1-800-Flowers.Com Inc (FLWS) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the 1-800-Flowers.com 2025 third-quarter results conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 1-800-Flowers.com 2025 年第三季業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Andy Milevoj. Please go ahead.

現在我想將會議交給 Andy Milevoj。請繼續。

Good afternoon, and welcome to our fiscal 2025 third-quarter earnings call. Joining us today are Jim McCann, Chairman and current CEO; Adolfo Villagomez, incoming CEO; Tom Hartnett, President; and James Langrock, CFO.

下午好，歡迎參加我們的 2025 財年第三季財報電話會議。今天與我們一起出席的有董事長兼現任首席執行官 Jim McCann、新任首席執行官 Adolfo Villagomez、總裁 Tom Hartnett 和首席財務官 James Langrock。

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

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聲明都包含在我們的新聞稿和公開文件中的安全港免責聲明中。在本次電話會議中，我們將做出前瞻性陳述，包括對未來事件的預測、預期和其他陳述。這些聲明是基於目前的預期和假設，這些預期和假設受風險和不確定性的影響，包括我們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。本公司不承擔更新本次電話會議中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.

此外，我們還將討論某些未依照 GAAP 編製的補充財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳可以在我們的收益報告表格中找到。

And now I'll turn the call over to Jim.

現在我將把電話轉給吉姆。

Thanks, Andy, and good afternoon, everyone. Just a short while ago, we made two major announcements that mark an exciting new chapter for our company. We introduced our transformative long-term strategy, Celebrations Wave, and welcomed Adolfo Villagomez as our new CEO, who will spearhead this new strategy.

謝謝，安迪，大家下午好。就在不久前，我們發布了兩項重大公告，標誌著我們公司令人興奮的新篇章。我們推出了變革性的長期策略“Celebrations Wave”，並歡迎 Adolfo Villagomez 擔任我們的新任首席執行官，他將帶頭實施這項新策略。

Before we dive into Celebrations Wave, let's take a moment to consider the journey that led us to this point. In recent years, our company has faced several macro challenges, including the COVID bullwhip effect, inflation, bifurcated consumer markets, ocean freight disruptions and rising customer acquisition costs, all during a time when shifting technology and evolving consumer engagement preferences have made our traditional marketing approach less effective.

在我們深入探討慶典浪潮之前，讓我們花點時間來回顧一下我們走到這一步的歷程。近年來，我們公司面臨著多項宏觀挑戰，包括新冠疫情的牛鞭效應、通貨膨脹、消費市場分化、海運中斷以及客戶獲取成本上升，與此同時，技術變革和消費者參與偏好的不斷變化使得我們傳統的營銷方式變得不那麼有效。

These are coupled with some newer issues, including a rapid decline in consumer confidence, tariff impacts and discussions of possible recession. These external factors are significant, but we also have encountered internal challenges, notably our decision to shutter most of our retail operations during COVID and recent difficulties with our order management system implementation.

同時，還有一些新問題，包括消費者信心的快速下降、關稅影響以及可能出現的經濟衰退的討論。這些外部因素很重要，但我們也遇到了內部挑戰，特別是我們決定在 COVID 期間關閉大部分零售業務，以及最近訂單管理系統實施方面遇到的困難。

These are mistakes of our own making and all obstacles that we're confronting as a management team. Although we face certain challenges, as we've outlined in our press release this afternoon, we have developed a comprehensive plan to address them.

這些都是我們自己犯下的錯誤，也是我們身為管理團隊所面臨的所有障礙。儘管我們面臨某些挑戰，但正如我們在今天下午的新聞稿中所概述的那樣，我們已經制定了全面的計劃來應對這些挑戰。

This plan includes reorganizing our structure, reducing our costs and ensuring we have the right leadership to lead us into the future, improving systems, marketing and merchandising, optimizing our product assortment, pricing and partnerships and testing new retail concepts, improving our loyalty program and maximizing our last mile capabilities.

該計劃包括重組我們的結構、降低成本並確保我們擁有合適的領導力帶領我們走向未來、改進系統、營銷和商品銷售、優化我們的產品組合、定價和合作夥伴關係以及測試新的零售概念、改進我們的忠誠度計劃並最大限度地提高我們的最後一英里能力。

Let's begin with leadership and the new talent we brought onboard to accelerate our changes. We're excited to welcome Adolfo to the team. Adolfo has significant experience in leading consumer businesses, digital transformations and the shift in business models. He understands our challenges and has driven transformative changes throughout his career.

讓我們從領導力和我們引進的新人才開始，以加速我們的改變。我們很高興歡迎阿道夫加入團隊。Adolfo 在領導消費業務、數位轉型和商業模式轉變方面擁有豐富的經驗。他了解我們面臨的挑戰，並在他的整個職業生涯中推動了改變。

Through Adolfo's approach to leveraging data analytics and consumer insights, he has achieved remarkable success in his previous roles. His expertise will be instrumental in continuing our legacy of innovation and connecting more deeply with our customers through cutting-edge digital experiences. The team and I look forward to working with him as he leads us through this next wave of our celebrations journey.

透過利用數據分析和消費者洞察的方法，阿道夫在先前的職位上取得了顯著的成功。他的專業知識將有助於我們延續創新傳統，並透過尖端的數位體驗與客戶建立更深的聯繫。我和團隊期待與他合作，帶領我們完成慶祝之旅的下一波浪潮。

Before we conclude, I'll also ask Adolfo to introduce himself. We have also recently welcomed Henry Mori to our executive team as our Chief AI and Transformation Officer, with over 17 years of experience leading digital innovation and AI strategy at start-ups, as well as global companies. Henry has a proven track record in driving growth through AI-driven initiatives and will ensure we remain at the forefront of innovation and transformation.

在我們結束之前，我還想請阿道夫做自我介紹。我們最近也歡迎 Henry Mori 加入我們的執行團隊，擔任首席人工智慧和轉型官，他擁有超過 17 年在新創公司和跨國公司領導數位創新和人工智慧策略的經驗。亨利在透過人工智慧驅動的舉措推動成長方面有著良好的記錄，並將確保我們始終處於創新和轉型的前沿。

Beyond enhancing our leadership team, we've added expertise to our Board of Directors with the addition of Shelly Palmer. Shelly brings an extensive experience in technology, media and marketing, which will be invaluable as we navigate our next wave of innovation. His strategic insight and industry knowledge will guide us in leveraging new opportunities and strengthen our market position.

除了增強我們的領導團隊之外，我們還透過 Shelly Palmer 的加入為董事會增添了專業知識。Shelly 在科技、媒體和行銷方面擁有豐富的經驗，這對我們迎接下一波創新浪潮至關重要。他的策略洞察力和行業知識將指導我們利用新機會並鞏固我們的市場地位。

Our company has a rich history of innovation and has consistently embraced the need to adapt in response to structural changes in the operating environment. We have conceptualized these innovations in five distinct waves, which include our retail stores, the launch of the National 1-800-Flowers number, the introduction of e-commerce and the shift to mobile social commerce, which ultimately became conversational commerce.

我們公司擁有豐富的創新歷史，並且始終堅持適應經營環境結構變化的需要。我們將這些創新概念化為五個不同的浪潮，包括我們的零售店、全國 1-800-Flowers 號碼的推出、電子商務的引入以及向行動社交商務的轉變，最終成為對話式商務。

The commonality amongst these waves is a recalibration of our business model and practices to reflect ever-evolving technology and consumer buying preferences. We are now writing a new wave, one that we are embracing and whose momentum will carry us into the future.

