1-800-Flowers revenue grows at double-digit rate

1-800-Flowers.com Inc. on Thursday reported double-digit growth in revenue in the fourth quarter and full fiscal year, driven by its acquisition last year of Oregon-based gift-basket retailer Harry & David and growth across its floral and food businesses.

The Carle Place-based online florist and gift company swung to a net loss of $10.7 million in the fourth quarter ending on June 28, compared with a gain of $3.4 million in the same period a year earlier.

Adjusted net loss in the fourth quarter was $8.7 million, versus a gain of $3.1 million a year earlier.

For the fiscal year, adjusted net income was $34.7 million, compared with $14.6 million in the prior year.

Adjustments include 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 the fire on Thanksgiving Day at its Fannie May warehouse and distribution facility in Ohio.

"For the year, our strong top and bottom line results reflect the significant benefits associated with the addition of the iconic Harry & David brand to our growing family of great gifting brands," 1-800-Flowers chief executive Jim McCann said in a statement.

The company's revenue for the fourth quarter increased 21.8 percent to $228.3 million, compared with $187.4 million a year earlier.

For the fiscal year, revenue grew 48.3 percent to $1.12 billion, compared with $756.3 million in the prior year.

1-800-Flowers also forecast its revenue in fiscal 2016 would increase about 5 percent to 7 percent, compared with a reported revenue of $1.12 billion for fiscal 2015.

Shares of 1-800-Flowers closed Thursday at $8.43, dropping $1.17 cents, or 12.19 percent.

Shares of 1-800-Flowers are up more than 60 percent in the past year.