Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |||
Jun. 29, 2014 | Dec. 29, 2013 | Sep. 05, 2014 | Sep. 05, 2014 | |
Common Class A [Member] | Common Class B [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | '1 800 FLOWERS COM INC | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Current Fiscal Year End Date | '--06-29 | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 27,103,837 | 36,845,465 |
Entity Public Float | ' | $108,444,000 | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Central Index Key | '0001084869 | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Document Period End Date | 29-Jun-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $5,203 | $154 |
Receivables, net | 13,339 | 14,957 |
Inventories | 58,520 | 55,756 |
Deferred tax assets | 5,156 | 5,746 |
Prepaid and other | 9,600 | 9,941 |
Current assets of discontinued operations | ' | 6,095 |
Total current assets | 91,818 | 92,649 |
Property, plant and equipment, net | 60,147 | 52,943 |
Goodwill | 60,166 | 47,943 |
Other intangibles, net | 44,616 | 43,276 |
Deferred tax assets | 2,002 | 2,127 |
Other assets | 8,820 | 10,086 |
Non-current assets of discontinued operations | ' | 1,049 |
Total assets | 267,569 | 250,073 |
Current liabilities: | ' | ' |
Accounts payable | 24,447 | 26,235 |
Accrued expenses | 49,517 | 45,044 |
Current maturities of long-term debt | 343 | ' |
Current liabilities of discontinued operations | ' | 4,484 |
Total current liabilities | 74,307 | 75,763 |
Deferred tax liabilities | 649 | ' |
Other liabilities | 6,495 | 5,039 |
Total liabilities | 81,451 | 80,802 |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | ' | ' |
Additional paid-in capital | 305,510 | 298,580 |
Retained deficit | -68,565 | -83,937 |
Accumulated other comprehensive loss | -75 | ' |
Treasury stock, at cost, 10,818,437 and 9,257,231 Class A shares in 2014 and 2013, respectively, and 5,280,000 Class B shares in 2014 and 2013 | -54,472 | -46,155 |
Total 1-800-FLOWERS.COM, Inc. stockholders' equity | 183,199 | 169,271 |
Noncontrolling interest | 2,919 | ' |
Total equity | 186,118 | 169,271 |
Total liabilities and equity | 267,569 | 250,073 |
Common Class A [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 381 | 362 |
Common Class B [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $420 | $421 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common Class A [Member] | ' | ' |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 38,119,398 | 36,280,425 |
Treasurey stock, shares | 10,818,437 | 9,257,231 |
Common Class B [Member] | ' | ' |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 42,058,594 | 42,125,465 |
Treasurey stock, shares | 5,280,000 | 5,280,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Net revenues | $756,345 | $735,497 | $707,517 |
Cost of revenues | 440,672 | 430,305 | 414,940 |
Gross profit | 315,673 | 305,192 | 292,577 |
Operating expenses: | ' | ' | ' |
Marketing and sales | 194,847 | 186,720 | 181,199 |
Technology and development | 22,518 | 21,700 | 20,426 |
General and administrative | 54,754 | 52,188 | 51,474 |
Depreciation and amortization | 19,848 | 18,798 | 19,540 |
Total operating expenses | 291,967 | 279,406 | 272,639 |
Gain on sale of stores | ' | ' | 3,789 |
Operating income | 23,706 | 25,786 | 23,727 |
Interest expense and other, net | -1,357 | -991 | -2,635 |
Income from continuing operations before income taxes | 22,349 | 24,795 | 21,092 |
Income tax expense from continuing operations | 8,403 | 9,073 | 7,771 |
Income from continuing operations | 13,946 | 15,722 | 13,321 |
Loss from discontinued operations, net of tax | -86 | -1,889 | -217 |
Gain (loss) on sale of discontinued operations, net of tax | 815 | -1,512 | 4,542 |
Income (loss) from discontinued operations, net of tax | 729 | -3,401 | 4,325 |
Net income | 14,675 | 12,321 | 17,646 |
Less: Net loss attributable to noncontrolling interest | -697 | ' | ' |
Net income attributable to 1-800-FLOWERS.COM, Inc. | $15,372 | $12,321 | $17,646 |
Basic net income (loss) per common share attributable to 1-800-FLOWERS.COM, Inc. | ' | ' | ' |
From continuing operations (in Dollars per share) | $0.23 | $0.24 | $0.21 |
From discontinued operations (in Dollars per share) | $0.01 | ($0.05) | $0.07 |
Basic net income per common share (in Dollars per share) | $0.24 | $0.19 | $0.27 |
Diluted net income (loss) per common share attributable to 1-800-FLOWERS.COM, Inc. | ' | ' | ' |
From continuing operations (in Dollars per share) | $0.22 | $0.24 | $0.20 |
From discontinued operations (in Dollars per share) | $0.01 | ($0.05) | $0.07 |
Diluted net income per common share (in Dollars per share) | $0.23 | $0.19 | $0.27 |
Weighted average shares used in the calculation of net income (loss) per common share: | ' | ' | ' |
Basic (in Shares) | 64,035 | 64,369 | 64,697 |
Diluted (in Shares) | 66,460 | 66,792 | 66,239 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Net income | $14,675 | $12,321 | $17,646 |
Other comprehensive income (loss) | -75 | 17 | 141 |
Comprehensive income | 14,600 | 12,338 | 17,787 |
Add: Comprehensive net loss attributable to noncontrolling interest | -697 | ' | ' |
Comprehensive income attributable to 1-800-FLOWERS.COM, Inc. | $15,297 | $12,338 | $17,787 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholdersb Equity (USD $) | Common Class A [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data | |||||||||
Balance at Jul. 03, 2011 | $330 | $421 | $289,101 | ($113,904) | ($158) | ($33,279) | $142,511 | ' | $142,511 |
Balance (in Shares) at Jul. 03, 2011 | 32,987,313 | 42,138,465 | ' | ' | ' | 10,913,253 | ' | ' | ' |
Net income | ' | ' | ' | 17,646 | ' | ' | 17,646 | ' | 17,646 |
Change in value of cash flow hedge | ' | ' | ' | ' | 141 | ' | 141 | ' | 141 |
Stock-based compensation | 14 | ' | 4,836 | ' | ' | ' | 4,850 | ' | 4,850 |
Stock-based compensation (in Shares) | 1,477,894 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax asset shortfall from stock-based compensation | ' | ' | -123 | ' | ' | ' | -123 | ' | -123 |
Acquisition of Class A treasury stock | ' | ' | ' | ' | ' | -3,277 | -3,277 | ' | -3,277 |
Acquisition of Class A treasury stock (in Shares) | ' | ' | ' | ' | ' | 1,133,913 | ' | ' | 1,133,913 |
Balance at Jul. 01, 2012 | 344 | 421 | 293,814 | -96,258 | -17 | -36,556 | 161,748 | ' | 161,748 |
Balance (in Shares) at Jul. 01, 2012 | 34,465,207 | 42,138,465 | ' | ' | ' | 12,047,166 | ' | ' | ' |
Net income | ' | ' | ' | 12,321 | ' | ' | 12,321 | ' | 12,321 |
Change in value of cash flow hedge | ' | ' | ' | ' | 17 | ' | 17 | ' | 17 |
Conversion of Class B stock into Class A stock (in Shares) | 13,000 | -13,000 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 16 | ' | 4,267 | ' | ' | ' | 4,283 | ' | 4,283 |
Stock-based compensation (in Shares) | 1,610,271 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 2 | ' | 533 | ' | ' | ' | 535 | ' | 535 |
Exercise of stock options (in Shares) | 191,947 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax asset shortfall from stock-based compensation | ' | ' | -34 | ' | ' | ' | -34 | ' | -34 |
Acquisition of Class A treasury stock | ' | ' | ' | ' | ' | -9,599 | -9,599 | ' | -9,599 |
Acquisition of Class A treasury stock (in Shares) | ' | ' | ' | ' | ' | 2,490,065 | ' | ' | 2,490,065 |
Balance at Jun. 30, 2013 | 362 | 421 | 298,580 | -83,937 | ' | -46,155 | 169,271 | ' | 169,271 |
Balance (in Shares) at Jun. 30, 2013 | 36,280,425 | 42,125,465 | ' | ' | ' | 14,537,231 | ' | ' | ' |
Net income | ' | ' | ' | 15,372 | ' | ' | 15,372 | -697 | 14,675 |
Translation adjustment | ' | ' | ' | ' | -75 | ' | -75 | ' | -75 |
Conversion of Class B stock into Class A stock | 1 | -1 | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B stock into Class A stock (in Shares) | 66,871 | -66,871 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 16 | ' | 4,648 | ' | ' | ' | 4,664 | ' | 4,664 |
Stock-based compensation (in Shares) | 1,608,052 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 2 | ' | 525 | ' | ' | ' | 527 | ' | 527 |
Exercise of stock options (in Shares) | 164,050 | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefit from stock-based compensation | ' | ' | 1,757 | ' | ' | ' | 1,757 | ' | 1,757 |
Acquisition of Class A treasury stock | ' | ' | ' | ' | ' | -8,317 | -8,317 | ' | -8,317 |
Acquisition of Class A treasury stock (in Shares) | ' | ' | ' | ' | ' | 1,561,206 | ' | ' | 1,561,206 |
Noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | 3,616 | 3,616 |
Balance at Jun. 29, 2014 | $381 | $420 | $305,510 | ($68,565) | ($75) | ($54,472) | $183,199 | $2,919 | $186,118 |
Balance (in Shares) at Jun. 29, 2014 | 38,119,398 | 42,058,594 | ' | ' | ' | 16,098,437 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Operating activities: | ' | ' | ' |
Net income | $14,675 | $12,321 | $17,646 |
Operating activities of discontinued operations | 1,587 | -179 | 1,435 |
Loss/(gain) on sale of discontinued operations | -1,300 | 2,348 | -8,683 |
Depreciation and amortization | 19,848 | 18,798 | 19,539 |
Amortization of deferred financing costs | 306 | 420 | 457 |
Deferred income taxes | 1,454 | -811 | 7,790 |
Bad debt expense | 1,656 | 1,085 | 869 |
Stock-based compensation | 4,664 | 4,283 | 4,850 |
Excess tax benefit from stock-based compensation | -1,837 | -739 | -273 |
Other non-cash items | 755 | 483 | 42 |
Changes in operating items, excluding the effects of acquisitions: | ' | ' | ' |
Receivables | -1,893 | -4,108 | -2,135 |
Inventories | -2,564 | -1,823 | -3,919 |
Prepaid and other | 436 | -1,655 | -2,126 |
Accounts payable and accrued expenses | 2,660 | 4,368 | 1,694 |
Other assets | -262 | -609 | 1,646 |
Other liabilities | 2,355 | 463 | 947 |
Net cash provided by operating activities | 42,539 | 34,645 | 39,779 |
Investing activities: | ' | ' | ' |
Acquisitions, net of cash acquired | -9,000 | -3,700 | -4,336 |
Proceeds from sale of business | ' | ' | 12,823 |
Capital expenditures | -22,985 | -20,044 | -17,180 |
Purchase of investments | 8 | -903 | -3,945 |
Other, net | -11 | 117 | -119 |
Investing activities of discontinued operations | 500 | ' | -124 |
Net cash used in investing activities | -31,488 | -24,530 | -12,881 |
Financing activities: | ' | ' | ' |
Acquisition of treasury stock | -8,317 | -9,599 | -3,277 |
Excess tax benefit from stock based compensation | 1,837 | 739 | 273 |
Proceeds from exercise of employee stock options | 527 | 535 | ' |
Proceeds from bank borrowings | 127,000 | 62,000 | 56,000 |
Repayment of notes payable and bank borrowings | -127,052 | -91,250 | -71,000 |
Debt issuance cost | ' | -1,234 | ' |
Repayment of capital lease obligations | ' | -6 | -1,482 |
Other | 3 | ' | ' |
Net cash used in financing activities | -6,002 | -38,815 | -19,486 |
Net change in cash and cash equivalents | 5,049 | -28,700 | 7,412 |
Cash and cash equivalents: | ' | ' | ' |
Beginning of year | 154 | 28,854 | 21,442 |
End of year | $5,203 | $154 | $28,854 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||
Jun. 29, 2014 | |||
Supplemental Cash Flow Elements [Abstract] | ' | ||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||
Supplemental Cash Flow Information: | |||
- | Interest paid amounted to $1.0 million, $1.1 million, and $2.2 million, for the years ended June 29, 2014, June 30, 2013 and July 1, 2012, respectively. | ||
- | The Company paid income taxes of approximately $7.0 million, $8.3 million and $5.0 million, net of tax refunds received, for the years ended June 29, 2014, June 30, 2013 and July 1, 2012, respectively. | ||
Note_1_Description_of_Business
Note 1 - Description of Business | 12 Months Ended |
Jun. 29, 2014 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Note 1. Description of Business | |
For more than 35 years, 1-800-FLOWERS.COM, Inc. has been helping deliver smiles for our customers with gifts for every occasion, including fresh flowers and the finest selection of plants, gift baskets, gourmet foods, confections, candles, balloons and plush stuffed animals. As always, our 100% Smile Guarantee backs every gift. The Company’s BloomNet® international floral wire service provides a broad range of quality products and value-added services designed to help professional florists grow their businesses profitably. The 1-800-FLOWERS.COM, Inc. “Gift Shop” also includes gourmet gifts such as popcorn and specialty treats from The Popcorn Factory®, cookies and baked gifts from Cheryl’s®, premium chocolates and confections from Fannie May® and Harry London®, gift baskets and towers from 1-800-BASKETS.COM®, incredible, carved fresh fruit arrangements from FruitBouquets.comsm, top quality steaks and chops from Stock Yards®, as well as premium branded customizable invitations and personal stationery from FineStationery.com®. The Company’s Celebrations® brand is a source for creative party ideas, must-read articles, online invitations and ecards, all created to help people celebrate holidays and the everyday. |
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies | 12 Months Ended | |
Jun. 29, 2014 | ||
Accounting Policies [Abstract] | ' | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' | |
Note 2. Significant Accounting Policies | ||
Basis of Presentation | ||
The consolidated financial statements include the accounts of 1-800-FLOWERS.COM, Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
On September 6, 2011, the Company completed the sale of certain assets of its wine fulfillment services business operated by its Winetasting Network subsidiary. During the fourth quarter of fiscal 2013, the Company made the strategic decision to divest the e-commerce and procurement businesses of The Winetasting Network in order to focus on growth opportunities in its Gourmet Foods and Gift Baskets business segment. The Company closed on the sale of its Winetasting Network business on December 31, 2013. As a result, the Company has classified the results of its wine fulfillment services business as a discontinued operation for fiscal 2012, and its e-commerce and procurement businesses as discontinued operations for all periods presented. | ||
