1-800-Flowers.Com Inc (FLWS) 2025 Q1 法說會逐字稿

Good morning and welcome to the 1-800-Flowers.com 2025 first quarter, fiscal year earnings conference call today. (Operator Instructions).

早安，歡迎參加今天的 1-800-Flowers.com 2025 年第一季財年財報電話會議。（操作員說明）。

I would now like to turn today's event over to Andy Milevoj, senior Vice President of Investor relations. Please go ahead.

我現在想將今天的活動交給投資者關係高級副總裁安迪·米萊沃伊 (Andy Milevoj)。請繼續。

Good morning and welcome to our fiscal 2025 first quarter earnings call.

早安，歡迎參加我們的 2025 財年第一季財報電話會議。

Joining us today are Jim McCann, Chairman and CEO, Tom Hartnett, President, Bill Shea, CFO and James Landrock, CAO and incoming CFO upon Bill's retirement in December.

今天加入我們的有董事長兼首席執行官 Jim McCann、總裁 Tom Hartnett、首席財務官 Bill Shea 和首席行政官 (CAO) 以及 Bill 於 12 月退休後即將上任的首席財務官 James Landrock。

Before we begin, I'd like to remind you that some of the statements we make on today's call are covered by the safe harbor disclaimer contained in our press release and public documents during this call, we will make forward-looking statements with predictions, projections and other statements about future events.

在我們開始之前，我想提醒您，我們在今天的電話會議上所做的一些陳述包含在本次電話會議期間我們的新聞稿和公開文件中包含的安全港免責聲明中，我們將做出帶有預測的前瞻性陳述，關於未來事件的預測和其他陳述。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties including those contained in our press release and public filings with the Securities and Exchange commission.

這些陳述是基於目前的預期和假設，這些預期和假設受到風險和不確定性的影響，包括我們的新聞稿和向美國證券交易委員會提交的公開文件中包含的風險和不確定性。

The company disclaims any obligation to update any of the forward-looking statements that may be made or discussed during today's call.

該公司不承擔更新今天電話會議期間可能做出或討論的任何前瞻性陳述的義務。

Additionally, we will discuss certain supplemental financial measures that were not prepared in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in the tables of our earnings release. And now I'll turn the call over to Jim.

此外，我們還將討論某些未依照公認會計準則制定的補充財務措施。這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的對帳可以在我們的收益發布表中找到。現在我將把電話轉給吉姆。

Thanks Andy and good morning, everyone this morning. I'll share my perspective on the current environment of our and our recent performance. And then I'll turn the call over to Bill and Tom who will provide the business and financial updates as we announced this morning, our first quarter performance generally came in line with our expectations.

謝謝安迪，大家早安。我將分享我對我們當前環境和我們最近表現的看法。然後我會將電話轉給比爾和湯姆，他們將提供業務和財務最新信息，正如我們今天早上宣布的那樣，我們第一季的業績總體上符合我們的預期。

We began to see slight improvement in our e-commerce revenue trends. Our gross profit margin continued to grow and through our work smarter initiatives to operate more efficiently, we reduced our operating expenses regarding the complexion of our e-commerce revenue and benefiting from our relationship innovation initiatives. Orders declined 6.5% as compared to an 11.5% decrease in the fourth quarter of fiscal '24 and a 16.1% decrease from the prior year period.

我們開始看到電子商務收入趨勢略有改善。我們的毛利率持續成長，透過我們更聰明的工作措施來更有效地運營，我們減少了與電子商務收入相關的營運費用，並從我們的關係創新舉措中受益。訂單量下降 6.5%，而 2024 財年第四季訂單量下降 11.5%，與去年同期相比下降 16.1%。

AOV declined 1.5% reflecting our plan to expand our offerings and broaden our price points.

AOV 下降 1.5%，反映出我們計劃擴大產品範圍並擴大價格點。

Additionally, several wholesale gift basket orders shifted from Q1 into Q2.

此外，一些批發禮品籃訂單從第一季轉移到第二季。

This was simply timing and we will ship and record those orders. In Q2, we've always viewed and suggested that you view our fiscal year as consisting of two halves. The first half consists of the inventory build and preparation for the holiday season that occurs during Q1 followed by the sales build leading up to the holiday during the second quarter.

這只是時間安排，我們將運送並記錄這些訂單。在第二季度，我們一直認為並建議您將我們的財政年度視為由兩半組成。上半年包括第一季的庫存建設和假期季節的準備，以及第二季假期前的銷售建設。

The second half of our fiscal year consists of the important holiday occasions including Valentine's Day, which is in Q3 and Mother's Day in Q4 in just a moment. Tom will review our Q1 performance and share our view for the second quarter.

我們財年的下半年包括重要的節日，包括第三季的情人節和第四季的母親節。湯姆將回顧我們第一季的業績並分享我們對第二季的看法。

As we turn to the holiday quarter, we expect our performance to improve especially within our gourmet foods and gift businesses. As consumers often see holiday gifting as more than an essential activity rather than a discretionary one through the relationship, innovation initiatives that we implemented over the last two years. We have expanded our offerings and broadened our price points, providing gift givers with more choices at prices that span from budget, friendly to premium.

當我們轉向假期季度時，我們預計我們的業績將會有所改善，尤其是在我們的美食和禮品業務方面。由於消費者經常將節日禮物視為一項重要活動，而不是透過關係進行的可自由支配的活動，因此我們在過去兩年中實施了創新舉措。我們擴大了我們的產品範圍並拓寬了我們的價格點，為送禮者提供了更多的選擇，價格範圍從預算、友好到優質。

We look forward to helping our customers connect and express their sentiments with the important people in their lives. And now Tom, if you'll go with the business update for us.

我們期待幫助我們的客戶與他們生活中重要的人建立聯繫並表達他們的情感。現在，湯姆，請您為我們介紹業務最新情況。

Thanks Jim and Good morning everyone this morning, I'll review our results, highlight some of our strategic initiatives that we are executing against and discuss some of the recent partnerships that we are excited about.

謝謝吉姆，大家早上好，今天早上我將回顧我們的結果，強調我們正在執行的一些戰略舉措，並討論一些我們最近感到興奮的合作夥伴關係。

As Jim highlighted our first quarter performance generally came in line with our expectations. Our consolidated Q1 revenue declined 10% essentially in line with our recent Q4 trends.

正如吉姆所強調的那樣，我們第一季的業績總體上符合我們的預期。我們第一季的綜合收入下降了 10%，與我們最近第四季的趨勢基本一致。

More specifically, our e-commerce revenue declined 8% as we saw our relationship innovation efforts which are focused on expanding our offerings and broadening our price points drive more lower AOV transactions as anticipated. This resulted in a 6.5% decline in orders and a 1.5% decline in AOV.

更具體地說，我們的電子商務收入下降了8%，因為我們看到我們的關係創新努力集中在擴大我們的產品和擴大我們的價格點，從而推動了更多較低的AOV 交易，正如預期的那樣。這導致訂單量下降 6.5%，AOV 下降 1.5%。

Now let's take a moment to discuss our segments beginning with our gourmet food and gift baskets business. During Q1, this segment's revenue declined 14.4% which was slightly higher than the 12.8% decline in Q4.

現在讓我們花點時間討論我們的細分市場，從我們的美食和禮品籃業務開始。第一季度，該部門的收入下降了 14.4%，略高於第四季度 12.8% 的降幅。

It's important to contextualize this performance. $3 million of wholesale orders shifted from Q1 to Q2, accounting for 3% of the revenue decline. These orders will be delivered and recorded during the second quarter.

將這種表現置於情境中非常重要。 300 萬美元的批發訂單從第一季轉移到第二季度，佔營收下降的 3%。這些訂單將在第二季交付並記錄。

Excluding this timing impact, our revenue trends within this segment would have improved over Q4. Turning to our relationship innovation efforts, we continue to leverage our last mile delivery capabilities to expand our same day food related offerings for customers.

排除這一時間影響，我們在該領域的收入趨勢將比第四季度有所改善。談到我們的關係創新工作，我們繼續利用我們的最後一哩交付能力來擴展我們為客戶提供的當日食品相關產品。

This perfectly illustrates how we can further leverage one of our primary differentiators and competitive advantages to offer more gifting options for same day delivery. For example, during the quarter, Cheryl's cookies expanded its selection available for same and next day delivery.

這完美地說明了我們如何進一步利用我們的主要差異化優勢和競爭優勢，為當天送達提供更多禮品選擇。例如，在本季度，謝麗爾餅乾擴大了可當天和隔天送達的選擇範圍。

This positioned us to be more competitive in their market on an everyday basis and is highly relevant. Going into Q2 as this will enable us to expand the shopping season and fulfill orders placed much closer to December 25th.

這使我們在日常市場中更具競爭力，並且具有高度相關性。進入第二季度，這將使我們能夠擴大購物季並履行更接近 12 月 25 日的訂單。

We also expanded our 1800 basket same day delivery program to more locations offering more options. This is a great solution for customers that are on a short time frame and don't have the time to preplan a gift purchase, whether it's an unexpected sympathy gift, a gift to celebrate a new baby or simply a last minute occasion, we can now help our customers express their sentiments and deliver more gifts on the same day on the same day.

