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Note 15 - Business Segments
 12 Months Ended
Jun. 30, 2024
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 expense (income), 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

 

June 30, 2024

  

July 2, 2023

  

July 3, 2022

 
  

(in thousands)

 

Segment Net revenues:

            

Consumer Floral & Gifts

 $849,791  $920,510  $1,059,570 

BloomNet

  107,802   133,183   145,702 

Gourmet Foods & Gift Baskets

  874,262   965,191   1,004,272 

Corporate

  796   375   201 

Intercompany eliminations

  (1,230)  (1,406)  (1,860)

Total net revenues

 $1,831,421  $2,017,853  $2,207,885 

 

  

Years ended

 

Operating Income (Loss)

 

June 30, 2024

  

July 2, 2023

  

July 3, 2022

 
  

(in thousands)

 

Segment Contribution Margin:

            

Consumer Floral & Gifts

 $67,278  $95,535  $104,319 

BloomNet

  33,766   37,197   42,515 

Gourmet Foods & Gift Baskets

  84,508   12,895   62,021 

Segment Contribution Margin Subtotal

  185,552   145,627   208,855 

Corporate (a)

  (133,872)  (126,965)  (117,676)

Depreciation and amortization

  (53,752)  (53,673)  (49,078)

Operating income (loss)

 $(2,072) $(35,011) $42,101 

 

 

(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

 
  

June 30,

  

July 2,

  

July 3,

  

June 30,

  

July 2,

  

July 3,

  

June 30,

  

July 2,

  

July 3,

  

June 30,

  

July 2,

  

July 3,

  

June 30,

  

July 2,

  

July 3,

 
  

2024

  

2023

  

2022

  

2024

  

2023

  

2022

  

2024

  

2023

  

2022

  

2024

  

2023

  

2022

  

2024

  

2023

  

2022

 
  (in thousands) 

Net revenues

                                                            

E-commerce

 $840,569  $911,302  $1,049,821  $-  $-  $-  $773,630  $833,320  $884,827  $-  $-  $-  $1,614,199  $1,744,622  $1,934,648 

Other

  9,222   9,208   9,749   107,802   133,183   145,702   100,632   131,871   119,445   (434)  (1,031)  (1,659)  217,222   273,231   273,237 

Total net revenues

 $849,791  $920,510  $1,059,570  $107,802  $133,183  $145,702  $874,262  $965,191  $1,004,272  $(434) $(1,031) $(1,659) $1,831,421  $2,017,853  $2,207,885 
                                                             

Other revenues detail

                                                            

Retail and other

  9,222   9,208   9,749   -   -   -   9,534   9,751   10,134   -   -   -   18,756   18,959   19,883 

Wholesale

  -   -   -   42,362   50,075   53,957   91,098   122,120   109,311   -   -   -   133,460   172,195   163,268 

BloomNet services

  -   -   -   65,440   83,108   91,745   -   -   -   -   -   -   65,440   83,108   91,745 

Corporate

  -   -   -   -   -   -   -   -   -   796   375   201   796   375   201 

Eliminations

  -   -   -   -   -   -   -   -   -   (1,230)  (1,406)  (1,860)  (1,230)  (1,406)  (1,860)

Total other revenues

 $9,222  $9,208  $9,749  $107,802  $133,183  $145,702  $100,632  $131,871  $119,445  $(434) $(1,031) $(1,659) $217,222  $273,231  $273,237