Fiscal Year | ||
The Company’s fiscal year is a 52- or 53-week period ending on the Sunday nearest to June 30. Fiscal years 2014, 2013 and 2012 consisted of 52 weeks which ended on June 29, 2014, June 30, 2013 and July 1, 2012, respectively. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents consist of demand deposits with banks, highly liquid money market funds, United States government securities, overnight repurchase agreements and commercial paper with maturities of three months or less when purchased. | ||
Inventories | ||
Inventories are valued at the lower of cost or market using the first-in, first-out method of accounting. | ||
Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed using the straight-line method over the assets’ estimated useful lives. Amortization of leasehold improvements and capital leases is computed using the straight-line method over the shorter of the estimated useful lives and the initial lease terms. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software. Estimated useful lives are periodically reviewed, and where appropriate, changes are made prospectively. The Company’s property plant and equipment is depreciated using the following estimated lives: | ||
Buildings (years) | 40 | |
Leasehold Improvements (years) | 10-Mar | |
Furniture, Fixtures and Equipment (years) | 10-Mar | |
Software (years) | 7-Mar | |
Property, plant and equipment and other long-lived assets are reviewed for impairment whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. | ||
Goodwill | ||
Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in each business combination, with the carrying value of the Company’s goodwill allocated to its reporting units, in accordance with the acquisition method of accounting. Goodwill is not amortized, but it is subject to an annual assessment for impairment, which the Company performs during the fourth quarter, or more frequently if events occur or circumstances change such that it is more likely than not that an impairment may exist. | ||
The Company tests goodwill for impairment at the reporting unit level. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available and management of each reporting unit regularly reviews the operating results of those components. Goodwill impairment testing involves a two-step process. The first step requires comparison of the fair value of each of the reporting units to the respective carrying value. If the carrying value of the reporting unit is less than the fair value, no impairment exists and the second step is not performed. If the carrying value of the reporting unit is higher than the fair value, the second step must be performed to compute the amount of the goodwill impairment, if any. In the second step, the impairment is computed by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for the excess. | ||
The Company generally estimates the fair value of a reporting unit using an equal weighting of the income and market approaches. The Company uses industry accepted valuation models and set criteria that are reviewed and approved by various levels of management and, in certain instances, the Company engages third-party valuation specialists. Under the income approach, the Company uses a discounted cash flow methodology which requires management to make significant estimates and assumptions related to forecasted revenues, gross profit margins, operating income margins, working capital cash flow, perpetual growth rates, and long-term discount rates, among others. For the market approach, the Company uses the guideline public company method. Under this method the Company utilizes information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units, to create valuation multiples that are applied to the operating performance of the reporting unit being tested, in order to obtain their respective fair values. The Company also reconciles the aggregate fair values of its reporting units determined in the first step (as described above) to its current market capitalization, allowing for a reasonable control premium. | ||
Other Intangibles, net | ||
Other intangibles consist of definite-lived intangible assets (such as investment in licenses, customer lists, and others) and indefinite-lived intangible assets (such as acquired trade names and trademarks). The cost of definite-lived intangible assets is amortized to reflect the pattern of economic benefits consumed, over the estimated periods benefited, ranging from 3 to 16 years, while indefinite-lived intangible assets are not amortized. | ||
Long-lived assets, such as definite-lived intangibles and property, plant and equipment are reviewed for impairment whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. When such events or changes in circumstances occur, a recoverability test is performed comparing projected undiscounted cash flows from the use and eventual disposition of an asset or asset group to its carrying value. If the projected undiscounted cash flows are less than the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, which is determined by discounting future cash flows. | ||
The Company tests indefinite-lived intangible assets for impairment at least annually, during the fourth quarter, or whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. The impairment test for indefinite-lived intangible assets encompasses calculating a fair value of an indefinite-lived intangible asset and comparing the fair value to its carrying value. If the carrying value exceeds the fair value, impairment is recognized for the difference. To determine fair value of other indefinite-lived intangible assets, the Company uses an income approach, the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. Other indefinite-lived intangible assets’ fair values require significant judgments in determining both the assets’ estimated cash flows as well as the appropriate discount and royalty rates applied to those cash flows to determine fair value. | ||
Business Combinations | ||
The Company accounts for business combinations in accordance with ASC Topic 805 which requires, among other things, the acquiring entity in a business combination to recognize the fair value of all the assets acquired and liabilities assumed; the recognition of acquisition-related costs in the consolidated results of operations; the recognition of restructuring costs in the consolidated results of operations for which the acquirer becomes obligated after the acquisition date; and contingent purchase consideration to be recognized at their fair values on the acquisition date with subsequent adjustments recognized in the consolidated results of operations. The fair values assigned to identifiable intangible assets acquired are determined primarily by using an income approach which is based on assumptions and estimates made by management. Significant assumptions utilized in the income approach are based on company specific information and projections which are not observable in the market and are therefore considered Level 3 measurements. The excess of the purchase price over the fair value of the identified assets and liabilities is recorded as goodwill. Operating results of the acquired entity are reflected in the Company’s consolidated financial statements from date of acquisition. | ||
Deferred Catalog Costs | ||
The Company capitalizes the costs of producing and distributing its catalogs. These costs are amortized in direct proportion to actual sales from the corresponding catalog over a period not to exceed 26-weeks. Included within prepaid and other current assets was $0.2 million and $0.5 million at June 29, 2014 and June 30, 2013 respectively, relating to prepaid catalog expenses. | ||
Investments | ||
The Company has certain investments in non-marketable equity instruments of private companies. The Company accounts for these investments using the equity method if they provide the Company the ability to exercise significant influence, but not control, over the investee. Significant influence is generally deemed to exist if the Company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee’s Board of Directors, are considered in determining whether the equity method is appropriate. The Company records equity method investments initially at cost, and adjusts the carrying amount to reflect the Company’s share of the earnings or losses of the investee. The Company’s equity method investments are comprised of a 32% interest in Flores Online, a Sao Paulo, Brazil based internet floral and gift retailer, that the Company made on May 31, 2012. The book value of this investment was $3.2 million as of June 29, 2014 and $3.8 million as of June 30, 2013, and is included in Other assets within the consolidated balance sheets. The Company’s equity in the net income (loss) of Flores Online for each of the years ended June 29, 2014 and June 30, 2013 was $(0.6) million and $0.2 million. | ||
Investments in non-marketable equity instruments of private companies, where the Company does not possess the ability to exercise significant influence, are accounted for under the cost method. Cost method investments are originally recorded at cost, and are included within Other assets in the Company’s consolidated balance sheets. The aggregate carrying amount of the Company’s cost method investments was $0.8 million as of June 29, 2014 and $2.3 million as of June 30, 2013. In addition, the Company had notes receivable from a company it maintains an investment in of $0.5 million as of June 29, 2014 and $2.3 million as of June 30, 2013. As described in Note 4 “Acquisitions and Dispositions”, on December 3, 2013, the Company increased its investment in iFlorist, resulting in a majority ownership interest (56%), through the conversion of notes receivable and the purchase of additional shares from the Company’s founders. The acquisition of a majority interest in iFlorist resulted in the consolidation of iFlorist’s operations, and the elimination of both the Company’s cost-basis investment and notes receivable.. | ||
The Company also holds certain trading securities associated with its Non-Qualified Deferred Compensation Plan (“NQDC Plan”). These investments are measured using quoted market prices at the reporting date and are included in Other assets in the consolidated balance sheets (see Note 10). | ||
Each reporting period, the Company uses available qualitative and quantitative information to evaluate its investments for impairment. When a decline in fair value, if any, is determined to be other-than-temporary, an impairment charge is recorded in the consolidated statement of operations. | ||
Concentration of Credit Risk | ||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions. Concentration of credit risk with respect to accounts receivable is limited due to the Company's large number of customers and their dispersion throughout the United States, and the fact that a substantial portion of receivables are related to balances owed by major credit card companies. Allowances relating to consumer, corporate and franchise accounts receivable ($2.4 million and $2.5 million at June 29, 2014 and June 30, 2013, respectively) have been recorded based upon previous experience and management’s evaluation. | ||
Revenue Recognition | ||
Net revenues are generated by e-commerce operations from the Company’s online and telephonic sales channels as well as other operations (retail/wholesale) and primarily consist of the selling price of merchandise, service or outbound shipping charges, net of discounts, returns and credits. Net revenues are recognized primarily upon product shipment and do not include sales tax. Shipping terms are primarily FOB shipping point. Net revenues generated by the Company’s BloomNet Wire Service operations include membership fees as well as other products and service offerings to florists. Membership fees are recognized monthly in the period earned, and products sales are recognized upon product shipment with shipping terms primarily FOB shipping point. | ||
Initial franchise fees are recognized in income when the Company has substantially performed or satisfied all material services or conditions relating to the sale of the franchise and the fees are nonrefundable. Area development fees are nonrefundable and are recognized in income on a pro-rata basis when the conditions for revenue recognition under the individual area development agreements are met. Both initial franchise fees and area development fees are generally recognized upon the opening of a franchise store or upon termination of the agreement between the Company and the franchisee. | ||
Cost of Revenues | ||
Cost of revenues consists primarily of florist fulfillment costs (fees paid directly to florists), the cost of floral and non-floral merchandise sold from inventory or through third parties, and associated costs including inbound and outbound shipping charges. Additionally, cost of revenues includes labor and facility costs related to manufacturing and production operations. | ||
Marketing and Sales | ||
Marketing and sales expense consists primarily of advertising and promotional expenditures, catalog costs, online portal and search expenses, retail store and fulfillment operations (other than costs included in cost of revenues), and customer service center expenses, as well as the operating expenses of the Company’s departments engaged in marketing, selling and merchandising activities. | ||
