Shares of floral and foods gift retailer and distribution company 1-800-FLOWERS.COM, Inc. (FLWS) are down more than 20% Thursday morning after the company reported loss in the third quarter hurt by higher cost. It also reduced full-year outlook.
Net loss for the quarter was $23.4 million, or $0.36 per share compared with net income of $1.4 million, or $0.02 per share, in the prior year period, impacted by significant year-over-year cost increases for inbound and outbound shipping, labor, and digital marketing.
Excluding one-time items, loss for the quarter was $21.0 million, or a loss of $0.32 per share. The consensus estimate of analysts polled by Thomson Reuters of $0.28 loss per share.
Total net revenues for the quarter were $469.6 million, down 1.0 percent compared with $474.2 million in the prior year period. The consensus estimate was for $486.89 million.
The company has reduced its full-year outlook for adjusted EPS to the range of $0.55-$0.60 from $0.90-$1.00 and revenue growth to 3.0 percent to 5.0 percent from 7.0 percent-to-9.0 percent.
FLWS, currently at $9.64, touched a new low of $9.13 this morning.
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