Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Oct. 01, 2023 | Nov. 03, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001084869 | |
Entity Registrant Name | 1 800 FLOWERS COM INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 01, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-26841 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 11-3117311 | |
Entity Address, Address Line One | Two Jericho Plaza, Suite 200 | |
Entity Address, City or Town | Jericho | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11753 | |
City Area Code | 516 | |
Local Phone Number | 237-6000 | |
Title of 12(b) Security | Class A common stock | |
Trading Symbol | FLWS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 27,068,221 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 37,829,997 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Oct. 01, 2023 | Jul. 02, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 8,375 | $ 126,807 |
Trade receivables, net | 44,239 | 20,419 |
Inventories | 280,621 | 191,334 |
Prepaid and other | 49,347 | 34,583 |
Total current assets | 382,582 | 373,143 |
Property, plant and equipment, net | 229,193 | 234,569 |
Operating lease right-of-use assets | 120,499 | 124,715 |
Goodwill | 153,376 | 153,376 |
Other intangibles, net | 138,773 | 139,888 |
Other assets | 26,925 | 25,739 |
Total assets | 1,051,348 | 1,051,430 |
Current liabilities: | ||
Accounts payable | 51,764 | 52,588 |
Accrued expenses | 142,695 | 141,914 |
Current maturities of long-term debt | 45,000 | 10,000 |
Current portion of long-term operating lease liabilities | 15,580 | 15,759 |
Total current liabilities | 255,039 | 220,261 |
Long-term debt, net | 184,071 | 186,391 |
Long-term operating lease liabilities | 113,278 | 117,330 |
Deferred tax liabilities, net | 30,555 | 31,134 |
Other liabilities | 25,514 | 24,471 |
Total liabilities | 608,457 | 579,587 |
Commitments and contingencies (See Note 14) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued | 0 | 0 |
Additional paid-in capital | 390,579 | 388,215 |
Retained earnings | 239,841 | 271,083 |
Accumulated other comprehensive loss | (170) | (170) |
Treasury stock, at cost, 20,576,358 and 20,565,875 Class A shares at October 1, 2023 and July 2, 2023, respectively and 5,280,000 Class B shares at October 1, 2023 and July 2, 2023 | (188,265) | (188,191) |
Total stockholders’ equity | 442,891 | 471,843 |
Total liabilities and stockholders’ equity | 1,051,348 | 1,051,430 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 583 | 583 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 323 | $ 323 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Oct. 01, 2023 | Jul. 02, 2023 |
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) | 58,309,547 | 58,273,747 |
Treasury stock, shares (in shares) | 20,576,358 | 20,565,875 |
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) | 32,348,221 | 32,348,221 |
Treasury stock, shares (in shares) | 5,280,000 | 5,280,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Oct. 01, 2023 | Oct. 02, 2022 | |
Net revenues | $ 269,050 | $ 303,604 |
Cost of revenues | 167,122 | 202,146 |
Gross profit | 101,928 | 101,458 |
Operating expenses: | ||
Marketing and sales | 82,518 | 89,139 |
Technology and development | 15,304 | 14,740 |
General and administrative | 28,489 | 26,245 |
Depreciation and amortization | 13,194 | 12,694 |
Total operating expenses | 139,505 | 142,818 |
Operating loss | (37,577) | (41,360) |
Interest expense, net | 3,482 | 2,821 |
Other expense, net | 474 | 922 |
Loss before income taxes | (41,533) | (45,103) |
Income tax benefit | (10,291) | (11,411) |
Net loss and comprehensive net loss | $ (31,242) | $ (33,692) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.48) | $ (0.52) |
Basic and diluted weighted average shares used in the calculation of net loss per common share (in shares) | 64,785 | 64,538 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Jul. 03, 2022 | 57,706,389 | 32,529,614 | 25,698,396 | ||||
Balance at Jul. 03, 2022 | $ 577 | $ 325 | $ 379,885 | $ 315,785 | $ (211) | $ (186,952) | $ 509,409 |
Net loss | $ 0 | $ 0 | 0 | (33,692) | 0 | $ 0 | (33,692) |
Stock-based compensation (in shares) | 0 | 0 | 0 | ||||
Stock-based compensation | $ 0 | $ 0 | 1,555 | 0 | 0 | $ 0 | 1,555 |
Balance (in shares) at Oct. 02, 2022 | 57,706,389 | 32,529,614 | 25,698,396 | ||||
Balance at Oct. 02, 2022 | $ 577 | $ 325 | 381,440 | 282,093 | (211) | $ (186,952) | 477,272 |
Balance (in shares) at Jul. 02, 2023 | 58,273,747 | 32,348,221 | 25,845,875 | ||||
Balance at Jul. 02, 2023 | $ 583 | $ 323 | 388,215 | 271,083 | (170) | $ (188,191) | 471,843 |
Net loss | $ 0 | $ 0 | 0 | (31,242) | 0 | $ 0 | (31,242) |
Stock-based compensation (in shares) | 35,800 | 0 | 0 | ||||
Stock-based compensation | $ 0 | $ 0 | 2,364 | 0 | 0 | $ 0 | 2,364 |
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 10,483 | ||||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (74) | (74) |
Balance (in shares) at Oct. 01, 2023 | 58,309,547 | 32,348,221 | 25,856,358 | ||||
Balance at Oct. 01, 2023 | $ 583 | $ 323 | $ 390,579 | $ 239,841 | $ (170) | $ (188,265) | $ 442,891 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 01, 2023 | Oct. 02, 2022 | |
Operating activities: | ||