The Company expenses all advertising costs, with the exception of catalog costs (see Deferred Catalog Costs above) at the time the advertisement is first shown. Advertising expense was $83.0 million, $77.9 million and $75.1 million for the years ended June 29, 2014, June 30, 2013 and July 1, 2012, respectively. | ||
Technology and Development | ||
Technology and development expense consists primarily of payroll and operating expenses of the Company’s information technology group, costs associated with its websites, including hosting, content development and maintenance and support costs related to the Company’s order entry, customer service, fulfillment and database systems. Costs associated with the acquisition or development of software for internal use are capitalized if the software is expected to have a useful life beyond one year and amortized over the software’s useful life, typically three to seven years. Costs associated with repair maintenance or the development of website content are expensed as incurred as the useful lives of such software modifications are less than one year. | ||
Stock-Based Compensation | ||
The Company records compensation expense associated with restricted stock awards and other forms of equity compensation based upon the fair value of stock-based awards as measured at the grant date. The expense is recorded by amortizing the fair values on a straight-line basis over the vesting period, adjusted for estimated forfeitures. | ||
Derivatives and hedging | ||
The Company does not enter into derivative transactions for trading purposes, but rather, on occasion to manage its exposure to interest rate fluctuations. The Company has managed its floating rate debt using interest rate swaps in order to reduce its exposure to the impact of changing interest rates on its consolidated results of operations and future cash outflows for interest. | ||
Income Taxes | ||
The Company uses the asset and liability method to account for income taxes. The Company has established deferred tax assets and liabilities for temporary differences between the financial reporting bases and the income tax bases of its assets and liabilities at enacted tax rates expected to be in effect when such assets or liabilities are realized or settled. The Company recognizes as a deferred tax asset, the tax benefits associated with losses related to operations. Realization of these deferred tax assets assumes that we will be able to generate sufficient future taxable income so that these assets will be realized. The factors that the Company considers in assessing the likelihood of realization include the forecast of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. | ||
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements on a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to UTBs in income tax expense. Assumptions, judgment and the use of estimates are required in determining if the “more likely than not” standard has been met when developing the provision for income taxes. | ||
Net Income (Loss) Per Share | ||
Basic net income (loss) per common share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted-average number of common and dilutive common equivalent shares (consisting primarily of employee stock options and unvested restricted stock awards) outstanding during the period. Diluted net loss per share excludes the effect of potential common shares (consisting primarily of employee stock options and unvested restricted stock awards) that would be antidilutive. | ||
Recently Adopted Accounting Pronouncements | ||
In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment,” which allows entities to use a qualitative approach to test indefinite-lived intangible assets for impairment. ASU No. 2012-02 permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed quantitative impairment test. Otherwise, the quantitative impairment test is not required. This ASU became effective for annual and interim goodwill impairment tests performed for the Company’s fiscal year ending June 29, 2014. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. | ||
Recent Accounting Pronouncements | ||
In April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU No. 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for the Company’s fiscal year ending July 3, 2016, and may be applied retrospectively. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. | ||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This amended guidance will enhance the comparability of revenue recognition practices and will be applied to all contracts with customers. Expanded disclosures related to the nature, amount, timing, and uncertainty of revenue that is recognized are requirements under the amended guidance. This guidance will be effective for the Company’s fiscal year ending July 1, 2018 and may be applied retrospectively. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. | ||
Reclassifications | ||
Certain balances in the prior fiscal years have been reclassified to conform to the presentation in the current fiscal year. |
Note_3_Net_Income_Per_Common_S
Note 3 - Net Income Per Common Share from Continuing Operations | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
Note 3 – Net Income Per Common Share from Continuing Operations | |||||||||||||
The following table sets forth the computation of basic and diluted net income per common share from continuing operations: | |||||||||||||
Years Ended | |||||||||||||
29-Jun-14 | 30-Jun-13 | 1-Jul-12 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Numerator: | |||||||||||||
Net income from continuing operations | $ | 13,946 | $ | 15,722 | $ | 13,321 | |||||||
Less: Net loss attributable to noncontrolling interest | (697 | ) | - | - | |||||||||
Income from continuing operations attributable to 1-800-FLOWERS.COM, Inc. | $ | 14,643 | $ | 15,722 | $ | 13,321 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding | 64,035 | 64,369 | 64,697 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options (1) | 1,083 | 786 | 40 | ||||||||||
Employee restricted stock awards | 1,342 | 1,637 | 1,502 | ||||||||||
2,425 | 2,423 | 1,542 | |||||||||||
Adjusted weighted-average shares and assumed conversions | 66,460 | 66,792 | 66,239 | ||||||||||
Net income per common share from continuing operations attributable to 1-800-FLOWERS.COM, Inc. | |||||||||||||
Basic | $ | 0.23 | $ | 0.24 | $ | 0.21 | |||||||
Diluted | $ | 0.22 | $ | 0.24 | $ | 0.2 | |||||||
Note (1): The effect of options to purchase 1.2 million, 2.0 million and 5.5 million shares for the years ended June 29, 2014, June 30, 2013 and July 1, 2012, respectively, were excluded from the calculation of net income per share on a diluted basis as their effect is anti-dilutive. |
Note_4_Acquisitions_and_Dispos
Note 4 - Acquisitions and Dispositions | 12 Months Ended | ||||
Jun. 29, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Note 4. Acquisitions and dispositions | |||||
Acquisition of Fannie May retail stores | |||||
On June 27, 2014, the Company and GB Chocolates LLC (GB Chocolates) entered into a settlement agreement, resulting in the termination of the GB Chocolates franchise agreement, and its exclusive area development rights. As a result, the Company recognized the previously deferred non-refundable area development fees of $0.7 million. In addition, per the terms of the non-performance Promissory Note, GB Chocolates paid $1.2 million as a result of its failure to complete its development obligations under the 2011 Area Development Agreement (the 2011 ADA). As a result, during the fourth quarter of fiscal 2014, the Company recognized revenue of $1.0 million ($0.2 million had been previously recognized). The Company has no plans to market the territories covered in the 2011 ADA. | |||||
In conjunction with the settlement agreement, the Company and GB Chocolates entered into an asset purchase agreement whereby the Company repurchased 16 of the original 17 Fannie May retail stores sold to GB Chocolates in November 2011. The acquisition was accounted for using the purchase method of accounting in accordance with FASB guidance regarding business combinations. The purchase price of $6.4 million was financed utilizing available cash balances. | |||||
The purchase price was allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values on the acquisition date. The Company is in the process of finalizing its allocation and this may result in potential adjustments to the carrying value of the respective recorded assets and liabilities, establishment of certain additional intangible assets, and the determination of any residual amount that will be allocated to goodwill. The goodwill resulting from this acquisition amounted to $5.8 million, which is expected to be deductible for tax purposes. | |||||
Preliminary | |||||
Purchase Price Allocation | |||||
(in thousands) | |||||
Current Assets | $ | 103 | |||
Property, plant and equipment | 487 | ||||
Goodwill | 5,783 | ||||
Net assets acquired | $ | 6,373 | |||
Operating results of the acquired stores are reflected in the Company’s consolidated financial statements from the date of acquisition, within the Gourmet Food & Gift Baskets segment. Pro forma results of operations have not been presented, as the impact on the Company’s consolidated financial results would not have been material. | |||||
Acquisition of Colonial Gifts Limited | |||||
On December 3, 2013, the Company completed its acquisition of a controlling interest in Colonial Gifts Limited (iFlorist). iFlorist, located in the UK, is a direct-to-consumer marketer of floral and gift-related products sold and delivered throughout Europe. The acquisition was achieved in stages and was accounted for using the acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) guidance regarding business combinations. | |||||
Prior to December 3, 2013, the Company maintained an investment in iFlorist in the amount of $1.6 million, which was included on the Company’s balance sheet within Other assets. This investment was accounted for under the cost method, as the Company’s ownership stake was 19.9%, and it did not have the ability to exercise significant influence. | |||||
On December 3, 2013, the Company acquired an additional interest in iFlorist, bringing the Company’s ownership interest to 56.2%. The acquisition of the additional interest was financed through the conversion of $2.0 million of notes owed by iFlorist to the Company, and a $1.6 million cash payment to iFlorist’s founders. Concurrent with the additional investment, the Company remeasured its initial equity investment in iFlorist, and determined that the acquisition date fair value approximated the Company’s carrying value of $1.6 million, and therefore no gain or loss was recognized. On the acquisition date, the Company also measured the fair value of the noncontrolling interest which amounted to $3.6 million. The acquisition-date fair values of the Company’s previously held equity interest in iFlorist and the noncontrolling interest were determined based on the market price the Company paid for its ownership interest in iFlorist on the acquisition date, assuming that a 20% control premium was paid to obtain the controlling interest. The following summarizes the fair values of the acquisition date purchase price components: | |||||
iFlorist Fair Value of Purchase Price Components | |||||
(in thousands) | |||||
Cash | $ | 1,640 | |||
Converted debt | 1,964 | ||||
Initial equity investment | 1,629 | ||||
Noncontrolling interest | 3,616 | ||||
Total purchase price | $ | 8,849 | |||
The total purchase price was allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values on the acquisition date. The Company is in the process of finalizing its allocation and this may result in potential adjustments to the carrying value of the respective recorded assets and liabilities, establishment of certain additional intangible assets, revisions of useful lives of intangible assets, and the determination of any residual amount that will be allocated to goodwill. Of the acquired intangible assets, $1.3 million was assigned to customer lists, which is being amortized over the estimated remaining life of 3 years, $1.9 million was assigned to trademarks, and $6.5 million was assigned to goodwill, which is not expected to be deductible for tax purposes. As a result of cumulative tax losses in the foreign jurisdiction, offset in part by the deferred tax liability arising from the amortizable customer list which was considered a source of future income, the Company concluded that a full valuation allowance be recorded in such jurisdiction. | |||||
The following table summarizes the allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed at the date of acquisition of iFlorist: | |||||
iFlorist Preliminary | |||||
Purchase Price Allocation | |||||
(in thousands) | |||||
Current assets | $ | 856 | |||
Intangible assets | 3,177 | ||||
Goodwill | 6,537 | ||||
Property, plant and equipment | 2,006 | ||||
Other assets | 30 | ||||
Total assets acquired | 12,606 | ||||
Current liabilities, including current maturities of long-term debt | 3,014 | ||||
Deferred tax liabilities | 648 | ||||
Other liabilities assumed | 95 | ||||
3,757 | |||||
Net assets acquired | $ | 8,849 | |||
Operating results of the Company’s membership interest in iFlorist are reflected in the Company’s consolidated financial statements from the date of acquisition, essentially all of which is in the 1-800-Flowers.com Consumer Floral segment. Pro forma results of operations have not been presented, as the impact on the Company’s consolidated financial results would not have been material. | |||||
Acquisition of Pingg | |||||
