock options 1,042 1,404 1,580 Employee restricted stock awards 903 711 692 Total effect of dilutive securities 1,945 2,115 2,272 Adjusted weighted-average shares and assumed conversions 66,408 66,457 66,938 Net income per common share : Basic $ 0.92 $ 0.54 $ 0.63 Diluted $ 0.89 $ 0.52 $ 0.61 |
Note 4 - Acquisition
Note 4 - Acquisition | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 4. Acquisition Acquisition of Shari's Berries On August 14, 2019, $20.5 During the quarter ended June 28, 2020, no $0.6 2 $6.9 $12.1 The following table summarizes the preliminary and final 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 Final Purchase Price (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 Foods & Gift Baskets segment. Pro forma results of operations have not not |
Note 5 - Inventory
Note 5 - Inventory | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. The Company's inventory, stated at cost, which is not June 28, 2020 Ju ne 30 , 201 9 (in thousands) Finished goods $ 35,779 $ 36,820 Work-in-process 16,536 17,535 Raw materials 45,445 38,006 Total inventory $ 97,760 $ 92,361 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. The following table presents goodwill by segment and the related change in the net carrying amount: Consumer Floral BloomNet Gourmet Foods & Gift Baskets Total (in thousands) Balance at July 1, 2018 $ 17,441 $ - $ 45,149 $ 62,590 Balance at June 30, 2019 $ 17,441 $ - $ 45,149 $ 62,590 Acquisition of Shari's Berries $ - $ - $ 12,121 $ 12,121 Balance at June 28, 2020 $ 17,441 $ - $ 57,270 $ 74,711 There were no June 28, 2020, June 30, 2019 July 1, 2018. The Company's other intangible assets consist of the following: June 28, 2020 Ju ne 30 , 201 9 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 $ 6,253 $ 1,167 $ 7,420 $ 6,148 $ 1,272 Customer lists 3 - 10 12,825 10,474 2,351 12,184 9,798 2,386 Other 5 - 14 2,946 2,382 564 2,946 2,280 666 Total intangible assets with determinable lives 23,191 19,109 4,082 22,550 18,226 4,324 Trademarks with indefinite lives 62,191 - 62,191 55,291 - 55,291 Total identifiable intangible assets $ 85,382 $ 19,109 $ 66,273 $ 77,841 $ 18,226 $ 59,615 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 June 28, 2020, June 30, 2019 July 1, 2018, The amortization of intangible assets for the years ended June 28, 2020, June 30, 2019 July 1, 2018 $0.9 $0.7 $1.4 2021 $0.9 2022 $0.6 2023 $0.5 2024 $0.5 2025 $0.5 $1.1 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. June 28, 2020 Ju ne 30 , 201 9 (in thousands) Land $ 30,789 $ 30,789 Orchards in production and land improvements 17,139 11,339 Building and building improvements 61,159 59,236 Leasehold improvements 13,675 13,861 Production equipment and furniture and fixtures 65,348 61,415 Computer and telecommunication equipment 55,381 53,694 Software 151,264 132,078 Capital projects in progress - orchards 8,130 9,902 Property, plant and equipment, gross 402,885 372,314 Accumulated depreciation and amortization (233,810 ) (205,633 ) Property, plant and equipment, net $ 169,075 $ 166,681 Depreciation expense for the years ended June 28, 2020, June 30, 2019 July 1, 2018 $31.6 $29.3 $31.1 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 8. Accrued expenses consisted of the following: June 28, 2020 Ju ne 30 , 201 9 (in thousands) Payroll and employee benefits $ 41,931 $ 28,585 Deferred revenue 25,867 17,305 Accrued marketing expenses 14,680 14,423 Accrued florist payout 16,755 8,038 Other 42,508 28,442 Accrued Expenses $ 141,741 $ 96,793 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. The Company's current and long-term debt consists of the following: June 28, 2020 Ju ne 30 , 201 9 (in thousands) Revolver (1), (2) $ - $ - Term Loan (1), (2) 95,000 100,000 Deferred financing costs (2,441 ) (3,027 ) Total debt 92,559 96,973 Less: current debt 5,000 5,000 Long-term debt $ 87,559 $ 91,973 ( 1 On May 31, 2019, “2019 2019 December 23, 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 June 28, 2020. 2019 Future principal payments under the Term Loan are as follows: $5.0 2021, $10.0 2022, $10.0 2023, $70.0 2024 ( 2 The 2019 Note 18. |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 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) Assets (liabilities) as of June 28, 2020 : Trading securities held in a “rabbi trust” (1) $ 13,442 $ 13,442 $ - $ - $ 13,442 $ 13,442 $ - $ - Assets (liabilities) as of Ju ne 30 , 201 9 : Trading securities held in a “rabbi trust” (1) $ 11,816 $ 11,816 $ - $ - $ 11,816 $ 11,816 $ - $ - ( 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 the 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 |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Significant components of the income tax provision are as follows: Years ended June 28, 2020 June 30, 2019 July 1, 2018 (in thousands) Current provision: Federal $ 14,727 $ 2,809 $ 3,385 State 4,383 2,710 1,514 Foreign - - - Current income tax expense 19,110 5,519 4,899 Deferred provision (benefit): Federal (62 ) 3,138 (9,331 ) State (204 ) (427 ) 1,648 Foreign - (13 ) 15 Deferred income tax expense (benefit) (266 ) 2,698 (7,668 ) Income tax expense (benefit) $ 18,844 $ 8,217 $ (2,769 ) A reconciliation of the U.S. federal statutory tax rate to the Company's effective tax rate is as follows: Years ended June 28, 2020 June 30, 2019 July 1, 2018 Tax at U.S. statutory rates 21.0 % 21.0 % 28.0 % State income taxes, net of federal tax benefit 4.5 4.4 5.7 Valuation allowance change (0.3 ) (0.3 ) 2.6 Non-deductible compensation 1.1 0.7 - Excess tax benefit from stock-based compensation (1.0 ) (4.4 ) (1.6 ) Domestic production deduction - - (2.0 ) Tax credits (1.1 ) (1.8 ) (2.5 ) Tax Act impact on deferred tax balance (1) - - (32.0 ) Return to provision (0.3 ) (1.0 ) (5.8 ) Other, net 0.3 0.5 0.3 Effective tax rate 24.2 % 19.1 % (7.3 )% ( 1 On December 22, 2017, 35% 21%. 28% July 1, 2018, 21% June 30, 2019 June 28, 2020. $12.2 July 1, 2018, Shortly after the Tax Act was enacted, the SEC Staff issued Staff Accounting Bulletin 118, 118” 118 may second 2019, no 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 June 28, 2020 June 30, 2019 (in thousands) Deferred income tax assets: Loss and credit carryforwards $ 10,530 $ 10,955 Accrued expenses and reserves 4,676 3,866 Stock-based compensation 2,190 1,798 Deferred compensation 2,455 2,150 Operating lease liability 17,551 - Gross deferred income tax assets 37,402 18,769 Less: Valuation allowance (9,681 ) (9,872 ) Deferred tax assets, net 27,721 8,897 Deferred income tax liabilities: Other intangibles (15,337 ) (14,664 ) Tax in excess of book depreciation (24,336 ) (23,131 ) Operating lease right-of-use asset (16,680 ) Deferred tax liabilities (56,353 ) (37,795 ) Net deferred income tax liabilities $ (28,632 ) $ (28,898 ) A valuation allowance is provided when it is more likely than not not not June 28, 2020, $26.9 not 2022. $3.9 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 2017, 2018 2019 2016. 2015 The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At June 28, 2020, $1.4 $1.0 twelve |
Note 12 - Capital Stock