我們也將 1800 籃當日送達計畫擴展到更多地點，提供更多選擇。對於時間較短且沒有時間預先計劃購買禮品的客戶來說，這是一個很好的解決方案，無論是意外的同情禮物、慶祝新生兒的禮物還是只是最後一刻的場合，我們都可以現在幫助我們的客戶表達情感，當天送出更多禮物。

During Q1, we successfully completed the integration of [SFN] Burger chocolates into Harry and David. Since we acquired [SFN] Burger, customers have been gravitating towards their baking chocolate in bars. And as we head into Q2, we are excited to launch our new box chocolate collection that we expect to be a hit for the holidays and beyond.

在第一季度，我們成功地將 [SFN] Burger 巧克力整合到 Harry 和 David 中。自從我們收購了 [SFN] Burger 以來，顧客就開始喜歡在酒吧烘焙巧克力。當我們進入第二季時，我們很高興推出新的盒裝巧克力系列，我們預計該系列將在假期及以後大受歡迎。

Our, our Harry and David brand is synonymous with holidays. And this year, we are thrilled to announce a new partnership with Macy's. We're opening six exclusive Harry and David popups shops in select Macy's stores this holiday season including their Glendale Galleria and Herald Square locations to meet the growing demand for thoughtful gourmet holiday gifts.

我們的哈利和大衛品牌是假期的代名詞。今年，我們很高興地宣布與梅西百貨建立新的合作關係。這個假期，我們將在指定的梅西百貨商店（包括格倫代爾廣場和先驅廣場店）開設六家哈利和大衛獨家快閃店，以滿足人們對貼心美食節日禮物日益增長的需求。

These shops will run from October through early January and will provide customers another avenue to engage with the Harry and David brand.

這些商店將於 10 月至 1 月初營業，將為顧客提供另一條接觸 Harry and David 品牌的途徑。

And now let's move to our consumer floral and gifts segment. Our sequential trends have improved with revenue declining 4.9% as compared with declines of 6.7% during Q4 and 12.3% a year ago. As part of our relationship innovation initiatives, we are actively pursuing and have entered into exciting partnerships to expand our customer reach and our product offerings.

現在讓我們轉向消費花卉和禮品領域。我們的環比趨勢有所改善，收入下降了 4.9%，而第四季度下降了 6.7%，一年前下降了 12.3%。作為我們關係創新計劃的一部分，我們正在積極尋求並建立令人興奮的合作夥伴關係，以擴大我們的客戶範圍和產品範圍。

During the quarter, we entered into an exciting collaboration with Loussac Fancy to launch an exclusive collection of offerings that feature their exquisite floral designs. Loussac Fancy is known for their vintage inspired hand painted floral prints.

在本季度，我們與 Loussac Fancy 進行了令人興奮的合作，推出了以精緻花卉設計為特色的獨家產品系列。Loussac Fancy 以其復古風格的手繪花卉圖案而聞名。

Customers' response to this partnership was tremendous and we quickly sold out of this floral offering. It also drove a higher percentage of new young and higher income female customers to the brand. Seeing the strong customer response, we've extended the partnership to Cheryl's cookies and are currently offering a limited time exclusive tin that is decorated in one of their magnificent rose designs.

客戶對這次合作的反應非常熱烈，我們的花卉產品很快就賣空了。它也推動了該品牌新的年輕和高收入女性顧客比例的提高。看到客戶的強烈反響，我們將合作夥伴關係擴展到了 Cheryl's 餅乾，目前提供一款限時獨家罐頭，其裝飾有他們華麗的玫瑰圖案之一。

Within our personalization businesses. We experienced good momentum in Q1 from our efforts to improve the shopping experience and to elevate the product assortment that resulted in an increased revenue gross margin and profit.

在我們的個人化業務中。我們在第一季經歷了良好的勢頭，因為我們努力改善購物體驗並豐富產品種類，從而提高了收入毛利率和利潤。

This performance was driven primarily by things remembered since acquisition has benefited from its addition to our platform and an expanded product selection that appeals to a higher income customer.

這一業績主要是由記住的事情推動的，因為收購受益於它添加到我們的平台以及吸引高收入客戶的擴大的產品選擇。

Turning to our BloomNet business revenue declined 20.1% or $5.8 million. As compared to a year ago. This included an expected decline in orders by one of our business partners who merged with a competitor. We will fully lap this impact by the end of fiscal second quarter and expect to begin to grow BloomNet revenues in the second half of this fiscal year.

談到我們的 BloomNet 業務收入，下降了 20.1%，即 580 萬美元。與一年前相比。其中包括我們的一位業務合作夥伴與競爭對手合併後訂單預計會下降。我們將在第二財季末完全消化這一影響，並預計在本財年下半年開始增加 BloomNet 收入。

As we look ahead to the rest of the fiscal year, our strategic plan and priorities have been built to sharpen our customer experiences and positioning while it's difficult to forecast when the consumer environment for discretionary spending will improve. We plan on leveraging our relationship, innovation initiatives and increasing our marketing spend to improve our revenue trends during Q2.

展望本財年剩餘時間，我們制定了策略計畫和優先事項，以提升我們的客戶體驗和定位，但很難預測可自由支配支出的消費環境何時會改善。我們計劃利用我們的關係、創新舉措和增加行銷支出來改善第二季的收入趨勢。

Additionally, as the orders have already been placed, we know that our wholesale revenues will increase by approximately $20 million over the prior year, we have improved the customer shopping experience, expanded our product range and broadened our price points to help consumers find the perfect gift for the important people in their lives.

此外，由於訂單已經下達，我們知道我們的批發收入將比上一年增加約 2000 萬美元，我們改善了客戶購物體驗，擴大了產品範圍並拓寬了價格點，以幫助消費者找到完美的產品送給生命中重要的人的禮物。

We are confident that our strategic initiatives have positioned us well to serve our customers this holiday season. Now I'll turn it over to bill for the financial review.

我們相信，我們的策略性舉措使我們能夠在這個假期為客戶提供良好的服務。現在我將把它交給帳單進行財務審查。

Thanks Tom and Good morning, everyone.

謝謝湯姆，大家早安。

During the first quarter, we experienced an improvement in the undercurrent of our ecommerce revenues which included improving trends in order count and driving sales of our lower priced items that contributed to a lower AOV our disciplined approach to managing the controllables combined with our focused execution of strategic initiatives over the past 18 months have enabled us to drive these trends and deliver Q1 results within our expectations.

在第一季度，我們的電子商務收入暗流有所改善，其中包括訂單數量趨勢的改善和低價商品的銷售增長，這有助於降低 AOV 我們管理可控因素的嚴格方法以及我們集中執行的過去18 個月的策略性舉措使我們能夠推動這些趨勢，並在我們的預期範圍內實現第一季的業績。

I am highlighting our relationship innovation and work smarter initiatives have expanded and enhanced our offerings and positioned us to operate more efficiently. Today, I want to highlight two important work streams within our work smarter efforts to operate more efficiently. Our organization has always been at the forefront of innovation and AI is no different.

我要強調的是，我們的關係創新和更明智的工作舉措擴大並增強了我們的產品，並使我們能夠更有效率地運作。今天，我想強調我們智慧工作以提高營運效率的兩個重要工作流程。我們的組織始終走在創新的前沿，人工智慧也不例外。

Over the last few years, we implemented AI within our customer service chat tool and we adopted it on our e-commerce platform to help customers better express their sentiments when they were at a loss for words, we've now taken a step further and implemented a new tool to power our customer care interactions.

過去幾年，我們在客服聊天工具中實現了人工智慧，並在電商平台上採用了人工智慧，以幫助客戶在無話可說時更好地表達自己的情緒，現在我們更進一步，實施了一個新工具來支援我們的客戶服務互動。

A new customer care platform integrates AI to improve the customer experience, increase our efficiency and reduce overall labor costs. This implementation enabled us to consolidate multiple customer care systems into one, allowing more agents to assist customers across our brands as opposed to being brand specific.

新的客戶服務平台整合了人工智慧，以改善客戶體驗、提高效率並降低整體勞動力成本。這項實施使我們能夠將多個客戶服務系統整合為一個，從而允許更多代理商為我們品牌的客戶提供幫助，而不是針對特定品牌。

Most importantly, AI will empower our agents with the customer's order information and history. As the call comes in so that the agent is better prepared to help a customer. This will create a better customer experience and enable the agent to become more efficient driving lower labor costs.

最重要的是，人工智慧將為我們的代理商提供客戶的訂單資訊和歷史記錄。當接到電話時，客服人員可以更好地準備幫助客戶。這將創造更好的客戶體驗，並使代理商變得更有效率，從而降低勞動成本。

Turning to our logistics optimization efforts during Q1, we launched an enhanced backend order management system at Harry and David that enables us to further optimize logistics through optimal lease cost routing.

談到第一季的物流優化工作，我們在 Harry and David 推出了增強的後端訂單管理系統，使我們能夠透過最佳租賃成本路線進一步優化物流。

As we move beyond the implementation phase, the new OMS system will enable us to lower fulfillment costs for Harry and David orders and now let's dive into the Q1 results.