On May 31, 2013, the Company completed the acquisition of Pingg Corp., an online invitation and event planner. The purchase price, which included the acquisition of software, receivables and certain other assets and related liabilities, was approximately $1.6 million. Approximately $0.4 million of the purchase price was assigned to goodwill. The acquisition was financed utilizing available cash balances. Operating results of the acquired entity, which are not significant, are reflected in the Company’s consolidated financial statements from the date of acquisition, in the 1-800-Flowers.com Consumer Floral segment. | |||||
Acquisition of 1-800-Flowers’ European trademarks | |||||
On March 11, 2013, the Company acquired the European rights to various derivations of the 1-800-Flowers’ tradename, trademark, URL’s and telephone numbers from Flowerscorp Pty Ltd. for a purchase price of $4.0 million, which is included within Other intangibles, net. The Company has paid $3.0 million of the $4.0 million purchase price, and is required to make a final payment of $1.0 million on March 11, 2015, the balance of which is included on the balance sheet within Accrued Expenses. | |||||
Sale and franchise of Fannie May retail stores | |||||
On November 21, 2011, the Company and GB Chocolates entered into an agreement whereby the Company sold 17 existing Fannie May stores, to be operated as franchised locations by GB Chocolates, for $5.6 million, recognizing a gain on the sale of $3.8 million. Upon completion of the sale, the Company also recognized initial franchise fees associated with these 17 stores in the amount of $0.5 million. In conjunction with the sale of stores, the Company and GB Chocolates entered into the 2011 ADA whereby GB Chocolates agreed to open a minimum of 45 new Fannie May franchise stores. The agreement provided exclusive development rights for several Midwestern states, as well as specific cities in Florida and Ohio. The terms of the 2011 ADA included a non-refundable area development fee of $0.9 million, store opening fees of $0.5 million, assuming successful opening of 45 stores, and a Non-Performance Promissory Note in the amount of $1.2 million, which became due and payable only if GB Chocolates did not open all 45 stores as set forth in the 2011 ADA. As of June 30, 2013, the Company had deferred recognition of $0.7 million, of the original $0.9 million area development fee associated with the 45 store area development agreement, based upon the number of stores opened by GB Chocolates at that time (a total of 10 stores were ultimately opened). In addition, through June 30, 2013, the Company had recognized approximately $0.2 million, of the $1.2 million Non-Performance Promissory Note, based upon its assessment of the likelihood that the performance criteria under the agreement would be achieved. | |||||
Acquisition of Flowerama | |||||
On August 1, 2011, the Company completed the acquisition of Flowerama of America, Inc. (Flowerama), a franchisor and operator of retail flower shops under the Flowerama trademark. The purchase price, which included the acquisition of receivables, inventory, eight retail store locations and certain other assets and related liabilities, was approximately $4.3 million. Of the acquired assets, $2.1 million was assigned to amortizable investment in licenses (intangibles), which is being amortized over the estimated useful life of 20 years, based upon the estimated remaining life of the franchise agreements. Approximately $2.4 million of purchase price was assigned to goodwill which is not deductible for tax purposes. The acquisition was financed utilizing available cash balances. |
Note_5_Inventory
Note 5 - Inventory | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 5. Inventory | |||||||||
The Company’s inventory, stated at cost, which is not in excess of market, includes purchased and manufactured finish goods for resale, packaging supplies, raw material ingredients for manufactured products and associated manufacturing labor, and is classified as follows: | |||||||||
June 29, | June 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 30,859 | $ | 30,906 | |||||
Work-in-process | 8,566 | 6,465 | |||||||
Raw materials | 19,095 | 18,385 | |||||||
$ | 58,520 | $ | 55,756 | ||||||
Note_6_Goodwill_and_Intangible
Note 6 - Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
Note 6. Goodwill and Intangible Assets | |||||||||||||||||||||||||||||
The following table presents goodwill by segment and the related change in the net carrying amount: | |||||||||||||||||||||||||||||
Consumer Floral | BloomNet Wire Service | Gourmet Food and Gift Baskets (1) | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at July 1, 2012 | $ | 9,709 | $ | - | $ | 37,776 | $ | 47,485 | |||||||||||||||||||||
Adjustments | - | (84 | ) | (84 | ) | ||||||||||||||||||||||||
Acquisition of Pingg | 542 | - | - | 542 | |||||||||||||||||||||||||
Balance at June 30, 2013 | $ | 10,251 | $ | - | $ | 37,692 | $ | 47,943 | |||||||||||||||||||||
Acquisition of Fannie May franchise stores | 5,783 | 5,783 | |||||||||||||||||||||||||||
Adjustments | (97 | ) | - | - | (97 | ) | |||||||||||||||||||||||
Acquisition of iFlorist | 6,537 | - | - | 6,537 | |||||||||||||||||||||||||
Balance at June 29, 2014 | $ | 16,691 | $ | - | $ | 43,475 | $ | 60,166 | |||||||||||||||||||||
-1 | The total carrying amount of goodwill for all periods in the table above is reflected net of $71.1 million of accumulated impairment charges, which were recorded in the GFGB segment during fiscal 2009. | ||||||||||||||||||||||||||||
The Company’s other intangible assets consist of the following: | |||||||||||||||||||||||||||||
29-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||||||
(years) | (in thousands) | ||||||||||||||||||||||||||||
Intangible assets with determinable lives: | |||||||||||||||||||||||||||||
Investment in licenses | 14 - 16 | $ | 7,420 | $ | 5,621 | $ | 1,799 | $ | 7,420 | $ | 5,516 | $ | 1,904 | ||||||||||||||||
Customer lists | 10-Mar | 17,313 | 12,818 | 4,495 | 15,989 | 11,334 | 4,655 | ||||||||||||||||||||||
Other | 8-May | 2,538 | 2,538 | - | 2,538 | 2,513 | 25 | ||||||||||||||||||||||
27,271 | 20,977 | 6,294 | 25,947 | 19,363 | 6,584 | ||||||||||||||||||||||||
Trademarks with indefinite lives | 38,322 | - | 38,322 | 36,692 | - | 36,692 | |||||||||||||||||||||||
Total intangible assets | $ | 65,593 | $ | 20,977 | $ | 44,616 | $ | 62,639 | $ | 19,363 | $ | 43,276 | |||||||||||||||||
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. During the year ended June 29, 2014, the Company wrote-down the value of its Fine Stationery tradename from $0.7 million to $0.5 million, and during the year ended June 30, 2013, the Company wrote-down the value of its Fine Stationery tradename from $1.1 million to $0.7 million. | |||||||||||||||||||||||||||||
The amortization of intangible assets for the years ended June 29, 2014, June 30, 2013 and July 1, 2012 was $1.6 million, $1.8 million and $1.8 million, respectively. Future estimated amortization expense is as follows: 2015 - $1.8 million, 2016 - $1.7 million, 2017 - $0.9 million, 2018 – $0.6 million, 2019 - $0.1million, and thereafter - $1.2 million. |
Note_7_Property_Plant_and_Equi
Note 7 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
Note 7. Property, Plant and Equipment | |||||||||
June 29, | June 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Land | $ | 2,907 | $ | 2,907 | |||||
Building and building improvements | 12,551 | 9,807 | |||||||
Leasehold improvements | 18,504 | 17,566 | |||||||
Furniture and fixtures | 4,737 | 4,903 | |||||||
Production equipment | 35,845 | 31,798 | |||||||
Computer equipment | 53,368 | 57,879 | |||||||
Telecommunication equipment | 4,120 | 8,204 | |||||||
Software | 136,226 | 122,459 | |||||||
268,258 | 255,523 | ||||||||
Accumulated depreciation and amortization | 208,111 | 202,580 | |||||||
$ | 60,147 | $ | 52,943 | ||||||
Note_8_Accrued_Expenses
Note 8 - Accrued Expenses | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | ||||||||
Note 8. Accrued expenses | |||||||||
Accrued expenses consisted of the following: | |||||||||
June 29, | June 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Payroll and employee benefits | $ | 22,601 | $ | 19,859 | |||||
Advertising and marketing | 11,803 | 9,107 | |||||||
Other | 15,113 | 16,078 | |||||||
$ | 49,517 | $ | 45,044 | ||||||
Note_9_LongTerm_Debt
Note 9 - Long-Term Debt | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
Note 9. Long-Term Debt | |||||||||
June 29, | June 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Revolving line of credit (1) | $ | - | $ | - | |||||
Bank loan (2) | 343 | - | |||||||
$ | 343 | $ | - | ||||||
Less current maturities of long-term debt obligations | 343 | - | |||||||
$ | - | $ | - | ||||||
-1 | On April 10, 2013, the Company repaid all amounts outstanding under its 2010 Credit Facility, and entered into a Third Amended and Restated Credit Agreement (the “2013 Credit Facility”). The 2013 Credit Facility consists of a revolving line of credit with a seasonally adjusted limit ranging from $150.0 to $200.0 million and a working capital sublimit ranging from $25.0 to $75.0 million. The 2013 Credit Facility also revised certain financial and non-financial covenants, including the maintenance of certain financial ratios. The Company was in compliance with these covenants as of June 29, 2014 and June 30, 2013. Outstanding amounts under the 2013 Credit Facility, which matures on April 10, 2018, bear interest at the Company’s option at either: (i) LIBOR, plus a spread of between 150 and 225 basis points, as determined by the Company’s leverage ratio, or (ii) the agent bank’s prime rate plus a margin. The obligations of the Company and its subsidiaries under the 2013 Credit Facility are secured by liens on all personal property of the Company and its domestic subsidiaries. | ||||||||
-2 | Bank loan assumed through the Company’s acquisition of a majority interest in iFlorist. | ||||||||
Note_10_Fair_Value_Measurement
Note 10 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
Note 10. Fair Value Measurements | |||||||||||||||||
Cash and cash equivalents, receivables, accounts payable and accrued expenses are reflected in the consolidated balance sheets at carrying value, which approximates fair value due to the short-term nature of these instruments. The Company’s investments in non-marketable equity instruments of private companies are carried at cost and are periodically assessed for other-than-temporary impairment, when an event or circumstances indicate that an other-than-temporary decline in value may have occurred. The Company’s remaining financial assets and liabilities are measured and recorded at fair value (see table below). The Company’s non-financial assets, such as definite lived intangible assets and property, plant and equipment, are recorded at cost and are assessed for impairment when an event or circumstance indicates that an other-than-temporary decline in value may have occurred. Goodwill and indefinite lived intangibles are tested for impairment annually, or more frequently if events occur or circumstances change such that it is more likely than not that an impairment may exist, as required under the accounting standards. | |||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under the guidance are described below: | |||||||||||||||||
Level 1 | Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. | ||||||||||||||||
Level 2 | Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. | ||||||||||||||||
Level 3 | Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
The following table presents by level, within the fair value hierarchy, financial assets and liabilities measured at fair value on a recurring basis as of June 29, 2014: | |||||||||||||||||
Carrying Value | Fair Value Measurements | ||||||||||||||||
Assets (Liabilities) | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | |||||||||||||||||
Assets (liabilities): | |||||||||||||||||
Trading securities held in a “rabbi trust” (1) | $ | 2,146 | $ | 2,146 | $ | - | $ | - | |||||||||
$ | 2,146 | $ | 2,146 | $ | - | $ | - | ||||||||||
-1 | Trading securities held in a rabbi trust are measured using quoted market prices at the reporting date and are included in Other assets, with the corresponding liability includes in Other liabilities, in the consolidated balance sheets. The Company established a Non-qualified Deferred Compensation Plan (Note 14 – Employee Retirement Plans) for certain members of senior management in fiscal 2009. Deferred compensation is invested in mutual funds held in a “rabbi trust” which is restricted for payment to participants of the NQDC Plan. | ||||||||||||||||
The following table presents, by level, within the fair value hierarchy, financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2013: | |||||||||||||||||
Carrying Value | Fair Value Measurements | ||||||||||||||||
Assets (Liabilities) | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | |||||||||||||||||
Assets (liabilities): | |||||||||||||||||
Trading securities held in a “rabbi trust” (1) | $ | 1,708 | $ | 1,708 | $ | - | $ | - | |||||||||
Non-performance promissory note (2) | 205 | - | - | 205 | |||||||||||||
$ | 1,913 | $ | 1,708 | $ | - | $ | 205 | ||||||||||
-1 | Trading securities held in a rabbi trust are measured using quoted market prices at the reporting date and are included in Other assets, with the corresponding liability includes in Other liabilities, in the consolidated balance sheets. The Company established a Non-qualified Deferred Compensation Plan (Note 14 – Employee Retirement Plans) for certain members of senior management in fiscal 2009. Deferred compensation is invested in mutual funds held in a “rabbi trust” which is restricted for payment to participants of the NQDC Plan. | ||||||||||||||||