這些浪潮的共同點是重新調整我們的商業模式和實踐，以反映不斷發展的技術和消費者的購買偏好。我們正在書寫新的浪潮，我們正在擁抱這股浪潮，這股浪潮的勢頭將帶領我們走向未來。

Celebrations Wave is our sixth wave of innovation, and we expect it will be the most transformative. Advancements in technology and shifting consumer buying preferences demand it. Celebrations Wave represents a significant evolution of our company. It integrates our strategic initiatives and brand assets that utilize advanced technologies to create comprehensive celebrations ecosystem.

慶典浪潮是我們第六次創新浪潮，我們預期它將是最具變革性的一次。科技的進步和消費者購買偏好的轉變要求這樣做。Celebrations Wave 代表著我們公司的重大發展。它整合了我們的策略舉措和品牌資產，利用先進技術創建全面的慶典生態系統。

Our company has always been focused on helping inspire consumers to give more, connect more, and build more and better relationships. We believe in the joy of giving and recognize that expressing sentiment and an ongoing consumer need not limited to holiday periods, after all, relationships are an everyday business.

我們公司一直致力於幫助激勵消費者付出更多、聯繫更多、建立更多更好的關係。我們相信給予的快樂，並認識到表達情感和持續的消費需求並不局限於假日，畢竟，人際關係是日常事務。

Now new technologies align with our goal to create a comprehensive ecosystem that helps customers build and deepen their relationships. Celebrations Wave will further our mission by developing a new ecosystem that helps customers foster deeper, more meaningful connections. These changes will directly elevate the customer experience and address key pressures on our financial performance. This represents the most comprehensive strategic plan in our company's history, and we believe it will directly benefit our customer experience and drive significantly improved results.

現在，新技術與我們的目標一致，即創建一個全面的生態系統，幫助客戶建立和深化他們的關係。Celebrations Wave 將透過開發新的生態系統來幫助客戶建立更深層、更有意義的聯繫，從而進一步實現我們的使命。這些變化將直接提升客戶體驗並解決我們財務表現面臨的關鍵壓力。這是我們公司歷史上最全面的策略計劃，我們相信它將直接有利於我們的客戶體驗並帶​​來顯著的業績改善。

We've been preparing and positioning ourselves for this opportunity through our relationship management tools, sentiment-first approach and recent sentiment expression-based acquisitions. Most importantly, we are evolving our business model to adapt to changes in technology and consumer behavior, ensuring our continued growth and future success.

我們一直在透過關係管理工具、情感優先方法和最近基於情感表達的收購來為這個機會做準備和定位。最重要的是，我們正在改進我們的商業模式，以適應技術和消費者行為的變化，確保我們持續成長和未來的成功。

We look forward to sharing more of our plans with you on this call and when we interact in the future. But first, James will provide an update on the third quarter performance. To say we are disappointed with the results is an understatement. Following James, Tom will provide more details on the strategic actions we are taking with Celebrations Wave to address this underperformance. James?

我們期待在本次電話會議以及未來的互動中與您分享更多我們的計劃。但首先，詹姆斯將介紹第三季的表現。說我們對結果感到失望，這還只是輕描淡寫。繼詹姆斯之後，湯姆將提供更多有關我們與 Celebrations Wave 一起採取的戰略行動的細節，以解決這一表現不佳的問題。詹姆斯？

Thanks, Jim, and good afternoon, everyone. Today, I'll review our Q3 performance, the significant factors that contributed to it and our Celebrations Wave will help address a number of these issues. Please note that all comparisons are made to the prior year period and represent adjusted results, unless otherwise stated.

謝謝，吉姆，大家下午好。今天，我將回顧我們第三季的業績，以及影響業績的重要因素，我們的慶祝活動將有助於解決其中的一些問題。請注意，除非另有說明，所有比較均與去年同期進行，並代表調整後的結果。

Our third quarter performance was challenging. We are observing consumers being affected by macroeconomic forces. More recently, consumer confidence and sentiment have declined in response to various uncertainties, including potential tariff impacts on inflation, a softening labor market, and shifting economic policies. We saw continued softening as the quarter progressed and consumer sentiment declined sharply.

我們第三季的表現充滿挑戰。我們觀察到消費者受到宏觀經濟力量的影響。最近，由於各種不確定因素，包括關稅對通膨的潛在影響、勞動力市場疲軟以及經濟政策的變化，消費者信心和情緒有所下降。隨著本季的進展，我們看到經濟持續疲軟，消費者信心急劇下降。

In addition to broader macroeconomic pressures, we are increasingly impacted by the decline of free and low-cost marketing channels as digital platforms shift toward paid placements, sponsored listings, and AI overview responses that limit organic visibility. While this presents near-term challenges, we see this as an opportunity to fundamentally change our customer acquisition and marketing approach.

除了更廣泛的宏觀經濟壓力之外，隨著數位平台轉向付費展示位置、贊助清單和限制有機可見性的人工智慧概覽回應，我們越來越受到免費和低成本行銷管道衰落的影響。雖然這會帶來短期挑戰，但我們認為這是一個從根本上改變客戶獲取和行銷方式的機會。

For perspective, our sales and marketing spend as a percentage of revenue has averaged approximately 25% over the past five years. Over the long term, we expect to reduce our marketing spend as a percentage of revenue by adopting methods that are more efficient in increasing engagement and frequency with existing customers through Celebrations Wave. As we have observed for some time, customers are more inclined to shop during holidays, which we experienced for Valentine's Day, while everyday and just-because occasions continue to face significant pressure.

從角度來看，過去五年來，我們的銷售和行銷支出佔收入的百分比平均約為 25%。從長遠來看，我們希望透過採用更有效的方法來增加與現有客戶的互動和頻率，從而降低行銷支出佔收入的百分比。正如我們一段時間以來觀察到的那樣，顧客更傾向於在假日期間購物，情人節就是如此，而日常購物和臨時購物仍然面臨著巨大的壓力。

As a result, our third quarter revenue declined 12.6%. This was comprised of 11.4% decline in our Consumer Floral and Gifts segment, an 18.2% decline in our Gourmet Foods and Gift Baskets segment and a 4.5% increase in our BloomNet segment. Our third quarter adjusted gross profit margin declined 350 basis points to 33.1%, which excludes $4.6 million in costs associated with the new system implementation as we work to resolve the issues identified during the holiday period and was driven by a highly promotional sales environment and deleveraging on the sales decline. We expect to have any remaining issues with the order management system implementation resolved by the end of fiscal 2025.

結果，我們第三季的營收下降了12.6%。其中，消費者花卉和禮品部門下降 11.4%，美食和禮品籃部門下降 18.2%，BloomNet 部門成長 4.5%。我們第三季的調整後毛利率下降了 350 個基點，至 33.1%，其中不包括與新系統實施相關的 460 萬美元成本，因為我們正在努力解決假期期間發現的問題，並且受到高度促銷的銷售環境和銷售額下降的去槓桿作用的推動。我們預計訂單管理系統實施過程中剩餘的所有問題將在 2025 財政年度結束時解決。

Additionally, for reasons we discussed, our marketing expenditure did not yield the results we expected. Now let's turn to our third quarter operating margins.

