1-800-Flowers.com reports Q1 adjusted EPS (28c), consensus (24c)

Reports Q3 revenue $379.4M, consensus $383.9M. “As we continue on our reversion to the mean path, our gross margin continued its significant recovery, improving 300 basis points during the third quarter,” said Jim McCann, Chairman and Chief Executive Officer of 1-800-FLOWERS.COM, Inc. “However, our topline results remain pressured by a complex consumer environment. In response, we amplified our Work Smarter efforts and reduced our workforce during the fiscal third quarter. While these decisions are always difficult, these changes were made with a focus on appropriately allocating resources to the growth opportunities within our business.” McCann added, “We believe it’s important to put our current results in their proper context. We are a bigger, better, stronger company today than we were just a few short years ago. Reversions to the mean rarely occur in a linear fashion and this does not change our long-term view in which we expect our revenue to return to its historical growth rate over time. Most importantly, we continue to execute on our strategic initiatives to enhance and expand the offerings on our platform to be the gifting destination of choice for thoughtful and expressive gift-giving occasions.”