-2 | Refer to Note 4. Acquisitions and dispositions – Sale and franchise of Fannie May retail stores. Included in Other assets on the consolidated balance sheets. | ||||||||||||||||
Note_11_Income_Taxes
Note 11 - Income Taxes | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
Note 11. Income Taxes | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company concluded its federal examination by the Internal Revenue Service for fiscal year 2011, however, fiscal years 2012 and 2013 remain subject to federal examination. Due to ongoing state examinations and non-conformity with the federal statute of limitations for assessment, certain states remain open from fiscal 2008. | |||||||||||||
The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At June 29, 2014, the Company has an unrecognized tax position of approximately $0.5 million, including accrued interest and penalties of $0.1 million. The Company believes that no additional significant unrecognized tax positions will be resolved over the next twelve months. | |||||||||||||
Significant components of the income tax provision from continuing operations are as follows: | |||||||||||||
Years ended | |||||||||||||
June 29, | June 30, | July 1, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current provision (benefit): | |||||||||||||
Federal | $ | 6,439 | $ | 7,983 | $ | (1,643 | ) | ||||||
State | 1,247 | 1,845 | 1,155 | ||||||||||
Foreign | 11 | - | - | ||||||||||
7,697 | 9,828 | (488 | ) | ||||||||||
Deferred provision (benefit): | |||||||||||||
Federal | 773 | (730 | ) | 8,479 | |||||||||
State | 28 | (25 | ) | (220 | ) | ||||||||
Foreign | (95 | ) | - | - | |||||||||
706 | (755 | ) | 8,259 | ||||||||||
Income tax expense | $ | 8,403 | $ | 9,073 | $ | 7,771 | |||||||
A reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows: | |||||||||||||
Years ended | |||||||||||||
June 29, | June 30, | July 1, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax at U.S. statutory rates | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal tax benefit | 3.7 | 3.3 | 4 | ||||||||||
Non-deductible stock-based compensation | - | - | 0.6 | ||||||||||
Non-deductible goodwill amortization | - | - | 1.7 | ||||||||||
Rate differences | 1.2 | (0.3 | ) | (1.1 | ) | ||||||||
Tax credits | (1.7 | ) | (1.2 | ) | (1.2 | ) | |||||||
Tax settlements | (1.0 | ) | 1.1 | - | |||||||||
Other, net | 0.4 | (1.3 | ) | (2.2 | ) | ||||||||
37.6 | % | 36.6 | % | 36.8 | % | ||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of the Company's deferred income tax assets (liabilities) are as follows: | |||||||||||||
Years ended | |||||||||||||
June 29, | June 30, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred income tax assets: | |||||||||||||
Net operating loss and credit carryforwards | $ | 4,342 | $ | 3,230 | |||||||||
Accrued expenses and reserves | 6,178 | 5,848 | |||||||||||
Stock-based compensation | 3,420 | 3,266 | |||||||||||
Book in excess of tax depreciation | 1,322 | 1,055 | |||||||||||
Gross deferred income tax assets | 15,262 | 13,399 | |||||||||||
Less: Valuation allowance | (2,241 | ) | (1,477 | ) | |||||||||
13,021 | 11,922 | ||||||||||||
Deferred income tax liabilities: | |||||||||||||
Other intangibles | (6,512 | ) | (4,049 | ) | |||||||||
Tax in excess of book depreciation | - | - | |||||||||||
-6,512 | (4,049 | ) | |||||||||||
Net deferred income tax assets | $ | 6,509 | $ | 7,873 | |||||||||
A valuation allowance is provided when it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The Company has established valuation allowances primarily for net operating loss carryforwards in certain states and its United Kingdom subsidiary. At June 29, 2014 the Company’s federal and foreign net operating loss carryforwards were $2.8 million and $5.1 million respectively, while the tax effected state net operating loss was $3.3 million, before federal benefit, which if not utilized, will begin to expire in fiscal year 2025, indefinitely, and 2015, respectively. The federal net operating loss of $2.8 million is subject to Section 382 limitations of $0.3 million per year. |
Note_12_Capital_Stock
Note 12 - Capital Stock | 12 Months Ended |
Jun. 29, 2014 | |
Capital Stock Disclosure [Text Block] [Abstract] | ' |
Capital Stock Disclosure [Text Block] | ' |
Note 12. Capital Stock | |
Holders of Class A common stock generally have the same rights as the holders of Class B common stock, except that holders of Class A common stock have one vote per share and holders of Class B common stock have 10 votes per share on all matters submitted to the vote of stockholders. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the stockholders for their vote or approval, except as may be required by Delaware law. Class B common stock may be converted into Class A common stock at any time on a one-for-one share basis. Each share of Class B common stock will automatically convert into one share of Class A common stock upon its transfer, with limited exceptions. | |
The Company has a stock repurchase plan through which purchases can be made from time to time in the open market and through privately negotiated transactions, subject to general market conditions. The repurchase program is financed utilizing available cash. In March 2013, the Company’s Board of Directors authorized an increase of $20 million to its stock repurchase plan. The Company repurchased a total of $8.3 million (1,561,206 shares), $9.6 million (2,490,065 shares) and $3.3 million (1,133,913 shares) during the fiscal years ended June 29, 2014, June 30, 2013 and July 1, 2012, respectively, under this program. As of June 29, 2014, $10.6 million remains authorized under the plan. | |
The Company has stock options and restricted stock awards outstanding to participants under the 1-800-FLOWERS.COM 2003 Long Term Incentive and Share Award Plan (the “Plan”). The Plan is a broad-based, long-term incentive program that is intended to attract, retain and motivate employees, consultants and directors to achieve the Company’s long-term growth and profitability objectives, and therefore align stockholder and employee interests. The Plan provides for the grant to eligible employees, consultants and directors of stock options, share appreciation rights (“SARs”), restricted shares, restricted share units, performance shares, performance units, dividend equivalents, and other share-based awards (collectively “Awards”). |
Note_13_StockBased_Compensatio
Note 13 - Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||
Note 13. Stock Based Compensation | |||||||||||||||||||||||
The Plan is administered by the Compensation Committee or such other Board committee (or the entire Board) as may be designated by the Board (the “Committee”). At June 29, 2014, the Company has reserved approximately 14.5 million shares of common stock for issuance, including options previously authorized for issuance under the 1999 Stock Incentive Plan. | |||||||||||||||||||||||
The amounts of stock-based compensation expense recognized in the periods presented are as follows: | |||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||
July 29, | June 30, | July 1, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||
Stock options | $ | 420 | $ | 477 | $ | 1,073 | |||||||||||||||||
Restricted stock awards | 4,244 | 3,806 | 3,777 | ||||||||||||||||||||
Total | 4,664 | 4,283 | 4,850 | ||||||||||||||||||||
Deferred income tax benefit | 1,738 | 1,555 | 1,796 | ||||||||||||||||||||
Stock-based compensation expense, net | $ | 2,926 | $ | 2,728 | $ | 3,054 | |||||||||||||||||
Stock based compensation expense is recorded within the following line items of operating expenses: | |||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||
July 29, | June 30, | July 1, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Marketing and sales | $ | 1,261 | $ | 1,499 | $ | 1,755 | |||||||||||||||||
Technology and development | 298 | 428 | 600 | ||||||||||||||||||||
General and administrative | 3,105 | 2,356 | 2,495 | ||||||||||||||||||||
Total | $ | 4,664 | $ | 4,283 | $ | 4,850 | |||||||||||||||||
Stock-based compensation expense has not been allocated between business segments, but is reflected as part of Corporate overhead. (Refer to Note 15. Business Segments). | |||||||||||||||||||||||
Stock Option Plans | |||||||||||||||||||||||
The weighted average fair value of stock options on the date of grant, and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model, were as follows: | |||||||||||||||||||||||
Years ended | |||||||||||||||||||||||
June 29, | June 30, | July 1, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Weighted average fair value of options granted | $ | 3.16 | $ | 2.95 | $ | 1.84 | |||||||||||||||||
Expected volatility | 61% | 72% | 72% | ||||||||||||||||||||
Expected life (in years) | 6.6 | 6.4 | 8 | ||||||||||||||||||||
Risk-free interest rate | 1.60% | 0.70% | 0.90% | ||||||||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||
The expected volatility of the option is determined using historical volatilities based on historical stock prices. The Company estimated the expected life of options granted based upon the historical weighted average. The risk-free interest rate is determined using the yield available for zero-coupon U.S. government issues with a remaining term equal to the expected life of the option. The Company has never paid a dividend, and as such the dividend yield is 0.0%. | |||||||||||||||||||||||
The following table summarizes stock option activity during the year ended June 29, 2014: | |||||||||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (000s) | ||||||||||||||||||||
Outstanding beginning of period | 4,723,240 | $ | 3.89 | ||||||||||||||||||||
Granted | 25,000 | $ | 5.39 | ||||||||||||||||||||
Exercised | (164,050 | ) | $ | 3.02 | |||||||||||||||||||
Forfeited/Expired | (244,400 | ) | $ | 6.34 | |||||||||||||||||||
Outstanding end of period | 4,339,790 | $ | 3.8 | 4.2 | $ | 10,188 | |||||||||||||||||
Options vested or expected to vest at end of period | 4,232,111 | $ | 3.83 | 4.2 | $ | 9,827 | |||||||||||||||||
Exercisable at June 29, 2014 | 2,886,790 | $ | 4.52 | 2.8 | $ | 5,269 | |||||||||||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of fiscal 2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on June 29, 2014. This amount changes based on the fair market value of the Company’s stock. The total intrinsic value of options exercised for the years ended June 29, 2014, June 30, 2013 and July 1, 2012 was $0.4 million, $0.6 million, and $0.0 million, respectively. | |||||||||||||||||||||||
The following table summarizes information about stock options outstanding at June 29, 2014: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Exercise Price | Options | Weighted- | Weighted- | Options | Weighted- | ||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||||
Contractual Life (years) | Price | Price | |||||||||||||||||||||
$1.69 | – | 1.79 | 1,013,500 | 6.3 | $ | 1.79 | 382,500 | $ | 1.79 | ||||||||||||||
$2.01 | – | 2.63 | 1,054,900 | 7.3 | $ | 2.62 | 296,400 | $ | 2.62 | ||||||||||||||
$2.87 | – | 3.11 | 1,041,303 | 2 | $ | 3.1 | 1,029,803 | $ | 3.1 | ||||||||||||||
$3.26 | – | 6.52 | 650,234 | 2.4 | $ | 6.11 | 598,234 | $ | 6.08 | ||||||||||||||
$6.90 | – | 9.95 | 579,853 | 1 | $ | 8.09 | 579,853 | $ | 8.09 | ||||||||||||||
4,339,790 | 4.2 | $ | 3.8 | 2,886,790 | $ | 4.52 | |||||||||||||||||
As of June 29, 2014, the total future compensation cost related to non-vested options not yet recognized in the statement of operations was $1.9 million and the weighted average period over which these awards are expected to be recognized was 4.8 years. | |||||||||||||||||||||||
The Company grants shares of Common Stock to its employees that are subject to restrictions on transfer and risk of forfeiture until fulfillment of applicable service conditions and, in certain cases, holding periods (Restricted Stock). | |||||||||||||||||||||||
The following table summarizes the activity of non-vested restricted stock during the year ended June 29, 2014: | |||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||
Average | |||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
Non-vested – beginning of period | 3,433,355 | $ | 2.8 | ||||||||||||||||||||
Granted | 1,760,918 | $ | 5.09 | ||||||||||||||||||||
Vested | (1,608,052 | ) | $ | 2.5 | |||||||||||||||||||
Forfeited | (899,536 | ) | $ | 4.52 | |||||||||||||||||||
Non-vested - end of period | 2,686,685 | $ | 3.9 | ||||||||||||||||||||
The fair value of non-vested shares is determined based on the closing stock price on the grant date. As of June 29, 2014, there was $6.8 million of total unrecognized compensation cost related to non-vested restricted stock-based compensation to be recognized over a weighted-average period of 2.8 years. |
Note_14_Employee_Retirement_Pl
Note 14 - Employee Retirement Plans | 12 Months Ended |
Jun. 29, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
Note 14. Employee Retirement Plans | |
The Company has a 401(k) Profit Sharing Plan covering substantially all of its eligible employees. All employees who have attained the age of 21 are eligible to participate upon completion of one month of service. Participants may elect to make voluntary contributions to the 401(k) plan in amounts not exceeding federal guidelines. On an annual basis the Company, as determined by its board of directors, may make certain discretionary contributions. Employees are vested in the Company's contributions based upon years of service. The Company suspended all contributions during fiscal years 2014, 2013 and 2012. | |
