1-800-Flowers.Com Inc (FLWS) 2026 Q1 法說會逐字稿

Good morning, and welcome to the 1-800-FLOWERS.COM fiscal 2026 first quarter earnings call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Andy Milevoj, Senior Vice President, Investor Relations. Please go ahead.

早安，歡迎參加 1-800-FLOWERS.COM 2026 財年第一季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係高級副總裁安迪·米萊沃伊。請繼續。

Good morning, and welcome to our fiscal 2026 first quarter earnings call. Joining us on today's call are Adolfo Villagomez, Chief Executive Officer; and James Langrock, Chief Financial Officer. 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.

早安，歡迎參加我們2026財年第一季財報電話會議。今天參加電話會議的有執行長阿道夫·維拉戈麥斯和財務長詹姆斯·朗格羅克。在開始之前，我想提醒各位，我們今天電話會議上的一些發言受新聞稿和公開文件中包含的「安全港」免責聲明的約束。

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 and including those contained in our press release and public filings with the Securities and Exchange Commission.

在本次電話會議中，我們將發表一些前瞻性聲明，包括對未來事件的預測、展望和其他聲明。這些聲明是基於當前的預期和假設，但存在風險和不確定性，包括我們在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 this call. 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 Adolfo.

本公司聲明不承擔更新本次電話會議中可能作出或討論的任何前瞻性陳述的義務。此外，我們也將討論一些未依照公認會計原則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指標的調節表可以在我們的獲利報告中的表格中找到。現在我把電話交給阿道夫。

Thanks, Andy, and good morning, everyone. I am excited to share some of the early progress that we have made on the strategic initiatives that we discussed in our last call. As I mentioned in our last call, we view fiscal 2026 as a year of stabilization for the company, focused on building a foundation for long-term sustainable growth.

謝謝安迪，大家早安。我很高興與大家分享我們在上次會議討論的策略舉措方面取得的一些初步進展。正如我在上次電話會議中提到的，我們認為 2026 財年是公司的穩定年，重點是為長期永續成長奠定基礎。

We are only one quarter into our turnaround strategy, but we have already begun to move from identifying problems to taking actions. As James will discuss in more detail, our underlying profitability has begun to show a clear positive trend when we adjust for timing-related items.

我們的轉虧為盈策略才實施了四分之一，但我們已經開始從發現問題轉向採取行動。正如 James 將要詳細討論的那樣，當我們調整與時間相關的項目後，我們的基本盈利能力已經開始呈現出明顯的積極趨勢。

While there is much more work to be done and inevitably, there will be some challenges we are beginning to see some benefits from the changes we have made. Before I share some updates, let me begin by quickly reviewing the strategic initiatives we outlined on our last call.

雖然還有很多工作要做，而且不可避免地會面臨一些挑戰，但我們已經開始看到我們所做的改變帶來的一些好處。在分享一些最新進展之前，讓我先快速回顧一下我們在上次會議中概述的策略舉措。

These include four key areas: strengthening our customer focus, enhancing talent and accountability, achieving cost savings and organizational efficiency and expanding our reach beyond e-commerce into new channels. Let's begin with strengthening our customer focus. We began to make major changes in our customer acquisition and marketing strategy during the first quarter.

這些包括四個關鍵領域：加強客戶關注、提升人才和責任感、實現成本節約和組織效率提升，以及將我們的業務範圍從電子商務擴展到新的管道。讓我們先加強對客戶的關注。第一季度，我們開始對客戶獲取和行銷策略進行重大調整。

Historically, our company relied too heavily on bottom of the funnel marketing activities, that focus on driving revenues without fully taking into account the overall impact on profitability. This was highly inefficient and negatively impacted our financial performance. In Q1, we made a fundamental shift to focus on marketing contribution margin, which allows us to better allocate resources and optimize spending, ensuring that our marketing dollars drive measurable returns.

從歷史上看，我們公司過度依賴漏斗底部的行銷活動，這些活動只專注於推動收入成長，而沒有充分考慮對獲利能力的整體影響。這種做法效率極低，對我們的財務表現產生了負面影響。第一季度，我們進行了根本性的轉變，將重點放在行銷貢獻毛利上，這使我們能夠更好地分配資源和優化支出，確保我們的行銷資金帶來可衡量的回報。

As James will discuss further, we are already seeing positive results from this change. In the short term, we could see additional pressure on the top line as we recalibrate our approach towards a positive marketing contribution margin on paid traffic.

正如詹姆斯將要進一步討論的那樣，我們已經看到了這項改變帶來的正面成果。短期內，隨著我們重新調整策略以實現付費流量的正行銷貢獻利潤率，我們可能會看到營收面臨更大的壓力。

As we pivot toward a greater focus on contribution margin, we are placing a stronger emphasis on optimizing our marketing spend to drive profitable growth, not just higher sales. This optimization delivers a twofold financial benefit that improves both efficiency and effectiveness. Efficiency ensures we are maximizing our marketing dollars, reducing waste and aligning spend with our highest return channels.

