XML 55 R22.htm IDEA: XBRL DOCUMENT v3.23.2
Note 15 - Business Segments
 12 Months Ended
Jul. 02, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 15. Business Segments

 

The Company’s management reviews the results of the Company’s operations by the following three business segments:

 

•

Consumer Floral & Gifts,

 

•

BloomNet, and

 

•

Gourmet Foods & Gift Baskets

 

Segment performance is measured based on contribution margin, which includes only the direct controllable revenue and operating expenses of the segments. As such, management’s measure of profitability for these segments does not include the effect of corporate overhead (see (a) below), nor does it include depreciation and amortization, other (income) expense, net and income taxes, or stock-based compensation, which are included within corporate overhead. Assets and liabilities are reviewed at the consolidated level by management and not accounted for by segment.

 

  

Years ended

 

Net revenues

 

July 2, 2023

  

July 3, 2022

  

June 27, 2021

 
  

(in thousands)

 

Segment Net revenues:

            

Consumer Floral & Gifts

 $920,510  $1,059,570  $1,025,015 

BloomNet

  133,183   145,702   142,919 

Gourmet Foods & Gift Baskets

  965,191   1,004,272   955,607 

Corporate

  375   201   341 

Intercompany eliminations

  (1,406

)

  (1,860

)

  (1,637

)

Total net revenues

 $2,017,853  $2,207,885  $2,122,245 

 

  

Years ended

 

Operating Income (Loss)

 

July 2, 2023

  

July 3, 2022

  

June 27, 2021

 
  

(in thousands)

 

Segment Contribution Margin:

            

Consumer Floral & Gifts

 $95,535  $104,319  $128,625 

BloomNet

  37,197   42,515   45,875 

Gourmet Foods & Gift Baskets

  12,895   62,021   149,377 

Segment Contribution Margin Subtotal

  145,627   208,855   323,877 

Corporate (a)

  (126,965

)

  (117,676

)

  (132,280

)

Depreciation and amortization

  (53,673

)

  (49,078

)

  (42,510

)

Operating income (loss)

 $(35,011

)

 $42,101  $149,087 

 

 

(a)

Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as stock-based compensation. In order to leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not directly allocable to a specific segment. 

 

The following tables represent a disaggregation of revenue from contracts with customers, by channel:

 

  Years Ended 
  Consumer Floral & Gifts  BloomNet  Gourmet Foods & Gift Baskets  Corporate and Eliminations  Consolidated 
  

July 2,

2023

  

July 3,

 2022

  

June 27,

 2021

  

July 2,

2023

  

July 3,

2022

  

June 27,

2021

  

July 2,

2023

  

July 3,

2022

  

June 27,

2021

  

July 2,

2023

  

July 3,

 2022

  

June 27,

2021

  

July 2,

2023

  

July 3,

 2022

  

June 27,

 2021

 

Net revenues

                                                            

E-commerce

 $911,302  $1,049,821  $1,015,716  $-  $-  $-  $833,320  $884,827  $863,834  $-  $-  $-  $1,744,622  $1,934,648  $1,879,550 

Other

  9,208   9,749   9,299   133,183   145,702   142,919   131,871   119,445   91,773   (1,031

)

  (1,659

)

  (1,296

)

  273,231   273,237   242,695 

Total net revenues

 $920,510  $1,059,570  $1,025,015  $133,183  $145,702  $142,919  $965,191  $1,004,272  $955,607  $(1,031

)

 $(1,659

)

 $(1,296

)

 $2,017,853  $2,207,885  $2,122,245 
                                                             

Other revenues detail

                                                            

Retail and other

  9,208   9,749   9,299   -   -   -   9,751   10,134   9,134   -   -   -   18,959   19,883   18,433 

Wholesale

  -   -   -   50,075   53,957   45,299   122,120   109,311   82,639   -   -   -   172,195   163,268   127,938 

BloomNet services

  -   -   -   83,108   91,745   97,620   -   -   -   -   -   -   83,108   91,745   97,620 

Corporate

  -   -   -   -   -   -   -   -   -   375   201   341   375   201   341 

Eliminations

  -   -   -   -   -   -   -   -   -   (1,406

)

  (1,860

)

  (1,637

)

  (1,406

)

  (1,860

)

  (1,637

)

Total other revenues

 $9,208  $9,749  $9,299  $133,183  $145,702  $142,919  $131,871  $119,445  $91,773  $(1,031

)

 $(1,659

)

 $(1,296

)

 $273,231  $273,237  $242,695