隨著我們進入實施階段，新的 OMS 系統將使我們能夠降低 Harry 和 David 訂單的履行成本，現在讓我們深入了解第一季的結果。

As Jim and Tom highlighted our first quarter revenue declined 10% from the prior year period. This included the previously discussed timing of certain wholesale orders that shifted into the second quarter, our ecommerce revenue declined 8% in Q1 with order count down 6.5% and AOV down 1.5% as anticipated.

正如吉姆和湯姆所強調的那樣，我們第一季的營收比去年同期下降了 10%。這包括先前討論的轉移到第二季度的某些批發訂單的時間安排，我們的電子商務收入在第一季度下降了 8%，訂單數量下降了 6.5%，AOV 如預期下降了 1.5%。

For perspective, This compares to year over year order counts declining 11.5% and 16.1% during the fourth quarter and first quarter of last year respectively.

相比之下，去年第四季和第一季的訂單數量分別下降了 11.5% 和 16.1%。

This was, this was offset by a slightly stronger gross margin rate of 38.1%. And our disciplined approach to operate more efficiently that led to a $4.3 million decline in operating expenses when excluding nonrecurring charges associated with the system implementations as well as the impact of the company's nonqualified deferred compensation plan in both periods. Altogether the adversity with our loss was 27.9 million.

但這被略強的毛利率 38.1% 所抵銷。我們採取嚴格的方法來提高營運效率，在排除與系統實施相關的一次性費用以及公司在這兩個時期的不合格遞延薪酬計劃的影響時，營運費用減少了 430 萬美元。我們總共損失了 2790 萬美元。

Now let's review our segment results. Our gourmet food and gift basket revenues declined 14.4% from the prior period to 84 million. This decline reflects the timing of approximately $3 million of wholesale orders which shifted from the first quarter into the second quarter.

現在讓我們回顧一下我們的細分結果。我們的美食和禮品籃收入較上期下降 14.4% 至 8,400 萬。這一下降反映了約 300 萬美元批發訂單的時間從第一季轉移到了第二季。

Revenues were also impacted by the implementation of the new order management system profit margin increased 50 basis points to 32%. Benefiting from the company's inventory optimization efforts and a decline in certain commodity costs.

收入也受到新訂單管理系統實施的影響，利潤率提高了 50 個基點，達到 32%。受惠於公司庫存優化力度以及部分商品成本下降。

As a result, the adjusted segment contribution margin loss was 11.3 million as compared to a loss of 11 million in the prior year period. In our consumer flaw and gift segment revenues declined 4.9% from the prior year period to 135.2 million profit margin increased 30 basis points the 39.9%.

因此，調整後的分部貢獻邊際損失為 1,130 萬美元，而去年同期為 1,100 萬美元。在我們的消費缺陷和禮品部門，營收較上年同期下降 4.9%，至 1.352 億美元，利潤率提高 30 個基點，達到 39.9%。

This quarter, we strategically invested in a range of marketing channels to test different aspects of the sales funnel in preparation for the holiday season altogether. This resulted in segment contribution margin of 4.9 million compared with 8.8 million in the prior year period.

本季度，我們策略性地投資了一系列行銷管道，以測試銷售管道的不同方面，為假期做好準備。這導致分部貢獻利潤率為 490 萬美元，而去年同期為 880 萬美元。

In our BloomNet segment revenues declined 20.1% to 23.1 million. As Tom mentioned, this included an expected decline in orders by one of our business partners who merged with a competitor. We will fully lap this impact at the end of the fiscal second quarter and expect BloomNet revenues to begin to grow in the second half of the fiscal year.

我們的 BloomNet 部門收入下降 20.1% 至 2,310 萬。正如湯姆所提到的，這包括我們的一位業務合作夥伴與競爭對手合併後預計訂單量下降。我們將在第二財季末完全消化這一影響，並預計 BloomNet 收入將在本財年下半年開始成長。

Most profit margin decreased 20 basis points to 50% due to deleveraging on the lowest sales volume. As a result, segment contribution margin was 6.8 million compared with 9.4 million in the prior year period. Turning to our balance sheet, our cash and investment position was 8.4 million at the end of the first quarter, which is seasonally low as we prepare for the holiday period.

由於最低銷量的去槓桿化，大多數利潤率下降了20個基點至50%。因此，分部邊際貢獻率為 680 萬美元，而上年同期為 940 萬美元。轉向我們的資產負債表，第一季末我們的現金和投資頭寸為 840 萬美元，在我們為假期做準備時處於季節性較低水平。

Inventory was 275.3 million compared with inventory of 280.6 million at the end of the same time last year, benefiting from a component of the works Water initiative that is focused on operating more efficiently with lower inventory.

庫存為 2.753 億，而去年同期年底的庫存為 2.806 億，這得益於工程水計劃的一個組成部分，該計劃的重點是提高營運效率並降低庫存。

Our total debt was 232.5 million essentially flat as compared with the prior year. We had 187.5 million in term debt and borrowings of 45 million under our revolving credit facility in preparation for the upcoming holiday season, we expect borrowings under the revolver to be fully repaid during the fiscal second quarter.

我們的總債務為 2.325 億美元，與上年基本持平。我們的循環信貸安排下有 1.875 億美元的定期債務和 4500 萬美元的借款，為即將到來的假期做準備，我們預計循環信貸下的借款將在第二財季期間全額償還。

Providing guidance for fiscal 2025 continue to expect total revenues on a percentage basis to be in a range of flat to a decline in the mid-single digits as compared to the prior year adjusted EBITDA to be in the range of 85 to 95 million and free cash flow to be in the range of 45 to 55 million.

為 2025 財年提供指導，繼續預計總收入按百分比計算將與上一年相比持平至中個位數下降，調整後的 EBITDA 將在 85 至 9500 萬美元之間，並且免費現金流量在45至5500萬之間。

Now I'll turn the call back to Jim for his closing comments before we open it up for Q&A.

現在，在我們開始問答之前，我將把電話轉回給吉姆，聽取他的結束語。

Thanks Bill. In summary, our first quarter performance generally came in line with our expectations in this still uncertain consumer environment. We are encouraged by the undercurrents and our e-commerce trends as we move closer to the holiday season and the orders for our wholesale business are higher than they were a year ago, which will be booked during this second quarter.

謝謝比爾。總而言之，在這個仍然不確定的消費環境中，我們第一季的業績大致上符合我們的預期。隨著假期的臨近，我們對暗流和電子商務趨勢感到鼓舞，我們的批發業務訂單比一年前要高，這些訂單將在第二季預訂。

Customers generally view holiday gifting as more of a necessity. And we have expanded our breadth of products and our price points to offer them an even greater array of thoughtful gifts for everyone on the holiday list.

顧客普遍認為節日禮物較為必要。我們也擴大了產品範圍和價位，為假期清單上的每個人提供更多貼心的禮物。

Before we move to the Q&A session, I want to take a moment to acknowledge and celebrate our incredible team members whose hard work and dedication have been instrumental in earning us the recognition as one of America's most admired workplaces by Newsweek.

在進入問答環節之前，我想花點時間向我們出色的團隊成員致謝和慶祝，他們的辛勤工作和奉獻精神使我們被《新聞周刊》評為美國最受尊敬的工作場所之一。

This prestigious accolade reflects not only our commitment to fostering a supportive and innovative workplace but also the incredible dedication of our team members being named among the top companies in this category is a testament to the culture we have built together. Thank you for being an essential part of our journey and helping us to deliver smiles every day. And now for a Q&A operator, please.

這項享有盛譽的榮譽不僅反映了我們對培育支持性和創新型工作場所的承諾，而且還體現了我們團隊成員令人難以置信的奉獻精神，被評為此類頂級公司，這證明了我們共同建立的文化。感謝您成為我們旅程中重要的一部分，並幫助我們每天傳遞微笑。現在請問答操作員發言。

Thank you. We will now begin the question-and-answer session (Operator Instructions)

謝謝。我們現在開始問答環節（操作員說明）

And today's first question comes from Alex Furman with Craig Hallam. Please proceed.

今天的第一個問題來自 Alex Furman 和 Craig Hallam。請繼續。

Hey guys. Thanks very much for taking my question. You know, I wanted to ask about same day delivery. It seems like this is something you guys have been investing quite a bit in ahead of this holiday season. Can you talk about how much of your business in the past during peaks have been same day delivery and, and you know, what are you expecting this holiday season? I guess in terms of same day delivery utilization and, and what that could do to your margins?

嘿夥計們。非常感謝您提出我的問題。你知道，我想問一下當天送達的情況。看來你們在這個假期之前已經在這方面投入了大量資金。您能否談談過去高峰期間您的業務有多少是當日送達，以及您對這個假期有何期待？我想就當天交貨利用率而言，這會對您的利潤產生什麼影響？

Thanks. Thanks for your question. The answer is on the on the floral side, it's always been an important part of our business and depending on the seasonal range, 30% to 40% of our business will be the same day on the on the flower side, on the non-floral side almost none of our business historically has been the same day.