隨著我們更加重視貢獻毛利，我們將更加重視優化行銷支出，以推動獲利成長，而不僅僅是提高銷售額。這種優化可以帶來雙重經濟效益，既提高了效率，也提高了效益。效率確保我們最大限度地利用行銷資金，減少浪費，並將支出與回報最高的管道相匹配。

Effectiveness, on the other hand, ensures our investments are more precisely targeted driving stronger engagement and results. Together, these improvements directly impact our top and bottom lines by increasing awareness, accelerating customer acquisition and improving retention.

另一方面，有效性確保我們的投資更有針對性，從而帶來更強的參與度和更好的結果。這些改善措施共同作用，透過提高品牌知名度、加快客戶獲取速度和提高客戶留存率，直接影響我們的營收和利潤。

At the end of the day, this strategy positions us for stronger and more sustainable growth and profitability. Additionally, this quarter, we began testing a paid traffic consolidation strategy by redirecting visitors from our lower traffic websites to our main platforms, landing them on the same categories they were originally seeking.

歸根結底，這項策略使我們能夠實現更強勁、更永續的成長和獲利能力。此外，本季我們開始測試付費流量整合策略，將來自流量較低的網站的訪客重新導向到我們的主要平台，使他們能夠訪問他們最初搜尋的相同類別。

This approach is intended to improve productivity and maximize return on investment by increasing conversion and average order value as customers attach other categories merchandise on our primary platforms. Early results are promising, and we are confident that these efforts will help create a more scalable and efficient digital ecosystem. Expanding into new channels has been another key focus area for us.

這種方法旨在透過提高轉換率和平均訂單價值來提高生產力並最大限度地提高投資回報率，因為客戶會將其他類別的商品附加到我們的主要平台上。初步結果令人鼓舞，我們相信這些努力將有助於創造一個更具可擴展性和高效性的數位生態系統。拓展新通路一直是我們的另一個重點領域。

Historically, as a consumer products company with many selling options, we became too dependent on our own websites and on traffic coming directly from web browsers. The company didn't adjust its strategy as customer preferences shifted toward beginning their shopping journeys on third-party marketplaces. I'm excited to announce that we are now selling our products through third-party marketplaces including Amazon and walmart.com, making our offerings more accessible to a broader audience.

從歷史上看，作為一家擁有眾多銷售管道的消費品公司，我們過度依賴自己的網站以及直接來自網路瀏覽器的流量。隨著顧客偏好轉向在第三方市場開始購物之旅，該公司並未調整其策略。我很高興地宣布，我們現在透過包括亞馬遜和沃爾瑪在內的第三方市場銷售我們的產品，使更廣泛的受眾更容易獲得我們的產品。

Additionally, we have successfully opened our holiday pop-up shops which have been well received by customers. These pop-ups will help us test and refine a physical retail concept that we can expand to multiple locations, leveraging our broad range of product categories.

此外，我們成功開設了假日快閃店，受到了顧客的好評。這些快閃店將幫助我們測試和完善實體零售概念，以便將其推廣到多個地點，並充分利用我們廣泛的產品類別。

Having the right talent in the right roles is foundational to our transformation. Recently, we made a key hire to strengthen our leadership team. I am thrilled to welcome Melanie Babcock to our company as Chief Marketing and Growth Officer.

讓合適的人才擔任合適的職位是我們轉型的基礎。最近，我們進行了一項關鍵的人才招聘，以加強我們的領導團隊。我非常高興地歡迎 Melanie Babcock 加入我們公司，擔任首席行銷和成長長。

This is a pivotal moment for our company, and Melanie is just the right leader to help us accelerate our transformation, with a proven track record of building teams and businesses that deliver outsized sustainable returns. She was key in leveraging AI to transform the Home Depot marketing platforms from product focus to a customer-centric experience.

對我們公司而言，這是一個關鍵時刻，而梅蘭妮正是能夠幫助我們加速轉型的合適人選，她擁有打造能夠帶來超額可持續回報的團隊和業務的卓越業績。她發揮了關鍵作用，利用人工智慧將家得寶的行銷平台從以產品為中心轉變為以客戶為中心的體驗。

Her proven ability to scale brands, build high-performing businesses and create customer-centric growth strategies make her the perfect partner for this new chapter of our journey. In this newly created role, she will lead our marketing evolution across the enterprise and will be focused on building a full funnel marketing approach that drives awareness, acquisition and retention, modernizing our digital experience to improve product discoverability, enhancing our merchandising strategy through stronger data infrastructure and AI and streamlining our brand architecture to create a more intuitive and connected customer journey.

她擁有拓展品牌規模、打造高績效企業和製定以客戶為中心的成長策略的卓越能力，這使她成為我們開啟新篇章的完美合作夥伴。在這個新設立的職位上，她將領導我們整個企業的營銷變革，並將專注於構建一個全渠道營銷方法，以提高知名度、獲取和留存率，使我們的數位體驗現代化，以提高產品發現率，透過更強大的數據基礎設施和人工智慧來增強我們的商品銷售策略，並簡化我們的品牌架構，以創造一個更直觀、更緊密聯繫的客戶。

This customer first approach will help us build a customer lifetime value flywheel, where efficient acquisition and strong retention reinforce each other to drive profitable growth. As part of our effort to drive greater efficiency and agility across the organization, we have made great progress partnering with our external consultants to identify and prioritize additional efficiency opportunities. We have already started to implement targeted organizational changes including centralizing our marketing team and improving coordination between customer service and website development.

