1-800-Flowers.com Inc. Tuesday reported a slightly wider net loss for its first quarter, but revenue rose, driven by its acquisition last year of Oregon-based gift-basket retailer Harry & David.
The Carle Place-based online florist and gift company reported a net loss of $4.5 million in the first quarter ended Sept. 27, compared with a net loss of $4.3 million in the same period a year earlier. Adjusted net loss in the first quarter was $14.3 million, compared with a net loss of $15.5 million a year earlier.
Adjustments exclude the costs associated with the acquisition and integration of Harry & David, which the company acquired for $142.5 million on Sept. 30, 2014, and the impact of insurance payments related to a fire on Thanksgiving Day 2014 at the company's Fannie May warehouse and distribution facility in Ohio.
The company's revenue for the first quarter increased 23.2 percent to $156 million, compared with $126.7 million a year earlier. The revenue growth was driven primarily by contributions from Harry & David, which was not included in the prior-year results.
The first quarter is traditionally the smallest due to lack of gifting holidays during the summer months, the company has said.
"We are very pleased with our fiscal first-quarter results and with the positive trends we are seeing as we enter the important holiday period," 1-800-Flowers chief executive Jim McCann said in a statement. "In our Harry & David business, during the first quarter we achieved solid year-over-year revenue growth while significantly reducing the traditional seasonal operating losses for the period. We did this by leveraging our shared services platform, including technology, finance, human resources and sourcing, to capture significant operating efficiencies."
1-800-Flowers reiterated its forecast that revenue for fiscal 2016 would increase about 5 percent to 7 percent, compared with reported revenue of $1.12 billion for fiscal 2015.
Shares of 1-800-Flowers closed Tuesday at $10.39, down 5 cents.