1-800-Flowers stock soars on earnings report
1-800-Flowers.com Inc. is Long Island's eighth largest public company based on 2017 revenue of $1.2 billion. Credit: Barry Sloan
Shares of 1-800-Flowers.com Inc. soared Thursday after the Carle Place online retailer of gourmet food and floral gifts posted higher revenue and raised its guidance for fiscal 2019.
In an earnings report issued before Thursday's stock market opening, the company posted second quarter revenue of $571.3 million, an increase of 8.6 percent from $526.1 million in the prior year period.
1-800-Flowers.com Inc. raised its guidance for fiscal 2019 revenue growth to a range of 7 percent to 8 percent.
Second quarter profit declined amid increased operating expenses and thinner gross profit margins, the company said.
Net income was $68.6 million, or $1.04 per diluted share, compared with $70.7 million, or $1.06 per diluted share, in the year-earlier period.
Last year's quarter, however, was bolstered by the one-time, $12.2 million benefit of the Tax Cut and Jobs Act of 2017.
Chief executive Chris McCann said in a statement the company's Harry & David gift basket business helped drive the increase in revenue.
He said investments in the retail floral business and the BloomNet floral wire service “are helping us to accelerate new customer growth and increase total order volumes."
The stock climbed 19.57 percent to close Thursday at $15.95.
The company's brands also include Cheryl's Cookies, The Popcorn Factory and Moose Munch. 1-800-Flowers.com Inc. is Long Island's eighth largest public company, based on 2017 revenue of $1.2 billion.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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