Net loss | $ (31,242) | $ (33,692) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 13,194 | 12,694 |
Amortization of deferred financing costs | 180 | 345 |
Deferred income taxes | (579) | (381) |
Bad debt expense | 586 | 265 |
Stock-based compensation | 2,364 | 1,555 |
Other non-cash items | 270 | 326 |
Changes in operating items: | ||
Trade receivables | (24,407) | (25,416) |
Inventories | (89,287) | (95,038) |
Prepaid and other | (14,764) | (19,425) |
Accounts payable and accrued expenses | (42) | 11,742 |
Other assets and liabilities | (157) | 702 |
Net cash used in operating activities | (143,884) | (146,323) |
Investing activities: | ||
Capital expenditures | (6,974) | (11,033) |
Net cash used in investing activities | (6,974) | (11,033) |
Financing activities: | ||
Acquisition of treasury stock | (74) | 0 |
Proceeds from bank borrowings | 35,000 | 140,000 |
Repayment of bank borrowings | (2,500) | (5,000) |
Debt issuance cost | 0 | (333) |
Net cash provided by financing activities | 32,426 | 135,333 |
Net change in cash and cash equivalents | (118,432) | (22,023) |
Cash and cash equivalents: | ||
Beginning of period | 126,807 | 31,465 |
End of period | $ 8,375 | $ 9,442 |
Note 1 - Accounting Policies
Note 1 - Accounting Policies | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1 Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by 1 800 10 10 X. not three October 1, 2023 not may June 30, 2024. Annual Report on Form 10 July 2, 2023 The Company’s quarterly results may second 40% third fourth first Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition Net revenue is measured based on the amount of consideration that we expect to receive, reduced by discounts and estimates for credits and returns (calculated based upon previous experience and management’s evaluation). Service and outbound shipping charged to customers are recognized at the time the related merchandise revenues are recognized and are included in net revenues. Inbound and outbound shipping and delivery costs are included in cost of revenues. Net revenues exclude sales and other similar taxes collected from customers. A description of our principal revenue generating activities is as follows: ● E-commerce revenues - consumer products sold through our online and telephonic channels. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due prior to the date of shipment. ● Retail revenues - consumer products sold through our retail stores. Revenue is recognized when control of the goods is transferred to the customer, at the point of sale, at which time payment is received. ● Wholesale revenues - products sold to our wholesale customers for subsequent resale. Revenue is recognized when control of the goods is transferred to the customer, in accordance with the terms of the applicable agreement. Payment terms are typically 30 ● BloomNet Services - membership fees as well as other service offerings to florists. Membership and other subscription-based fees are recognized monthly as earned. Services revenues related to orders sent through the floral network are variable, based on either the number of orders or the value of orders, and are recognized in the period in which the orders are delivered. The contracts within BloomNet Services are typically month-to-month and as a result no 30 Deferred Revenues Deferred revenues are recorded when the Company has received consideration (i.e. advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenues primarily relate to e-commerce orders placed, but not Our total deferred revenue as of July 2, 2023 three October 1, 2023. October 1, 2023 Recently Issued Accounting Pronouncements The Company does not |
Note 2 - Net Income (Loss) Per
Note 2 - Net Income (Loss) Per Common Share | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2 Net Income (Loss) Per Common Share Basic net loss per common share is computed by dividing the net loss during the period by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the weighted-average number of common shares outstanding during the period and excludes the dilutive potential common shares (consisting of unvested restricted stock awards), as their inclusion would be antidilutive. As a result of the net loss for the three October 1, 2023 October 2, 2022, no |
Note 3 - Acquisitions
Note 3 - Acquisitions | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3 Acquisitions Acquisition of Things Remembered On January 10, 2023, not twelve November 30, 2022. The total consideration of $5.0 million was preliminarily allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values on the acquisition date, including: goodwill of $1.7 million (deductible for income tax purposes), trademarks of $0.8 million (indefinite life), customer lists of $0.8 million (3-year life), inventory of $1.3 million, and equipment of $0.4 million. The Company is in the process of finalizing its allocation and this may Operating results of the Things Remembered business are reflected in the Company’s consolidated financial statements from the date of acquisition within the Consumer Floral & Gifts segment. Pro forma results of operations have not not |
Note 4 - Inventory