謝謝。謝謝你的提問。答案是在花藝方面，它一直是我們業務的重要組成部分，根據季節範圍，我們 30% 到 40% 的業務將在花藝方面當天完成，而在非花藝方面，我們的業務將在同一天完成。花卉方面，我們歷史上幾乎沒有一項業務是在同一天進行的。

So what we're doing is leveraging the infrastructure that we've built over the years on the flower side of the business to on a slow but sure pace to introduce more and more of the products that we have that are great gifting products. For example, our Cheryl's Cookie products, which are a great gift at the right price point and just put smiles on faces every day.

因此，我們正在做的是利用我們多年來在花卉業務方面建立的基礎設施，以緩慢但堅定的步伐推出越來越多的優質禮品產品。例如，我們的 Cheryl's Cookie 產品是價格合適的絕佳禮物，讓您每天都面帶微笑。

We've introduced a limited collection of those products into a portion of our same day network. Tom, Would you want to give a little bit more color on what the plan is in terms of rolling of the products you mentioned in your remarks the same day having to give back the program.

我們已將這些產品的有限集合引入我們當日網路的一部分。湯姆，您想就滾動您在發言中提到的產品當天必須歸還該計劃方面的計劃提供更多信息嗎？

Yeah, so we're Alex, We're continuing to look at products within the Food Group's portfolio that we can leverage for same day delivery. We mentioned Cheryl's cookies and we're expanding the products there were introduced several of the Harry and David's gift baskets lines and, and we're rolling those out kind of across the country as we have the capabilities in, in market.

是的，我們是亞歷克斯，我們正在繼續尋找食品集團產品組合中的產品，我們可以利用這些產品來實現當日送達。我們提到了謝麗爾的餅乾，我們正在擴大產品範圍，推出了哈利和大衛的幾個禮物籃系列，而且我們正在全國範圍內推廣這些產品，因為我們有市場能力。

So this, this will be something that will be after for, this is a program that is something that will be after for the next couple of years as we continue to build out our capabilities on replenishment and expand many of those products from the, from our food brand. This what we're saying is we've seen the success of this on our floral side. And, and we see this ample opportunity for same day for the rest of our business.

因此，這將是我們接下來幾年要追求的計劃，因為我們將繼續增強我們的補貨能力，並從以下方面擴展許多此類產品：我們的食品品牌。我們想說的是，我們已經在花卉方面看到了成功。而且，我們在同一天為我們的其餘業務看到了充足的機會。

And it's a way to leverage to the unique fulfillment we have Alex with our retail floral partners. So giving them the opportunity to, to up their capabilities in terms of refrigeration capacity, freezer capacity and so in select markets, as we predict the demand would be strongest, we've been introducing these products and it's been really well received by our floral partners and of course, by our consumers.

這是一種利用亞歷克斯與我們的零售花卉合作夥伴實現獨特成就的方式。因此，讓他們有機會在選定的市場中提高製冷能力、冷凍能力等方面的能力，正如我們預測的需求將是最強勁的那樣，我們一直在推出這些產品，並且受到我們花卉的熱烈歡迎。合作夥伴，當然還有我們的消費者。

It's already been successful with us on chocolate covered strawberries through Shari's berries as well.

我們在巧克力草莓和莎莉漿果方面已經取得了成功。

I know lubrication.

我知道潤滑。

Okay. That's, that's really helpful guys. Appreciate the thorough explanation. And then if I could just ask one more, it sounds like you're expecting revenue trends to improve as you start to spend a little bit more on marketing, going into the holidays. Can you talk about where those dollars are going to go? Is it pretty similar to what you've done for past holiday marketing campaigns?

好的。那是，這真的很有幫助。感謝詳盡的解釋。然後，如果我能再問一個問題的話，聽起來你預計收入趨勢會隨著你開始在行銷上花更多的錢，進入假期而改善。您能談談這些美元將去往何處嗎？這與您過去的節日行銷活動非常相似嗎？

I'll start and ask Tom to give you some of the specifics there, Alex, but in general, two things, one is, we kept some powder dry to make sure we had it available for this important holiday season. Number one, number two, as Bill mentioned in his remarks, we think the spend in this quarter which is all around Thanksgiving and Christmas is a little less discretion and everyday business because people feel like they have to and want to buy a gift.

我將首先請湯姆向您提供一些具體信息，亞歷克斯，但總的來說，有兩件事，一是，我們保留了一些乾燥的粉末，以確保我們在這個重要的假期季節可以使用它。第一，第二，正如比爾在演講中提到的那樣，我們認為本季感恩節和聖誕節前後的支出不太自由裁量權和日常業務，因為人們覺得他們必須並且想要購買禮物。

Whereas if they had a choice to buy something on a spur of the moment nonholiday, they might have in the past, in this past couple of years passed on that we think less discretionary when there's a specific calendar gifting occasion. Tom a little color on.

然而，如果他們可以選擇在非假日期間一時衝動購買一些東西，他們可能會在過去，在過去的幾年裡，當有特定的日曆送禮場合時，我們認為不那麼隨意。湯姆有點顏色了。

It will be similar to prior years. I mean, obviously we're, are, deploying dollars in, in top, mid and bottom of the funnel activities. And you know, I think the most important thing we focus on is making sure those dollars are relatively flexible. So that, you know, with, within the period, we can, we can redeploy and ship dollars pretty quickly. So we're, we're constantly looking at the returns on, on, on that those efforts.

這將與前幾年類似。我的意思是，顯然我們正在，正在，在漏斗活動的頂部、中部和底部部署資金。你知道，我認為我們關注的最重要的事情是確保這些美元相對靈活。所以，你知道，在這段時間內，我們可以很快地重新部署和運送美元。所以我們一直在關注這些努力的回報。

Here and now and also just to you and on Jim's point of, you know, discretionary at holiday time versus, you know, you know, versus every day, you know, sequentially, we always move better from Q1 into Q2 like a year ago or ecommerce. Numbers in Q1 were down, you know, 12% in Q2, they were down 6%. So just naturally, you know, improves as we get towards the, you know, the holidays.

在這裡，現在，也只是對你來說，吉姆的觀點是，你知道，假期時的自由裁量權與你知道的，你知道的，與每天相比，你知道，依次，我們總是像一年前一樣從第一季進入第二季更好或電子商務。第一季的數字下降了，你知道，第二季下降了 12%，第二季下降了 6%。所以，當我們接近假期時，你知道，自然而然地就會有所改善。

Okay. That's, that's really helpful guys. Thank you very much.

好的。那是，這真的很有幫助。非常感謝。

And the next question comes from [Andy] Lebiedzinski with Sidoti and company, please proceed.

下一個問題來自 [Andy] Lebiedzinski 和 Sidoti 等人，請繼續。

Good morning and thank you for taking the questions. So I, I just, first I just wanted to follow up on the same day delivery markets.

早上好，感謝您提出問題。所以我，我只是，首先我只是想跟進當日交貨市場。

So, so can you just maybe go over like how, how many markets or what percentage of your markets you're able to actually deliver a non-floral gifts and kind of what's the expectation for the holiday season, whether that's going to change much from where it is right now and then I have a couple of other questions if I could.

那麼，您是否可以回顧一下，您能夠實際交付非鮮花禮物的方式、市場數量或市場百分比，以及對節日季節的期望是什麼，這是否會發生很大變化從現在的情況來看，如果可以的話，我還有其他幾個問題。

Thanks Anthony. Your answer to this question, it's a very small percentage of our non-floral package gifts business. Cheryl's, Harry and David popcorn chocolates. Very small percentage is available now for same day, what we're rolling it out markets, as Tom said, based on our capabilities, our partners' capabilities to do the last mile fulfillment and anticipated demand.

謝謝安東尼。您對這個問題的回答是，這僅占我們非鮮花包裝禮品業務的一小部分。謝麗爾、哈利和大衛的爆米花巧克力。正如湯姆所說，根據我們的能力、我們的合作夥伴完成最後一哩路履行的能力和預期需求，現在當天可用的比例非常小。

This is something we'll be doing as Bill said for the next few years, rolling this out, but it's already beginning to make an impact because Cheryl's business is doing better because, you know, up until this past year, they didn't have sinnry availability. But with all the different infrastructure options we've developed to do exactly that the last day, it's, it's had the biggest impact so far on that brand.

這是我們將在接下來的幾年裡做的事情，正如比爾所說，推出這一項目，但它已經開始產生影響，因為謝麗爾的業務做得更好，因為，你知道，直到去年，他們還沒有有可用空間。但是，透過我們在最後一天開發的所有不同的基礎設施選項來做到這一點，到目前為止，它對該品牌產生了最大的影響。

Harry and David's been much newer, but with a large customer base of that brand and a terrific set of products, they have particularly around people wanting to express themselves on holiday occasions and on sympathy occasions, we'd expect it'll have a big impact on Harry and David's business in the next year or two.

哈利和大衛是一個較新的品牌，但憑藉該品牌龐大的客戶群和一系列出色的產品，他們特別適合那些想要在節日場合和慰問場合表達自己的人，我們預計它將有一個很大的市場對哈利和大衛未來一兩年的生意產生影響。

That's very helpful color. Jim. And then, you know, in terms of the AOV, so you, you guys have talked a lot over the last few quarters about the offering more multi branded bundles. Obviously, this quarter, the AOV came down because of a, a broader price point.