Note 12 - Capital Stock | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Capital Stock Disclosure [Text Block] | 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, 78,780 none 2019 2020. 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 August 2017, $30.0 June 27, 2019, $30.0 $10.7 754,458 $14.8 1,230,303 $12.2 1,269,059 June 28, 2020, June 30, 2019 July 1, 2018, June 28, 2020, $19.3 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 |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 13. The Plan is administered by the Compensation Committee or such other Board committee (or the entire Board) as may June 28, 2020, 4.5 1999 The amounts of stock-based compensation expense recognized within operating income ( 1 Years Ended June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 (in thousands) Stock options $ 104 $ 315 $ 429 Restricted stock awards 8,330 5,995 3,297 Total 8,434 6,310 3,726 Deferred income tax benefit 2,084 1,578 961 Stock-based compensation expense, net $ 6,350 $ 4,732 $ 2,765 Stock based compensation expense is recorded within the following line items of operating expenses: Years Ended June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 (in thousands) Marketing and sales $ 3,999 $ 2,725 $ 989 Technology and development 649 411 198 General and administrative 3,786 3,174 2,539 Total $ 8,434 $ 6,310 $ 3,726 ( 1 Stock-based compensation expense has not Note 15 . Stock Options The weighted average fair value of stock options on the date of grant, and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model, were as follows: Years ended Ju ne 28 , 20 June 30 , 9 (1) Ju ly 1 , 201 8 (1) Weighted average fair value of options granted $ 10.11 n/a n/a Expected volatility 60 % n/a n/a Expected life (in years) 8.0 n/a n/a Risk-free interest rate n/a n/a n/a Expected dividend yield 0.0 % n/a n/a ( 1 No June 30, 2019 July 1, 2018. The expected volatility of the option is determined using historical volatilities based on historical stock prices. The Company estimated the expected life of options granted based upon the historical weighted average. The risk-free interest rate is determined using the yield available for zero 0.0%. The following table summarizes stock option activity during the year ended June 28, 2020: Options Weighted Weighted Contractual Aggregate (in years) (in thousands) Outstanding beginning of period 1,365,000 $ 2.48 Granted 15,000 $ 20.72 Exercised (150,000 ) $ 1.90 Forfeited/Expired - $ - Outstanding end of period 1,230,000 $ 2.77 1.3 $ 21,043 Exercisable at June 28, 2020 1,215,000 $ 2.55 1.3 $ 21,043 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 2020 June 28, 2020. June 28, 2020, June 30, 2019 July 1, 2018 $2.3 $7.8 $1.1 The following table summarizes information about stock options outstanding at June 28, 2020: Options Outstanding Options Exercisable Exercise Price Options Outstanding Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Options Exercisable Weighted- Average Exercise Price (in years) $ 1.79 205,000 0.3 $ 1.79 205,000 $ 1.79 $ 2.63 1,000,000 1.4 $ 2.63 1,000,000 $ 2.63 $ 10.20 10,000 4.8 $ 10.20 10,000 $ 10.20 $ 20.72 15,000 9.9 $ 20.72 - $ - 1,230,000 1.3 $ 2.77 1,215,000 $ 2.55 As of June 28, 2020, not $0.1 4.4 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 June 28, 2020: Shares Weighted Average Grant Date Fair Value Non-vested – beginning of period 1,438,592 $ 10.81 Granted 759,554 $ 13.32 Vested (470,350 ) $ 10.40 Forfeited (119,328 ) $ 12.15 Non-vested - end of period 1,608,468 $ 12.01 The fair value of non-vested shares is determined based on the closing stock price on the grant date. As of June 28, 2020, $10.0 1.2 |
Note 14 - Employee Retirement P
Note 14 - Employee Retirement Plans | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 14. The Company has a 401 21 one may 401 not may $1.5 $0.9 $0.0 2020, 2019, 2018, The Company also has a nonqualified supplemental deferred compensation plan for certain executives pursuant to Section 409A 1% 100% no 2020, 2019 2018. June 28, 2020, June 30, 2019, $13.4 $11.8 $0.3 $0.7 $0.8 June 28, 2020, June 30, 2019 July 1, 2018, |
Note 15 - Business Segments
Note 15 - Business Segments | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. The Company's management reviews the results of the Company's operations by the following three • 1 800 • BloomNet, 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 June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 (in thousands) Net revenues: 1-800-Flowers.com Consumer Floral $ 593,197 $ 497,765 $ 457,460 BloomNet 111,766 102,876 89,569 Gourmet Foods & Gift Baskets 785,547 648,418 605,523 Corporate 591 1,105 1,114 Intercompany eliminations (1,464 ) (1,541 ) (1,745 ) Total net revenues $ 1,489,637 $ 1,248,623 $ 1,151,921 Years ended Operating Income from Continuing Operations June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 (in thousands) Segment Contribution Margin: 1-800-Flowers.com Consumer Floral $ 73,806 $ 49,653 $ 50,808 BloomNet 35,111 34,705 31,683 Gourmet Foods & Gift Baskets 110,627 82,319 70,927 Segment Contribution Margin Subtotal 219,544 166,677 153,418 Corporate (a) (106,667 ) (91,604 ) (79,901 ) Depreciation and amortization (32,513 ) (29,965 ) (32,469 ) Operating income $ 80,364 $ 45,108 $ 41,048 (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: Years Ended June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 Consumer BloomNet Gourmet Consolidated Consumer BloomNet Gourmet Consolidated Consumer BloomNet Gourmet Consolidated (in thousands) Net revenues E-commerce $ 585,585 $ - $ 644,800 $ 1,230,385 $ 489,463 $ - $ 508,897 $ 998,360 $ 448,943 $ - $ 472,905 $ 921,848 Retail 4,318 - 37,076 41,394 4,706 - 45,862 50,568 4,743 - 46,860 51,603 Wholesale - 33,675 103,671 137,346 - 29,744 93,659 123,403 - 28,747 85,758 114,505 BloomNet Services - 78,091 - 78,091 - 73,132 - 73,132 - 60,822 - 60,822 Other 3,294 - - 3,294 3,596 - - 3,596 3,774 - - 3,774 Corporate - - - 591 - - - 1,105 - - - 1,114 Eliminations - - - (1,464 ) - - - (1,541 ) - - - (1,745 ) Total net revenues $ 593,197 $ 111,766 $ 785,547 $ 1,489,637 $ 497,765 $ 102,876 $ 648,418 $ 1,248,623 $ 457,460 $ 89,569 $ 605,523 $ 1,151,921 |
Note 16 - Leases
Note 16 - Leases | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 16. 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: Year Ended June 28, 2020 (in thousands) Lease costs: Operating lease costs $ 13,646 Variable lease costs 14,706 Short-term lease cost 6,638 Sublease income (941 ) Total lease costs $ 34,049 Year Ended June 28, 2020 (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 11,916 Right-of-use assets obtained in exchange for new operating lease liabilities $ 178 June 28, 2020 (in thousands) Weighted-average remaining lease term - operating leases (in years) 9.6 Weighted-discount rate - operating leases 3.8 % Maturities of lease liabilities in accordance with ASC 842 June 28, 2020 2021 $ 10,812 2022 10,038 2023 9,890 2024 9,530 2025 7,163 Thereafter 37,802 Total Future Minimum Lease Payments 85,235 Less Imputed Remaining Interest 14,986 Total $ 70,249 At 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 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. 