這種以客戶為中心的方法將幫助我們建立客戶終身價值飛輪，高效的客戶獲取和強大的客戶留存將相互促進，從而推動獲利成長。為了提高整個組織的效率和敏捷性，我們與外部顧問合作，在確定和優先考慮其他提高效率的機會方面取得了巨大進展。我們已經開始實施有針對性的組織變革，包括集中行銷團隊，以及改善客戶服務和網站開發之間的協調。

These adjustments are designed to streamline operations, eliminate unnecessary complexity and better align our teams with strategic priorities. We have also taken steps to increase accountability at all levels of our organization, ensuring that decision-making is faster and more closely tied to bottom line results. We believe these changes position us to execute with greater focus and deliver improved results over the long term.

這些調整旨在簡化操作流程，消除不必要的複雜性，並使我們的團隊更好地與策略重點保持一致。我們也採取了措施，加強組織各層面的問責制，確保決策速度更快，並與最終結果更緊密地連結在一起。我們相信，這些改變將使我們能夠更專注地執行任務，並在長期內取得更好的表現。

As we enter the critical holiday period, our primary focus is on providing an exceptional experience for our customers during this important season. While we remain committed to driving organizational change, continuously refining our marketing approach, and improving agility and efficiency, we recognize the importance of maintaining stability and delivering a seamless customer experience through the holiday rush.

隨著關鍵假期的到來，我們的首要任務是在這個重要時期為我們的客戶提供卓越的體驗。儘管我們仍致力於推動組織變革，不斷改進行銷方法，提高敏捷性和效率，但我們也認識到在假日高峰期保持穩定並提供無縫客戶體驗的重要性。

Therefore, we are prioritizing our turnaround road map accordingly. We look forward to keeping you updated on our progress. And now I will turn it over to James for the financial review.

因此，我們正在據此調整我們的轉型路線圖的優先順序。我們會持續向您報告最新進展。現在我將把財務審查工作交給詹姆斯。

Thanks, Adolfo, and good morning, everyone. This morning, I will review our fiscal 2026 first quarter performance. Please note that all comparisons are made to the prior year period and represent adjusted results unless otherwise stated.

謝謝你，阿道夫，大家早安。今天上午，我將回顧我們2026財年第一季的業績。請注意，除非另有說明，所有比較均與上年同期進行比較，並代表調整後的結果。

During the first quarter of fiscal 2026, we saw a clear and immediate benefit from our strategic shift in marketing spend toward a marketing contribution margin focus. This metric is calculated as gross profit less credit card fees and marketing fees expressed as a percentage of sales.

在 2026 財年第一季度，我們看到了行銷支出策略轉向以行銷貢獻毛利為重點所帶來的明顯而直接的好處。此指標的計算方法為：毛利減去信用卡手續費和行銷費用，再以銷售額的百分比表示。

Both the first and second months of the quarter experienced profitability improvements as our marketing resources were more efficiently allocated, driving higher returns on investment. Third month of the quarter also benefited from this approach.

本季前兩個月的獲利能力均有所提高，因為我們的行銷資源得到了更有效的分配，從而提高了投資報酬率。本季第三個月也受惠於這種方法。

The results were impacted by timing items, including the shift of certain wholesale orders from Q1 in the prior fiscal year into Q2 of this fiscal year. After adjusting for timing-related items, the trend in adjusted EBITDA was slightly positive for the quarter. Notably, this represents the first year-over-year improvement in adjusted EBITDA trends over the past 7 quarters.

業績受到時間因素的影響，包括將上一財年第一季的某些批發訂單轉移到本財年第二季。剔除與時間相關的因素後，本季調整後的 EBITDA 趨勢略微向好。值得注意的是，這是過去 7 個季度以來調整後 EBITDA 趨勢首次實現年比改善。

By focusing on marketing contribution margin, optimizing spend and streamlining operations, we were able to partially mitigate the effects of softer sales. As is the case of many companies, a portion of our cost of goods sold is fixed which creates some gross margin pressure due to sales deleveraging.

透過專注於行銷貢獻毛利、優化支出和簡化運營，我們得以部分緩解銷售疲軟的影響。與許多公司一樣，我們銷售成本的一部分是固定的，這導致銷售槓桿降低，從而對毛利率造成了一定的壓力。

We believe the changes we are implementing provide a strong foundation for stabilization as we progress through the remainder of the fiscal year and positions us for future growth. Looking ahead, we will remain disciplined in our marketing investments while becoming more effective. We will continue to partner with our external consultants to explore additional opportunities for operational efficiency.