The Company also has a nonqualified supplemental deferred compensation plan for certain executives pursuant to Section 409A of the Internal Revenue Code. Participants can defer from 1% up to a maximum of 100% of salary and performance and non-performance based bonus. The Company will match 50% of the deferrals made by each participant during the applicable period, up to a maximum of $2,500. Employees are vested in the Company's contributions based upon years of participation in the plan. Distributions will be made to participants upon termination of employment or death in a lump sum, unless installments are selected. As of June 29, 2014 and June 30, 2013, these plan liabilities, which are included in Other liabilities within the Company’s Consolidated Balance Sheet, totaled $2.1 million and $1.7 million, respectively. The associated plan assets, which are subject to the claims of the creditors, are primarily invested in mutual funds and are included in Other assets-long term. Company contributions during the years ended June 29, 2014, July 1, 2012 and July 3, 2011 were less than $0.1 million. Gains and losses on these investments, which were immaterial during fiscal years 2014, 2013 and 2012, are included in Interest expense and other, net, within the Company’s Consolidated Statements of Income. |
Note_15_Business_Segments
Note 15 - Business Segments | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
Note 15. Business Segments | |||||||||||||
The Company’s management reviews the results of the Company’s operations by the following three business segments: | |||||||||||||
• | 1-800-Flowers.com Consumer Floral, | ||||||||||||
• | BloomNet Wire Service, and | ||||||||||||
• | Gourmet Food and Gift Baskets | ||||||||||||
Segment performance is measured based on contribution margin, which includes only the direct controllable revenue and operating expenses of the segments. As such, management’s measure of profitability for these segments does not include the effect of corporate overhead (see (1) below), nor does it include depreciation and amortization, other income, and income taxes, or stock-based compensation, which is included within corporate overhead. Assets and liabilities are reviewed at the consolidated level by management and not accounted for by segment. | |||||||||||||
Years ended | |||||||||||||
Net revenues | June 29, | June 30, | July 1, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Net revenues: | |||||||||||||
1-800-Flowers.com Consumer Floral | $ | 421,336 | $ | 411,526 | $ | 398,184 | |||||||
BloomNet Wire Service | 84,199 | 81,822 | 82,582 | ||||||||||
Gourmet Food & Gift Baskets | 251,990 | 243,225 | 228,002 | ||||||||||
Corporate | 797 | 789 | 773 | ||||||||||
Intercompany eliminations | (1,977 | ) | (1,865 | ) | (2,024 | ) | |||||||
Total net revenues | $ | 756,345 | $ | 735,497 | $ | 707,517 | |||||||
Years ended | |||||||||||||
Operating Income from Continuing Operations | June 29, | June 30, | July 1, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Segment Contribution Margin: | |||||||||||||
1-800-Flowers.com Consumer Floral | $ | 40,252 | $ | 47,193 | $ | 39,147 | |||||||
BloomNet Wire Service | 26,715 | 25,611 | 22,339 | ||||||||||
Gourmet Food & Gift Baskets (2) | 27,122 | 20,345 | 30,193 | ||||||||||
Segment Contribution Margin Subtotal | 94,089 | 93,149 | 91,679 | ||||||||||
Corporate (1) | (50,535 | ) | (48,565 | ) | (48,412 | ) | |||||||
Depreciation and amortization | (19,848 | ) | (18,798 | ) | (19,540 | ) | |||||||
Operating income | $ | 23,706 | $ | 25,786 | $ | 23,727 | |||||||
-1 | Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-Based Compensation. In order to leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above segments based upon usage, are included within corporate expenses, as they are not directly allocable to a specific segment. | ||||||||||||
-2 | GFGB segment contribution margin during the year ended July 1, 2012 includes a $3.8 million ($2.4mm, net of tax) gain on the sale of 17 Fannie May stores, which were being operated as franchised locations post-sale. | ||||||||||||
Note_16_Discontinued_Operation
Note 16 - Discontinued Operations | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||
Note 16. Discontinued Operations | |||||||||||||
On September 6, 2011, the Company completed the sale of certain assets of its wine fulfillment services business operated by its Winetasting Network subsidiary. The sales price consisted of $12.0 million of cash proceeds at closing, resulting in a gain on sale of $8.7 million ($4.5 million, net of tax). The Company has classified the results of its e-commerce and procurement business of Winetasting Network as a discontinued operation for all periods presented. During the fourth quarter of fiscal 2013, the Company made the strategic decision to divest the e-commerce and procurement businesses of The Winetasting Network in order to focus on growth opportunities in its Gourmet Foods and Gift Baskets business segment. The Company closed on the sale of its e-commerce and procurement businesses on December 31, 2013. The Company had originally estimated a loss of $2.3 million ($1.5 million, net of tax), which was provided for during the fourth quarter of fiscal 2013, but the loss was reduced to $1.0 million, upon finalization of terms and closing on the sale. As a result, the Company reversed $1.3 million ($0.8 million, net of tax) of its accrual for the estimated loss during the fiscal year ended June 29, 2014. The Company has classified the results of its wine fulfillment services business as a discontinued operation for fiscal 2012 and 2011, and the e-commerce and procurement business of Winetasting Network as a discontinued operation for all periods presented. | |||||||||||||
Results for discontinued operations are as follows: | |||||||||||||
Years Ended | |||||||||||||
29-Jun-14 | 30-Jun-13 | 1-Jul-12 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Net revenues from discontinued operations | $ | 1,669 | $ | 5,154 | $ | 10,743 | |||||||
Loss from discontinued operations, net of tax | $ | (86 | ) | $ | (1,889 | ) | $ | (217 | ) | ||||
Gain (loss) on sale of discontinued operations, net of tax | $ | 815 | $ | (1,512 | ) | $ | 4,542 | ||||||
Income (loss) from discontinued operations | $ | 729 | $ | (3,401 | ) | $ | 4,325 | ||||||
Note_17_Commitments_and_Contin
Note 17 - Commitments and Contingencies | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||
Note 17. Commitments and Contingencies | |||||||||
Leases | |||||||||
The Company currently leases office, store facilities, and equipment under various leases through fiscal 2026. As these leases expire, it can be expected that in the normal course of business they will be renewed or replaced. Most lease agreements contain renewal options and rent escalation clauses and require the Company to pay real estate taxes, insurance, common area maintenance and operating expenses applicable to the leased properties. The Company has also entered into leases that are on a month-to-month basis. These leases are classified as either capital leases, operating leases or subleases, as appropriate. | |||||||||
As of June 29, 2014 future minimum payments under non-cancelable operating leases with initial terms of one year or more consist of the following: | |||||||||
Operating Leases | |||||||||
(in thousands) | |||||||||
2014 | $ | 14,141 | |||||||
2015 | 13,332 | ||||||||
2016 | 12,422 | ||||||||
2017 | 9,954 | ||||||||
2018 | 6,880 | ||||||||
Thereafter | 16,793 | ||||||||
Total minimum lease payments | $ | 73,522 | |||||||
At June 29, 2014, the aggregate future sublease rental income under long-term operating sub-leases for land and buildings and the corresponding rental expense under long-term operating leases were as follows: | |||||||||
Sublease | Sublease | ||||||||
Income | Expense | ||||||||
(in thousands) | |||||||||
2014 | $ | 740 | $ | 740 | |||||
2015 | 677 | 677 | |||||||
2016 | 561 | 561 | |||||||
2017 | 310 | 310 | |||||||
2018 | 278 | 278 | |||||||
Thereafter | 1,055 | 1,055 | |||||||
$ | 3,621 | $ | 3,621 | ||||||
Rent expense was approximately $17.7 million, $17.7 million and $17.4 million for the years ended June 29, 2014, June 30, 2013 and July 1, 2012, respectively. | |||||||||
Other Commitments | |||||||||
The Company’s purchase commitments consist primarily of inventory, equipment and technology purchase orders made in the ordinary course of business, most of which have terms less than one year. As of June 29, 2014, the Company had fixed and determinable off-balance sheet purchase commitments with remaining terms in excess of one year of approximately $2.4 million, primarily related to the Company’s technology infrastructure. | |||||||||
The Company had approximately $1.7 million in unused stand-by letters of credit as of June 29, 2014. | |||||||||
Litigation | |||||||||
From time to time, the Company is subject to legal proceedings and claims arising in the ordinary course of business. | |||||||||
On November 10, 2010, a purported class action complaint was filed in the United States District Court for the Eastern District of New York naming the Company (along with Trilegiant Corporation, Inc., Affinion, Inc. and Chase Bank USA, N.A.) as defendants in an action purporting to assert claims against the Company alleging violations arising under the Connecticut Unfair Trade Practices Act ("CUTPA") among other statutes, and for breach of contract and unjust enrichment in connection with certain post-transaction marketing practices in which certain of the Company's subsidiaries previously engaged in with certain third-party vendors. On December 23, 2011, plaintiff filed a notice of voluntary dismissal seeking to dismiss the entire action without prejudice. The court entered an Order on November 28, 2012, dismissing the case in its entirety. This case was subsequently refiled in the United States District Court for the District of Connecticut. | |||||||||
On March 6, 2012 and March 15, 2012, two additional purported class action complaints were filed in the United States District Court for the District of Connecticut naming the Company and numerous other parties as defendants in actions purporting to assert claims substantially similar to those asserted in the lawsuit filed on November 10, 2010. In each case, plaintiffs seek to have the respective case certified as a class action and seek restitution and other damages, each in an amount in excess of $5.0 million. On April 26, 2012, the two Connecticut cases were consolidated with a third case previously pending in the United States District Court for the District of Connecticut in which the Company is not a party (the "Consolidated Action"). A consolidated amended complaint was filed by plaintiffs on September 7, 2012, purporting to assert claims substantially similar to those originally asserted. The Company moved to dismiss the consolidated amended complaint on December 7, 2012, which was subsequently refiled at the direction of the Court on January 16, 2013. | |||||||||
On December 5, 2012, the same plaintiff from the action voluntarily dismissed in the United States District Court for the Eastern District of New York filed a purported class action complaint in the United States District Court for the District of Connecticut naming the Company and numerous other parties as defendants, purporting to assert claims substantially similar to those asserted in the consolidated amended complaint (the “Frank Action”). On January 23, 2013, plaintiffs in the Consolidated Action filed a motion to transfer and consolidate the action filed on December 5, 2012 with the Consolidated Action. The Company intends to defend each of these actions vigorously. | |||||||||
On January 31, 2013, the court issued an order to show cause directing plaintiffs' counsel in the Frank Action, also counsel for plaintiffs in the Consolidated Action, to show cause why the Frank Action is distinguishable from the Consolidated Action such that it may be maintained despite the prior-pending action doctrine. On June 13, 2013, the court issued an order in the Frank Action suspending deadlines to answer or to otherwise respond to the complaint until 21 days after the court decides whether the Frank Action should be consolidated with the Consolidated Action. On July 24, 2013 the Frank Action was reassigned to Judge Vanessa Bryant, before whom the Consolidated Action is currently pending, for all further proceedings. On August 14, 2013, other defendants filed a motion for clarification in the Frank Action requesting that Judge Bryant clarify the order suspending deadlines. | |||||||||
On March 28, 2014, the Court issued a series of rulings disposing of all the pending motions in both the Consolidated Action and the Frank Action. Among other things, the Court dismissed several causes of action, leaving pending a claim for CUTPA violations stemming from Trilegiant’s refund mitigation strategy and a claim for unjust enrichment. Thereafter, the Court consolidated the Frank case into the Consolidated Action. On April 28, 2014 Plaintiffs moved for leave to appeal the various rulings against them to the United States Court of Appeals for the Second Circuit and to have a partial final judgment entered dismissing those claims that the Court had ordered dismissed. The Court has not yet ruled on this new motion. The Company has filed its answer to the complaint on May 12, 2014. | |||||||||