此外，由於我們討論過的原因，我們的行銷支出並沒有產生預期的結果。現在讓我們來看看第三季的營業利潤率。

During this quarter, we recorded a non-cash goodwill and trade name impairment charge related to the company's Consumer Floral and Gifts segment and its Personalization Mall trade name. While this impairment impacted earnings for the period, it did not affect our cash flow.

本季度，我們記錄了與公司消費者花卉和禮品部門及其個人化商城商標相關的非現金商譽和商標減損費用。雖然這項減損影響了當期收益，但並未影響我們的現金流。

Adjusted for this charge and other items, operating expenses were $160.7 million, essentially flat compared with the prior year period. Based on these factors, our third quarter adjusted EBITDA loss was $34.9 million as compared with a loss of $5.7 million in the prior year period.

經此項費用及其他項目調整後，營運費用為 1.607 億美元，與去年同期基本持平。基於這些因素，我們第三季調整後的 EBITDA 虧損為 3,490 萬美元，而去年同期的虧損為 570 萬美元。

Now turning to our balance sheet. Net debt was $75 million compared with $9 million a year ago. Our cash balance was $85 million at the end of the third quarter. Inventory was $160 million, essentially flat with a year ago. In terms of our debt, we had $160 million in term debt and no borrowings under our revolving credit facility as compared with $192.5 million a year ago. At the end of the quarter, we amended our credit agreement as described in the Form 8-K that we filed today.

現在轉向我們的資產負債表。淨債務為 7500 萬美元，而一年前為 900 萬美元。第三季末我們的現金餘額為 8,500 萬美元。庫存為1.6億美元，與去年同期基本持平。就我們的債務而言，我們有 1.6 億美元的定期債務，並且沒有循環信貸額度下的借款，而一年前為 1.925 億美元。在本季末，我們按照今天提交的 8-K 表格中所述修改了我們的信貸協議。

Now I'd like to take a moment to discuss tariffs, our exposure and the strategies we are implementing to address these issues. At present, there is an incremental 10% tariff on imported goods with a far larger tariff affecting goods arriving from China. For perspective, we have approximately $1 billion of cost of goods sold, of which approximately $70 million is imported and subject to tariffs.

現在我想花點時間討論一下關稅、我們的風險敞口以及我們為解決這些問題而實施的策略。目前，進口商品被徵收10%的增量關稅，而來自中國的商品受到的關稅則更高。從角度來看，我們的銷售成本約為 10 億美元，其中約 7,000 萬美元是進口的，需要繳納關稅。

Approximately half of that $70 million comes from China. Based on current policies and assuming they remain in place as is, we estimate our tariff exposure to be approximately $55 million, with the most significant impact on our personalization and wholesale businesses.

這7000萬美元中約有一半來自中國。根據現行政策並假設其維持現狀，我們估計我們的關稅風險約為 5500 萬美元，對我們的個人化和批發業務影響最大。

Whereas China had been the least cost provider in the past, we are reexamining our opportunities based on the new calculus. Additionally, to help mitigate the new tariff policies, our approach includes working with our vendors on concessions, changing componentry, modifying our assortment and as a last measure, how much to pass through on pricing.

儘管中國過去一直是成本最低的供應商，但我們正在根據新的計算重新審視我們的機會。此外，為了幫助緩解新的關稅政策，我們的方法包括與我們的供應商合作做出讓步、更換零件、修改我們的產品組合，以及作為最後的措施，在定價上轉嫁多少。

Given the evolving macroeconomic landscape and the uncertainties that continue to shape the near-term outlook, we have made the decision to withdraw our guidance. This decision reflects, not only the unpredictable external factors affecting the broader environment, but also our focus on executing a transformational strategy that positions our company for long-term success. As we embark on this next phase, while there may be some short-term variability, we remain confident in our ability to enhance operational efficiencies, drive sustainable growth and create lasting value for our stakeholders.

鑑於不斷變化的宏觀經濟狀況和持續影響短期前景的不確定性，我們決定撤回我們的指導。這項決定不僅反映了影響更廣泛環境的不可預測的外部因素，也反映了我們對執行轉型策略的關注，該策略使我們的公司長期成功。當我們進入下一階段時，雖然可能會出現一些短期變化，但我們仍然有信心提高營運效率、推動永續成長並為利害關係人創造持久價值。

Looking ahead, we acknowledge the multifaceted challenges we face, both internal and external. The fluidity and uncertainty of the current environment, including consumer sentiment and tariff policies, necessitate a tactical approach to navigate these obstacles effectively.

展望未來，我們承認我們面臨多方面的挑戰，既有內部的，也有外部的。當前環境的流動性和不確定性，包括消費者情緒和關稅政策，需要採取策略性的方法來有效克服這些障礙。

While we are currently addressing these immediate challenges, we are also committed to our long-term vision of transforming how people celebrate and manage their relationships. Celebration Wave aims to reduce costs and increase revenue by increasing frequency and restoring growth in everyday-celebration opportunities, addressing affordability for all households, while offering elegant products for higher-income consumers, enhancing engagement and using tools like personalized reminders to significantly reduce customer acquisition costs. We expect our Celebrations Wave strategy to substantially improve our financial performance over the next few years.

雖然我們目前正在應對這些眼前的挑戰，但我們也致力於改變人們慶祝和管理人際關係的方式的長期願景。Celebration Wave 旨在透過增加頻率和恢復日常慶祝活動的成長來降低成本並增加收入，解決所有家庭的負擔能力，同時為高收入消費者提供優雅的產品，增強參與度並使用個人化提醒等工具來顯著降低客戶獲取成本。我們預計，我們的慶典浪潮策略將在未來幾年大幅改善我們的財務表現。

By leveraging advanced technologies, we plan to operate with greater efficiency and agility. To support these investments, we are implementing cost reductions and plan to reduce costs by approximately $40 million on an annualized basis, including $17 million in reductions already executed. We anticipate that our efforts will lead to higher profitability and cash flows.

透過利用先進技術，我們計劃以更高的效率和靈活性開展營運。為了支持這些投資，我們正在實施成本削減措施，並計劃每年削減約 4,000 萬美元的成本，其中包括已經實施的 1,700 萬美元的削減。我們預計我們的努力將帶來更高的獲利能力和現金流。

And now I'll turn it over to Tom to share some more details on Celebrations Wave.

現在我將把時間交給湯姆，讓他分享更多關於慶典浪潮的細節。

Thanks, James. As we embark on our latest evolution with Celebrations Wave, we expect to transform how people connect and express themselves in meaningful ways. Our vision is to become the top destination for nourishing relationships through heartfelt expressions. The advantages of this transformative shift in our business model and customer engagement are intended to directly address the key factors influencing our growth and financial performance, positioning us for long-term success.

謝謝，詹姆斯。隨著我們開始透過 Celebrations Wave 進行最新的變革，我們希望以有意義的方式改變人們聯繫和表達自己的方式。我們的願景是成為透過真誠的表達來培養關係的首選目的地。我們的商業模式和客戶參與的這種變革性轉變的優勢旨在直接解決影響我們成長和財務表現的關鍵因素，為我們帶來長期成功。

This strategic plan seeks to increase revenue for both everyday and holiday occasions, optimize operations, lower cost, and accelerate the pace of change, leading to higher EBITDA and cash flow over time. To achieve this, we are developing a celebrations ecosystem that is sentiment-led to help our customers build stronger and more meaningful relationships. This ecosystem is comprised of a newly launched celebrations app, a content-rich approach that includes a new celebrations website that will be launched in the coming weeks and a reimagined Celebrations Passport loyalty program.

