The following is a summary of the 1-800-FLOWERS.COM, Inc. (FLWS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• 1-800-FLOWERS.COM reported a Q2 revenue decline of 8.4%, with e-commerce revenue down 6.6%.

• Adjusted EBITDA for the quarter was $130.1 million.

• The company saw a significant 230 basis points improvement in the gross profit margin due to the 'Work Smarter' efficiency initiatives and improving macroeconomic factors, bringing gross margin to 43.3%.

• Despite a decline in total revenue and e-commerce revenue, gross profit margin improved significantly.

• A non-cash impairment charge for the Personalization Mall business resulted in a net income of $62.9 million or $0.97 per share. However, the adjusted net income was $82.7 million or $1.27 per share.

• The company's cash and investment position stood at $312 million at the end of Q2, with no borrowings under the revolving credit facility.

Business Progress:

• Continued focus on relationship innovation initiatives and efficient operating measures are bringing steady improvements in sales performance.

• The company is actively reducing its import dependence by sourcing commodity items domestically, enhancing the Passport program and working on potential service-enhancing acquisitions.

• New product introductions include the Flowers and Fields collection and the Harry & David charcuterie gift with a personalized maple cutting board; a new trio bundle combining products from three brands is also planned for Valentine's Day.

• The marketplace, Gifts & More, continues to expand its range with offerings such as jewelry, spa, gardening, and home decor items.

• A partnership with First Step Staffing to employ about 350 individuals at the Atlanta distribution facility showcases the company's commitment toward social responsibility.

• Lowered revenue guidance for fiscal 2024, but maintained adjusted EBITDA guidance expecting to offset a softer revenue outlook with gross margin improvement and expense optimization.

• Continued efforts for automation and cost reduction are expected to continue benefiting the company's gross profit margin rate.

More details: 1-800-Flowers.com IR

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