There are no assurances that additional legal actions will not be instituted in connection with the Company’s former post-transaction marketing practices involving third party vendors nor can we predict the outcome of any such legal action. At this time, we are unable to estimate a possible loss or range of possible loss for the aforementioned actions for various reasons, including, among others: (i) the damages sought are indeterminate, (ii) the proceedings are in the very early stages and the court has not yet ruled as to whether the classes will be certified, and (iii) there is uncertainty as to the outcome of pending motions. As a result of the foregoing, we have determined that the amount of possible loss or range of loss is not reasonably estimable. However, legal matters are inherently unpredictable and subject to significant uncertainties, some of which may be beyond our control. |
Note_18_Subsequent_Event_Pendi
Note 18 - Subsequent Event - Pending Acquisition of Harry & David | 12 Months Ended |
Jun. 29, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 18. Subsequent Event – Pending acquisition of Harry & David | |
On August 30, 2014, the Company entered into a definitive agreement to acquire Harry & David Holdings, Inc (Harry & David), a leading multi-channel specialty retailer and producer of branded premium gift-quality fruit, gourmet food products and other gifts marketed under the Harry & David®, Wolferman’s® and Cushman’s® brands. The anticipated transaction, at a purchase price of $142.5 million, includes the Harry & David’s brands and websites as well as its headquarters, manufacturing and distribution facilities and orchards in Medford, Oregon, a warehouse and distribution facility in Hebron, Ohio and 47 Harry & David retail stores located throughout the country. Harry & David’s revenues were approximately $380 million in its fiscal 2013. 1-800-FLOWERS.COM, Inc. has secured committed funding for the acquisition from JP Morgan Chase and Wells Fargo Bank. The acquisition is expected to close in October 2014, subject to the satisfaction of customary closing conditions, including regulatory approval. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions- | Balance at | ||||||||||||||||
Beginning | Costs | Other Accounts- | Describe (a) | End of | |||||||||||||||||
of Period | and Expenses | Describe (b) | Period | ||||||||||||||||||
Reserves and allowances deducted from asset accounts: | |||||||||||||||||||||
Reserve for estimated doubtful accounts-accounts/notes receivable | |||||||||||||||||||||
Year Ended June 29, 2014 | $ | 2,488,000 | $ | 1,656,000 | $ | - | $ | (1,701,000 | ) | $ | 2,443,000 | ||||||||||
Year Ended June 30, 2013 | $ | 2,408,000 | $ | 1,085,000 | $ | - | $ | (1,005,000 | ) | $ | 2,488,000 | ||||||||||
Year Ended July 1, 2012 | $ | 2,465,000 | $ | 869,000 | $ | - | $ | (926,000 | ) | $ | 2,408,000 | ||||||||||
(a) | Reduction in reserve due to write-off of accounts/notes receivable balances. | ||||||||||||||||||||
(b) | Amount represents opening balances from acquired businesses or discontinued operation. | ||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |
Jun. 29, 2014 | ||
Accounting Policies [Abstract] | ' | |
Consolidation, Policy [Policy Text Block] | ' | |
Basis of Presentation | ||
The consolidated financial statements include the accounts of 1-800-FLOWERS.COM, Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
On September 6, 2011, the Company completed the sale of certain assets of its wine fulfillment services business operated by its Winetasting Network subsidiary. During the fourth quarter of fiscal 2013, the Company made the strategic decision to divest the e-commerce and procurement businesses of The Winetasting Network in order to focus on growth opportunities in its Gourmet Foods and Gift Baskets business segment. The Company closed on the sale of its Winetasting Network business on December 31, 2013. As a result, the Company has classified the results of its wine fulfillment services business as a discontinued operation for fiscal 2012, and its e-commerce and procurement businesses as discontinued operations for all periods presented. | ||
Fiscal Period, Policy [Policy Text Block] | ' | |
Fiscal Year | ||
The Company’s fiscal year is a 52- or 53-week period ending on the Sunday nearest to June 30. Fiscal years 2014, 2013 and 2012 consisted of 52 weeks which ended on June 29, 2014, June 30, 2013 and July 1, 2012, respectively. | ||
Use of Estimates, Policy [Policy Text Block] | ' | |
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |
Cash and Cash Equivalents | ||
Cash and cash equivalents consist of demand deposits with banks, highly liquid money market funds, United States government securities, overnight repurchase agreements and commercial paper with maturities of three months or less when purchased. | ||
Inventory, Policy [Policy Text Block] | ' | |
Inventories | ||
Inventories are valued at the lower of cost or market using the first-in, first-out method of accounting. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |
Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is computed using the straight-line method over the assets’ estimated useful lives. Amortization of leasehold improvements and capital leases is computed using the straight-line method over the shorter of the estimated useful lives and the initial lease terms. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software. Estimated useful lives are periodically reviewed, and where appropriate, changes are made prospectively. The Company’s property plant and equipment is depreciated using the following estimated lives: | ||
Buildings (years) | 40 | |
Leasehold Improvements (years) | 10-Mar | |
Furniture, Fixtures and Equipment (years) | 10-Mar | |
Software (years) | 7-Mar | |
Property, plant and equipment and other long-lived assets are reviewed for impairment whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. | ||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | |
Goodwill | ||
Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in each business combination, with the carrying value of the Company’s goodwill allocated to its reporting units, in accordance with the acquisition method of accounting. Goodwill is not amortized, but it is subject to an annual assessment for impairment, which the Company performs during the fourth quarter, or more frequently if events occur or circumstances change such that it is more likely than not that an impairment may exist. | ||
The Company tests goodwill for impairment at the reporting unit level. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available and management of each reporting unit regularly reviews the operating results of those components. Goodwill impairment testing involves a two-step process. The first step requires comparison of the fair value of each of the reporting units to the respective carrying value. If the carrying value of the reporting unit is less than the fair value, no impairment exists and the second step is not performed. If the carrying value of the reporting unit is higher than the fair value, the second step must be performed to compute the amount of the goodwill impairment, if any. In the second step, the impairment is computed by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for the excess. | ||
The Company generally estimates the fair value of a reporting unit using an equal weighting of the income and market approaches. The Company uses industry accepted valuation models and set criteria that are reviewed and approved by various levels of management and, in certain instances, the Company engages third-party valuation specialists. Under the income approach, the Company uses a discounted cash flow methodology which requires management to make significant estimates and assumptions related to forecasted revenues, gross profit margins, operating income margins, working capital cash flow, perpetual growth rates, and long-term discount rates, among others. For the market approach, the Company uses the guideline public company method. Under this method the Company utilizes information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units, to create valuation multiples that are applied to the operating performance of the reporting unit being tested, in order to obtain their respective fair values. The Company also reconciles the aggregate fair values of its reporting units determined in the first step (as described above) to its current market capitalization, allowing for a reasonable control premium. | ||
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | ' | |
Other Intangibles, net | ||
Other intangibles consist of definite-lived intangible assets (such as investment in licenses, customer lists, and others) and indefinite-lived intangible assets (such as acquired trade names and trademarks). The cost of definite-lived intangible assets is amortized to reflect the pattern of economic benefits consumed, over the estimated periods benefited, ranging from 3 to 16 years, while indefinite-lived intangible assets are not amortized. | ||
Long-lived assets, such as definite-lived intangibles and property, plant and equipment are reviewed for impairment whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. When such events or changes in circumstances occur, a recoverability test is performed comparing projected undiscounted cash flows from the use and eventual disposition of an asset or asset group to its carrying value. If the projected undiscounted cash flows are less than the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, which is determined by discounting future cash flows. | ||
The Company tests indefinite-lived intangible assets for impairment at least annually, during the fourth quarter, or whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. The impairment test for indefinite-lived intangible assets encompasses calculating a fair value of an indefinite-lived intangible asset and comparing the fair value to its carrying value. If the carrying value exceeds the fair value, impairment is recognized for the difference. To determine fair value of other indefinite-lived intangible assets, the Company uses an income approach, the relief-from-royalty method. This method assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to obtain the rights to use the comparable asset. Other indefinite-lived intangible assets’ fair values require significant judgments in determining both the assets’ estimated cash flows as well as the appropriate discount and royalty rates applied to those cash flows to determine fair value | ||
Business Combinations Policy [Policy Text Block] | ' | |
Business Combinations | ||
The Company accounts for business combinations in accordance with ASC Topic 805 which requires, among other things, the acquiring entity in a business combination to recognize the fair value of all the assets acquired and liabilities assumed; the recognition of acquisition-related costs in the consolidated results of operations; the recognition of restructuring costs in the consolidated results of operations for which the acquirer becomes obligated after the acquisition date; and contingent purchase consideration to be recognized at their fair values on the acquisition date with subsequent adjustments recognized in the consolidated results of operations. The fair values assigned to identifiable intangible assets acquired are determined primarily by using an income approach which is based on assumptions and estimates made by management. Significant assumptions utilized in the income approach are based on company specific information and projections which are not observable in the market and are therefore considered Level 3 measurements. The excess of the purchase price over the fair value of the identified assets and liabilities is recorded as goodwill. Operating results of the acquired entity are reflected in the Company’s consolidated financial statements from date of acquisition. | ||
Deferred Charges, Policy [Policy Text Block] | ' | |
Deferred Catalog Costs | ||
The Company capitalizes the costs of producing and distributing its catalogs. These costs are amortized in direct proportion to actual sales from the corresponding catalog over a period not to exceed 26-weeks. Included within prepaid and other current assets was $0.2 million and $0.5 million at June 29, 2014 and June 30, 2013 respectively, relating to prepaid catalog expenses. | ||
Investment, Policy [Policy Text Block] | ' | |
Investments | ||
The Company has certain investments in non-marketable equity instruments of private companies. The Company accounts for these investments using the equity method if they provide the Company the ability to exercise significant influence, but not control, over the investee. Significant influence is generally deemed to exist if the Company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee’s Board of Directors, are considered in determining whether the equity method is appropriate. The Company records equity method investments initially at cost, and adjusts the carrying amount to reflect the Company’s share of the earnings or losses of the investee. The Company’s equity method investments are comprised of a 32% interest in Flores Online, a Sao Paulo, Brazil based internet floral and gift retailer, that the Company made on May 31, 2012. The book value of this investment was $3.2 million as of June 29, 2014 and $3.8 million as of June 30, 2013, and is included in Other assets within the consolidated balance sheets. The Company’s equity in the net income (loss) of Flores Online for each of the years ended June 29, 2014 and June 30, 2013 was $(0.6) million and $0.2 million. | ||