這是非常有用的顏色。吉姆.然後，你知道，就 AOV 而言，你們在過去幾季裡談論了很多關於提供更多多品牌捆綁包的事情。顯然，本季 AOV 下降是因為價格點更廣泛。

But as far as the, the, the bundles themselves, are you still seeing customers gravitate towards those? And whether anything has changed from your thinking about those?

但就捆綁本身而言，您是否仍然看到客戶被這些捆綁所吸引？您對這些的看法是否改變了？

No, we're, we haven't seen anything change, Anthony, the, the excitement we have around when we create bundles in the, in the, in the, in the product assortment, you know, we see the, the efficiency of those products, the conversion of those products and it is a big focus of the team, the merchandizing team to create more bundles and, and the around that. So, it, it gets delivered as, as one complete gift package.

不，我們，我們沒有看到任何變化，安東尼，當我們在產品分類中創建捆綁包時，我們感到興奮，你知道，我們看到了效率這些產品的轉化，這些產品的轉化是團隊、銷售團隊的一大重點，以創造更多的捆綁銷售，以及圍繞這一點。所以，它作為一個完整的禮品包交付。

Got you. Okay. And then lastly, for me, you know, in terms of the system implementation costs that you guys talked about impacting the quarter here. Was this isolated to the September quarter or do you think some of this may be, it may spill over to future quarters? Just wanted to get a sense of that.

明白你了。好的。最後，對我來說，你們知道，就你們所說的影響本季的系統實施成本而言。這是9月季度的孤立事件嗎？只是想了解一下。

Yeah, there were two, you know, kind of large implementations. We've been, you know, we've been working on the new order management system, you know, for Harry and David that is, you know, that is behind us, those implementation costs are behind us on the service center, you know, platform where we've combined all the systems into one.

是的，有兩個大型實施。我們一直在為哈利和大衛開發新的訂單管理系統，你知道，這已經在我們身後了，那些實施成本已經在我們的服務中心後面了，你知道，我們將所有系統整合為一個平​​台。

Ultimately, we're going to, you know, save money and we are saving money on, on some licenses as we're moving as we're eliminating those, those other platforms, but we still have a double up for the first six months of the year so that we have one more quarter of a double up of license fees.

最終，我們會，你知道，省錢，我們正在一些許可證上省錢，因為我們正在消除那些其他平台，但我們仍然有前六個許可證的雙倍優惠一年中的幾個月，這樣我們的許可費就多了四分之一。

with that said, it's going to lead to, you know, more efficient, enable the agents to be more efficient, which is going to save, you know, save dollars on, on labor, going, you know, going forward and, and ultimately provide a better customer experience.

話雖如此，這將導致，你知道，更高效，使代理人更有效率，這將節省，你知道，節省勞動力，繼續，你知道，繼續前進，並且，最終提供更好的客戶體驗。

So quarter over quarter this, over next year's quarter, several million dollars in license savings. We anticipate customer serving the customer to improve from good to even better and as Bill said, with the new technology in place and, and trust me cutting over systems that have been developed over decades has been painful and fatiguing in terms of all the time that's been put into it.

因此，本季與明年季度相比，許可證節省了數百萬美元。我們期望為客戶服務的客戶能夠從良好改進到更好，正如比爾所說，隨著新技術的到位，相信我，切換已經開發了幾十年的系統一直是痛苦和疲勞的。

But the outcome, we're already quite happy to see the benefit in terms of how we are able to serve our customers and to do it more efficiently.

但結果是，我們已經很高興看到我們能夠為客戶提供服務並更有效率地服務所帶來的好處。

That that all sounds great. Well, thank you very much and best of luck. Thank you.

這一切聽起來都很棒。嗯，非常感謝你，祝你好運。謝謝。

Our next question is from Michael Kupinski with Noble Capital Markets. Please proceed.

我們的下一個問題來自 Noble Capital Markets 的 Michael Kupinski。請繼續。

Thank you and thanks for taking my questions. Just a couple here as you kind of head into the holiday season and I noted that you made comments about your higher end customers in the past and I was wondering if your higher end customers continue to spend, are they still the key revenue driver versus the lower end customers?

謝謝您並感謝您回答我的問題。當您即將進入假期時，我注意到您過去對高端客戶發表了評論，我想知道您的高端客戶是否繼續消費，他們是否仍然是關鍵的收入驅動因素？

And then with your, I guess your shift towards lower end price points. Can you talk a little bit about how the lower end customers are influencing your revenue going forward? And in terms of your guidance, do you believe that the biggest risk to your full year revenue guidance? Would that be persistent inflation or, or what do you think is affecting the consumer buying behavior overall?

然後，我猜你會轉向較低的最終價格點。您能談談低端客戶如何影響您未來的收入嗎？就您的指導而言，您認為全年收入指導面臨的最大風險是什麼？這是否是持續的通貨膨脹，或者您認為什麼正在影響消費者的整體購買行為？

Do you want to try.

你想嘗試嗎？

Michael? I mean, we have talked about the affluent consumer and you kind of the upper end of our customer file continuing to perform well and as Tom was describing those bundled products and to continue to offer a broader selection of higher price items that that consumer is going to continue to you know, wants and will continue to buy what we saw in the first quarter and what we've been efforting is also, you know, coordinating the offerings at the lower price point items to stimulate the less affluent consumer that has been sitting on the sidelines and we've seen some success, you know, some success there.

麥可？我的意思是，我們已經討論過富裕的消費者，我們客戶檔案中的高端消費者繼續表現良好，正如湯姆所描述的那樣，這些捆綁產品並繼續提供該消費者想要的更廣泛的高價商品選擇繼續你知道，想要並將繼續購買我們在第一季度看到的東西，你知道，我們一直在努力協調較低價格點的產品，以刺激不太富裕的消費者坐在場邊，我們看到了一些成功，你知道，那裡取得了一些成功。

And so that I think we, you know, that should continue as we go towards the, you know, the holiday season, you know, from inflation and, and everything, you know, obviously the economy, we've been operating in a, in a difficult macro environment for several, you know, for several years now.

因此，我認為我們，你知道，隨著我們走向假期，你知道，從通貨膨脹和一切，你知道，顯然是經濟，我們一直在一個，幾年來，一直處於困難的宏觀環境中。

I mean, the good news is the most recent, you know, you know, data, whether, you know, you know, whether it's the jobs, data, inflation, you know, inflation, data or consumer confidence, you know, that that's come out just this week, all positives as we're heading into the holiday season. So hopefully that and gas prices are, you know, are, are lower. So, all those things are positive as we head towards the holiday season.

我的意思是，好消息是最新的，你知道，你知道，數據，無論是就業，數據，通貨膨脹，你知道，通貨膨脹，數據還是消費者信心，你知道，本週剛剛公佈，隨著我們即將進入假期，一切都是正面的。因此，希望天然氣價格能夠降低。因此，當我們即將迎來假期時，所有這些事情都是積極的。

Got you Michael just to.

讓你麥可來。

Add Tom. I think, you know, when we're as we're expanding our price points. And I'm not saying this is a perfect execution here, but we are very much targeting different customer segments with different price points. So, it isn't just like we're expanding every everything across the board. It it's it is a targeted approach.

添加湯姆。我想，你知道，當我們擴大價格點時。我並不是說這是一個完美的執行，但我們非常針對具有不同價格點的不同客戶群。所以，這不僅僅是我們全面擴展一切。這是一種有針對性的方法。

Got you. And on the commodity side, any updates on the cocoa, cost outlook and are there any particular other commodity costs that are a little stubborn right now that you believe could wane and, you know, provide some lift to your gross margins.

明白你了。在商品方面，可可的任何更新、成本前景以及目前是否有任何其他商品成本有點頑固，您認為這些成本可能會減弱，而且您知道，這會為您的毛利率帶來一些提升。

Yeah, you know, as we've mentioned, you know, in the past, with Coco, we've kind of locked in pricing for not only for this holiday season but also through actually next holiday season at prices that are above what we historically paid for, but well below where the overall market, you know, has been, you know, the market has been coming down in, in the cocoa market, but it's, it's still higher than, you know, historical, you know, historical norms.

是的，你知道，正如我們所提到的，你知道，在過去，與 Coco 一起，我們不僅鎖定了這個假期的定價，而且實際上鎖定了下一個假期的價格，價格高於我們的價格歷史上支付的價格，但遠低於整體市場的水平，你知道，可可市場一直在下跌，但它仍然高於，你知道，歷史的，你知道的，歷史規範。

And keep in mind, Michael, the big usage of those commodities are in the first, the first half of the year because it's, they are so heavily used in our holiday gift assortment at Harry and David and Cheryl's. eggs, for example, have been something that moderated some but still higher than traditionally.

請記住，邁克爾，這些商品的大量使用是在今年上半年，因為它們在哈利、大衛和謝麗爾的節日禮物分類中被大量使用。例如，雞蛋的含量有所下降，但仍高於傳統水平。

So we think that the trend is all in all of those categories moderating and the benefits won't be seen until next fiscal year because we've already done a big spend. But as Bill said, well, we feel comfortable that we're locked in on the cocoa side of things through the next holiday season. But we hope in that time that the overall price situation moderates so that when we're renewing, it's at attractive rates.