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 June 28, 2020, one $5.5 The Company had approximately $2.0 $1.6 June 28, 2020 June 30, 2019, Litigation Bed Bath & Beyond On April 1, 2020, Bed Bath & Beyond Inc. v. 1 800 February 14, 2020, 19 April 17, 2020 April 9, 2020 September 2020. July 21, 2020, $245 August 3, 2020 ( Note 18. In addition, 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 final resolution of such claims, lawsuits and pending actions will not |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Acquisition of PersonalizationMall On August 3, 2020, The Company used a combination of cash on its balance sheet and its existing credit facility to fund the $245.0 360,000 $171.2 2020. Amended Credit Agreement On August 20, 2020, 2019 2019 $200.0 $250.0 1 $100.0 $175.0 $200.0 $100.0 $125.0 January 1 August 1 The New Term Loan will mature on May 31, 2024. may may 15 September 27, 2020, 5.0% first four 10.0% 11 $67.5 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 28, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 1 800 Schedule II - Valuation and Qualifying Accounts Additions Description Balance at Beginning of Period Charged to Costs and Charged to Other 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 June 28, 2020 $ 2,777,000 $ 4,143,000 $ - $ (1,255,000 ) $ 5,665,000 Year Ended June 30, 2019 $ 2,418,000 $ 1,383,000 $ - $ (1,024,000 ) $ 2,777,000 Year Ended July 1, 2018 $ 1,846,000 $ 1,068,000 $ - $ (496,000 ) $ 2,418,000 Valuation allowance for deferred tax assets Year Ended June 28, 2020 $ 9,872,000 $ 37,000 $ - $ (228,000 ) $ 9,681,000 Year Ended June 30, 2019 $ 9,972,000 $ - $ - $ (100,000 ) $ 9,872,000 Year Ended July 1, 2018 $ 11,772,000 $ 232,000 $ - $ (2,032,000 ) $ 9,972,000 (a) Reduction in reserve due to amounts written off. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 28, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of 1 800 not 2020, 2019 2018. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company's fiscal year is a 52 53 June 30. 2020, 2019, 2018, June 28, 2020, June 30, 2019, July 1, 2018, 52 |
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, at which time they are reclassified to orchards in production. Estimated useful lives are periodically reviewed, and where appropriate, changes are made prospectively. The Company's property, plant and equipment are 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 2020 2018, 0 not not” 2019, 1 |
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 2020 2018, 0 not not” 2019, |
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. Starting in fiscal 2019, No. 2014 09 2018. $3.0 $2.8 June 28, 2020 June 30, 2019 |
Investment, Policy [Policy Text Block] | Investments Equity investments without a readily determinable fair value Investments in non-marketable equity instruments of private companies, where the Company does not $2.8 June 28, 2020 $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 |
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 ( $5.7 June 28, 2020 $2.8 June 30, 2019) |
Revenue [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 $17.3 June 28, 2020. June 28, 2020 $25.9 |
Cost of Goods and Service [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 $171.4 $147.8 $138.2 June 28, 2020, June 30, 2019 July 1, 2018, |
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 Payment Arrangement [Policy Text Block] | Stock-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 June 28, 2020 June 30, 2019. |
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] | 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 16 842 Recently Issued Accounting Pronouncements – Not Financial Instruments – Measurement of Credit Losses. June 2016, No. 2016 13, 326 2016 13 2016 13 June 27, 2021, Goodwill – Impairment Test January 2017, No. 2017 04, 350 2 2017 04, June 27, 2021, not |
COVID 19, Policy [Policy Text Block] | COVID- 19 On March 27, 2020, 19” not June 28, 2020. The Company is closely monitoring the impact of COVID- 19 19 not 19, 19 June 28, 2020 not not June 28, 2020, |
Reclassification, Comparability Adjustment [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 Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
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 Commo_2
Note 3 - Net Income Per Common Share (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 (in thousands, except per share data) Numerator: Net income $ 58,998 $ 34,766 $ 40,791 Denominator: Weighted average shares outstanding 64,463 64,342 64,666 Effect of dilutive securities: Employee stock options 1,042 1,404 1,580 Employee restricted stock awards 903 711 692 Total effect of dilutive securities 1,945 2,115 2,272 Adjusted weighted-average shares and assumed conversions 66,408 66,457 66,938 Net income per common share : Basic $ 0.92 $ 0.54 $ 0.63 Diluted $ 0.89 $ 0.52 $ 0.61 |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Shari's Berries Preliminary Final Purchase Price (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) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 28, 2020 Ju ne 30 , 201 9 (in thousands) Finished goods $ 35,779 $ 36,820 Work-in-process 16,536 17,535 Raw materials 45,445 38,006 Total inventory $ 97,760 $ 92,361 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Consumer Floral BloomNet Gourmet Foods & Gift Baskets Total (in thousands) Balance at July 1, 2018 $ 17,441 $ - $ 45,149 $ 62,590 Balance at June 30, 2019 $ 17,441 $ - $ 45,149 $ 62,590 Acquisition of Shari's Berries $ - $ - $ 12,121 $ 12,121 Balance at June 28, 2020 $ 17,441 $ - $ 57,270 $ 74,711 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | June 28, 2020 Ju ne 30 , 201 9 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 $ 6,253 $ 1,167 $ 7,420 $ 6,148 $ 1,272 Customer lists 3 - 10 12,825 10,474 2,351 12,184 9,798 2,386 Other 5 - 14 2,946 2,382 564 2,946 2,280 666 Total intangible assets with determinable lives 23,191 19,109 4,082 22,550 18,226 4,324 Trademarks with indefinite lives 62,191 - 62,191 55,291 - 55,291 Total identifiable intangible assets $ 85,382 $ 19,109 $ 66,273 $ 77,841 $ 18,226 $ 59,615 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 28, 2020 Ju ne 30 , 201 9 (in thousands) Land $ 30,789 $ 30,789 Orchards in production and land improvements 17,139 11,339 Building and building improvements 61,159 59,236 Leasehold improvements 13,675 13,861 Production equipment and furniture and fixtures 65,348 61,415 Computer and telecommunication equipment 55,381 53,694 Software 151,264 132,078 Capital projects in progress - orchards 8,130 9,902 Property, plant and equipment, gross 402,885 372,314 Accumulated depreciation and amortization (233,810 ) (205,633 ) Property, plant and equipment, net $ 169,075 $ 166,681 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 28, 2020 Ju ne 30 , 201 9 (in thousands) Payroll and employee benefits $ 41,931 $ 28,585 Deferred revenue 25,867 17,305 Accrued marketing expenses 14,680 14,423 Accrued florist payout 16,755 8,038 Other 42,508 28,442 Accrued Expenses $ 141,741 $ 96,793 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 28, 2020 Ju ne 30 , 201 9 (in thousands) Revolver (1), (2) $ - $ - Term Loan (1), (2) 95,000 100,000 Deferred financing costs (2,441 ) (3,027 ) Total debt 92,559 96,973 Less: current debt 5,000 5,000 Long-term debt $ 87,559 $ 91,973 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
