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Note 11 - Business Segments | 6 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 11 – Business Segments The Company’s management reviews the results of its 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.
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, 2023 |  |  | January 1, 2023 |  |  | December 31, 2023 |  |  | January 1, 2023 |
|  | (in thousands) |
Net Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment Net Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Floral & Gifts |  | $ | 254,835 |  |  | $ | 277,049 |  |  | $ | 397,029 |  |  | $ | 439,229 |
BloomNet |  |  | 27,236 |  |  |  | 32,852 |  |  |  | 56,106 |  |  |  | 66,219 |
Gourmet Foods & Gift Baskets |  |  | 539,963 |  |  |  | 588,431 |  |  |  | 638,072 |  |  |  | 696,659 |
Corporate |  |  | 279 |  |  |  | 72 |  |  |  | 549 |  |  |  | 116 |
Intercompany eliminations |  |  | (259 | ) |  |  | (527 | ) |  |  | (652 | ) |  |  | (742 | )
Total net revenues |  | $ | 822,054 |  |  | $ | 897,877 |  |  | $ | 1,091,104 |  |  | $ | 1,201,481 |
Operating Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment Contribution Margin: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Floral & Gifts |  | $ | 10,593 |  |  | $ | 27,886 |  |  | $ | 19,419 |  |  | $ | 38,696 |
BloomNet |  |  | 9,088 |  |  |  | 9,348 |  |  |  | 18,475 |  |  |  | 18,865 |
Gourmet Foods & Gift Baskets |  |  | 118,153 |  |  |  | 123,503 |  |  |  | 107,125 |  |  |  | 104,793 |
Segment Contribution Margin Subtotal |  |  | 137,834 |  |  |  | 160,737 |  |  |  | 145,019 |  |  |  | 162,354 |
Corporate (a) |  |  | (32,432 | ) |  |  | (31,297 | ) |  |  | (64,000 | ) |  |  | (61,580 | )
Depreciation and amortization |  |  | (14,152 | ) |  |  | (14,315 | ) |  |  | (27,346 | ) |  |  | (27,009 | )
Operating income |  | $ | 91,250 |  |  | $ | 115,125 |  |  | $ | 53,673 |  |  | $ | 73,765 |
(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:
|  | Three Months Ended |
|  | Consumer Floral & Gifts |  |  | BloomNet |  |  | Gourmet Foods & Gift Baskets |  |  | Corporate and Eliminations |  |  | Consolidated |
|  | December 31, 2023 |  |  | January 1, 2023 |  |  | December 31, 2023 |  |  | January 1, 2023 |  |  | December 31, 2023 |  |  | January 1, 2023 |  |  | December 31, 2023 |  |  | January 1, 2023 |  |  | December 31, 2023 |  |  | January 1, 2023 |
Net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
E-commerce |  | $ | 252,845 |  |  | $ | 275,081 |  |  | $ | - |  |  | $ | - |  |  | $ | 485,561 |  |  | $ | 515,329 |  |  | $ | - |  |  | $ | - |  |  | $ | 738,406 |  |  | $ | 790,410 |
Other |  |  | 1,990 |  |  |  | 1,968 |  |  |  | 27,236 |  |  |  | 32,852 |  |  |  | 54,402 |  |  |  | 73,102 |  |  |  | 20 |  |  |  | (455 | ) |  |  | 83,648 |  |  |  | 107,467 |
Total net revenues |  | $ | 254,835 |  |  | $ | 277,049 |  |  | $ | 27,236 |  |  | $ | 32,852 |  |  | $ | 539,963 |  |  | $ | 588,431 |  |  | $ | 20 |  |  | $ | (455 | ) |  | $ | 822,054 |  |  | $ | 897,877 |