該策略計畫旨在增加日常和假日的收入、優化營運、降低成本並加快變革步伐，從而隨著時間的推移實現更高的 EBITDA 和現金流。為了實現這一目標，我們正在開發一個以情感為主導的慶祝生態系統，以幫助我們的客戶建立更強大、更有意義的關係。該生態系統由一個新推出的慶典應用程式、一種內容豐富的方法（包括將在未來幾週內推出的新慶典網站）和重新構想的慶典護照忠誠度計劃組成。

Celebrations Wave will utilize a latter approach to drive sales growth and offer customers tailored experiences using personalized suggestions based on the nature of their relationships and their historical spending patterns. The customer journey begins with free and low-cost greeting card options, digital or printed, that are expected to increase overall engagement and frequency. And of course, customers can always start their experience by selecting a gift from our family of brands or marketplace offerings and attach a greeting card to the gift.

Celebrations Wave 將採用後一種方法來推動銷售成長，並根據客戶關係的性質和歷史消費模式，透過個人化建議為客戶提供量身定制的體驗。客戶旅程始於免費和低成本的賀卡選項（數位或印刷），預計將增加整體參與度和頻率。當然，顧客也可以從我們的品牌系列或市場產品中選擇一份禮物，並在禮物上附上一張賀卡，開始他們的體驗。

North American card market is greater than $6 billion, and our capabilities to fulfill gifts attached to those cards in many cases, on a same-day or next-day basis is a significant differentiator. By offering a wider range of products and price points that cater to various occasions and budgets, we expect to attract a broader audience and strengthen customer loyalty. The enhanced celebrations ecosystem will enable us to increase engagement and frequency amongst existing customers and attract a younger, more diverse customer base, allowing us to rely less on traditional bottom-of-the-funnel marketing to acquire new customers, which has increasingly become more costly and less effective.

北美賀卡市場規模超過 60 億美元，在許多情況下，我們能夠在當天或隔天完成與這些賀卡相關的禮品配送，這是我們的顯著差異化優勢。透過提供更廣泛的產品和價格點，以滿足各種場合和預算的需求，我們希望吸引更廣泛的受眾並增強客戶忠誠度。增強的慶祝活動生態系統將使我們能夠提高現有客戶的參與度和頻率，並吸引更年輕、更多樣化的客戶群，使我們不再依賴傳統的漏斗底部行銷來獲取新客戶，而這種行銷方式成本越來越高，效率也越來越低。

As James mentioned earlier, our sales and marketing costs represent approximately one-fourth of our revenues. We anticipate that our new celebrations ecosystem will meaningfully reduce our customer acquisition costs and enhance customer lifetime value over time. Beyond our well-known brands, our customer list, floral partners and last-mile delivery capabilities are significant assets. These assets collectively form the foundation of our strategy to drive future growth and elevate our presence in the market.

正如詹姆斯之前提到的，我們的銷售和行銷成本約占我們收入的四分之一。我們預計，我們的新慶祝生態系統將顯著降低我們的客戶獲取成本，並隨著時間的推移提高客戶終身價值。除了我們知名的品牌之外，我們的客戶名單、花卉合作夥伴和最後一英里的配送能力也是重要的資產。這些資產共同構成了我們推動未來成長和提升市場地位的策略基礎。

As we build on our foundation, data is central to advancing our strategy and driving growth. These components are combined with new and emerging technologies such as Agentic AI will provide a hyper-personalized sentiment-first approach to helping our customers nurse their relationships. This personalization strengthens our latter strategy and positions us for continued relevance in a rapidly evolving consumer landscape.

在我們鞏固基礎的過程中，數據對於推進我們的策略和推動成長至關重要。這些組件與 Agentic AI 等新興技術相結合，將提供超個人化的情緒優先方法來幫助我們的客戶培養他們的關係。這種個人化強化了我們的後一種策略，並使我們能夠在快速發展的消費者環境中保持持續的相關性。

Celebrations Wave advances our vision of becoming the premier relationship destination for heartfelt expressions with a business model that aligns with future technological advancements and consumer purchasing preferences. We look forward to keeping you apprised with our progress.

Celebrations Wave 推進了我們的願景，即透過與未來技術進步和消費者購買偏好相一致的商業模式，成為表達真誠情感的首要關係目的地。我們期待向您通報我們的進展。

And now, I'll turn the call back to Jim.

現在，我將把電話轉回給吉姆。

Thanks, Tom. Before I provide my closing thoughts, I'd like to take a moment to introduce Adolfo Villagomez to our investor community. Adolfo, would you like to say a couple of words?

謝謝，湯姆。在發表我的結論之前，我想花點時間向我們的投資者社群介紹 Adolfo Villagomez。阿道夫，你想說幾句話嗎？

Thanks, Jim, and good afternoon, everyone. I am truly honored to step into the role of Chief Executive Officer at 1-800-Flowers.com during such a dynamic period for the company. I am excited to be here, and I am deeply optimistic about the future.

謝謝，吉姆，大家下午好。在公司如此充滿活力的時期，我非常榮幸能夠擔任 1-800-Flowers.com 的執行長一職。我很高興來到這裡，並且對未來充滿信心。

With the company's exceptional portfolio of brands, innovative ecosystem, and forward-thinking relationship building strategies, we are on the verge of a transformative digital revolution in relationship building. I am eager to collaborate with Jim, Tom, James, and the entire leadership team to drive growth and help individuals forge deeper, more meaningful connections.

憑藉公司卓越的品牌組合、創新的生態系統和前瞻性的關係建立策略，我們正處於關係建立領域變革性數位革命的邊緣。我渴望與 Jim、Tom、James 以及整個領導團隊合作，推動成長並幫助個人建立更深層、更有意義的聯繫。

Together, we will steer the future of e-commerce and establish our prominence as a leader in expressing sentiments and nurturing meaningful relationships. In the coming months and quarters, I look forward to meeting with many of you, sharing our vision, and discussing the impactful progress we are making. Your support is invaluable as we embark on this journey of transformation and growth.

我們將共同引領電子商務的未來，並確立我們在表達情感和培養有意義的關係方面的領先地位。在未來的幾個月和幾個季度裡，我期待與你們中的許多人會面，分享我們的願景，並討論我們正在取得的有影響力的進展。當我們踏上轉型和成長的旅程時，您的支持是無價的。

Thanks, Adolfo. As we move forward with Celebrations Wave, our mission is clear: to improve people's relationships by enhancing the way they connect and share their sentiments. By leveraging innovative strategies, cutting-edge technologies and a robust collection of assets, we are creating a celebrations ecosystem that anticipates and meets the evolving needs of our consumers. With Celebrations Wave, we expect to improve revenues by increasing engagement, frequency and retention of our existing customers.

謝謝，阿道夫。隨著「慶祝浪潮」的不斷推進，我們的使命十分明確：透過改善人們之間的聯繫和情感分享方式來改善人們之間的關係。透過利用創新策略、尖端技術和強大的資產集合，我們正在創建一個能夠預測並滿足消費者不斷變化的需求的慶祝生態系統。透過 Celebrations Wave，我們希望透過提高現有客戶的參與度、頻率和保留率來提高收入。

At the same time, we plan to reduce cost and improve efficiency through embracing new technologies, positioning us for sustained and profitable growth. We thank you for your continued support, and we look forward to sharing more about our progress. I'll now ask the operator to open the call for your questions. Operator?