因此，我們認為所有這些類別的趨勢都在放緩，而且要到下個財年才能看到好處，因為我們已經投入了大量資金。但正如比爾所說，我們感到很放心，因為我們在下一個假期期間一直專注於可可方面。但我們希望屆時整體價格情勢會有所緩和，以便我們在續訂時獲得有吸引力的價格。

Thanks for that color. And just my final question is on BloomNet, I know, in the past, you managed the number of floral shops in your network. Can you kind of provide some color in the trends of, of that? I know you've been affected by a merger with your competitor, but I'm seeing just generally how we should look for the number of, of whether or not shops are will be increasing, especially as you lap that, that merger with the competitor.

謝謝那個顏色。我的最後一個問題是關於 BloomNet，我知道，過去，您管理網路中花店的數量。您能否提供一些有關該趨勢的資訊？我知道你受到了與競爭對手合併的影響，但我一般認為我們應該如何尋找商店的數量是否會增加，特別是當你這樣做時，與競爭對手的合併競爭者。

The number of shops Tom will give you more color on this. But the number of shops have stayed steady for us. The depth of the relationship is improving. That is as we offer more opportunities for more involvement across the breadth of gift product offerings we always lead with. Let's do, let's give the opportunity to our retail floral partners first.

湯姆的商店數量會給你更多的色彩。但我們的商店數量保持穩定。關係的深度正在改善。也就是說，我們提供了更多機會讓人們更多地參與我們始終領先的禮品產品範圍。咱們先把機會給我們的零售花卉夥伴。

I think that's recognized and appreciated and now having especially with us adding the Harry and David product that the Shari's Berry product. Keep in mind when we bought the Shari's Berry's intellectual property a few years ago, none of that business was fulfilled by florist.

我認為這一點得到了認可和讚賞，現在特別是我們將哈利和大衛產品添加到莎莉的漿果產品中。請記住，幾年前我們購買 Shari's Berry 的知識產權時，所有業務都不是由花店完成的。

When we bought it, we converted it to our model and all of that business is fulfilled in market, not by our own, not in our own company owned facilities. So that boosted our relationship with our, our retail flow partners and our gourmet our gourmet network partners so that the, the number states that the relationship is developing anything else do you think.

當我們購買它時，我們將其轉換為我們的模型，所有這些業務都是在市場上完成的，而不是由我們自己完成，而不是在我們自己公司擁有的設施中完成。因此，這促進了我們與我們的零售流程合作夥伴以及我們的美食網絡合作夥伴的關係，因此，數字表明這種關係正在發展您認為的其他任何東西。

I Think, you know, just to layer on that, it is the number is stable. You know, we, we continue to think just like our, our card Isle program, which was has been a huge hit with our, our local floor. So they can, they can, you know, print, you know, gifting cards locally now and obviously those are attached to our orders, but also for the benefit of their shops.

我認為，你知道，就這一點而言，數字是穩定的。你知道，我們繼續像我們的卡島計劃一樣思考，該計劃在我們當地的樓層中受到了巨大的打擊。所以他們可以，你知道，現在可以在本地列印禮品卡，顯然這些禮品卡附在我們的訂單上，但也是為了他們商店的利益。

So we just continue to add value to those our relationships which keeps, keeps that number steady and, and we do expect as, as we last a year, we, we probably will see a little bit of a bump up as we move forward in membership.

因此，我們只是繼續為我們的關係增加價值，使這個數字保持穩定，而且我們確實預計，隨著我們過去一年的發展，我們可能會看到隨著我們在會員資格。

Yeah, just a reminder, Michael.

是的，只是提醒一下，麥可。

Our goal isn't to grow the network. It's to always be investing in the quality of our partners, right?

我們的目標不是發展網絡。我們要始終投資於我們合作夥伴的質量，對吧？

But just as a reminder, Michael, you know, we do lap that, that lost volume from, you know, from a competitor at the end of the second quarter. So, you know, the third and fourth quarter of this year will be on kind of a, you know, kind of a steady stream and we do expect BloomNet to grow the second half of the year.

但只是提醒一下，邁克爾，你知道，我們確實做到了這一點，你知道，在第二季末，競爭對手的銷量有所下降。所以，你知道，今年第三季和第四季將會是一種穩定的成長，我們確實預期 BloomNet 將在今年下半年成長。

Right? Great. That's all I have. Thank you.

正確的？偉大的。這就是我所擁有的一切。謝謝。

Thank you, Michael.

謝謝你，麥可。

The next question comes from Linda Bolton Weiser with D.A Davidson.

下一個問題來自 Linda Bolton Weiser 和 D.A Davidson。

Yes. Hi, good morning. Hi. So, I was wondering, just a little bit more on the cadence of revenue performance through the year. You know, being that second quarter is your big seasonal quarter, I would expect that the year over year revenue would have to be at least in line with the guidance for the year of flat to download single digit. Would that be a fair assumption then for second quarter on revenue?

是的。嗨，早安。你好。所以，我想知道更多一點關於全年收入表現的節奏。您知道，由於第二季度是您的重要季節性季度，因此我預計同比收入必須至少符合當年單位下載個位數的指導。那麼對於第二季的營收來說，這是一個合理的假設嗎？

Yes, Linda, you know, we, you know, we expect continuing improving trends in our you know, from a revenue standpoint.

是的，琳達，你知道，我們，你知道，從收入的角度來看，我們預期我們的趨勢將持續改善。

So, you know, as I mentioned, you know, before, you know, we're seeing some, you know, momentum in better trends on the ecommerce side of the business, you saw the transaction, you know, counts were down 6.5% in the first, you know, in the first quarter. You know, that's, and last year, yeah, that's an improvement over, you know, 11.5% in the fourth quarter of last year and 16%. In the first quarter last year.

所以，你知道，正如我所提到的，你知道，之前，你知道，我們在電子商務方面看到了一些更好趨勢的勢頭，你看到了交易，你知道，計數下降了 6.5你知道，第一季度的百分比。你知道，去年，是的，這比去年第四季的 11.5% 和 16% 有所改善。去年第一季。

Generally speaking, sequentially, we improve as we get closer to the holiday that, you know, again, E-commerce revenues last year went from 12% down in the first quarter to 6% down you know, in the second quarter wholesale last year, you know, it was a tailwind in the second quarter, we were down $20 million year over year, in the second quarter last year, this year, we're going to be up $20 million right.

一般來說，隨著假期的臨近，我們的業績會有所改善，去年的電子商務收入從第一季度的 12% 下降到去年第二季度的批發收入 6%你知道，這是第二季度的順風車，我們年減了2,000 萬美元，去年第二季度，今年我們將增加2,000 萬美元。

So that's going to, you know, that's going to be a natural, you know, you know, tailwind for us. So, we feel comfortable that the, there'll be significant improvement in the revenue trends in the, in the second quarter.

所以這對我們來說將是一種自然的順風。因此，我們對第二季的營收趨勢將出現顯著改善感到放心。

Okay. And then I was curious too about what you're seeing with media rate. I know you do mostly digital but just in general with the election situation, are you seeing elevated media rates in, in the December quarter.

好的。然後我也很好奇你所看到的媒體速率。我知道你們主要做數位媒體，但總的來說，就選舉情況而言，你們是否看到 12 月季度的媒體費率有所上升。

Linda its Jim. Yes, it's media is more expensive. The election does have a big, big impact on what we pay for things both digitally and in traditional media lines.

琳達是吉姆。是的，它的媒體比較貴。這次選舉確實對我們在數位媒體和傳統媒體領域的支付費用產生了巨大的影響。

As you would expect, Linda, it, we're, we are seeing that in the environment. We've seen that for the last month, we are expecting that some of that will moderate as we get past the election.

正如你所期望的，琳達，我們正在環境中看到這一點。我們在上個月已經看到，隨著選舉結束，我們預計其中一些情況將會有所緩解。

Okay

好的

You know, with the second quarter, you know, so much of the demand, you know, for the second quarter does come from that Thanksgiving through you know, Christmas holiday. So, there is, you know, there is some time to recover from the election time frame to you know, to the big the big demand days.

你知道，第二季度的大部分需求確實來自感恩節到聖誕節假期。所以，你知道，有一些時間可以從選舉時間框架中恢復到大需求的日子。

Right? Got you. And then finally my question about the, the Harry and David pop up at Macy's, I'm just curious, are you flirting with the idea of getting back into brick and mortar retail from the company owned perspective or is just this purely this pop up idea and it's not going to expand into anything else Brick and mortar Just curious about that. Thanks.

正確的？明白你了。最後我的問題是，梅西百貨的哈利和大衛突然出現，我只是好奇，你是否有從公司擁有的角度重返實體零售的想法，或者只是純粹的突然出現想法，它不會擴展到任何其他實體只是對此感到好奇。謝謝。

Thanks Linda. This Jim II, I spent some time at the holiday store we opened in Herald Square at Macy's yesterday. It looks fantastic. It had a good buzz about it. It's on the eighth floor which sounds like it's off the beaten path, which of course it is.