我們相信，我們正在實施的變革將為本財年剩餘時間的穩定發展奠定堅實的基礎，並為未來的成長做好準備。展望未來，我們將持續嚴格控制行銷投入，同時提高行銷效率。我們將繼續與外部顧問合作，探索提高營運效率的更多機會。

We are encouraged by the early positive momentum generated by our new approach and are confident that these efforts will drive sustainable financial performance as we progress through fiscal 2026. Now let's review our performance. Consolidated revenue for the first quarter decreased by 11.1%.

我們對新方法帶來的早期積極勢頭感到鼓舞，並相信這些努力將在我們推進到 2026 財年的過程中推動可持續的財務業績。現在讓我們回顧一下我們的表現。第一季綜合收入下降了11.1%。

This included a 14.6% decline in the Consumer Floral and Gift segment and an 8.6% decline in the Gourmet Foods and Gift Baskets segment. Revenues in our BloomNet segment were essentially flat with the prior year period.

其中，消費者鮮花和禮品細分市場下降了 14.6%，美食和禮品籃細分市場下降了 8.6%。我們BloomNet業務部門的營收與去年同期基本持平。

These results were primarily driven by a strategic shift toward emphasizing positive marketing contribution margin and to a lesser extent, changes in wholesale order timing, which shifted from the first quarter of the previous year to the second quarter of this fiscal year.

這些業績主要得益於策略調整，即更加重視積極的營銷貢獻毛利，其次是批發訂單時間的變化，批發訂單時間從上一年第一季轉移到了本財年第二季度。

Now turning to gross margin. Our first quarter gross margin decreased 240 basis points to 35.7% compared with 38.1% in the prior year period. This was primarily due to deleveraging on the sales decline combined with the impact of higher tariffs. Operating expenses decreased $12 million to $127.3 million, primarily due to lower marketing and labor costs.

現在來看毛利率。我們第一季的毛利率較上年同期的 38.1% 下降了 240 個基點，至 35.7%。這主要是由於銷售額下降導致的去槓桿化，以及關稅上漲的影響。營運費用減少了 1,200 萬美元，降至 1.273 億美元，主要原因是行銷和勞動力成本降低。

Excluding nonrecurring charges and the impact of the company's nonqualified deferred compensation plan in both periods, operating expenses declined $10.9 million as compared to prior year to $124.9 million. As a result of these factors, our first quarter adjusted EBITDA loss was $32.9 million as compared with a loss of $27.9 million in the prior year period.

剔除非經常性費用和公司非合格遞延補償計畫在兩個期間的影響後，營業費用較上年同期減少 1,090 萬美元，至 1.249 億美元。受上述因素影響，我們第一季調整後的 EBITDA 虧損為 3,290 萬美元，而上年同期虧損為 2,790 萬美元。

Before I review our balance sheet, I want to briefly update you on our cost reduction efforts. We continue to collaborate with external consultants to streamline operations and drive greater efficiency across the business. As we shared last quarter, we have already implemented $17 million in annualized cost reductions.

在審閱資產負債表之前，我想先簡單介紹一下我們降低成本的工作進度。我們繼續與外部顧問合作，以簡化營運流程，提高整個業務的效率。正如我們上個季度所分享的，我們已經實現了每年1700萬美元的成本削減。

We are beginning to see the early benefits of our cost reduction initiatives flow through the P&L. However, those savings are currently being offset by the impact of tariffs, investments in people and higher transportation costs.

我們開始看到成本削減措施的初步成效體現在損益表中。然而，這些節省目前正被關稅、人力投資和不斷上漲的運輸成本所抵消。

Based on the analysis we have done in collaboration with our external consultants, we anticipate we can achieve an incremental $50 million in cost savings over the next two years on a run rate basis. Please note this figure excludes onetime expenses such as consultant fees and severance costs. Additionally, this amount does not account for savings associated with improvements in marketing spend efficiency.

根據我們與外部顧問合作進行的分析，我們預計在未來兩年內，按運行率計算，我們可以實現額外 5000 萬美元的成本節約。請注意，此數字不包括一次性費用，例如諮詢費和遣散費。此外，該金額並未計入因提升行銷支出效率而節省的費用。

Now turning to our balance sheet. At quarter end, net debt was $259.3 million compared with $224.1 million a year ago. Our cash balance was $7.7 million. Inventory was $269.8 million compared with $275.3 million a year ago. In terms of our debt, we have $157 million in term debt and borrowings of $110 million under our revolving credit facility in preparation for the upcoming holiday season.

現在來看我們的資產負債表。截至季末，淨債務為 2.593 億美元，而去年同期為 2.241 億美元。我們的現金餘額為770萬美元。庫存額為 2.698 億美元，去年同期為 2.753 億美元。就我們的債務而言，我們有 1.57 億美元的定期債務，為了迎接即將到來的假日季，我們在循環信貸額度下借入了 1.1 億美元。

We expect borrowings under the revolver to be fully repaid during fiscal second quarter. And now we'll open the call for Q&A. Operator, please provide instructions for those interested in asking a question.

