1-800-Flowers.com reports Q3 EPS (48c), consensus (53c)

Reports Q3 revenue $269.1M, consensus $249.26M. CEO Jim McCann said, “Our Q1 performance came in-line with our expectations, benefiting from certain improving macro trends combined with our initiatives to operate more efficiently that led to the significant improvement in gross margin and lower expenses, which helped offset a softer consumer environment. Most notably, our gross profit margins are expanding as we had anticipated, rising primarily on lower ocean freight costs and a decline in certain commodity costs. Our fiscal Q1 is comprised of everyday or just-because gift giving occasions, which has been challenged over the past year as consumers reduced their discretionary spending in response to the macro environment. As we look ahead to the holiday period in the current environment, we expect our sales trends to improve as our gifting business has historically proven to be more resilient during holiday periods. Consumers tend to view holiday gifting periods as being somewhat less discretionary. Our platform provides gift givers with a wide variety of options at many price points across our family of brands to help them find the perfect gift for everyone on their list. We look forward to delivering many smiles this holiday season.”