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 June 28, 2020 : Trading securities held in a “rabbi trust” (1) $ 13,442 $ 13,442 $ - $ - $ 13,442 $ 13,442 $ - $ - Assets (liabilities) as of Ju ne 30 , 201 9 : Trading securities held in a “rabbi trust” (1) $ 11,816 $ 11,816 $ - $ - $ 11,816 $ 11,816 $ - $ - |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended June 28, 2020 June 30, 2019 July 1, 2018 (in thousands) Current provision: Federal $ 14,727 $ 2,809 $ 3,385 State 4,383 2,710 1,514 Foreign - - - Current income tax expense 19,110 5,519 4,899 Deferred provision (benefit): Federal (62 ) 3,138 (9,331 ) State (204 ) (427 ) 1,648 Foreign - (13 ) 15 Deferred income tax expense (benefit) (266 ) 2,698 (7,668 ) Income tax expense (benefit) $ 18,844 $ 8,217 $ (2,769 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended June 28, 2020 June 30, 2019 July 1, 2018 Tax at U.S. statutory rates 21.0 % 21.0 % 28.0 % State income taxes, net of federal tax benefit 4.5 4.4 5.7 Valuation allowance change (0.3 ) (0.3 ) 2.6 Non-deductible compensation 1.1 0.7 - Excess tax benefit from stock-based compensation (1.0 ) (4.4 ) (1.6 ) Domestic production deduction - - (2.0 ) Tax credits (1.1 ) (1.8 ) (2.5 ) Tax Act impact on deferred tax balance (1) - - (32.0 ) Return to provision (0.3 ) (1.0 ) (5.8 ) Other, net 0.3 0.5 0.3 Effective tax rate 24.2 % 19.1 % (7.3 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years ended June 28, 2020 June 30, 2019 (in thousands) Deferred income tax assets: Loss and credit carryforwards $ 10,530 $ 10,955 Accrued expenses and reserves 4,676 3,866 Stock-based compensation 2,190 1,798 Deferred compensation 2,455 2,150 Operating lease liability 17,551 - Gross deferred income tax assets 37,402 18,769 Less: Valuation allowance (9,681 ) (9,872 ) Deferred tax assets, net 27,721 8,897 Deferred income tax liabilities: Other intangibles (15,337 ) (14,664 ) Tax in excess of book depreciation (24,336 ) (23,131 ) Operating lease right-of-use asset (16,680 ) Deferred tax liabilities (56,353 ) (37,795 ) Net deferred income tax liabilities $ (28,632 ) $ (28,898 ) |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Years Ended June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 (in thousands) Stock options $ 104 $ 315 $ 429 Restricted stock awards 8,330 5,995 3,297 Total 8,434 6,310 3,726 Deferred income tax benefit 2,084 1,578 961 Stock-based compensation expense, net $ 6,350 $ 4,732 $ 2,765 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 (in thousands) Marketing and sales $ 3,999 $ 2,725 $ 989 Technology and development 649 411 198 General and administrative 3,786 3,174 2,539 Total $ 8,434 $ 6,310 $ 3,726 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years ended Ju ne 28 , 20 June 30 , 9 (1) Ju ly 1 , 201 8 (1) Weighted average fair value of options granted $ 10.11 n/a n/a Expected volatility 60 % n/a n/a Expected life (in years) 8.0 n/a n/a Risk-free interest rate n/a n/a n/a Expected dividend yield 0.0 % n/a n/a |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Weighted Weighted Contractual Aggregate (in years) (in thousands) Outstanding beginning of period 1,365,000 $ 2.48 Granted 15,000 $ 20.72 Exercised (150,000 ) $ 1.90 Forfeited/Expired - $ - Outstanding end of period 1,230,000 $ 2.77 1.3 $ 21,043 Exercisable at June 28, 2020 1,215,000 $ 2.55 1.3 $ 21,043 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Exercise Price Options Outstanding Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Options Exercisable Weighted- Average Exercise Price (in years) $ 1.79 205,000 0.3 $ 1.79 205,000 $ 1.79 $ 2.63 1,000,000 1.4 $ 2.63 1,000,000 $ 2.63 $ 10.20 10,000 4.8 $ 10.20 10,000 $ 10.20 $ 20.72 15,000 9.9 $ 20.72 - $ - 1,230,000 1.3 $ 2.77 1,215,000 $ 2.55 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Non-vested – beginning of period 1,438,592 $ 10.81 Granted 759,554 $ 13.32 Vested (470,350 ) $ 10.40 Forfeited (119,328 ) $ 12.15 Non-vested - end of period 1,608,468 $ 12.01 |
Note 15 - Business Segments (Ta
Note 15 - Business Segments (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years ended Net revenues June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 (in thousands) Net revenues: 1-800-Flowers.com Consumer Floral $ 593,197 $ 497,765 $ 457,460 BloomNet 111,766 102,876 89,569 Gourmet Foods & Gift Baskets 785,547 648,418 605,523 Corporate 591 1,105 1,114 Intercompany eliminations (1,464 ) (1,541 ) (1,745 ) Total net revenues $ 1,489,637 $ 1,248,623 $ 1,151,921 Years ended Operating Income from Continuing Operations June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 (in thousands) Segment Contribution Margin: 1-800-Flowers.com Consumer Floral $ 73,806 $ 49,653 $ 50,808 BloomNet 35,111 34,705 31,683 Gourmet Foods & Gift Baskets 110,627 82,319 70,927 Segment Contribution Margin Subtotal 219,544 166,677 153,418 Corporate (a) (106,667 ) (91,604 ) (79,901 ) Depreciation and amortization (32,513 ) (29,965 ) (32,469 ) Operating income $ 80,364 $ 45,108 $ 41,048 |
Disaggregation of Revenue [Table Text Block] | Years Ended June 28, 2020 Ju ne 30 , 201 9 July 1 , 201 8 Consumer BloomNet Gourmet Consolidated Consumer BloomNet Gourmet Consolidated Consumer BloomNet Gourmet Consolidated (in thousands) Net revenues E-commerce $ 585,585 $ - $ 644,800 $ 1,230,385 $ 489,463 $ - $ 508,897 $ 998,360 $ 448,943 $ - $ 472,905 $ 921,848 Retail 4,318 - 37,076 41,394 4,706 - 45,862 50,568 4,743 - 46,860 51,603 Wholesale - 33,675 103,671 137,346 - 29,744 93,659 123,403 - 28,747 85,758 114,505 BloomNet Services - 78,091 - 78,091 - 73,132 - 73,132 - 60,822 - 60,822 Other 3,294 - - 3,294 3,596 - - 3,596 3,774 - - 3,774 Corporate - - - 591 - - - 1,105 - - - 1,114 Eliminations - - - (1,464 ) - - - (1,541 ) - - - (1,745 ) Total net revenues $ 593,197 $ 111,766 $ 785,547 $ 1,489,637 $ 497,765 $ 102,876 $ 648,418 $ 1,248,623 $ 457,460 $ 89,569 $ 605,523 $ 1,151,921 |
Note 16 - Leases (Tables)
Note 16 - Leases (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended June 28, 2020 (in thousands) Lease costs: Operating lease costs $ 13,646 Variable lease costs 14,706 Short-term lease cost 6,638 Sublease income (941 ) Total lease costs $ 34,049 Year Ended June 28, 2020 (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 11,916 Right-of-use assets obtained in exchange for new operating lease liabilities $ 178 June 28, 2020 (in thousands) Weighted-average remaining lease term - operating leases (in years) 9.6 Weighted-discount rate - operating leases 3.8 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 $ 10,812 2022 10,038 2023 9,890 2024 9,530 2025 7,163 Thereafter 37,802 Total Future Minimum Lease Payments 85,235 Less Imputed Remaining Interest 14,986 Total $ 70,249 |
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 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jun. 28, 2020 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Additions Description Balance at Beginning of Period Charged to Costs and Charged to Other 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 June 28, 2020 $ 2,777,000 $ 4,143,000 $ - $ (1,255,000 ) $ 5,665,000 Year Ended June 30, 2019 $ 2,418,000 $ 1,383,000 $ - $ (1,024,000 ) $ 2,777,000 Year Ended July 1, 2018 $ 1,846,000 $ 1,068,000 $ - $ (496,000 ) $ 2,418,000 Valuation allowance for deferred tax assets Year Ended June 28, 2020 $ 9,872,000 $ 37,000 $ - $ (228,000 ) $ 9,681,000 Year Ended June 30, 2019 $ 9,972,000 $ - $ - $ (100,000 ) $ 9,872,000 Year Ended July 1, 2018 $ 11,772,000 $ 232,000 $ - $ (2,032,000 ) $ 9,972,000 (a) Reduction in reserve due to amounts written off. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 3.5 | $ 4.7 | $ 4 |