謝謝琳達。這位吉姆二世，我昨天在梅西百貨先驅廣場開設的假日商店待了一段時間。看起來棒極了。它引起了熱烈的討論。它位於八樓，聽起來像是一個僻靜的地方，當然確實如此。

But that Macy's store is a, is a Marvel and it was good traffic in the store yesterday, excited customers. And then in a couple of weeks when they open up the Santa's workshop, you almost have to walk through our holiday store to get to Santa's workshop.

但是梅西百貨是漫威商店，昨天店裡人潮很大，顧客很興奮。然後幾週後，當他們開放聖誕老人工作室時，您幾乎必須穿過我們的假期商店才能到達聖誕老人工作室。

It's great positioning. So it was, it was good yesterday, it was busy. I love the way it looks. So, I'm going to tell you that in answer to the second part of your question. I, I'm a retailer. I've always liked retail. I think I, I think it plays a role in our mix, whether we do that company owned, whether we do with franchisees.

這是一個很棒的定位。原來如此，昨天還好，很忙。我喜歡它的樣子。因此，我將在回答您問題的第二部分時告訴您這一點。我，我是零售商。我一直很喜歡零售。我認為我認為它在我們的組合中發揮作用，無論我們是否擁有該公司，無論我們是否與特許經營商合作。

This is a good first step to get back into the holiday store business, which used to be quite important to us. And these six stores that we've opened up now, three in California, three in New York in partnership with Macy's.

這是重返假日商店業務的良好第一步，這對我們來說曾經非常重要。我們現在開設了六家商店，其中三家在加州，三家在紐約與梅西百貨合作。

I'm very excited about, I'd expect that will continue to grow. We had some dialogue yesterday with other store managers who were in town who asked, could they get in the queue for us to open in their stores? It was, I was, I was all buzzed yesterday about how good the store looks, how the traffic was, how the interaction with customers was going.

我非常興奮，我預計這一數字將繼續增長。昨天我們與鎮上的其他商店經理進行了一些對話，他們問，他們可以排隊等待我們在他們的商店開業嗎？是的，我是的，昨天我對這家商店看起來有多好，人流如何，與顧客的互動如何進行感到非常興奮。

So the answer is we're not sure. It's always on the table for us. And yesterday it got me excited about those prospects.

所以答案是我們不確定。它始終擺在我們的桌面上。昨天，這些前景讓我感到興奮。

I mean, these are three or these are six great stuff. Right? And obviously we got to evaluate the results of that, but we're, we're very encouraged.

我的意思是，這是三個或六個很棒的東西。正確的？顯然我們必須評估其結果，但我們非常受鼓舞。

I'm encouraged just from the marketing benefit of those stores, customers coming in excited about seeing the brand. So, you can hear you might hear that. I got judged yesterday how those influences things, how a bill beat the heck out of me in the next couple of weeks and brings me back to reality all to be determined.

這些商店的行銷效益讓我深受鼓舞，顧客對看到這個品牌感到興奮。所以，你可能會聽到。昨天我受到了評判，這些因素如何影響事情，一項法案如何在接下來的幾週內擊敗我並讓我回到現實，所有這些都有待確定。

Okay, sounds good. Thank you.

好吧，聽起來不錯。謝謝。

And the next question comes from Doug Lane with Water Tower research. Please proceed.

下一個問題來自水塔研究的道格·萊恩 (Doug Lane)。請繼續。

Yeah. Hi. Thank you. Good morning, everybody. Bill. Can you, can we go back to that shift in wholesale orders from the September to December quarter? Can you reiterate what the dollar amount was? And the reasoning behind that shift?

是的。你好。謝謝。大家早安。帳單。我們可以回顧批發訂單從 9 月到 12 月季度的轉變嗎？能重申一下美元金額是多少嗎？這種轉變背後的原因是什麼？

Yeah, it was about $3 million on the on the food wholesale, you know, side of the, you know, of the business. And the reason is, you know, we are, you know, these are gift baskets for Costco and Sam's, they dictate when they want the orders.

是的，食品批發方面的花費約為 300 萬美元，您知道，您知道，業務方面。原因是，你知道，我們是，你知道，這些是好市多和山姆的禮物籃，他們決定何時需要訂單。

Sometimes it comes in at the end of September or it starts at the end of September. Other times it starts at the, in the beginning of October. So clearly, just a shift as we've talked about. Even in our August call, we have a strong book of business in kind of the food wholesale business this year.

有時是在九月底或九月底開始。其他時候則從十月初開始。很明顯，正如我們所討論的那樣，這只是一個轉變。即使在我們八月份的電話會議中，我們今年的食品批發業務業務也很強勁。

It's going to be a great, you know, tailwind for us. It's all just the large majority of it happens in the second quarter anyway and it just happened to shift, you know, some of those dollars have shifted from Q1 to Q2.

你知道，這對我們來說將是一個巨大的順風。無論如何，大部分都發生在第二季度，而且它恰好發生了變化，你知道，其中一些美元已經從第一季轉移到第二季度。

And, and to add to the first quarter, the first fiscal quarter of summer time is when we're getting the majority of our inventory in for those presold items. We're assembling, infecting those baskets and then they're ready to ship and then we're, they'll notify us. It could be a five or six- or seven-day swing, but that's right over the, the quarter's end. So, all of that's now shipped.

而且，除了第一季之外，夏季第一財季我們將大部分庫存用於預售商品。我們正在組裝，感染這些籃子，然後它們準備好發貨，然後我們，他們會通知我們。這可能是五天、六天或七天的波動，但那是在季度末。所以，現在所有這些都已發貨。

Got it. That makes sense. And then to your point about looking at two halves of the year for 800 flowers. You talked a little bit about the cost trends in cocoa. But can you just give us any update? Has there been any significant shift in your cost trends? Anywhere else? Energy shipping, labor costs.

知道了。這是有道理的。然後是觀察一年中的兩個半月是否有 800 朵花。您談到了可可的成本趨勢。但你能給我們任何更新嗎？您的成本趨勢是否發生了重大變化？還有其他地方嗎？能源運輸、勞動成本。

Can you talk about your seasonal labor hiring this year? Versus prior years. Just, just try to touch base on, on, on the cost front a little bit if you would.

能談談今年季節性勞動力的招募情況嗎？與前幾年相比。只是，如果你願意的話，試著稍微談談成本方面的問題。

I'll start on the labor side bill and Tom will give you more color on the other components.

我將從勞工方面的法案開始，湯姆將為您提供有關其他部分的更多資訊。

But on the labor side of things, two years ago, it was very tough we couldn't find people to work those seasonal jobs. Our, our logistics jobs, our shipping warehouse, jobs couldn't find enough people. So, we were 2000 positions short of where we would have liked to have been.

但在勞動力方面，兩年前，我們很難找到人來做這些季節性工作。我們的，我們的物流工作，我們的運輸倉庫，工作找不到足夠的人。因此，我們距離我們希望的位置還差 2000 個位置。

The consequence of that was that we had to pay a lot more overtime, which impacted us. Labor rates have been steady. Now last year in this, the fill rate has been very good. We have a program, you know, we have distribution centers around the country to optimize our shipping cost.

這樣做的結果是我們必須支付更多的加班費，這對我們產生了影響。勞動力價格一直穩定。現在去年在這，填充率已經很好了。我們有一個計劃，您知道，我們在全國各地設有配送中心來優化我們的運輸成本。

They give you some more color on. But then two years ago, we had real difficulty with our newest facility in the, in the Atlanta area, last year and this year that's gone really well. We have a terrific labor partner in Atlanta, an agency called First Step Staffing, which is a, it's a not for profit, which is a staffing company that wraps up a social services component around it.

他們給你更多的色彩。但兩年前，我們在亞特蘭大地區的最新設施遇到了真正的困難，去年和今年一切都進展順利。我們在亞特蘭大有一個很棒的勞動合作夥伴，一個名為 First Step Staffing 的機構，這是一家非營利性的人力資源公司，圍繞著其提供社會服務。

So that's really helped us. We have good quality labor force there and we feel real good about giving 350 or so people an opportunity to get back into the workforce. So that's, it's helped us and we're happy to be helping them. Bill, I know let me tell you about my fuel cost. We haven't seen the benefit yet of this decline in fuel cost in terms of our shipping costs, have we?

所以這確實對我們有幫助。我們那裡擁有高素質的勞動力，我們對為大約 350 人提供重返勞動力市場的機會感到非常高興。也就是說，它幫助了我們，我們很高興能夠幫助他們。比爾，我知道讓我告訴你我的燃油成本。我們還沒有看到燃料成本下降對我們的運輸成本帶來的好處，不是嗎？

No, we've seen some are year over year surcharge is lower now than it, you know, than it's been and we've been able to negotiate with FedEx caps on, on certain the fuel, you know, fuel surcharges. You know, so overall, you know, you know, Doug, if you recall 2024 was kind of the, the year of the gross margin recovery. We were up 260 basis points, you know, last year and climb back over 40%.

