1-800-Flowers (NASDAQ: FLWS) reported disappointing third-quarter financial results on Thursday. Shares, which were at one point paused for volatility, fell 17% during morning trading. The company slashed its outlook for the year amid rising inflation and decreasing demand.
The retailer and distribution company reported an earnings loss of USD0.32 per share, compared to the expected loss of USD0.28 a share. Revenue amounted to USD469.58 Million, lower than analysts anticipated USD483.08 Million.
Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said, “While total revenues for the quarter were essentially flat with the prior-year period, they were up more than 68 percent compared with our fiscal 2020 third quarter. Over the past three years, we have essentially doubled our revenues to more than $2 billion and we anticipate driving further growth in the current fiscal fourth quarter and for the full year by leveraging our large customer file, the strong growth we continue to see in our Celebrations Passport loyalty program – which has grown more than 40 percent since the beginning of the current fiscal year – as well as initiatives in new innovative products and partnerships.”
The company now expects fiscal 2022 revenue growth to range from 3% to 5%, less than analysts expected 6.7%. 1-800-Flowers shares have fallen almost 50% year to date and have a current market value of USD656.9 million.