Income Taxes Paid, Net, Total | $ 15.5 | $ 8.8 | $ 5.2 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | Jul. 01, 2019 | |
Prepaid Catalog Expenses Current | $ 3,000 | $ 2,800 | ||
Cost Method Investments | 2,800 | 1,600 | ||
Accounts Receivable, Allowance for Credit Loss, Current | 5,700 | 2,800 | ||
Contract with Customer, Liability, Current | 25,900 | 17,300 | ||
Contract with Customer, Liability, Revenue Recognized | 17,300 | |||
Advertising Expense | 171,400 | 147,800 | $ 138,200 | |
Operating Lease, Liability, Total | 70,249 | |||
Operating Lease, Right-of-Use Asset | $ 66,760 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Liability, Total | $ 80,700 | |||
Operating Lease, Right-of-Use Asset | $ 78,700 | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |||
Minimum [Member] | Software and Software Development Costs [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 16 years | |||
Maximum [Member] | Software and Software Development Costs [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Jun. 28, 2020 | |
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 Commo_3
Note 3 - Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Net income | $ 58,998 | $ 34,766 | $ 40,791 |
Basic (in shares) | 64,463 | 64,342 | 64,666 |
Effect of dilutive securities (in shares) | 1,945 | 2,115 | 2,272 |
Adjusted weighted-average shares and assumed conversions (in shares) | 66,408 | 66,457 | 66,938 |
Net income per common share: | |||
Basic net income per common share (in dollars per share) | $ 0.92 | $ 0.54 | $ 0.63 |
Diluted net income per common share (in dollars per share) | $ 0.89 | $ 0.52 | $ 0.61 |
Share-based Payment Arrangement, Option [Member] | |||
Effect of dilutive securities (in shares) | 1,042 | 1,404 | 1,580 |
Restricted Stock [Member] | |||
Effect of dilutive securities (in shares) | 903 | 711 | 692 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - USD ($) $ in Thousands | Aug. 14, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 |
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 | $ 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 (Year) | 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 | Jun. 28, 2020 | Aug. 14, 2019 | Jun. 30, 2019 | Jul. 01, 2018 |
Current assets | $ 1,029 | |||
Intangible assets | 7,540 | |||
Goodwill | $ 74,711 | 12,121 | $ 62,590 | $ 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 | Jun. 28, 2020 | Jun. 30, 2019 |
Finished goods | $ 35,779 | $ 36,820 |
Work-in-process | 16,536 | 17,535 |
Raw materials | 45,445 | 38,006 |
Total inventory | $ 97,760 | $ 92,361 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Goodwill and Intangible Asset Impairment, Total | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets, Total | 900 | $ 700 | $ 1,400 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 900 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 600 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 500 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 500 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 500 | ||
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | $ 1,100 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Aug. 14, 2019 | Jul. 01, 2018 | |
Goodwill | $ 62,590 | $ 12,121 | $ 62,590 |
Goodwill | 62,590 | ||
Acquisition of Shari’s Berries | 12,121 | ||
Goodwill | 74,711 | ||
Consumer Floral [Member] | |||
Goodwill | 17,441 | 17,441 | |
Goodwill | 17,441 | ||
Acquisition of Shari’s Berries | |||
Goodwill | 17,441 | ||
BloomNet Wire Service [Member] | |||
Goodwill | |||
Goodwill | |||
Acquisition of Shari’s Berries | |||
Goodwill | |||
Gourmet Foods and Gift Baskets [Member] | |||
Goodwill | 57,270 | $ 45,149 | |
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 | 12 Months Ended | |
Jun. 28, 2020 | Jun. 30, 2019 | |
Intangible assets with determinable lives, gross | $ 23,191 | $ 22,550 |
Accumulated amortization | 19,109 | 18,226 |
Intangible assets with determinable lives, net | 4,082 | 4,324 |
Total identifiable intangible assets, gross | 85,382 | 77,841 |
Total identifiable intangible assets | 19,109 | 18,226 |
Total identifiable intangible assets, net | $ 66,273 | 59,615 |
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 | 6,253 | 6,148 |
Intangible assets with determinable lives, net | 1,167 | 1,272 |
Total identifiable intangible assets | $ 6,253 | 6,148 |
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 | 10,474 | 9,798 |
Intangible assets with determinable lives, net | 2,351 | 2,386 |
Total identifiable intangible assets | $ 10,474 | 9,798 |
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 | 2,382 | 2,280 |
Intangible assets with determinable lives, net | 564 | 666 |
Total identifiable intangible assets | $ 2,382 | 2,280 |
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 | |
Trademarks [Member] | ||
Trademarks with indefinite lives, gross | $ 62,191 | $ 55,291 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Depreciation, Total | $ 31.6 | $ 29.3 | $ 31.1 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 28, 2020 | Jun. 30, 2019 |
Property, plant, and equipment, gross | $ 402,885 | $ 372,314 |
Accumulated depreciation and amortization | (233,810) | (205,633) |
Property, plant and equipment, net | 169,075 | 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 | 17,139 | 11,339 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 61,159 | 59,236 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 13,675 | 13,861 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 65,348 | 61,415 |
Computer and Telecommunication Equipment [Member] | ||
Property, plant, and equipment, gross | 55,381 | 53,694 |
Software and Software Development Costs [Member] | ||
Property, plant, and equipment, gross | 151,264 | 132,078 |
Capital Projects in Progress [Member] | ||
Property, plant, and equipment, gross | $ 8,130 | $ 9,902 |
Note 8 - Accrued Expenses - Acc
Note 8 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 28, 2020 | Jun. 30, 2019 |
Payroll and employee benefits | $ 41,931 | $ 28,585 |
Deferred revenue | 25,867 | 17,305 |
Accrued marketing expenses | 14,680 | 14,423 |
Accrued florist payout | 16,755 | 8,038 |
Other | 42,508 | 28,442 |
Accrued Expenses | $ 141,741 | $ 96,793 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) $ in Millions | May 31, 2019 | Jun. 30, 2019 | Jun. 28, 2020 | May 30, 2019 |
Credit Facility 2014 [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | |||
Debt Instrument, Seasonally-reduced Revolver Commitments | 100 | |||
Term Loan [Member] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 5 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 10 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 10 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 70 | |||
Term Loan [Member] | Credit Facility 2014 [Member] | ||||
Debt Instrument, Face Amount | $ 100 | $ 97 | ||
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 | $ 62.5 | |||
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% |
Note 9 - Debt - Summary of Curr
Note 9 - Debt - Summary of Current and Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 28, 2020 | Jun. 30, 2019 | |
Deferred financing costs | $ (2,441) | $ (3,027) | |
Debt instrument, carrying amount | 92,559 | 96,973 | |
Less: current debt | 5,000 | 5,000 | |
Long-term debt | 87,559 | 91,973 | |