Note 4 - Inventory | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4 Inventory, Net The Company’s inventory, valued at the lower of cost or net realizable value, includes purchased and manufactured finished goods for sale, packaging supplies, crops, raw material ingredients for manufactured products and associated manufacturing labor, and is classified as follows: October 1, 2023 July 2, 2023 (in thousands) Finished goods $ 160,087 $ 92,582 Work-in-process 31,265 33,818 Raw materials 89,269 64,934 Total inventory $ 280,621 $ 191,334 |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5 Goodwill and Intangible Assets, Net The following table presents goodwill by segment and the related change in the net carrying amount: Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Total (in thousands) Balance at July 2, 2023 and October 1, 2023 $ 153,376 $ - $ - $ 153,376 The Company’s other intangible assets consist of the following: October 1, 2023 July 2, 2023 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 $ 6,595 $ 825 $ 7,420 $ 6,569 $ 851 Customer lists 3 - 10 29,071 22,685 6,386 29,071 21,611 7,460 Other 5 - 14 2,946 2,619 327 2,946 2,604 342 Total intangible assets with determinable lives 39,437 31,899 7,538 39,437 30,784 8,653 Trademarks with indefinite lives 131,235 - 131,235 131,235 - 131,235 Total identifiable intangible assets $ 170,672 $ 31,899 $ 138,773 $ 170,672 $ 30,784 $ 139,888 Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not 2024 2025 2026 2027 2028 |
Note 6 - Investments
Note 6 - Investments | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 6 Investments Equity investments without a readily determinable fair value Investments in non-marketable equity instruments of private companies, where the Company does not October 1, 2023 July 2, 2023, 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 9 - Fair Value Measurements |
Note 7 - Debt, Net
Note 7 - Debt, Net | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7 Debt, Net The Company’s current and long-term debt consists of the following: October 1, 2023 July 2, 2023 (in thousands) Revolver $ 35,000 $ - Term Loans 197,500 200,000 Deferred financing costs (3,429 ) (3,609 ) Total debt 229,071 196,391 Less: current debt 45,000 10,000 Long-term debt $ 184,071 $ 186,391 On June 27, 2023, May 31, 2019 ( August 20, 2020, November 8, 2021, August 29, 2022). January 1 August 1, ( 48 June 27, 2028, For each borrowing under the Third Amended Credit Agreement, the Company may 1 The Third Amended 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 October 1, 2023. The principal of the Term Loan is payable at a rate of $2.5 million for the first 8 September 29, 2023, September 26, 2025, 11 June 27, 2028. Future principal term loan payments under the Third Amended Credit Agreement are as follows: $7.5 million – remainder of Fiscal 2024, 2025, 2026, 2027, 2028. |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8 The Company’s property, plant and equipment consists of the following: October 1, 2023 July 2, 2023 (in thousands) Land $ 33,866 $ 33,866 Orchards in production and land improvements 20,509 20,401 Building and building improvements 68,344 67,647 Leasehold improvements 29,677 29,524 Production equipment 126,529 125,297 Furniture and fixtures 9,149 9,102 Computer and telecommunication equipment 42,622 41,859 Software 185,001 181,085 Capital projects in progress 18,264 18,205 Property, plant and equipment, gross 533,961 526,986 Accumulated depreciation and amortization (304,768 ) (292,417 ) Property, plant and equipment, net $ 229,193 $ 234,569 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9 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 2 may may not may Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 3 three Level 1 Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not Level 3 Valuations based on inputs that are supported by little or no The following table presents by level, within the fair value hierarchy, financial assets and liabilities measured at fair value on a recurring basis: Carrying Value Fair Value Measurements Assets (Liabilities) Level 1 Level 2 Level 3 (in thousands) As of October 1, 2023: Trading securities held in a “rabbi trust” (1) $ 23,803 $ 23,803 $ - $ - Total assets (liabilities) at fair value $ 23,803 $ 23,803 $ - $ - As of July 2, 2023: Trading securities held in a “rabbi trust” (1) $ 22,617 $ 22,617 $ - $ - Total assets (liabilities) at fair value $ 22,617 $ 22,617 $ - $ - ( 1 The Company has established a NQDC Plan for certain members of senior management. Deferred compensation plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Trading securities held in a rabbi trust are measured using quoted market prices at the reporting date and are included in the “Other assets” line item, with the corresponding liability included in the “Other liabilities” line item in the consolidated balance sheets. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 Income Taxes The Company computed the interim tax provision using an estimated annual effective rate, adjusted for discrete items. This estimate is used in providing for income taxes on a year-to-date basis and may three October 1, 2023 three October 1, 2023 October 2, 2022 The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and various foreign countries. The Company’s fiscal years 2020, 2021, 2022 2016. 2017 The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At October 1, 2023, twelve |