Other revenues detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail and other |  |  | 1,990 |  |  |  | 1,968 |  |  |  | - |  |  |  | - |  |  |  | 4,296 |  |  |  | 4,313 |  |  |  | - |  |  |  | - |  |  |  | 6,286 |  |  |  | 6,281 |
Wholesale |  |  | - |  |  |  | - |  |  |  | 8,706 |  |  |  | 12,054 |  |  |  | 50,106 |  |  |  | 68,789 |  |  |  | - |  |  |  | - |  |  |  | 58,812 |  |  |  | 80,843 |
BloomNet services |  |  | - |  |  |  | - |  |  |  | 18,530 |  |  |  | 20,798 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,530 |  |  |  | 20,798 |
Corporate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 279 |  |  |  | 72 |  |  |  | 279 |  |  |  | 72 |
Eliminations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (259 | ) |  |  | (527 | ) |  |  | (259 | ) |  |  | (527 | )
Total other revenues |  | $ | 1,990 |  |  | $ | 1,968 |  |  | $ | 27,236 |  |  | $ | 32,852 |  |  | $ | 54,402 |  |  | $ | 73,102 |  |  | $ | 20 |  |  | $ | (455 | ) |  | $ | 83,648 |  |  | $ | 107,467 |
|  | Six Months Ended |
|  | Consumer Floral & Gifts |  |  | BloomNet |  |  | Gourmet Foods & Gift Baskets |  |  | Corporate and Eliminations |  |  | Consolidated |
|  | December 31, 2023 |  |  | January 1, 2023 |  |  | December 31, 2023 |  |  | January 1, 2023 |  |  | December 31, 2023 |  |  | January 1, 2023 |  |  | December 31, 2023 |  |  | January 1, 2023 |  |  | December 31, 2023 |  |  | January 1, 2023 |
Net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
E-commerce |  | $ | 393,180 |  |  | $ | 435,463 |  |  | $ | - |  |  | $ | - |  |  | $ | 555,137 |  |  | $ | 593,869 |  |  | $ | - |  |  | $ | - |  |  | $ | 948,317 |  |  | $ | 1,029,332 |
Other |  |  | 3,849 |  |  |  | 3,766 |  |  |  | 56,106 |  |  |  | 66,219 |  |  |  | 82,935 |  |  |  | 102,790 |  |  |  | (103 | ) |  |  | (626 | ) |  |  | 142,787 |  |  |  | 172,149 |
Total net revenues |  | $ | 397,029 |  |  | $ | 439,229 |  |  | $ | 56,106 |  |  | $ | 66,219 |  |  | $ | 638,072 |  |  | $ | 696,659 |  |  | $ | (103 | ) |  | $ | (626 | ) |  | $ | 1,091,104 |  |  | $ | 1,201,481 |
Other revenues detail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail and other |  |  | 3,849 |  |  |  | 3,766 |  |  |  | - |  |  |  | - |  |  |  | 6,230 |  |  |  | 6,221 |  |  |  | - |  |  |  | - |  |  |  | 10,079 |  |  |  | 9,987 |
Wholesale |  |  | - |  |  |  | - |  |  |  | 20,503 |  |  |  | 25,675 |  |  |  | 76,705 |  |  |  | 96,569 |  |  |  | - |  |  |  | - |  |  |  | 97,208 |  |  |  | 122,244 |
BloomNet services |  |  | - |  |  |  | - |  |  |  | 35,603 |  |  |  | 40,544 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 35,603 |  |  |  | 40,544 |
Corporate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 549 |  |  |  | 116 |  |  |  | 549 |  |  |  | 116 |
Eliminations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (652 | ) |  |  | (742 | ) |  |  | (652 | ) |  |  | (742 | )
Total other revenues |  | $ | 3,849 |  |  | $ | 3,766 |  |  | $ | 56,106 |  |  | $ | 66,219 |  |  | $ | 82,935 |  |  | $ | 102,790 |  |  | $ | (103 | ) |  | $ | (626 | ) |  | $ | 142,787 |  |  | $ | 172,149 |

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