Line of Credit [Member] | |||
Revolver | [1],[2] | ||
Term Loan [Member] | |||
Term Loan | [1],[2] | $ 95,000 | $ 100,000 |
[1] | On May 31, 2019, the Company and certain of its U.S. subsidiaries (collectively, the "Subsidiary Guarantors") 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 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. For each borrowing under the 2019 Credit Agreement, the Company may elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus the applicable margin for the relevant class of borrowing, which such margins vary based on the Company's consolidated leverage ratio, where the base rate is the highest of: (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1% (such rate, the "Base Rate") or (2) an adjusted LIBOR rate plus the applicable margin for the relevant class of borrowing, which such margins vary based on the Company's consolidated leverage ratio. The 2019 Credit Agreement requires that while any borrowings or commitments 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 June 28, 2020. The 2019 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: $5.0 million – fiscal 2021, $10.0 million - fiscal 2022, $10.0 million – fiscal 2023, and $70.0 million – fiscal 2024 | ||
[2] | The 2019 Credit Agreement was amended subsequent to year end – see Note 18. – Subsequent Events for details. |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 28, 2020 | Jun. 30, 2019 | |
Trading securities held in a “rabbi trust” | [1] | $ 13,442 | $ 11,816 |
Assets (liabilities) measured at fair value | 13,442 | 11,816 | |
Fair Value, Inputs, Level 1 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 13,442 | 11,816 |
Assets (liabilities) measured at fair value | 13,442 | 11,816 | |
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 the 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 | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 28.00% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (12.2) | ||
Deferred Tax Assets, Capital Loss Carryforwards | $ 26.9 | ||
Operating Loss Carryforwards, Total | $ 3.9 | ||
Income Tax Examination, Year under Examination | 2017 | ||
Unrecognized Tax Benefits, Ending Balance | $ 1.4 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 1 | ||
Domestic Tax Authority [Member] | |||
Open Tax Year | 2018 2019 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2016 2017 2018 2019 | ||
Foreign Tax Authority [Member] | |||
Open Tax Year | 2015 2016 2017 2018 2019 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Provision From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Federal | $ 14,727 | $ 2,809 | $ 3,385 |
State | 4,383 | 2,710 | 1,514 |
Foreign | |||
Current income tax expense | 19,110 | 5,519 | 4,899 |
Federal | (62) | 3,138 | (9,331) |
State | (204) | (427) | 1,648 |
Foreign | (13) | 15 | |
Deferred income tax expense (benefit) | (266) | 2,698 | (7,668) |
Income tax expense (benefit) | $ 18,844 | $ 8,217 | $ (2,769) |
Note 11 - Income Taxes - Effect
Note 11 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 28.00% | |
State income taxes, net of federal tax benefit | 4.50% | 4.40% | 5.70% | |
Valuation allowance change | (0.30%) | (0.30%) | 2.60% | |
Non-deductible compensation | 1.10% | 0.70% | ||
Excess tax benefit from stock-based compensation | (1.00%) | (4.40%) | (1.60%) | |
Domestic production deduction | (2.00%) | |||
Tax credits | (1.10%) | (1.80%) | (2.50%) | |
Tax Act impact on deferred tax balance (1) | [1] | (32.00%) | ||
Return to provision | (0.30%) | (1.00%) | (5.80%) | |
Other, net | 0.30% | 0.50% | 0.30% | |
Effective tax rate | 24.20% | 19.10% | (7.30%) | |
[1] | On December 22, 2017, the U.S. government enacted comprehensive tax legislation pursuant to the Tax Cuts and Jobs Act (the "Tax Act"), which significantly revised the ongoing U.S. corporate income tax law by lowering the U.S. federal corporate income tax rate from 35% to 21%. Due to the Company's fiscal year end, the lower income tax rate was phased in, resulting in a U.S. statutory federal rate of approximately 28% for the Company's fiscal year ended July 1, 2018, and 21% for the fiscal years ended June 30, 2019 and June 28, 2020. As a result of the Tax Act, the Company recorded a deferred tax benefit of $12.2 million during the fiscal year ended July 1, 2018, related to the change in deferred tax liabilities. Shortly after the Tax Act was enacted, the SEC Staff issued Staff Accounting Bulletin 118, "Income Tax Implications of the Tax Cuts and Jobs Act" ("SAB 118"), which provided guidance on accounting for the Tax Act's impact. SAB 118 provided a measurement period during which a company acting in good faith may complete the accounting for the impacts of the Tax Act. We completed the assessment of the income tax effects of the Tax Act in the second quarter of fiscal 2019, with no adjustments recorded to the provisional amounts. |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Tax Assets (Details) - USD ($) $ in Thousands | Jun. 28, 2020 | Jun. 30, 2019 |
Loss and credit carryforwards | $ 10,530 | $ 10,955 |
Accrued expenses and reserves | 4,676 | 3,866 |
Stock-based compensation | 2,190 | 1,798 |
Deferred compensation | 2,455 | 2,150 |
Operating lease liability | 17,551 | |
Gross deferred income tax assets | 37,402 | 18,769 |
Less: Valuation allowance | (9,681) | (9,872) |
Deferred tax assets, net | 27,721 | 8,897 |
Other intangibles | (15,337) | (14,664) |
Tax in excess of book depreciation | (24,336) | (23,131) |
Operating lease right-of-use asset | (16,680) | |
Deferred tax liabilities | (56,353) | (37,795) |
Net deferred income tax liabilities | $ (28,632) | $ (28,898) |
Note 12 - Capital Stock (Detail
Note 12 - Capital Stock (Details Textual) $ in Thousands | 12 Months Ended | ||||
Jun. 28, 2020USD ($)shares | Jun. 30, 2019USD ($)shares | Jul. 01, 2018USD ($)shares | Jun. 27, 2019USD ($) | Aug. 30, 2017USD ($) | |
Conversion Of Stock Shares Of Class A Common Stock Converted From A Share Of Class B Common Stock (in shares) | 1 | ||||
Stock Repurchase Program, Authorized Amount | $ | $ 19,300 | $ 30,000 | $ 30,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 10,680 | $ 14,766 | $ 12,176 | ||
Treasury Stock, Shares, Acquired (in shares) | 754,458 | 1,230,303 | 1,269,059 | ||
Common Class A [Member] | |||||
Number of Voting Rights Per Share | 1 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | 0 | 0 | 78,780 | ||
Common Class B [Member] | |||||
Number of Voting Rights Per Share | 10 |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - USD ($) xbrli-pure in Thousands, $ in Millions | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 15,000 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2.3 | $ 7.8 | $ 1.1 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0.1 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 146 days | ||
Restricted Stock [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 10 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 73 days |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Allocated share-based compensation expense | $ 8,434 | $ 6,310 | $ 3,726 |
Deferred income tax benefit | 2,084 | 1,578 | 961 |
Allocated share-based compensation expense, net | 6,350 | 4,732 | 2,765 |
Share-based Payment Arrangement, Option [Member] | |||
Allocated share-based compensation expense | 104 | 315 | 429 |