不，我們已經看到一些附加費現在比去年要低，你知道，比以前低，我們已經能夠與聯邦快遞就某些燃油上限進行談判，你知道，燃油附加費。你知道，所以總的來說，你知道，你知道，道格，如果你還記得 2024 年是毛利率復甦的一年。你知道，去年我們漲了 260 個基點，之後又回升了 40% 以上。

And this year, our guidance for the year is to be up, you know, you know, modestly, you know, this year as we always have, you know, various, you know, offsetting fouls where we're continuing to move margins forward.

今年，我們對今年的指導是向上，你知道，你知道，謙虛地，你知道，今年我們一如既往，你知道，各種，你知道，抵消我們繼續移動利潤的犯規向前。

That, you know, the 20 basis points we improved in the first quarter was, you know, actually slightly above where we expected. We knew, you know, later in the year, you know, the margins would, would improve even more, you know, from a commodity standpoint, there's always puts and calls, you know, we talked a little bit about cocoa and, you know, Jim mentioned eggs and, you know, we got pluses and minuses.

你知道，我們第一季提高的 20 個基點實際上略高於我們的預期。我們知道，你知道，今年晚些時候，你知道，利潤率會進一步提高，你知道，從商品的角度來看，總是有看跌期權和看漲期權，你知道，我們談論了一些可可，你知道你知道，吉姆提到了雞蛋，你知道，我們有優點和缺點。

Fuel is a, you know, is a positive, you know, for us and should be, you know, through the, you know, through the, you know, the holiday, you know, season for us. And as we, you know, the OMS, you know, implementation that we have, we're able to automate some of our lease cost routing. That is ultimately our, our ability to optimize the shipping methods that we use.

燃料對我們來說是一種正面的影響，並且應該貫穿整個假期。正如我們所擁有的 OMS 實施一樣，我們能夠自動化一些租賃成本路由。這最終是我們優化我們使用的運輸方式的能力。

You know, we always have cost increases from the third-party carriers, right. You know, and that's a significant cost to us. So we are, we have been doing a good job and we continue to do a good job of coming with coming up with ways to offset those, those actual cost increases that we have. And that's going to be, you know, it should be a slight benefit to us this year as well.

你知道，我們總是會因為第三方營運商而增加成本，對吧。你知道，這對我們來說是一筆巨大的成本。所以我們一直做得很好，而且我們會繼續做好工作，想出辦法來抵銷這些實際成本的增加。你知道，這對我們今年來說也應該是一個小小的好處。

Okay. That's very helpful. And just lastly, I've heard you talk about a favorable para crop this year. Can you elaborate on that and how that impacts your business plans this year?

好的。這非常有幫助。最後，我聽說你談到了今年的副作物有利的情況。您能否詳細說明這一點以及這對您今年的業務計劃有何影響？

The, the we all learned in the last decade of owning Harry and David that we have more reasons to lose sleep than, than we did. Even prior to that acquisition. We were, we grow our own food product there in, in Southwest Oregon, in the Rogue Valley in Medford, Oregon. And we've suffered through some real tough natural weather patterns in the last several years which caused us to really have struggles on the, on the quality and the quantity of our product.

在過去的十年裡，我們在擁有哈利和大衛的過程中都了解到，我們有更多的理由失眠。甚至在那次收購之前。我們在俄勒岡州西南部、俄勒岡州梅德福的羅格谷種植自己的食物。在過去的幾年裡，我們經歷了一些真正惡劣的自然天氣模式，這導致我們在產品的品質和數量上確實遇到了困難。

And then we had a big fire two years ago which really disrupted the fair this year. The weather was more favorable, the snowpack was good. The, our AG team there has done a terrific job. The crop is frankly terrific this year. Not the biggest we've ever had, but more than double last year's crop size. So we have inventory enough to fill what we anticipate will be demand and, and then a little bit more, I'll say.

兩年前我們發生了一場大火，這確實擾亂了今年的展覽。天氣比較有利，積雪很好。我們的 AG 團隊做得非常出色。坦白說，今年的收成非常棒。這不是我們有史以來最大的產量，但比去年的產量增加了一倍以上。因此，我們的庫存足以滿足我們預期的需求，然後我會說，還有更多。

You know, so give you a little dimension, probably, you know, increase the 20% 25% more crop there and a.

你知道，所以給你一個小尺寸，可能，你知道，增加 20% 25% 的作物和 a。

Higher and a higher.

更高，更高。

Quality, high quality. And, and as you can imagine, the infrastructure we have, whether the crop is extra wise is, is really the same cost. So, when we, when we have a better crop, those products, we don't have to go out and purchase third party products.

品質，高品質。而且，正如你可以想像的那樣，我們擁有的基礎設施，無論作物是否更加明智，實際上都是相同的成本。所以，當我們有更好的作物、這些產品時，我們就不必出去購買第三方產品。

We utilize our pairs, which is our marquee product. Anyway. We, we want to use that product. So, we're pretty excited about the quality of the product this year in the, in the abundance.

我們利用我們的配對，這是我們的招牌產品。反正。我們，我們想使用那個產品。因此，我們對今年豐富的產品品質感到非常興奮。

And it wasn't just the Pears, Pears are our key crop, as Tom mentioned. But our peach harvest this year was fantastic apples. All of our products were good. The pears are what Harry and David is most known for. And we've been eating them around here for the last couple of weeks. So, we can attest to the fact that they're as good as they've ever been.

正如湯姆所提到的，不僅僅是梨，梨是我們的主要作物。但今年我們的桃子收穫非常好，蘋果也很棒。我們所有的產品都很好。梨子是哈利和大衛最出名的。過去幾週我們一直在這裡吃它們。因此，我們可以證明它們一如既往地優秀。

You know, and we've continued to work on extending their life with the Pears. And so, we have the Pears now that, you know, historically, it took us through holiday and into maybe the January time frame. Last year, we were able to extend that, you know, into the March April time frame.

你知道，我們一直在努力延長他們與梨子隊的壽命。所以，我們現在有了梨子，你知道，從歷史上看，它讓我們度過了假期，也許進入了一月的時間範圍。去年，我們能夠將其延長到三月四月的時間範圍內。

We think this year we're going to actually be able to extend that even further and maybe even get to Mother's Day with our, with our Pears again, as Tom was rep by having the ability to do that, we don't have to source, you know, third party payers during that time of the year and it saves us money.

我們認為今年我們實際上能夠進一步擴展這一點，甚至可能再次與我們的梨子一起度過母親節，因為湯姆有能力做到這一點，我們不必這樣做你知道，在一年中的這個時候，我們可以向第三方付款，這可以節省我們的錢。

So two things here, good crop this year, quantity and especially quality. and the second thing is the capital expenditures we've made on our storage facilities to optimize our ripening capabilities. Gives us a little bit of extension of the season as bill mentioned.

所以這裡有兩件事，今年收成好，數量特別是品質。第二件事是我們在儲存設施上進行的資本支出，以優化我們的催熟能力。正如比爾所提到的，這讓我們的賽季有一點延長。

Great. That's good color. Thank you.

偉大的。這顏色真好啊謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I would now like to turn the conference back over to Jim Mccann for any closing remarks.

我們的問答環節到此結束。現在我想將會議轉回吉姆·麥肯發表閉幕詞。

Well, Happy Halloween, everyone. I hope, I hope those of you who can get away with some little ones enjoy it today, whether it's your Children or your grandkids or just fun in the office place as we mentioned in our Q&A session, if you are near one of our one of the six Macy's stores that we have holiday shops in three here in the New York area, Roosevelt Field, Queen Center Mall. And of course, the Herald Square Marquee flagship store for Macy's and three great locations in California. Stop in and take a look.

嗯，大家萬聖節快樂。我希望，我希望你們中那些能帶著一些小孩子的人享受今天的時光，無論是您的孩子還是您的孫子，或者只是像我們在問答環節中提到的那樣在辦公室裡玩耍，如果您在我們的其中一個附近的話在梅西百貨的六家商店中，我們在紐約地區的羅斯福球場和皇后中心購物中心設有三家假日商店。當然，還有梅西百貨 (Macy's) 的 Herald Square Marquee 旗艦店和加州的三個絕佳地點。停下來看看。

You'll see the breadth of our product offering, but even though it's very intimate and proximate to us, when you see it all beautifully merchandise like it is, you get a sense of how we really do help people celebrate the holiday. We have a greater salt in a product there. So go take a look.

您將看到我們提供的產品範圍之廣，但即使它與我們非常親密且接近，當您看到所有精美的商品時，您就會感受到我們如何真正幫助人們慶祝節日。我們那裡的產品含鹽量較高。所以去看看吧。

Hopefully we all get out and vote in the next few days and, and we know by this time next week who the next President is and we can get on to making people happy and satisfying their gifting and celebratory needs for this exciting upcoming holiday season.

希望我們都在接下來的幾天裡出去投票，到下週這個時候我們就知道下一任總統是誰，我們可以繼續讓人們開心，滿足他們在即將到來的激動人心的節日期間的禮物和慶祝需求。

So thank you for your time, your interest, your questions and we stand by to further answer any questions and engage with you as we go out through the next couple of days. So, thank you and happy holidays.

感謝您的寶貴時間、您的興趣和您的問題，我們隨時準備進一步回答您的任何問題，並在接下來的幾天內與您互動。所以，謝謝你，節日快樂。

The conference has now concluded. Thank you for attending today's presentation and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。