我們預期循環信貸項下的借款將在第二財季全部償還。現在我們開始問答環節。操作員，請為有興趣提問的人提供指導。

(Operator Instructions)

（操作說明）

TMichael Kupinski, NOBLE Capital Markets.

TMichael Kupinski，NOBLE Capital Markets。

Thank you for taking the questions. I have quite a few questions here. First of all, I know last year, you were talking a little bit about gas prices. They have seemed to come down a little bit from last year. I was wondering if you're still dealing with price surcharges on gas prices? Or have they gone away?

感謝您回答這些問題。我這裡有很多問題。首先，我知道去年您曾談到汽油價格問題。與去年相比，似乎有所下降。我想問一下，你們那邊是否還在處理汽油價格附加費的問題？還是他們已經離開了？

So Michael, this is James. So the fuel surcharge is always part of the FedEx charges. So they've moderated. They haven't gone away, but they haven't increased.

邁克爾，這位是詹姆斯。因此，燃油附加費始終包含在聯邦快遞的費用中。所以他們的態度有所緩和。它們並沒有消失，但也沒有增加。

Okay. And in terms of your marketing efforts, I know you made changes there, but have you also included changes in products and price points on your products?

好的。至於你們的行銷工作，我知道你們已經做了一些改變，但是你們是否也對產品和產品價格做出了相應的改變呢？

Hi Michael, this is Adolfo. Yes, the merchandising organization continuously review their assortment strategy and pricing strategy to adjust their costs accordingly.

你好，邁克爾，我是阿道夫。是的，商品銷售部門會不斷審查其商品組合策略和定價策略，以便相應地調整成本。

Okay. And then in terms of -- in the last call, you mentioned that consumer floral had become very price competitive. And I was wondering if you can just give us an update on the competitive environment on the consumer floral space?

好的。然後，在上次通話中，您提到消費鮮花市場的價格競爭非常激烈。我想請您介紹一下目前消費花卉市場的競爭環境？

So the way I would characterize that is there are more competitors emerging in the space. And what that is doing is not so much on the pricing side of the product. It's on the cost of buying clicks. Sometimes we are competing to buy the same search terms and that increases the marketing costs and therefore, reduces the marketing productivity.

所以我認為，這個領域正在湧現更多競爭者。而這樣做的影響並不主要體現在產品的定價方面。這是購買點擊量的成本。有時我們會競相購買相同的搜尋字詞，這會增加行銷成本，從而降低行銷效率。

Got you. And then it has always been said that how back-to-school goes, so does Christmas. Can you just provide your thoughts on how back-to-school looked for you and how Christmas is looking? Any thoughts on your -- and then maybe if you could just kind of give us some thoughts on how the wholesale business is looking as you go into the holiday season?

抓到你了。人們常說，開學季的到來預示著聖誕節的到來。能否簡單說說您覺得開學季和聖誕節過得怎麼樣？您有什麼想法嗎？ ——另外，您能否談談您對即將到來的假日季批發業務前景的看法？

Yeah. So Michael, on the back-to-school, that's obviously not -- for the PMall, it's part of the business, but it's a smaller part of the business. The real holiday peak for us, as you know, is the Christmas holiday season. So -- and as you know, it's still early -- it's early days in the holiday season. So that's sort on that front.

是的。所以邁克爾，關於返校季，這顯然不是——對於 PMall 來說，它是業務的一部分，但只是業務中較小的一部分。如您所知，對我們來說真正的假期高峰是聖誕節假期。所以——而且你也知道，現在還早——假期才剛開始。情況大概就是這樣。

As it relates to wholesale, we did have a shift, as you know, timing of wholesale orders between the end of September and early October always kind of impacts us historically. So we did have a shift from Q1 into Q2 of this year, but we are seeing really strong wholesale sales and anticipate that will be up on a year-over-year basis for this holiday season.

就批發業務而言，我們確實經歷了一些變化，正如您所知，9 月底到 10 月初的批發訂單時間總是會對我們產生一定影響。所以，今年第一季到第二季我們確實出現了一些變化，但我們看到批發銷售非常強勁，預計今年假期季節的批發銷售將比去年同期有所成長。

Michael, let me build on that. The team recently was analyzing the sales per week throughout the quarter and the fiscal year. Basically, all the way from the beginning of Q1, so July through, I would say, October, we sell per week about the same.

邁克爾，讓我接著往下說。該團隊最近對整個季度和整個財年的每週銷售額進行了分析。基本上，從第一季初，也就是7月到10月，我們每週的銷售量都差不多。

You see the significant increases that what really matters to us, as James was suggesting, it's the holiday season. And that will start in the next week or in the next couple of weeks. That's when the season really starts for us, and that's what really moves the needle.

你可以看到顯著的增長，而對我們來說真正重要的是，正如詹姆斯所建議的那樣，是假期。這件事將在下週或接下來的幾週內開始。對我們來說，那才是賽季真正開始的時候，也是真正能改變戰局的時候。

I got you. Okay. I was just wondering in terms of the tone of the environment right now. Are you seeing any particular changes in the tone? We saw some Fed rate action and whether or not you're starting to see the benefits from that.