Restricted Stock [Member] | |||
Allocated share-based compensation expense | $ 8,330 | $ 5,995 | $ 3,297 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation - Allocation of Stock-based Compensation to Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Allocated share-based compensation expense | $ 8,434 | $ 6,310 | $ 3,726 |
Selling and Marketing Expense [Member] | |||
Allocated share-based compensation expense | 3,999 | 2,725 | 989 |
Technology and Development [Member] | |||
Allocated share-based compensation expense | 649 | 411 | 198 |
General and Administrative Expense [Member] | |||
Allocated share-based compensation expense | $ 3,786 | $ 3,174 | $ 2,539 |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation - Assumptions (Details) | 12 Months Ended |
Jun. 28, 2020$ / shares | |
Weighted average fair value of options granted (in dollars per share) | $ 10.11 |
Expected volatility | 60.00% |
Expected life (Year) | 8 years |
Expected dividend yield | 0.00% |
Note 13 - Stock Based Compens_4
Note 13 - Stock Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Outstanding, options (in shares) | 1,365,000 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 2.48 | ||
Granted, options (in shares) | 15,000 | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 20.72 | ||
Exercised, options (in shares) | (150,000) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 1.90 | ||
Forfeited, oprtions (in shares) | |||
Forfeited, weighted average exercise price (in dollars per share) | |||
Outstanding, options (in shares) | 1,230,000 | 1,365,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.77 | $ 2.48 | |
Outstanding, weighted average remaining contractual term (Year) | 1 year 109 days | ||
Outstanding, aggregate intrinsic value | $ 21,043 | ||
Exercisable, options (in shares) | 1,215,000 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 2.55 | ||
Exercisable, weighted average remaining contractual term (Year) | 1 year 109 days | ||
Exercisable, aggregate intrinsic value | $ 21,043 |
Note 13 - Stock Based Compens_5
Note 13 - Stock Based Compensation - Stock Options Outstanding (Details) | 12 Months Ended |
Jun. 28, 2020$ / sharesshares | |
Exercise price range, lower range limit (in dollars per share) | $ / shares | $ 1,230,000 |
Options outstanding (in shares) | shares | 1.3 |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years 281 days |
Options outstanding, weighted-average remaining contractual life (in dollars per share) | $ / shares | $ 1,215,000 |
Options exercisable (in shares) | shares | 2.55 |
Exercise Price Range 1 [Member] | |
Exercise price range, lower range limit (in dollars per share) | $ / shares | $ 205,000 |
Options outstanding (in shares) | shares | 0.3 |
Options outstanding, weighted-average remaining contractual life (Year) | 1 year 288 days |
Options outstanding, weighted-average remaining contractual life (in dollars per share) | $ / shares | $ 205,000 |
Options exercisable (in shares) | shares | 1.79 |
Exercise Price Range 2 [Member] | |
Exercise price range, lower range limit (in dollars per share) | $ / shares | $ 1,000,000 |
Options outstanding (in shares) | shares | 1.4 |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years 229 days |
Options outstanding, weighted-average remaining contractual life (in dollars per share) | $ / shares | $ 1,000,000 |
Options exercisable (in shares) | shares | 2.63 |
Exercise Price Range 3 [Member] | |
Exercise price range, lower range limit (in dollars per share) | $ / shares | $ 10,000 |
Options outstanding (in shares) | shares | 4.8 |
Options outstanding, weighted-average remaining contractual life (Year) | 10 years 73 days |
Options outstanding, weighted-average remaining contractual life (in dollars per share) | $ / shares | $ 10,000 |
Options exercisable (in shares) | shares | 10.2 |
Exercise Price Range 4 [Member] | |
Exercise price range, lower range limit (in dollars per share) | $ / shares | $ 15,000 |
Options outstanding (in shares) | shares | 9.9 |
Options outstanding, weighted-average remaining contractual life (Year) | 20 years 262 days |
Options outstanding, weighted-average remaining contractual life (in dollars per share) | $ / shares | |
Options exercisable (in shares) | shares |
Note 13 - Stock Based Compens_6
Note 13 - Stock Based Compensation - Non-vested Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Jun. 28, 2020$ / sharesshares | |
Non-vested – beginning of period (in shares) | shares | 1,438,592 |
Non-vested – beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 10.81 |
Granted (in shares) | shares | 759,554 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 13.32 |
Vested (in shares) | shares | (470,350) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 10.40 |
Forfeited (in shares) | shares | (119,328) |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 12.15 |
Non-vested - end of period (in shares) | shares | 1,608,468 |
Non-vested - end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 12.01 |
Note 14 - Employee Retirement_2
Note 14 - Employee Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Defined Contribution Plan Required Age Of Employees To Become Eligible To Participate (Year) | 21 years | ||
Defined Contribution Plan Number Of Months Of Service Must Be Completed To Participate (Month) | 30 days | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,500 | $ 900 | $ 0 |
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 | $ 300 | 700 | 800 |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | 0 | 0 | $ 0 |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 13,400 | $ 11,800 | |
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% |
Note 15 - Business Segments (De
Note 15 - Business Segments (Details Textual) | 12 Months Ended |
Jun. 28, 2020 | |
Number of Reportable Segments | 3 |
Note 15 - Business Segments - S
Note 15 - Business Segments - Segment Performance (Details) - USD ($) | 12 Months Ended | |||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | ||
Net revenues | $ 1,489,637,000 | $ 1,248,623,000 | $ 1,151,921,000 | |
Depreciation and amortization | (32,513,000) | (29,965,000) | (32,469,000) | |
Operating income | 80,364,000 | 45,108,000 | 41,048,000 | |
Operating Segments [Member] | ||||
Contribution margin | 219,544,000 | 166,677,000 | 153,418,000 | |
Corporate, Non-Segment [Member] | ||||
Net revenues | 591,000 | 1,105,000 | 1,114,000 | |
Corporate | [1] | (106,667,000) | (91,604,000) | (79,901,000) |
Intersegment Eliminations [Member] | ||||
Net revenues | (1,464,000) | (1,541,000) | (1,745,000) | |
Consumer Floral [Member] | ||||
Net revenues | 593,197,000 | 497,765,000 | 457,460,000 | |
Consumer Floral [Member] | Operating Segments [Member] | ||||
Net revenues | 593,197,000 | 497,765,000 | 457,460,000 | |
Contribution margin | 73,806,000 | 49,653,000 | 50,808,000 | |
Consumer Floral [Member] | Corporate, Non-Segment [Member] | ||||
Net revenues | ||||
Consumer Floral [Member] | Intersegment Eliminations [Member] | ||||
Net revenues | ||||
BloomNet Wire Service [Member] | ||||
Net revenues | 111,766,000 | 102,876,000 | 89,569,000 | |
BloomNet Wire Service [Member] | Operating Segments [Member] | ||||
Net revenues | 111,766,000 | 102,876,000 | 89,569,000 | |
Contribution margin | 35,111 | 34,705 | 31,683 | |