Note 11 - Business Segments
Note 11 - Business Segments | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11 Business Segments The Company’s management reviews the results of its operations by the following three business segments: • Consumer Floral & Gifts, • 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 Three Months Ended October 1, 2023 October 2, 2022 Net Revenues: (in thousands) Segment Net Revenues: Consumer Floral & Gifts $ 142,194 $ 162,180 BloomNet 28,870 33,367 Gourmet Foods & Gift Baskets 98,109 108,228 Corporate 270 44 Intercompany eliminations (393 ) (215 ) Total net revenues $ 269,050 $ 303,604 Operating Income (Loss): Segment Contribution Margin: Consumer Floral & Gifts $ 8,826 $ 10,810 BloomNet 9,387 9,517 Gourmet Foods & Gift Baskets (11,028 ) (18,710 ) Segment Contribution Margin Subtotal 7,185 1,617 Corporate (a) (31,568 ) (30,283 ) Depreciation and amortization (13,194 ) (12,694 ) Operating income (loss) $ (37,577 ) $ (41,360 ) (a) Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-based compensation. In order to leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not The following tables represent a disaggregation of revenue from contracts with customers, by channel: Three Months Ended Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Corporate and Eliminations Consolidated October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Net revenues E-commerce $ 140,335 $ 160,382 $ - $ - $ 69,576 $ 78,540 $ - $ - $ 209,911 $ 238,922 Other 1,859 1,798 28,870 33,367 28,533 29,688 (123 ) (171 ) 59,139 64,682 Total net revenues $ 142,194 $ 162,180 $ 28,870 $ 33,367 $ 98,109 $ 108,228 $ (123 ) $ (171 ) $ 269,050 $ 303,604 Other revenues detail Retail and other 1,859 1,798 - - 1,934 1,907 - - 3,793 3,705 Wholesale - - 11,797 13,622 26,599 27,781 - - 38,396 41,403 BloomNet services - - 17,073 19,745 - - - - 17,073 19,745 Corporate - - - - - - 270 44 270 44 Eliminations - - - - - - (393 ) (215 ) (393 ) (215 ) Total other revenues $ 1,859 $ 1,798 $ 28,870 $ 33,367 $ 28,533 $ 29,688 $ (123 ) $ (171 ) $ 59,139 $ 64,682 |
Note 12 - Leases
Note 12 - Leases | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 12 Leases The Company currently leases plants, warehouses, offices, store facilities, and equipment under various leases through fiscal 2036. may 842. At contract inception, the Company determines whether a contract is, or contains, a lease by determining whether it conveys the right to control the use of the identified asset for a period of time, by assessing whether the Company has the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset. At the lease commencement date, the Company determines if a lease should be classified as an operating or a finance lease (the Company currently has no not 12 The Company recognizes expense for its 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 the Company determines: ( 1 2 3 Additional information related to our leases is as follows: Three Months Ended October 1, 2023 October 2, 2022 (in thousands) Lease costs: Operating lease costs $ 5,622 $ 5,347 Variable lease costs 6,514 5,851 Short-term lease cost 883 1,565 Sublease income (251 ) (243 ) Total lease costs $ 12,768 $ 12,520 Cash paid for amounts included in measurement of operating lease liabilities $ 5,638 4,481 Right-of-use assets obtained in exchange for new operating lease liabilities $ 91 9,985 October 1, 2023 (in thousands) Weighted-average remaining lease term - operating leases (in years) 8.5 Weighted-discount rate - operating leases 4.0 % Maturities of lease liabilities in accordance with ASC 842 October 1, 2023 Fiscal Year: Remainder of 2024 $ 15,169 2025 20,394 2026 18,409 2027 16,784 2028 15,862 Thereafter 67,096 Total Future Minimum Lease Payments 153,714 Less: Imputed Remaining Interest 24,856 Total Operating Lease Liabilities 128,858 Less: Current portion of long-term operating lease liabilities 15,580 Long-term operating lease liabilities $ 113,278 |
Note 13 - Accrued Expenses
Note 13 - Accrued Expenses | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 13 Accrued expenses consisted of the following: October 1, 2023 July 2, 2023 (in thousands) Payroll and employee benefits $ 27,260 $ 33,927 Deferred revenue 29,697 30,811 Accrued marketing expenses 11,564 13,679 Accrued florist payout 13,824 13,437 Accrued purchases 28,573 18,351 Other 31,777 31,709 Accrued Expenses $ 142,695 $ 141,914 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Oct. 01, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14 Commitments and Contingencies Litigation There are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the final resolution of such claims, lawsuits and pending actions will not |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Oct. 01, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Oct. 01, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by 1 800 10 10 X. not three October 1, 2023 not may June 30, 2024. Annual Report on Form 10 July 2, 2023 The Company’s quarterly results may second 40% third fourth first |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Net revenue is measured based on the amount of consideration that we expect to receive, reduced by discounts and estimates for credits and returns (calculated based upon previous experience and management’s evaluation). Service and outbound shipping charged to customers are recognized at the time the related merchandise revenues are recognized and are included in net revenues. Inbound and outbound shipping and delivery costs are included in cost of revenues. Net revenues exclude sales and other similar taxes collected from customers. A description of our principal revenue generating activities is as follows: ● E-commerce revenues - consumer products sold through our online and telephonic channels. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due prior to the date of shipment. ● Retail revenues - consumer products sold through our retail stores. Revenue is recognized when control of the goods is transferred to the customer, at the point of sale, at which time payment is received. ● Wholesale revenues - products sold to our wholesale customers for subsequent resale. Revenue is recognized when control of the goods is transferred to the customer, in accordance with the terms of the applicable agreement. Payment terms are typically 30 ● BloomNet Services - membership fees as well as other service offerings to florists. Membership and other subscription-based fees are recognized monthly as earned. Services revenues related to orders sent through the floral network are variable, based on either the number of orders or the value of orders, and are recognized in the period in which the orders are delivered. The contracts within BloomNet Services are typically month-to-month and as a result no 30 Deferred Revenues Deferred revenues are recorded when the Company has received consideration (i.e. advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenues primarily relate to e-commerce orders placed, but not Our total deferred revenue as of July 2, 2023 three October 1, 2023. October 1, 2023 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements The Company does not |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 3 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | October 1, 2023 July 2, 2023 (in thousands) Finished goods $ 160,087 $ 92,582 Work-in-process 31,265 33,818 Raw materials 89,269 64,934 Total inventory $ 280,621 $ 191,334 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Total (in thousands) Balance at July 2, 2023 and October 1, 2023 $ 153,376 $ - $ - $ 153,376 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | October 1, 2023 July 2, 2023 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 $ 6,595 $ 825 $ 7,420 $ 6,569 $ 851 Customer lists 3 - 10 29,071 22,685 6,386 29,071 21,611 7,460 Other 5 - 14 2,946 2,619 327 2,946 2,604 342 Total intangible assets with determinable lives 39,437 31,899 7,538 39,437 30,784 8,653 Trademarks with indefinite lives 131,235 - 131,235 131,235 - 131,235 Total identifiable intangible assets $ 170,672 $ 31,899 $ 138,773 $ 170,672 $ 30,784 $ 139,888 |
Note 7 - Debt, Net (Tables)
Note 7 - Debt, Net (Tables) | 3 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | October 1, 2023 July 2, 2023 (in thousands) Revolver $ 35,000 $ - Term Loans 197,500 200,000 Deferred financing costs (3,429 ) (3,609 ) Total debt 229,071 196,391 Less: current debt 45,000 10,000 Long-term debt $ 184,071 $ 186,391 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | October 1, 2023 July 2, 2023 (in thousands) Land $ 33,866 $ 33,866 Orchards in production and land improvements 20,509 20,401 Building and building improvements 68,344 67,647 Leasehold improvements 29,677 29,524 Production equipment 126,529 125,297 Furniture and fixtures 9,149 9,102 Computer and telecommunication equipment 42,622 41,859 Software 185,001 181,085 Capital projects in progress 18,264 18,205 Property, plant and equipment, gross 533,961 526,986 Accumulated depreciation and amortization (304,768 ) (292,417 ) Property, plant and equipment, net $ 229,193 $ 234,569 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying Value Fair Value Measurements Assets (Liabilities) Level 1 Level 2 Level 3 (in thousands) As of October 1, 2023: Trading securities held in a “rabbi trust” (1) $ 23,803 $ 23,803 $ - $ - Total assets (liabilities) at fair value $ 23,803 $ 23,803 $ - $ - As of July 2, 2023: Trading securities held in a “rabbi trust” (1) $ 22,617 $ 22,617 $ - $ - Total assets (liabilities) at fair value $ 22,617 $ 22,617 $ - $ - |
Note 11 - Business Segments (Ta
Note 11 - Business Segments (Tables) | 3 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended October 1, 2023 October 2, 2022 Net Revenues: (in thousands) Segment Net Revenues: Consumer Floral & Gifts $ 142,194 $ 162,180 BloomNet 28,870 33,367 Gourmet Foods & Gift Baskets 98,109 108,228 Corporate 270 44 Intercompany eliminations (393 ) (215 ) Total net revenues $ 269,050 $ 303,604 Operating Income (Loss): Segment Contribution Margin: Consumer Floral & Gifts $ 8,826 $ 10,810 BloomNet 9,387 9,517 Gourmet Foods & Gift Baskets (11,028 ) (18,710 ) Segment Contribution Margin Subtotal 7,185 1,617 Corporate (a) (31,568 ) (30,283 ) Depreciation and amortization (13,194 ) (12,694 ) Operating income (loss) $ (37,577 ) $ (41,360 ) |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Corporate and Eliminations Consolidated October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Net revenues E-commerce $ 140,335 $ 160,382 $ - $ - $ 69,576 $ 78,540 $ - $ - $ 209,911 $ 238,922 Other 1,859 1,798 28,870 33,367 28,533 29,688 (123 ) (171 ) 59,139 64,682 Total net revenues $ 142,194 $ 162,180 $ 28,870 $ 33,367 $ 98,109 $ 108,228 $ (123 ) $ (171 ) $ 269,050 $ 303,604 Other revenues detail Retail and other 1,859 1,798 - - 1,934 1,907 - - 3,793 3,705 Wholesale - - 11,797 13,622 26,599 27,781 - - 38,396 41,403 BloomNet services - - 17,073 19,745 - - - - 17,073 19,745 Corporate - - - - - - 270 44 270 44 Eliminations - - - - - - (393 ) (215 ) (393 ) (215 ) Total other revenues $ 1,859 $ 1,798 $ 28,870 $ 33,367 $ 28,533 $ 29,688 $ (123 ) $ (171 ) $ 59,139 $ 64,682 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 3 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended October 1, 2023 October 2, 2022 (in thousands) Lease costs: Operating lease costs $ 5,622 $ 5,347 Variable lease costs 6,514 5,851 Short-term lease cost 883 1,565 Sublease income (251 ) (243 ) Total lease costs $ 12,768 $ 12,520 Cash paid for amounts included in measurement of operating lease liabilities $ 5,638 4,481 Right-of-use assets obtained in exchange for new operating lease liabilities $ 91 9,985 October 1, 2023 (in thousands) Weighted-average remaining lease term - operating leases (in years) 8.5 Weighted-discount rate - operating leases 4.0 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal Year: Remainder of 2024 $ 15,169 2025 20,394 2026 18,409 2027 16,784 2028 15,862 Thereafter 67,096 Total Future Minimum Lease Payments 153,714 Less: Imputed Remaining Interest 24,856 Total Operating Lease Liabilities 128,858 Less: Current portion of long-term operating lease liabilities 15,580 Long-term operating lease liabilities $ 113,278 |
Note 13 - Accrued Expenses (Tab
Note 13 - Accrued Expenses (Tables) | 3 Months Ended |
Oct. 01, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | October 1, 2023 July 2, 2023 (in thousands) Payroll and employee benefits $ 27,260 $ 33,927 Deferred revenue 29,697 30,811 Accrued marketing expenses 11,564 13,679 Accrued florist payout 13,824 13,437 Accrued purchases 28,573 18,351 Other 31,777 31,709 Accrued Expenses $ 142,695 $ 141,914 |
Note 1 - Accounting Policies (D
Note 1 - Accounting Policies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 01, 2023 | Jul. 02, 2023 | |
Contract with Customer, Liability, Current | $ 29.7 | $ 30.8 |
Contract with Customer, Liability, Revenue Recognized | $ 16.1 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 10, 2023 | Nov. 30, 2022 | Oct. 01, 2023 | Jul. 02, 2023 | |
Goodwill | $ 153,376 | $ 153,376 | ||
Things Remembered Brand [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 30,400 | |||
Things Remembered Brand [Member] | ||||
Business Combination, Consideration Transferred | $ 5,000 | |||
Goodwill | 1,700 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,300 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 400 | |||
Things Remembered Brand [Member] | Customer Lists [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 800 | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |||
Things Remembered Brand [Member] | Trademarks [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 800 |
Note 4 - Inventory - Summary of
Note 4 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jul. 02, 2023 |
Finished goods | $ 160,087 | $ 92,582 |
Work-in-process | 31,265 | 33,818 |
Raw materials | 89,269 | 64,934 |
Total inventory | $ 280,621 | $ 191,334 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) $ in Millions | Oct. 01, 2023 USD ($) |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 3.3 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1.9 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1.3 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 0.5 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 0.2 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 0.3 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jul. 02, 2023 |
Balance | $ 153,376 | $ 153,376 |
Consumer Floral [Member] | ||
Balance | 153,376 | |
BloomNet Wire Service [Member] | ||
Balance | 0 | |
Gourmet Foods and Gift Baskets [Member] | ||
Balance | $ 0 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jul. 02, 2023 |
Intangible assets with determinable lives, gross | $ 39,437 | $ 39,437 |
Accumulated amortization | 31,899 | 30,784 |
Intangible assets with determinable lives, net | 7,538 | 8,653 |
Trademarks with indefinite lives, gross | 131,235 | 131,235 |
Total identifiable intangible assets, gross | 170,672 | 170,672 |
Other intangibles, net | 138,773 | 139,888 |
Licensing Agreements [Member] | ||
Intangible assets with determinable lives, gross | 7,420 | 7,420 |
Accumulated amortization | 6,595 | 6,569 |
Intangible assets with determinable lives, net | $ 825 | 851 |
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 | $ 29,071 | 29,071 |
Accumulated amortization | 22,685 | 21,611 |
Intangible assets with determinable lives, net | $ 6,386 | 7,460 |
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 | 2,619 | 2,604 |
Intangible assets with determinable lives, net | $ 327 | $ 342 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 5 years | |
Other Intangible Assets [Member] | Maximum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 14 years |
Note 6 - Investments (Details T