我接到你了。好的。我只是想了解目前的環境氛圍。你覺得語調有什麼特別的變化嗎？我們看到聯準會採取了一些利率行動，想知道你是否已經開始從中受益。

I'm just wondering how you're seeing what the consumer is feeling right now and just the general environment for the consumer.

我只是想知道您如何看待消費者目前的感受以及消費者所處的整體環境。

I don't think nothing meaningful to comment on.

我覺得沒什麼好評論的。

Okay, I'll let others ask questions. Thank you.

好的，我讓其他人提問吧。謝謝。

Thank you.

謝謝。

Anthony Lebiedzinski, Sidoti & Company.

Anthony Lebiedzinski，Sidoti & Company。

Good morning and thank you for taking the questions. So just wanted to follow up on the wholesale piece. Is there any way you guys could quantify what you think the revenue impact was of the shift between first quarter and second quarter?

早上好，感謝您回答問題。所以想跟進​​一下批發方面的問題。你們能否量化一下第一季到第二季之間的轉變對營收的影響？

Yes, it was several million dollars, $3 million, $4 million, Anthony.

是的，有幾百萬美元，300萬美元，400萬美元，安東尼。

All right. That's very helpful, James. And then just thinking about the -- in terms of the $50 million in gross savings, how should we think about the timing of those savings? And is there any way you could say what the savings will be on a net basis?

好的。這很有幫助，詹姆斯。然後，就這 5000 萬美元的總節省而言，我們應該如何考慮這些節省的時機？能否說明一下淨節省金額是多少？

So let me just first take the first question, Anthony. So of the $50 million we believe, on a run rate basis, that will get half of it in fiscal '26 and half of it remaining in fiscal '27. We've started already to take actions -- immediate actions, but there's certain areas like, say, supply chain and procurement that take a little longer to get implemented.

安東尼，我先回答第一個問題。因此，我們認為，以運行速度計算，這 5000 萬美元中的一半將在 2026 財年獲得，另一半將在 2027 財年獲得。我們已經開始採取行動——立即採取行動，但某些領域，例如供應鏈和採購，需要更長的時間才能實施。

So again, half this year, half next year, started to implement some of those actions as we speak. Quantifying the cost of that is a little difficult right now as we work through it, Anthony, but we believe that we'll probably -- this year, we'll have more of the cost than in next year. But at this point, it's hard to quantify. I don't want to give you a number until we have more finalized numbers.

所以，今年上半年和明年下半年，我們已經開始實施其中一些措施了。安東尼，目前我們還在努力估算這方面的成本，所以現在還有些困難，但我們相信，今年的成本可能會比明年更高。但目前很難量化。在有更最終確定的數字之前，我不想給你一個具體的數字。

Understood. Okay. And then for the quarter, you guys had a small tax expense. Normally, you guys have a tax benefit in the quarter. Can you talk about what happened there? And what should we expect for the tax rate for the fiscal year?

明白了。好的。此外，你們本季還有一筆小額稅費支出。通常情況下，你們在這個季度會享受稅收優惠。你能說說那裡發生了什麼事嗎？那麼，我們應該對本財政年度的稅率抱持怎樣的預期呢？

Yeah. So Anthony, what's happened is we've had three years of cumulative losses. So typically, we would have a tax benefit in Q1. But being that we've had three years of cumulative losses, we are now setting up a valuation allowance for those deferred tax assets. So it's more of an accounting thing.

是的。安東尼，我們連續三年都遭遇了虧損。所以通常情況下，我們會在第一季獲得稅收優惠。但由於我們已經連續三年虧損，我們現在正在為這些遞延所得稅資產提列估值準備金。所以這更多的是一個會計方面的問題。

Obviously, as we return to profitability, we'll be able to start using those benefits, but it was a -- due to -- we had to set up a valuation allowance this quarter because of the three years of cumulative losses.

顯然，隨著我們恢復獲利，我們將能夠開始享受這些好處，但這是因為我們本季不得不提列估值準備金，這是由於連續三年的虧損造成的。

Understood. And then as far as your move into Amazon and walmart.com. I know it's recent, but can you give us any early read on what you're seeing in terms of sales coming through those sites?

明白了。至於你們進軍亞馬遜和沃爾瑪網站這件事，我知道這是最近才開始的，但你們能否提前透露一下透過這些網站銷售的情況？

So what I would say, it's early days, but it is going quite well. I see the benefit of selling on Amazon and Walmart, not only incremental top and bottom line, which -- I mean, it's a small number, but it is growing very nicely.

所以我想說的是，現在下結論還太早，但目前進展相當順利。我看到了在亞馬遜和沃爾瑪上銷售的好處，不僅僅是收入和利潤的增加——我的意思是，雖然數字很小，但成長得非常好。

But the other thing is the best practices that those websites have -- the team is learning those. And as we are learning, we are also -- you are going to see us adjust our websites to better align with best practices these days. So I'm very optimistic about where that is going.