BloomNet Wire Service [Member] | Corporate, Non-Segment [Member] | ||||
Net revenues | ||||
BloomNet Wire Service [Member] | Intersegment Eliminations [Member] | ||||
Net revenues | ||||
Gourmet Foods and Gift Baskets [Member] | ||||
Net revenues | 785,547,000 | 648,418,000 | 605,523,000 | |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | ||||
Net revenues | 785,547,000 | 648,418,000 | 605,523,000 | |
Contribution margin | 110,627,000 | 82,319,000 | 70,927,000 | |
Gourmet Foods and Gift Baskets [Member] | Corporate, Non-Segment [Member] | ||||
Net revenues | ||||
Gourmet Foods 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 15 - Business Segments - D
Note 15 - Business Segments - Disaggregation of Revenue From Contracts With Customers (Details) - USD ($) | 12 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | |
Net revenues | $ 1,489,637,000 | $ 1,248,623,000 | $ 1,151,921,000 |
Corporate, Non-Segment [Member] | |||
Net revenues | 591,000 | 1,105,000 | 1,114,000 |
Intersegment Eliminations [Member] | |||
Net revenues | (1,464,000) | (1,541,000) | (1,745,000) |
E-commerce [Member] | Operating Segments [Member] | |||
Net revenues | 1,230,385,000 | 998,360,000 | 921,848,000 |
Retail Sales Channel [Member] | Operating Segments [Member] | |||
Net revenues | 41,394,000 | 50,568,000 | 51,603,000 |
Wholesale [Member] | Operating Segments [Member] | |||
Net revenues | 137,346,000 | 123,403,000 | 114,505,000 |
Bloomnet Services [Member] | Operating Segments [Member] | |||
Net revenues | 78,091,000 | 73,132,000 | 60,822,000 |
Other [Member] | |||
Net revenues | 3,294,000 | 3,596,000 | 3,774,000 |
Consumer Floral [Member] | |||
Net revenues | 593,197,000 | 497,765,000 | 457,460,000 |
Consumer Floral [Member] | Operating Segments [Member] | |||
Net revenues | 593,197,000 | 497,765,000 | 457,460,000 |
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 | 585,585,000 | 489,463,000 | 448,943,000 |
Consumer Floral [Member] | Retail Sales Channel [Member] | Operating Segments [Member] | |||
Net revenues | 4,318,000 | 4,706,000 | 4,743,000 |
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 | 3,294,000 | 3,596,000 | 3,774,000 |
BloomNet Wire Service [Member] | |||
Net revenues | 111,766,000 | 102,876,000 | 89,569,000 |
BloomNet Wire Service [Member] | Operating Segments [Member] | |||
Net revenues | 111,766,000 | 102,876,000 | 89,569,000 |
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 | 33,675,000 | 29,744,000 | 28,747,000 |
BloomNet Wire Service [Member] | Bloomnet Services [Member] | Operating Segments [Member] | |||
Net revenues | 78,091,000 | 73,132,000 | 60,822,000 |
BloomNet Wire Service [Member] | Other [Member] | |||
Net revenues | |||
Gourmet Foods and Gift Baskets [Member] | |||
Net revenues | 785,547,000 | 648,418,000 | 605,523,000 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | |||
Net revenues | 785,547,000 | 648,418,000 | 605,523,000 |
Gourmet Foods and Gift Baskets [Member] | Corporate, Non-Segment [Member] | |||
Net revenues | |||
Gourmet Foods and Gift Baskets [Member] | Intersegment Eliminations [Member] | |||
Net revenues | |||
Gourmet Foods and Gift Baskets [Member] | E-commerce [Member] | Operating Segments [Member] | |||
Net revenues | 644,800,000 | 508,897,000 | 472,905,000 |
Gourmet Foods and Gift Baskets [Member] | Retail Sales Channel [Member] | Operating Segments [Member] | |||
Net revenues | 37,076,000 | 45,862,000 | 46,860,000 |
Gourmet Foods and Gift Baskets [Member] | Wholesale [Member] | Operating Segments [Member] | |||
Net revenues | 103,671,000 | 93,659,000 | 85,758,000 |
Gourmet Foods and Gift Baskets [Member] | Bloomnet Services [Member] | Operating Segments [Member] | |||
Net revenues | |||
Gourmet Foods and Gift Baskets [Member] | Other [Member] | |||
Net revenues |
Note 16 - Leases - Lease Costs
Note 16 - Leases - Lease Costs (Details) $ in Thousands | 12 Months Ended |
Jun. 28, 2020USD ($) | |
Operating lease costs | $ 13,646 |
Variable lease costs | 14,706 |
Short-term lease cost | 6,638 |
Sublease income | (941) |
Total lease costs | 34,049 |
Cash paid for amounts included in measurement of operating lease liabilities | 11,916 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 178 |
Weighted-average remaining lease term - operating leases (in years) (Year) | 9 years 219 days |
Weighted-discount rate - operating leases | 3.80% |
Note 16 - Leases - Maturities o
Note 16 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 28, 2020USD ($) |
2021 | $ 10,812 |
2022 | 10,038 |
2023 | 9,890 |
2024 | 9,530 |
2025 | 7,163 |
Thereafter | 37,802 |
Total Future Minimum Lease Payments | 85,235 |
Less Imputed Remaining Interest | 14,986 |
Operating Lease, Liability, Total | $ 70,249 |
Note 16 - Leases - Future Minim
Note 16 - 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 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Aug. 03, 2020 | Jun. 28, 2020 | Jun. 30, 2019 |
Personalization Mall [Member] | Subsequent Event [Member] | |||
Business Combination, Consideration Transferred, Total | $ 245 | ||
Letter of Credit [Member] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 2 | $ 1.6 | |
Technology Infrastructure [Member] | |||
Long-term Purchase Commitment, Amount | $ 5.5 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) $ in Millions | Aug. 03, 2020USD ($)ft² | Sep. 27, 2021 | Mar. 01, 2020USD ($) | May 31, 2024 | Aug. 20, 2020USD ($) | Aug. 19, 2020USD ($) |
The 2019 Credit Agreement [Member] | The New Term Loan [Member] | Forecast [Member] | ||||||
Debt Instrument Principal Payment Percentage in First Four Payments | 5.00% | |||||
Debt Instrument, Principal Payment Percentage In Remaining Eleven Payments | 10.00% | |||||
Personalization Mall [Member] | ||||||
Revenues, Total | $ 171.2 | |||||
Subsequent Event [Member] | The 2019 Credit Agreement [Member] | The New Term Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 100 | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 67.5 | |||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | The 2019 Credit Agreement [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250 | $ 200 | ||||
Debt Instrument, Working Capital Sublimit | 200 | 175 | ||||
Debt Instrument, Seasonally-reduced Revolver Commitments | $ 125 | $ 100 | ||||
Personalization Mall [Member] | Subsequent Event [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 245 | |||||
Personalization Mall [Member] | Subsequent Event [Member] | State-of-the-art Production and Distribution Facility [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 360,000 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | |||
Jun. 28, 2020 | Jun. 30, 2019 | Jul. 01, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Balance at Beginning of Period | $ 2,777,000 | $ 2,418,000 | $ 1,846,000 | |
Charged to Costs and Expenses | 4,143,000 | 1,383,000 | 1,068,000 | |
Deductions- Describe | [1] | (1,255,000) | (1,024,000) | (496,000) |
Balance at End of Period | 5,665,000 | 2,777,000 | 2,418,000 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Balance at Beginning of Period | 9,872,000 | 9,972,000 | 11,772,000 | |
Charged to Costs and Expenses | 37,000 | 232,000 | ||
Deductions- Describe | [1] | (228,000) | (100,000) | (2,032,000) |
Balance at End of Period | $ 9,681,000 | $ 9,872,000 | $ 9,972,000 | |
[1] | Reduction in reserve due to write-off of accounts/notes receivable balances. |