Note 6 - Investments (Details Textual) - USD ($) $ in Millions | Oct. 01, 2023 | Jul. 02, 2023 |
Equity Securities without Readily Determinable Fair Value, Amount | $ 2.6 | $ 2.6 |
Note 7 - Debt, Net (Details Tex
Note 7 - Debt, Net (Details Textual) - USD ($) $ in Millions | 7 Months Ended | |||
Jun. 27, 2023 | Aug. 01, 2023 | Oct. 01, 2023 | Jun. 26, 2023 | |
The 2020 Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 225 | $ 250 | ||
Line of Credit Facility, Maximum Borrowing Capacity During Seasonal Reduction | $ 125 | |||
The 2020 Credit Agreement [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate, Increase (Decrease) | 0.25% | |||
The New Term Loan [Member] | The 2020 Credit Agreement [Member] | ||||
Debt Instrument, Face Amount | $ 200 | $ 150 | ||
Long-Term Debt, Maturity, First 8 Payments, Quarterly | $ 2.5 | |||
Long-Term Debt, Maturity, Subsequent 11 Payments, Quarterly | 5 | |||
Long-Term Debt, Maturity, Due on Maturity Date | 125 | |||
Long-Term Debt, Maturity, Remainder of Fiscal Year | 7.5 | |||
Long-Term Debt, Maturity, Year One | 10 | |||
Long-Term Debt, Maturity, Year Two | 20 | |||
Long-Term Debt, Maturity, Year Three | 20 | |||
Long-Term Debt, Maturity, Year Four | $ 140 | |||
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% | |||
Line of Credit and Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 0.10% |
Note 7 - Debt, Net - Summary of
Note 7 - Debt, Net - Summary of Current and Long-term Debt (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jul. 02, 2023 |
Deferred financing costs | $ (3,429) | $ (3,609) |
Debt instrument, carrying amount | 229,071 | 196,391 |
Less: current debt | 45,000 | 10,000 |
Long-term debt | 184,071 | 186,391 |
Line of Credit [Member] | ||
Revolver | 35,000 | 0 |
Term Loan [Member] | ||
Term Loans | $ 197,500 | $ 200,000 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jul. 02, 2023 |
Property, plant, and equipment, gross | $ 533,961 | $ 526,986 |
Accumulated depreciation and amortization | (304,768) | (292,417) |
Property, plant and equipment, net | 229,193 | 234,569 |
Land [Member] | ||
Property, plant, and equipment, gross | 33,866 | 33,866 |
Orchards in Production and Land Improvements [Member] | ||
Property, plant, and equipment, gross | 20,509 | 20,401 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 68,344 | 67,647 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 29,677 | 29,524 |
Equipment [Member] | ||
Property, plant, and equipment, gross | 126,529 | 125,297 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 9,149 | 9,102 |
Computer and Telecommunication Equipment [Member] | ||
Property, plant, and equipment, gross | 42,622 | 41,859 |
Software and Software Development Costs [Member] | ||
Property, plant, and equipment, gross | 185,001 | 181,085 |
Capital Projects in Progress [Member] | ||
Property, plant, and equipment, gross | $ 18,264 | $ 18,205 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jul. 02, 2023 | |
Trading securities held in a “rabbi trust” | [1] | $ 23,803 | $ 22,617 |
Total assets (liabilities) at fair value | 23,803 | 22,617 | |
Fair Value, Inputs, Level 1 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 23,803 | 22,617 |
Total assets (liabilities) at fair value | 23,803 | 22,617 | |
Fair Value, Inputs, Level 2 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 0 | 0 |
Total assets (liabilities) at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 0 | 0 |
Total assets (liabilities) at fair value | $ 0 | $ 0 | |
[1]The Company has established a NQDC Plan for certain members of senior management. Deferred compensation plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Trading securities held in a rabbi trust are measured using quoted market prices at the reporting date and are included in the “Other assets” line item, with the corresponding liability included in the “Other liabilities” line item in the consolidated balance sheets. |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 01, 2023 | Oct. 02, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 24.80% | 25.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Unrecognized Tax Benefits | $ 1.6 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0.1 | |
Domestic Tax Authority [Member] | ||
Open Tax Year | 2020 2021 2022 | |
State and Local Jurisdiction [Member] | ||
Open Tax Year | 2016 2017 2018 2019 2020 2021 2022 | |
Foreign Tax Authority [Member] | ||
Open Tax Year | 2017 2018 2019 2020 2021 2022 |
Note 11 - Business Segments (De
Note 11 - Business Segments (Details Textual) | 3 Months Ended |
Oct. 01, 2023 | |
Number of Reportable Segments | 3 |
Note 11 - Business Segments - S
Note 11 - Business Segments - Segment Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 01, 2023 | Oct. 02, 2022 | ||
Net revenues | $ 269,050 | $ 303,604 | |
Depreciation and amortization | (13,194) | (12,694) | |
Operating income (loss) | (37,577) | (41,360) | |
Operating Segments [Member] | |||
Contribution margin | 7,185 | 1,617 | |
Corporate, Non-Segment [Member] | |||
Net revenues | 270 | 44 | |
Corporate (a) | [1] | (31,568) | (30,283) |
Intersegment Eliminations [Member] | |||
Net revenues | (393) | (215) | |
Consumer Floral and Gifts [Member] | Operating Segments [Member] | |||
Net revenues | 142,194 | 162,180 | |
BloomNet [Member] | Operating Segments [Member] | |||
