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Note 11 - Business Segments

9 Months Ended

Mar. 31, 2024

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								Nine Months Ended
		March 31,				April 2,				March 31,				April 2,
		2024				2023				2024				2023
		(in thousands)
Net Revenues:
Segment Net Revenues:
Consumer Floral & Gifts		$	221,207			$	233,019			$	618,236			$	672,248
BloomNet			27,314				36,968				83,420				103,187
Gourmet Foods & Gift Baskets			130,989				147,863				769,061				844,522
Corporate			167				36				716				152
Intercompany eliminations			(272	)			(320	)			(924	)			(1,062	)
Total net revenues		$	379,405			$	417,566			$	1,470,509			$	1,619,047
Operating Income:
Segment Contribution Margin:
Consumer Floral & Gifts		$	22,190			$	26,136			$	41,609			$	64,832
BloomNet			7,506				10,982				25,981				29,847
Gourmet Foods & Gift Baskets			(8,172	)			(78,480	)			98,953				26,313
Segment Contribution Margin Subtotal			21,524				(41,362	)			166,543				120,992
Corporate (a)			(36,221	)			(30,015	)			(100,221	)			(91,595	)
Depreciation and amortization			(13,232	)			(13,267	)			(40,578	)			(40,276	)
Operating income		$	(27,929	)		$	(84,644	)		$	25,744			$	(10,879	)

(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 &																Gourmet Foods &								Corporate and
		Gifts								BloomNet								Gift Baskets								Eliminations								Consolidated
		March 31, 2024				April 2, 2023				March 31, 2024				April 2, 2023				March 31, 2024				April 2, 2023				March 31, 2024				April 2, 2023				March 31, 2024				April 2, 2023
		(in thousands)
Net revenues
E-commerce		$	218,590			$	230,403			$	-			$	-			$	121,651			$	127,398			$	-			$	-			$	340,241			$	357,801
Other			2,617				2,616				27,314				36,968				9,338				20,465				(105	)			(284	)			39,164				59,765
Total net revenues		$	221,207			$	233,019			$	27,314			$	36,968			$	130,989			$	147,863			$	(105	)		$	(284	)		$	379,405			$	417,566
Other revenues detail
Retail and other			2,617				2,616				-				-				1,629				1,686				-				-				4,246				4,302
Wholesale			-				-				12,364				14,695				7,709				18,779				-				-				20,073				33,474
BloomNet services			-				-				14,950				22,273				-				-				-				-				14,950				22,273
Corporate			-				-				-				-				-				-				167				36				167				36
Eliminations			-				-				-				-				-				-				(272	)			(320	)			(272	)			(320	)
Total other revenues		$	2,617			$	2,616			$	27,314			$	36,968			$	9,338			$	20,465			$	(105	)		$	(284	)		$	39,164			$	59,765

		Nine Months Ended
		Consumer Floral &																Gourmet Foods &								Corporate and
		Gifts								BloomNet								Gift Baskets								Eliminations								Consolidated
		March 31, 2024				April 2, 2023				March 31, 2024				April 2, 2023				March 31, 2024				April 2, 2023				March 31, 2024				April 2, 2023				March 31, 2024				April 2, 2023
		(in thousands)
Net revenues
E-commerce		$	611,770			$	665,866			$	-			$	-			$	676,788			$	721,267			$	-			$	-			$	1,288,558			$	1,387,133
Other			6,466				6,382				83,420				103,187				92,273				123,255				(208	)			(910	)			181,951				231,914
Total net revenues		$	618,236			$	672,248			$	83,420			$	103,187			$	769,061			$	844,522			$	(208	)		$	(910	)		$	1,470,509			$	1,619,047
Other revenues detail
Retail and other			6,466				6,382				-				-				7,859				7,907				-				-				14,325				14,289
Wholesale			-				-				32,867				40,370				84,414				115,348				-				-				117,281				155,718
BloomNet services			-				-				50,553				62,817				-				-				-				-				50,553				62,817
Corporate			-				-				-				-				-				-				716				152				716				152
Eliminations			-				-				-				-				-				-				(924	)			(1,062	)			(924	)			(1,062	)
Total other revenues		$	6,466			$	6,382			$	83,420			$	103,187			$	92,273			$	123,255			$	(208	)		$	(910	)		$	181,951			$	231,914

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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