同時，我們計劃透過採用新技術來降低成本、提高效率，實現持續獲利成長。我們感謝您一直以來的支持，並期待分享更多我們的進展。我現在請接線生開始回答大家的提問。操作員？

(Operator Instructions) Anthony Lebiedzinski, Sidoti & Company.

（操作員指示）Anthony Lebiedzinski，Sidoti & Company。

Good afternoon, everyone. Thanks for taking my questions. Welcome on board, Adolfo, look forward to working with you. So first, I know, Jim, you touched on this a little bit, I think, as far as how the quarter progressed. But maybe if you could guys give us a little bit more details as far as January through March. I know you had Valentine's Day, which fell on a Friday, which I think was a favorable day placement. So maybe you could just speak to that and also whether the Easter shift had any meaningful impact on the quarterly sales.

大家下午好。感謝您回答我的問題。歡迎加入，阿道夫，期待與您合作。首先，我知道，吉姆，你稍微談到了這一點，關於本季的進展。但也許你們可以提供給我們一些關於一月到三月的更多細節。我知道你過情人節，恰逢星期五，我認為這是有利的一天。所以也許您可以談談這一點，以及復活節的變化是否對季度銷售額產生了任何有意義的影響。

Anthony, Jim, yes, I'll ask James to give you the color, but just an overview of the quarter. The quarter was book ended on each side of Valentine's Day. Yes, Friday is a good placement for Valentine's Day and the holiday wasn't bad. But the softness in January on the everyday business and then the softness again in March with the everyday business is what hurt the quarter.

安東尼、吉姆，是的，我會請詹姆斯向你們介紹一下情況，但只是對本季做一個概述。本季的書籍在情人節前後結束。是的，星期五是情人節的好時機，假期也不錯。但 1 月日常業務的疲軟以及 3 月日常業務的再次疲軟對本季造成了影響。

The Easter shift, of course, does make a difference. That's why we always suggest that we be viewed as a two-half company, because you have the summer quarter, which is our first quarter, which is your big inventory build and your labor build for the holiday season, the Christmas holiday season, Thanksgiving, Christmas.

當然，復活節的轉變確實帶來了改變。這就是為什麼我們總是建議將我們視為一家兩半公司，因為您有夏季季度，這是我們的第一季度，這是您的大量庫存建設和假期、聖誕節假期、感恩節、聖誕節的勞動力建設。

And then you have the Easter shift in the second half of the year, which always confuses the quarter. So the Easter shift did have an impact, and James will quantify that for you at some point. But the tale of the first calendar quarter, third fiscal quarter for us was soft every day, pretty good holiday business, and overall, just too expensive on the marketing side. James?

然後下半年就會出現復活節的轉變，這總是會讓這個季度變得混亂。因此，復活節的轉變確實產生了影響，詹姆斯將在某個時候為您量化這一點。但對我們來說，第一季和第三財季的業績每天都很疲軟，只有假日的生意還不錯，整體而言，行銷方面的成本太高了。詹姆斯？

So Anthony, with the Easter shift, revenue was down -- reported revenue was down 12.6%. But if you adjust for the Easter shift, it would have been down 8.9%. And as Jim mentioned, January and March, were much weaker because that's the everyday business compared to February, which held up better in the quarter due to the Valentine's Day placement.

因此，安東尼，由於復活節的轉變，收入下降了 - 報告收入下降了 12.6%。但如果考慮到復活節的影響，這一數字將會下降 8.9%。正如吉姆所提到的，一月和三月的業績要弱得多，因為這是日常業務，而二月則由於情人節的促銷活動而在本季度表現更好。

Got you. Okay. And then in terms of the system implementation issues, so I know you called out like around a $4.6 million hit to gross profit. But in terms of just overall thinking about the -- how much sales that you lost because of these issues, any way to put a number on that?

明白了。好的。然後就係統實施問題而言，我知道您提到了大約 460 萬美元的毛利損失。但從整體考慮而言——由於這些問題您損失了多少銷售額，有什麼方法可以計算出來嗎？

James will give you the number. This is Jim, Anthony. The implementation of the order management system was a colossal screw up on our part. The numbers are one thing, but I think it was even worse than that. We're coming to the end of that impact in the near term.

詹姆斯會給你號碼。這是吉姆，安東尼。訂單管理系統的實施對我們來說是一個巨大的錯誤。數字是一回事，但我認為情況甚至比這更糟。我們很快就會結束這種影響。

So by the end of this fiscal year, the end of June, we'll be through that cleanup. But it was mishandled by us in every way imaginable. And yes, there's the raw data on that. But what I'm concerned about most is we disappointed a lot of customers on the Harry & David side, the Food Group side of things during that holiday period.

因此，到本財政年度結束，也就是六月底，我們將完成清理工作。但我們在各方面都處理不當。是的，有相關的原始數據。但我最擔心的是，在假期期間，我們讓 Harry & David 和食品集團的許多顧客感到失望。

We're doing our best to make it up to them now, calling them, seeing what we can do to remediate, apologizing, explaining what happened and trying to win their consideration back. I think that's going reasonably well. I'm just sick that it happened in the first place. And it's had an overhang on us, because it hurt us across our brands, because we have an enterprise-wide customer solution -- customer service solution, and it got overwhelmed by the demand for the Harry & David needs. And so it hurt all of our brands.

我們正在盡最大努力彌補他們，給他們打電話，看看我們能做些什麼來補救，道歉，解釋發生的事情，並試圖贏回他們的注意。我認為進展相當順利。我只是對發生這樣的事感到噁心。它對我們造成了影響，因為它對我們的品牌造成了傷害，因為我們有一個企業範圍的客戶解決方案——客戶服務解決方案，但它被 Harry & David 的需求所淹沒。這損害了我們所有的品牌。

So James will give you the numbers, but that doesn't tell half the story. Any good news is it's coming to an end. The system is nearly, nearly wrapping up on all its amendments. It will be a good system going forward, but it should never have happened, my mistake. James?

詹姆斯會給你一些數字，但這還不足以說明全部。任何好消息都是它即將結束。該系統即將完成所有修訂。這將是一個很好的系統，但它不應該發生，這是我的錯。詹姆斯？

Yeah. So Anthony, as Jim mentioned, we've in the past few months, been working through remediating most of the complex order issues, and we're through most of that. So we believe there's some cleanup still. We'll have that all taken care of by the end of our fiscal 2025.

是的。安東尼，正如吉姆所提到的，在過去的幾個月裡，我們一直在努力解決大多數複雜的訂單問題，我們已經解決了大部分問題。因此我們相信仍需要進行一些清理工作。我們將在 2025 財年末之前解決所有問題。

From top line, obviously Q2 is the significant holiday period for the Food Group, and we believe that was about $20 million-plus of top line at a minimum that we could quantify.

從營收來看，顯然第二季是食品集團重要的假期期間，我們認為這至少為集團帶來了約 2,000 萬美元以上的營收。

In Q3, there was probably some residual hangover, but we haven't measured that. And obviously, the Q3 is not a food holiday period. So there's a lot less out there, but there definitely was a residual hangover, and you could see the top line was down in our expenses.

在第三季度，可能存在一些殘留影響，但我們尚未衡量。顯然，第三季並不是食品假期。因此，實際支出少了很多，但肯定存在一些後遺症，而且你可以看到我們的支出總額下降了。

And then you have the incremental cost in margin was about $4.6 million, Anthony. So the cost over the two quarters was close to $11 million of cost -- incremental cost on the implementation of OMS.