但另一方面，團隊正在學習這些網站的最佳實踐。隨著我們不斷學習，我們也將調整我們的網站，以更好地符合當今的最佳實踐。所以我對它的發展方向非常樂觀。

We haven't even started to optimize our value proposition, pricing offering. All the team is working on right now is our top sellers are being sold on those websites. And we are seeing early traction. It's actually quite positive from the traffic that those websites have, which is why we're doing this. They already have the traffic.

我們甚至還沒有開始優化我們的價值主張和定價方案。我們團隊目前的所有工作就是確保我們的暢銷產品能在這些網站上銷售。我們已經看到了初步成效。從這些網站的流量來看，情況其實相當不錯，這也是我們這樣做的原因。他們已經有了客流量。

We're putting our value proposition in front of them and conversion happens. So far, so good.

我們向他們展示了我們的價值主張，然後轉換就發生了。到目前為止，一切都很好。

All right. That's good to hear. And my last question before I pass it on to others. Can you also just on the increased commodity costs, what was the impact of that? And how do you see that going forward?

好的。聽到這個消息真好。在把問題轉給其他人之前，我的最後一個問題是：能否也談談商品價格上漲的影響？那麼，您如何看待未來的發展呢？

So Anthony, on the commodities, as I mentioned, on a year-over-year basis for the quarter, chocolate is up year-over-year. We also have -- eggs are up slightly on a year-over-year basis. And then the other major commodities are either flat or down with the prior year. So it's a little bit of a mixed bag. So it didn't have a significant impact on our Q1. Obviously, it had more of an impact was the tariffs, but the commodities kind of almost netted themselves out.

所以安東尼，就大宗商品而言，正如我剛才提到的，本季巧克力價格較去年同期上漲。此外，雞蛋價格也比去年同期略有上漲。其他主要商品價格則與上年持平或下降。所以情況有點喜憂參半。所以它對我們的第一季業績沒有重大影響。顯然，關稅的影響更大，但大宗商品的價格幾乎相互抵消了。

Gotcha. All right. Well, thank you very much and best of luck.

明白了。好的。非常感謝，祝你好運。

Thank you.

謝謝。

Doug Lane, Water Tower Research.

道格·萊恩，水塔研究公司。

Yes, hi, good morning, everybody. I want to talk about tariffs and recently, President Trump threatened Colombia with very stiff tariffs because of the drug trade. Can you comment on how that would impact your business? And what would be the workaround if you didn't enact those tariffs?

是的，大家好，早安。我想談談關稅問題。最近，川普總統威脅要對哥倫比亞徵收非常高的關稅，原因是毒品貿易。您能否談談這會對您的業務產生什麼影響？如果不實施這些關稅，有什麼變通辦法？

So as you know, Colombia represents about 60%, 70% of the fresh flowers coming into the country. So it would clearly have a significant impact on the US floral industry. So with that, it would have a significant impact in creating higher prices across the ecosystem. So it does happen, hopefully, it hasn't and he hasn't given a number yet.

如你所知，哥倫比亞的鮮花進口量約佔全國鮮花進口總量的 60% 至 70%。因此，這顯然會對美國花卉產業產生重大影響。因此，這將對整個生態系統的價格上漲產生重大影響。所以，這種情況確實會發生，但希望還沒有發生，而且他還沒有給出具體數字。

So -- but clearly would have an impact and most likely would just be an increase because so many of the flowers do come in from Colombia. We would try to offset that with other areas, but it would be very difficult to do that. So it would have an impact on the overall industry, not just 1-800-FLOWERS.

所以——但顯然會產生影響，而且很可能只會導致增長，因為很多鮮花都來自哥倫比亞。我們會嘗試從其他方面來彌補這方面的不足，但這將非常困難。因此，這將對整個行業產生影響，而不僅僅是 1-800-FLOWERS。

No, clearly, on the overall industry, but what is the practicality of moving your sourcing from Colombia to say, Ecuador or somewhere else in the area?

顯然，就整個行業而言並非如此，但將採購地從哥倫比亞轉移到厄瓜多爾或該地區的其他地方，其可行性如何？

You can -- we would absolutely try, but everyone would be doing the same thing, right? So I mean there's -- we can move some of it. Obviously, you could try to change arrangements and the flowers that are in it, but -- like I said, it would definitely put price pressure on the overall industry.

可以——我們當然會嘗試，但那樣的話大家都會做同樣的事情，對吧？所以我的意思是，我們可以轉移其中的一部分。顯然，你可以嘗試改變花束的樣式和花材，但是——就像我說的，這肯定會給整個行業帶來價格壓力。

Yeah, clearly. No question. Shifting gears to your pop-up stores. Can you remind us what the -- what you're doing this holiday season with regards to pop-up stores and how that relates to what you did last season -- last holiday season?