Net revenues | 28,870 | 33,367 | |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | |||
Net revenues | 98,109 | 108,228 | |
Contribution margin | (11,028) | (18,710) | |
Consumer Floral [Member] | Operating Segments [Member] | |||
Net revenues | 142,194 | 162,180 | |
Contribution margin | 8,826 | 10,810 | |
BloomNet Wire Service [Member] | Operating Segments [Member] | |||
Net revenues | 28,870 | 33,367 | |
Contribution margin | $ 9,387 | $ 9,517 | |
[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 11 - Business Segments - D
Note 11 - Business Segments - Disaggregation of Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 01, 2023 | Oct. 02, 2022 | |
Net revenues | $ 269,050 | $ 303,604 |
E-commerce [Member] | ||
Net revenues | 209,911 | 238,922 |
Product and Service, Other [Member] | ||
Net revenues | 59,139 | 64,682 |
Product and Service, Other [Member] | Retail and Other [Member] | ||
Net revenues | 3,793 | 3,705 |
Product and Service, Other [Member] | Wholesale [Member] | ||
Net revenues | 38,396 | 41,403 |
Product and Service, Other [Member] | Bloomnet Services [Member] | ||
Net revenues | 17,073 | 19,745 |
Segment Reconciling Items [Member] | ||
Net revenues | (123) | (171) |
Segment Reconciling Items [Member] | E-commerce [Member] | ||
Net revenues | 0 | 0 |
Segment Reconciling Items [Member] | Product and Service, Other [Member] | ||
Net revenues | (123) | (171) |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | ||
Net revenues | (393) | (215) |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | Retail and Other [Member] | ||
Net revenues | 0 | 0 |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | Wholesale [Member] | ||
Net revenues | 0 | 0 |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | ||
Net revenues | 0 | 0 |
Corporate, Non-Segment [Member] | ||
Net revenues | 270 | 44 |
Corporate, Non-Segment [Member] | Product and Service, Other [Member] | ||
Net revenues | 270 | 44 |
Consumer Floral [Member] | Operating Segments [Member] | ||
Net revenues | 142,194 | 162,180 |
Consumer Floral [Member] | Operating Segments [Member] | E-commerce [Member] | ||
Net revenues | 140,335 | 160,382 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | ||
Net revenues | 1,859 | 1,798 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Retail and Other [Member] | ||
Net revenues | 1,859 | 1,798 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Wholesale [Member] | ||
Net revenues | 0 | 0 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | ||
Net revenues | 0 | 0 |
BloomNet Wire Service [Member] | Operating Segments [Member] | ||
Net revenues | 28,870 | 33,367 |
BloomNet Wire Service [Member] | Operating Segments [Member] | E-commerce [Member] | ||
Net revenues | 0 | 0 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | ||
Net revenues | 28,870 | 33,367 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Retail and Other [Member] | ||
Net revenues | 0 | 0 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Wholesale [Member] | ||
Net revenues | 11,797 | 13,622 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | ||
Net revenues | 17,073 | 19,745 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | ||
Net revenues | 98,109 | 108,228 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | E-commerce [Member] | ||
Net revenues | 69,576 | 78,540 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | ||
Net revenues | 28,533 | 29,688 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Retail and Other [Member] | ||
Net revenues | 1,934 | 1,907 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Wholesale [Member] | ||
Net revenues | 26,599 | 27,781 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | ||
Net revenues | $ 0 | $ 0 |
Note 12 - Leases - Lease Costs
Note 12 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 01, 2023 | Oct. 02, 2022 | |
Operating lease costs | $ 5,622 | $ 5,347 |
Variable lease costs | 6,514 | 5,851 |
Short-term lease cost | 883 | 1,565 |
Sublease income | (251) | (243) |
Total lease costs | 12,768 | 12,520 |
Cash paid for amounts included in measurement of operating lease liabilities | 5,638 | 4,481 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 91 | $ 9,985 |
Weighted-average remaining lease term - operating leases (in years) (Year) | 8 years 6 months | |
Weighted-discount rate - operating leases | 4% |
Note 12 - Leases - Maturities o
Note 12 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jul. 02, 2023 |
Remainder of 2024 | $ 15,169 | |
2025 | 20,394 | |
2026 | 18,409 | |
2027 | 16,784 | |
2028 | 15,862 | |
Thereafter | 67,096 | |
Total Future Minimum Lease Payments | 153,714 | |
Less: Imputed Remaining Interest | 24,856 | |
Total Operating Lease Liabilities | 128,858 | |
Less: Current portion of long-term operating lease liabilities | 15,580 | $ 15,759 |
Long-term operating lease liabilities | $ 113,278 | $ 117,330 |
Note 13 - Accrued Expenses - Ac
Note 13 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Oct. 01, 2023 | Jul. 02, 2023 |
Payroll and employee benefits | $ 27,260 | $ 33,927 |
Deferred revenue | 29,697 | 30,811 |
Accrued marketing expenses | 11,564 | 13,679 |
Accrued florist payout | 13,824 | 13,437 |
Accrued purchases | 28,573 | 18,351 |
Other | 31,777 | 31,709 |
Accrued Expenses | $ 142,695 | $ 141,914 |