那麼你的利潤增加成本約為 460 萬美元，安東尼。因此，兩個季度的成本接近 1,100 萬美元——實施 OMS 的增量成本。

And then the inventory comes.

然後庫存就來了。

Yes, which included the inventory write-offs.

是的，其中包括庫存註銷。

Right. And my last question before I pass it on to others. So looking at the Celebrations Wave program, it is a multiyear initiative, as you called out. Maybe if you could just kind of talk about the timeline. Like what's kind of the maybe easy or low-hanging fruit, so to speak, what can you achieve first in the first year of implementation of this new program? What's kind of going to be more on the back burner, so to speak?

正確的。在我將其傳達給其他人之前，這是我的最後一個問題。因此，正如您所說，慶祝浪潮計劃是一項多年計劃。也許您可以談談時間表。例如，什麼是可能容易實現的或唾手可得的成果，可以這麼說，在實施這個新計畫的第一年，你能先實現什麼？可以這麼說，哪些事情會被擱置呢？

So the primary focus of the Celebrations Wave is something you've heard -- Anthony, you've heard us talk about for a while, the celebrations capabilities. But now we have the ability and the tools. So when you think of what the impact of AI is on us, it's really twofold.

因此，慶典浪潮的主要焦點就是您所聽到的——安東尼，您已經聽我們談論過一段時間了，慶典的能力。但現在我們有能力和工具。因此，當你思考人工智慧對我們的影響時，它實際上是雙重的。

One is how do we reengineer ourselves now, which we're doing. to be much more efficient, to be much more lean and to improve the level of service that we provide our customers. So that's on the internal facing, how do we do what we do better and cheaper.

一是我們現在如何進行自我重塑，我們正在這樣做，以提高效率、精簡程度，並提高我們為客戶提供的服務水準。所以這是從內部角度考慮的，我們如何做得更好、更便宜。

And then, externally facing -- customer-facing, AI gives us tools now to do things that a year ago, two years ago, we only dreamt of being able to do. You factor that in with a couple of the acquisitions that the team has done in the last couple of years to position us to really go after the sentiment-first capability, the sentiment-first philosophy around the Celebrations Wave have really come to fore.

然後，面向外部——面向客戶，人工智慧現在為我們提供了工具，讓我們能夠做到一年前、兩年前我們只能夢想的事情。考慮到團隊在過去幾年中完成的幾項收購，我們真正追求的是情感至上的能力，而圍繞慶典浪潮的情感至上理念也真正凸顯出來了。

So last year, we purchased a greeting card capability, including a wonderful team of people that have at their DNA, this whole sentiment-first mentality. Tom, maybe you can touch on how many cards we're already selling and how we're just getting into that. But read as celebrations ecosystem is a mentality of how do we serve our customers with free, inexpensive and high-quality ways of expressing their sentiment. And oh, by the way, when they want to attach a gift, we have a beautiful assortment there. But then Tom, maybe talk about how we'll introduce it primarily with our existing inventory of media -- or house media as a first step.

因此，去年，我們購買了賀卡生產能力，其中包括一支優秀的團隊，他們的 DNA 中都蘊含著這種情感至上的理念。湯姆，也許你可以談談我們已經售出了多少張卡片，以及我們是如何開始銷售的。但讀作慶祝生態系統是一種心態，即我們如何以免費、廉價和高品質的方式來表達我們的客戶的情感。哦，順便說一下，當他們想要附上禮物時，我們有各種各樣的精美禮物可供選擇。但是湯姆，也許可以談談我們將如何主要利用我們現有的媒體庫存來推出它——或者第一步是利用內部媒體。

Yes. Anthony, it's Tom. Just a couple of things. As we start off and so first piece is our relationship management capabilities. We talked about our new app that's out there.

是的。安東尼，我是湯姆。僅舉幾例。首先，我們首先要考慮的是我們的關係管理能力。我們討論了我們新推出的應用程式。

We have enhanced capabilities with our address book and our logged-in capabilities. And it's utilizing our first-party data now to define and look at the social graph around relationships and occasions. I think a big piece of this is also our occasion reminders that we've been doing fairly well, and we keep growing that data repository. Also, our personalized experiences on our platform, we continue to make good progress especially with ML and AI in personalizing all our experiences on our platforms.

我們增強了地址簿和登入功能。現在它正在利用我們的第一方資料來定義和查看圍繞關係和場合的社交圖譜。我認為其中很大一部分也是我們的場合提醒，我們做得相當好，我們不斷擴大資料儲存庫。此外，我們在平台上的個人化體驗方面繼續取得良好進展，特別是在機器學習和人工智慧方面，我們在平台上的所有體驗都個性化。

As Jim alluded to, it is now with the acquisitions of our celebrations card business and some of the other attributes we have and the businesses we have, implementing our [ladder] strategy, having a low-cost free environment where we can bring people, so it reduces the barrier to buy, the barrier to engage.

正如吉姆所提到的，現在我們收購了慶祝卡業務以及我們擁有的一些其他屬性和業務，實施了我們的[階梯]策略，擁有了一個我們可以吸引人們的低成本免費環境，從而降低了購買障礙和參與障礙。

So with free greeting cards and gift cards and things like we've talked about in the past like muggable,s as well as premium gifts, right? That's all part of the journey here. And then as Jim mentioned, the use of AI, the use of AI and personalization and our content development and agentic shopping and how we're bringing to bear and utilizing it for advancements in our customer care. I think that kind of rounds out what we're trying to achieve here and bring all that foundational elements, which a lot of them are already built in this forthcoming year.

那麼，有免費的賀卡和禮品卡，以及我們過去談論過的諸如麻袋之類的東西，還有高級禮品，對嗎？這就是旅程的一部分。然後，正如吉姆所提到的，人工智慧的使用、人工智慧和個人化的使用以及我們的內容開發和代理購物，以及我們如何利用它來改善我們的客戶服務。我認為這完善了我們在此試圖實現的目標，並帶來了所有基礎元素，其中許多元素已經在即將到來的一年中建成。

Michael Kupinski, NOBLE Capital Markets.

NOBLE Capital Markets 的 Michael Kupinski。

I welcome Adolfo as well. A couple of questions. So you've been dealing with a bifurcated market for some time, and I was wondering if the revenue weakness that you've seen in the last quarter was related to any of -- like maybe the higher end or the lower-end customers? Was there a shift towards lower-end pricing products? Can you just kind of add some color to what we had seen prior to this particular quarter related to the customers themselves?

我也歡迎阿道夫。有幾個問題。所以，您一段時間以來一直在應對分化的市場，我想知道您在上個季度看到的收入疲軟是否與高端或低端客戶有關？是否有轉變為低端定價產品的情況？您能否為我們在本季之前看到的與客戶本身相關的情況添加一些說明？

Michael, it's Tom. Yes, I think it continued the trend with the macroeconomic environment. We are seeing more challenges with our lower income consumers where their discretionary spending has been reduced. We've seen good retention with our best and better customers. It's where we're losing the retention and losing the buying right now is with those customers that are most challenged and struggling.