是的，顯然如此。毫無疑問。轉而關注您的快閃店。您能否提醒我們一下，您今年假期季節在快閃店方面有哪些計劃，以及這些計劃與您上個假期季節的計劃有何關聯？

So short answer is, this season we are doing nine different locations, eight of those for Harry & David and 1 for Things, remember. Last year, we did about the same. The way to think about these pop-ups, it's twofold. One is a nice way to -- yes, drive some sales, but really, I think we would do it for the awareness of the brand and the categories we carry. But the second more valuable reason we are doing this is I have challenged the team to identify a physical retail concept that we can roll out across the country to multiple stores.

簡而言之，本季我們將在九個不同的地點拍攝，其中八個是 Harry & David 的，一個是 Things 的，請記住這一點。去年我們也是這麼做的。看待這些彈出窗口的方式有兩方面。一種方法是——是的，可以促進銷售，但實際上，我認為我們這樣做是為了提高品牌知名度以及我們所售商品的類別知名度。但我們這樣做的第二個更重要的原因是，我要求團隊找到一種實體零售概念，我們可以推廣到全國多家門市。

We have stores that are profitable, our Cheryl's Cookies stores in Ohio are highly profitable. They take in half have the space, I think it's 80%, 90% of the sales. We have so many categories that I do believe that you can find the right combination of categories that we already -- products that we already manufacture and we have with the right combination of branding to truly create a physical retail concept that you can just roll out across the country. So again, it's a few samples, see it as a test. It's only 9 pop-ups.

我們有一些盈利的門市，我們在俄亥俄州的 Cheryl's Cookies 門市盈利非常高。他們佔了一半的空間，我認為佔銷售額的 80% 到 90%。我們擁有如此多的產品類別，我相信您可以找到合適的類別組合——我們已經生產的產品，以及合適的品牌組合，從而真正打造一個可以在全國範圍內推廣的實體零售概念。所以，這只是幾個樣本，把它當作一次測試吧。只有9個彈跳窗。

But the real benefit is longer term identifying this physical retail concept that would allow us to profitably grow into physical retail.

但真正的益處在於長遠來看，找到這種實體零售概念，使我們能夠獲利地發展實體零售業務。

No, that makes sense. And you're selling now on amazon.com and walmart.com. And I get what you're doing here, but then the name of the company is 1-800-FLOWERS.COM. So I wonder if there's a rebranding that needs to happen here so that you can expand so you can really be able to benefit from this expanded distribution into multiple retail channels or multiple distribution channels.

沒錯，這很有道理。你們現在在亞馬遜和沃爾瑪上銷售產品。我明白你們的意圖，但公司名稱是1-800-FLOWERS.COM。所以我懷疑你們是否需要進行品牌重塑，以便拓展業務，真正從擴展到多個零售通路或通路中獲益。

I'll say great question. We hire an external marketing and brand consultant to help us answer that question. And as everything you will see us do going forward. We are customer back. So we are going to do whatever resonates better with the customer.

我覺得這個問題問得很好。我們聘請了一位外部行銷和品牌顧問來幫助我們解答這個問題。以及你們將在未來看到的我們所做的一切。我們是回頭客。所以我們會做任何更能引起顧客共鳴的事。

No, that makes sense. And so far, Adolfo I have to say I like what you're doing. And everything seems to be on the table and look forward to tracking your progress over the next several quarters and years. Thank you.

沒錯，這很有道理。阿道夫，到目前為止，我必須說我很欣賞你所做的一切。一切似乎都在考慮之中，期待在接下來的幾個季度和幾年裡追蹤你們的進展。謝謝。

Thank you.

謝謝。

Thank you. And this concludes the question-and-answer session. I would like to turn the conference to Adolfo Villagomez for any closing comments.

謝謝。問答環節到此結束。我謹將會議交由阿道夫·維拉戈麥斯先生作總結發言。

Thank you all once again for taking the time to join us on today's call and for your continued support on 1-800-FLOWERS.COM. Fiscal 2026 marks a pivotal year of stabilization for 1-800-FLOWERS.COM, during which we are establishing the foundation for sustainable long-term growth.

再次感謝各位抽出時間參加今天的電話會議，也感謝大家一直以來對1-800-FLOWERS.COM的支持。 2026財年是1-800-FLOWERS.COM穩定發展的關鍵一年，我們將在此期間為可持續的長期成長奠定基礎。

While we are in the early stages of our turnaround, we had two significant achievements this quarter. First, we shifted towards prioritizing marketing contribution margin, which is already producing positive results. And second, we identified an additional $50 million in cost savings.

雖然我們仍處於轉型初期，但本季我們已經取得了兩項重大成就。首先，我們調整策略，優先考慮行銷貢獻毛利，目前已取得積極成效。其次，我們也發現了可節省5000萬美元的成本。

We are seeing some early benefits of our turnaround strategy, and I am encouraged by the momentum that is building across the enterprise. We look forward to keeping you updated on our progress. Thank you.

我們已經看到了扭虧為盈策略的一些早期成效，我對整個企業正在累積的勢頭感到鼓舞。我們會持續向您報告最新進展。謝謝。

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

謝謝。會議已經結束。感謝各位參加今天的報告會。現在您可以斷開線路了。