麥可，我是湯姆。是的，我認為它延續了宏觀經濟環境的趨勢。我們看到低收入消費者面臨更多挑戰，他們的可自由支配支出減少了。我們發現我們的最佳和更優質客戶的保留率都很好。我們現在正在失去那些面臨最大挑戰和最艱難的客戶的保留和購買。

We introduced a few higher price points in the $500 to $1,500 price range and frankly, sold out of all the items we introduced. So the comfortable customer continues to spend and spend well. Our average ticket has been up over the last couple of years. And I think that's a function of; a, having a broader range of price points and; b, losing customers at the lower end of the income grade has taken those lower price points out, which has artificially propped up our average order value.

我們推出了一些價格在 500 美元至 1,500 美元之間的高價位產品，坦白說，我們推出的所有產品都已售罄。因此，感到舒適的顧客會繼續消費，並且消費得宜。過去幾年裡，我們的平均票價一直在上漲。我認為這是以下兩個因素的作用：a、擁有更廣泛的價格點；b、失去低收入階層的客戶導致那些較低的價格點被取消，這人為地抬高了我們的平均訂單價值。

Yes. And you mentioned that the competitive landscape in the floral business increased. Can you mention -- and you mentioned it was highly promotional. Do you believe you lost share in the floral business?

是的。您提到花卉產業的競爭格局加劇了。您能否提一下—您提到它具有很強的促銷作用。您認為您在花卉業務中失去了市場份額嗎？

We don't believe so. We look at our market share annually. And with our larger brands, we don't -- we believe we've either maintained or gained share in the last year.

我們不這麼認為。我們每年都會審視我們的市場佔有率。對於我們較大的品牌，我們認為我們在去年保持或增加了市場份額。

Okay. And you mentioned that Personalization Mall as well as your Wholesale business are two of those that are most impacted by tariffs. I'm kind of surprised that you didn't mention BloomNet in there because it seems to me like some of your products there are also sourced maybe in Asia. And I was just wondering if you could just talk about the impact on BloomNet.

好的。您提到個人化商城以及批發業務是受關稅影響最大的兩家業務。我有點驚訝你們沒有提到 BloomNet，因為在我看來，你們的一些產品也可能來自亞洲。我只是想知道您是否可以談談對 BloomNet 的影響。

Yes. So when we said wholesale, Michael, that's including the Napco and BloomNet side of it. Napco is a big piece of it, the wholesale. So that was when we said wholesale, that did include the Napco, BloomNet wholesale business as well as the Food wholesale business.

是的。因此，當我們說批發時，邁克爾，這包括 Napco 和 BloomNet 方面。Napco 是其中一大批發商的。所以當我們說批發時，確實包括 Napco、BloomNet 批發業務以及食品批發業務。

But on the BloomNet as related to our fulfillment partners, the retail floral and gift fulfillment partners, less affected because it's their tariffs are going to be for South America, which are in the 10% range versus 145% on componentry we're importing from China.

但在 BloomNet 上，與我們的履行合作夥伴、零售鮮花和禮品履行合作夥伴相關的影響較小，因為他們的關稅針對南美，在 10% 左右，而我們從中國進口的零件的關稅為 145%。

Got you. And then I was just wondering in terms of since we're already through this fiscal fourth quarter, can you kind of give us a sense of how April's revenue trajectory did it worsen from where you were in March? I was just wondering if you can kind of give us just the general trends that you saw in April.

明白了。然後我只是想知道，既然我們已經度過了第四財季，您能否讓我們了解四月份的營收軌跡與三月相比有何惡化？我只是想知道您是否可以告訴我們您在四月看到的整體趨勢。

So in April, we'll be -- obviously, we'll be up because of the Easter shift in April. So obviously, the holiday buying was where we thought it would be, still seeing the softness in the everyday business. And for the quarter, we believe that will be slightly better and part of that's the Easter shift. And obviously, we're getting close to Mother's Day. We got to see -- get through Mother's Day.

因此，在四月份，我們將會——顯然，我們將因為四月的復活節而增加產量。顯然，假期購物季的購買力正如我們所料，但日常業務仍然疲軟。就本季而言，我們相信情況會略有好轉，部分原因是復活節的轉變。顯然，母親節即將來臨。我們要度過母親節。

But for the quarter, we'll be slightly better than we were in Q3.

但就本季而言，我們的表現將比第三季略好。

Doug Lane, Water Tower Research.

道格·萊恩（Doug Lane），水塔研究公司。

Jim, I think in your earlier comments, you mentioned that exiting retail during the pandemic was a mistake. Can you elaborate on that? What you've done differently with the Harry & David retail stores? And then while you're discussing retail, can you give us an early read on Long Island store?

吉姆，我想在你之前的評論中，你提到在疫情期間退出零售業是一個錯誤。能詳細說明一下嗎？您對 Harry & David 零售店做了哪些不同的事情？然後，當您討論零售業時，您能否提前介紹一下長島商店？

Sure. Happy to. My opinion is that when our hair was on fire at the beginning -- well, I should have make jokes. When things were going wild at the beginning of COVID, when we were growing 100% or thereabouts in our e-commerce business, and we had no idea how long we'd close our stores, which sold a lot of perishable product, the decision was made to walk away from those.

當然。很開心。我的看法是，當我們的頭髮一開始著火時——好吧，我應該開個玩笑。當新冠疫情爆發之初，情況變得異常混亂時，我們的電子商務業務增長了 100% 左右，我們不知道要關閉銷售大量易腐爛產品的商店多久，所以我們決定放棄這些商店。

Now if I -- with the benefit of 2020 hindsight, that $50 million or so of revenue that we walked away from, I'd still like to have because I'm a believer in a multichannel kind of approach, we all are. And so mistake, I'll admit to it that we made that mistake. We also shut at other retail plans that we had in development because it was all hands on deck to keep up with the explosion of growth in the e-commerce side.

現在，如果我——以 2020 年的眼光來看，我們放棄的那 5000 萬美元左右的收入，我仍然希望能夠擁有，因為我相信多渠道的方法，我們都是。所以這是一個錯誤，我承認我們犯了這個錯誤。我們還終止了正在製定的其他零售計劃，因為我們必須全力以赴，跟上電子商務領域的爆炸式增長。

That being said, if I could wave a magic wand, I'd still have those stores. I still have the other experiments we had going on in retail, but now we're getting back to it. We'll do -- we did half a dozen holiday stores this past Christmas.

話雖如此，如果我能揮動魔杖，我仍然會擁有那些商店。我仍在進行我們在零售業進行的其他實驗，但現在我們要重新開始。我們會做的事——去年聖誕節我們開了六家節慶店。

We're really pleased with the results of that from a brand point of view and from a sales point of view, from an exposure of our different brands, that went well.

從品牌角度、銷售角度以及我們不同品牌的曝光度來看，我們對結果非常滿意，一切都很順利。

We're going to be bigger. This team will have a bigger opportunity to do holiday stores this year. We opened up the Harry & David store, which is a representation of several of our food group brands. We have a Scharffen Berger section in there. We have a big Cheryl's section in there.

我們會變得更大。今年這個團隊將有更大的機會經營假日商店。我們開設了 Harry & David 商店，它是我們集團多個食品品牌的代表。我們在那裡有一個 Scharffen Berger 部分。我們那裡有一個很大的 Cheryl 專區。

It's a beautiful stage and retail for me, you can do retail and make a couple of bucks at it, it's free marketing because customers see your brand, they engage with you. And we -- if you remember, we acquired a very small company a couple of few years ago called Alice's Table right before COVID, not good timing to buy a live events company, but we've repurposed those assets and those relationships under the Celebrations Experiences brand, and you'll see at the Huntington store of Harry & David and 1-800-Flowers.

對我來說，這是一個美麗的舞台和零售，你可以做零售並從中賺一些錢，這是免費的行銷，因為客戶看到了你的品牌，他們會與你互動。如果你還記得的話，幾年前，我們在新冠疫情爆發之前收購了一家名為 Alice's Table 的小公司，那時並不是收購現場活動公司的好時機，但我們已將這些資產和關係重新利用到 Celebrations Experiences 品牌下，您會在 Harry & David 和 1-800-Flowers 的亨廷頓商店看到。

You'll see Scharffen Berger Chocolates, you'll see Moose Munch, Vital Choice, our Harry & David brands, our new nut line from [Beavercreek] under the Harry & David umbrella, all of them represented there. And we did a big grand opening party (inaudible) a couple of weeks ago. It was fantastic, had about 100 people in the store, great experiences. And we have a section in the front of store right upfront where you can see in the window, and this is one of the most highly trafficked intersections on Long Island. And all these cars driving by seeing all of these people taking classes in there day and night.

您將看到 Scharffen Berger 巧克力、Moose Munch、Vital Choice、我們的 Harry & David 品牌以及 Harry & David 旗下的 [Beavercreek] 新堅果系列，所有這些品牌都在這裡有展示。幾週前我們舉辦了一場盛大的開幕派對（聽不清楚）。太棒了，店裡大約有 100 人，體驗很棒。我們在商店前面有一個區域，您可以從窗戶看到，這是長島交通最繁忙的十字路口之一。所有這些車輛駛過，看到所有這些人日夜在那裡上課。

We're building out a whole program there of all the different classes. So people come in, they interact, have a great experience. We can make a couple of bucks at that, and then they all get a little gift bag that they can walk around the store and fill up with all different kinds of items. Our Cheryl's Cookie product is our best-selling item in that store right now. So we are and have been retailers for most of our 50 years, make the mistake of shuttering those.

我們正在為所有不同的課程製定一個完整的計劃。所以人們進來，互動，獲得很棒的體驗。我們可以從中賺到幾塊錢，然後他們都會得到一個小禮品袋，他們可以在商店裡走來走去，把各種各樣的物品裝滿。我們的 Cheryl's Cookie 產品目前是該商店最暢銷的商品。因此，我們在 50 年的大部分時間裡都是零售商，犯了關閉這些零售商的錯誤。

We're coming back in a deliberate and tested fashion with holiday stores with different kind of concepts. And I believe that if we are deliberate about that, it will play an important and meaningful role in our marketing scheme/sales going forward. But most especially, we get to interact one-on-one with our customers and they have a different sense of our brand when that happens.

我們將以經過深思熟慮和測試的方式帶著不同類型的概念假日商店回歸。我相信，如果我們認真考慮這一點，它將在我們未來的行銷計劃/銷售中發揮重要而有意義的作用。但最重要的是，我們可以與客戶進行一對一的互動，當這種情況發生時，他們對我們的品牌有不同的看法。

So this year, over the next, I don't know, 12, 18 months, are we looking at just expanding the holiday stores? Or do you think you'll take your learnings from the Long Island store and start to expand that concept?

那麼今年，在接下來的 12 到 18 個月裡，我們是否只考慮擴大假日商店？或者您認為您會從長島商店吸取經驗並開始擴展這個概念？

Tom, what do you think?

湯姆，你怎麼看？

Yes. We -- our plans are to have a handful of full year-round stores as we test into those, maybe a little bit more, certainly over 18 months more. And obviously, we're looking at high-traffic locations. And then yes, we will continue to be doubling down on the seasonal stores also.

是的。我們的計劃是開設幾家全年營業的商店，進行測試，也許更多一點，肯定會超過 18 個月。顯然，我們正在尋找交通繁忙的地點。是的，我們也將繼續加倍投入季節性商店。

I'd point out that one of the good hires that we've made in the last few months was to run our real estate efforts for us has a real deep retail knowledge and great contacts. And frankly, I was just chatting with him this morning about some of the opportunities he's [unlocking] for us. He's become a real asset very quickly, but he is -- he knows retail inside out, and he's got us little jazzed about the opportunities. But don't tell them I said that (inaudible).

我想指出的是，我們在過去幾個月中招募到的優秀人才之一就是負責我們的房地產業務，他擁有深厚的零售知識和廣泛的人脈。坦白說，今天早上我剛和他聊過他為我們帶來的一些機會。他很快就成為了一筆真正的財富，他對零售業瞭如指掌，他讓我們對這些機會感到興奮不已。但別告訴他們我這麼說（聽不清楚）。

With no further questions, this will conclude our question-and-answer session. I would like to turn the conference back over to Jim McCann for any closing remarks.

如果沒有其他問題，我們的問答環節就結束了。我想將會議交還給吉姆·麥肯 (Jim McCann) 來做結束語。

Well, it's been a pleasure to interact with you. I look forward to continuing to do that, but I really look forward to Adolfo being in our company going forward because I'm excited about him being here. I'm excited about the new additions to the team that we've made lately.

嗯，很高興與您交流。我期待繼續這樣做，但我真的期待阿道夫繼續留在我們公司，因為我很高興他能來這裡。我對最近團隊的新成員加入感到非常興奮。

I'm getting out of Tom's way and bringing someone in that has a lot more to offer than I do. That's exciting to me. I think you can tell that we're disappointed in our performance of late. Some of it is macro, yes, but some of it is of our own doing, and we have to own up to that. And indeed, we do.

我不會妨礙湯姆，而是找一個比我更有能力的人來做這件事。這讓我很興奮。我想您可以看出我們對最近的表現感到失望。是的，有些是宏觀的，但有些是我們自己造成的，我們必須承認這一點。事實確實如此。

But I couldn't be more excited about what our future looks like with our Celebrations Wave initiative. This is the sixth wave for us. So five decades with six waves, starting with stores, then embracing the 800 number, then online, then social, then mobile, then conversational commerce.

但我對我們的「慶祝浪潮」計畫的未來感到無比興奮。對我們來說，這是第六波。五十年來，電子商務經歷了六次浪潮，從商店開始，然後是 800 號碼，然後是網絡，然後是社交，然後是移動，然後是對話式商務。

This one now is the most exciting for me because it comes closest to enabling us to be able to fulfill the dream we've had for a long time of playing a more important role in our customers' lives by helping them to have more and better relationships, and that starts with our engagement with them and the tools we can help them to be genuine about their investment in more, better and deeper relationships.

現在，這一點對我來說是最令人興奮的，因為它最接近讓我們能夠實現我們長期以來的夢想，即​​透過幫助客戶建立更多、更好的關係，在客戶的生活中扮演更重要的角色，而這始於我們與客戶的互動以及我們可以幫助他們真誠地投資於更多、更好、更深層次的關係的工具。

So Adolfo, I welcome you as well and congratulate you. I couldn't tell you how excited I am to have you at the helm of what I think is not a ship, but a rocket ship. Thank you.

所以阿道夫，我也歡迎你並向你表示祝賀。我無法形容我有多興奮，因為你掌舵的這艘船不是一艘船，而是一艘火箭。謝謝。

I agree with you, Jim. And I'm super excited to be here. So looking forward to working with you guys. Thank you.

我同意你的看法，吉姆。我非常高興來到這裡。非常期待與你們合作。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。