Investments in non-marketable equity instruments of private companies, where the Company does not possess the ability to exercise significant influence, are accounted for under the cost method. Cost method investments are originally recorded at cost, and are included within Other assets in the Company’s consolidated balance sheets. The aggregate carrying amount of the Company’s cost method investments was $0.8 million as of June 29, 2014 and $2.3 million as of June 30, 2013. In addition, the Company had notes receivable from a company it maintains an investment in of $0.5 million as of June 29, 2014 and $2.3 million as of June 30, 2013. As described in Note 4 “Acquisitions and Dispositions”, on December 3, 2013, the Company increased its investment in iFlorist, resulting in a majority ownership interest (56%), through the conversion of notes receivable and the purchase of additional shares from the Company’s founders. The acquisition of a majority interest in iFlorist resulted in the consolidation of iFlorist’s operations, and the elimination of both the Company’s cost-basis investment and notes receivable.. | ||
The Company also holds certain trading securities associated with its Non-Qualified Deferred Compensation Plan (“NQDC Plan”). These investments are measured using quoted market prices at the reporting date and are included in Other assets in the consolidated balance sheets (see Note 10). | ||
Each reporting period, the Company uses available qualitative and quantitative information to evaluate its investments for impairment. When a decline in fair value, if any, is determined to be other-than-temporary, an impairment charge is recorded in the consolidated statement of operations. | ||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |
Concentration of Credit Risk | ||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with high quality financial institutions. Concentration of credit risk with respect to accounts receivable is limited due to the Company's large number of customers and their dispersion throughout the United States, and the fact that a substantial portion of receivables are related to balances owed by major credit card companies. Allowances relating to consumer, corporate and franchise accounts receivable ($2.4 million and $2.5 million at June 29, 2014 and June 30, 2013, respectively) have been recorded based upon previous experience and management’s evaluation. | ||
Revenue Recognition, Policy [Policy Text Block] | ' | |
Revenue Recognition | ||
Net revenues are generated by e-commerce operations from the Company’s online and telephonic sales channels as well as other operations (retail/wholesale) and primarily consist of the selling price of merchandise, service or outbound shipping charges, net of discounts, returns and credits. Net revenues are recognized primarily upon product shipment and do not include sales tax. Shipping terms are primarily FOB shipping point. Net revenues generated by the Company’s BloomNet Wire Service operations include membership fees as well as other products and service offerings to florists. Membership fees are recognized monthly in the period earned, and products sales are recognized upon product shipment with shipping terms primarily FOB shipping point. | ||
Initial franchise fees are recognized in income when the Company has substantially performed or satisfied all material services or conditions relating to the sale of the franchise and the fees are nonrefundable. Area development fees are nonrefundable and are recognized in income on a pro-rata basis when the conditions for revenue recognition under the individual area development agreements are met. Both initial franchise fees and area development fees are generally recognized upon the opening of a franchise store or upon termination of the agreement between the Company and the franchisee. | ||
Cost of Sales, Policy [Policy Text Block] | ' | |
Cost of Revenues | ||
Cost of revenues consists primarily of florist fulfillment costs (fees paid directly to florists), the cost of floral and non-floral merchandise sold from inventory or through third parties, and associated costs including inbound and outbound shipping charges. Additionally, cost of revenues includes labor and facility costs related to manufacturing and production operations. | ||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | ' | |
Marketing and Sales | ||
Marketing and sales expense consists primarily of advertising and promotional expenditures, catalog costs, online portal and search expenses, retail store and fulfillment operations (other than costs included in cost of revenues), and customer service center expenses, as well as the operating expenses of the Company’s departments engaged in marketing, selling and merchandising activities. | ||
The Company expenses all advertising costs, with the exception of catalog costs (see Deferred Catalog Costs above) at the time the advertisement is first shown. Advertising expense was $83.0 million, $77.9 million and $75.1 million for the years ended June 29, 2014, June 30, 2013 and July 1, 2012, respectively. | ||
Research, Development, and Computer Software, Policy [Policy Text Block] | ' | |
Technology and Development | ||
Technology and development expense consists primarily of payroll and operating expenses of the Company’s information technology group, costs associated with its websites, including hosting, content development and maintenance and support costs related to the Company’s order entry, customer service, fulfillment and database systems. Costs associated with the acquisition or development of software for internal use are capitalized if the software is expected to have a useful life beyond one year and amortized over the software’s useful life, typically three to seven years. Costs associated with repair maintenance or the development of website content are expensed as incurred as the useful lives of such software modifications are less than one year. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |
Stock-Based Compensation | ||
The Company records compensation expense associated with restricted stock awards and other forms of equity compensation based upon the fair value of stock-based awards as measured at the grant date. The expense is recorded by amortizing the fair values on a straight-line basis over the vesting period, adjusted for estimated forfeitures. | ||
Derivatives, Policy [Policy Text Block] | ' | |
Derivatives and hedging | ||
The Company does not enter into derivative transactions for trading purposes, but rather, on occasion to manage its exposure to interest rate fluctuations. The Company has managed its floating rate debt using interest rate swaps in order to reduce its exposure to the impact of changing interest rates on its consolidated results of operations and future cash outflows for interest. | ||
Income Tax, Policy [Policy Text Block] | ' | |
Income Taxes | ||
The Company uses the asset and liability method to account for income taxes. The Company has established deferred tax assets and liabilities for temporary differences between the financial reporting bases and the income tax bases of its assets and liabilities at enacted tax rates expected to be in effect when such assets or liabilities are realized or settled. The Company recognizes as a deferred tax asset, the tax benefits associated with losses related to operations. Realization of these deferred tax assets assumes that we will be able to generate sufficient future taxable income so that these assets will be realized. The factors that the Company considers in assessing the likelihood of realization include the forecast of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. | ||
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements on a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to UTBs in income tax expense. Assumptions, judgment and the use of estimates are required in determining if the “more likely than not” standard has been met when developing the provision for income taxes. | ||
Earnings Per Share, Policy [Policy Text Block] | ' | |
Net Income (Loss) Per Share | ||
Basic net income (loss) per common share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted-average number of common and dilutive common equivalent shares (consisting primarily of employee stock options and unvested restricted stock awards) outstanding during the period. Diluted net loss per share excludes the effect of potential common shares (consisting primarily of employee stock options and unvested restricted stock awards) that would be antidilutive. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |
Recently Adopted Accounting Pronouncements | ||
In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment,” which allows entities to use a qualitative approach to test indefinite-lived intangible assets for impairment. ASU No. 2012-02 permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed quantitative impairment test. Otherwise, the quantitative impairment test is not required. This ASU became effective for annual and interim goodwill impairment tests performed for the Company’s fiscal year ending June 29, 2014. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. | ||
Recent Accounting Pronouncements [Policy Text Block] | ' | |
Recent Accounting Pronouncements | ||
In April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU No. 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for the Company’s fiscal year ending July 3, 2016, and may be applied retrospectively. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. | ||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This amended guidance will enhance the comparability of revenue recognition practices and will be applied to all contracts with customers. Expanded disclosures related to the nature, amount, timing, and uncertainty of revenue that is recognized are requirements under the amended guidance. This guidance will be effective for the Company’s fiscal year ending July 1, 2018 and may be applied retrospectively. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. | ||
Reclassification, Policy [Policy Text Block] | ' | |
Reclassifications | ||
Certain balances in the prior fiscal years have been reclassified to conform to the presentation in the current fiscal year. |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended | |
Jun. 29, 2014 | ||
Accounting Policies [Abstract] | ' | |
Property Plant and Equipment Estimated Useful Lives [Table Text Block] | ' | |
Buildings (years) | 40 | |
Leasehold Improvements (years) | 10-Mar | |
Furniture, Fixtures and Equipment (years) | 10-Mar | |
Software (years) | 7-Mar |
Note_3_Net_Income_Per_Common_S1
Note 3 - Net Income Per Common Share from Continuing Operations (Tables) | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Years Ended | |||||||||||||
29-Jun-14 | 30-Jun-13 | 1-Jul-12 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Numerator: | |||||||||||||
Net income from continuing operations | $ | 13,946 | $ | 15,722 | $ | 13,321 | |||||||
Less: Net loss attributable to noncontrolling interest | (697 | ) | - | - | |||||||||
Income from continuing operations attributable to 1-800-FLOWERS.COM, Inc. | $ | 14,643 | $ | 15,722 | $ | 13,321 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding | 64,035 | 64,369 | 64,697 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options (1) | 1,083 | 786 | 40 | ||||||||||
Employee restricted stock awards | 1,342 | 1,637 | 1,502 | ||||||||||
2,425 | 2,423 | 1,542 | |||||||||||
Adjusted weighted-average shares and assumed conversions | 66,460 | 66,792 | 66,239 | ||||||||||
Net income per common share from continuing operations attributable to 1-800-FLOWERS.COM, Inc. | |||||||||||||
Basic | $ | 0.23 | $ | 0.24 | $ | 0.21 | |||||||
Diluted | $ | 0.22 | $ | 0.24 | $ | 0.2 |
Note_4_Acquisitions_and_Dispos1
Note 4 - Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||
Jun. 29, 2014 | |||||
Note 4 - Acquisitions and Dispositions (Tables) [Line Items] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
Preliminary | |||||
Purchase Price Allocation | |||||
(in thousands) | |||||
Current Assets | $ | 103 | |||
Property, plant and equipment | 487 | ||||
Goodwill | 5,783 | ||||
Net assets acquired | $ | 6,373 | |||
Schedule of Fair Value Assets and Liabilities of Purchase Price Components [Table Text Block] | ' | ||||
iFlorist Fair Value of Purchase Price Components | |||||
(in thousands) | |||||
Cash | $ | 1,640 | |||
Converted debt | 1,964 | ||||
Initial equity investment | 1,629 | ||||
Noncontrolling interest | 3,616 | ||||
Total purchase price | $ | 8,849 | |||
iFlorist [Member] | ' | ||||
Note 4 - Acquisitions and Dispositions (Tables) [Line Items] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
iFlorist Preliminary | |||||
Purchase Price Allocation | |||||
(in thousands) | |||||
Current assets | $ | 856 | |||
Intangible assets | 3,177 | ||||
Goodwill | 6,537 | ||||
Property, plant and equipment | 2,006 | ||||
Other assets | 30 | ||||
Total assets acquired | 12,606 | ||||
Current liabilities, including current maturities of long-term debt | 3,014 | ||||
Deferred tax liabilities | 648 | ||||
Other liabilities assumed | 95 | ||||
3,757 | |||||
Net assets acquired | $ | 8,849 |
Note_5_Inventory_Tables
Note 5 - Inventory (Tables) | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
June 29, | June 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Finished goods | $ | 30,859 | $ | 30,906 | |||||
Work-in-process | 8,566 | 6,465 | |||||||
Raw materials | 19,095 | 18,385 | |||||||
$ | 58,520 | $ | 55,756 |
Note_6_Goodwill_and_Intangible1
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||||||
Consumer Floral | BloomNet Wire Service | Gourmet Food and Gift Baskets (1) | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at July 1, 2012 | $ | 9,709 | $ | - | $ | 37,776 | $ | 47,485 | |||||||||||||||||||||
Adjustments | - | (84 | ) | (84 | ) | ||||||||||||||||||||||||
Acquisition of Pingg | 542 | - | - | 542 | |||||||||||||||||||||||||
Balance at June 30, 2013 | $ | 10,251 | $ | - | $ | 37,692 | $ | 47,943 | |||||||||||||||||||||
Acquisition of Fannie May franchise stores | 5,783 | 5,783 | |||||||||||||||||||||||||||
Adjustments | (97 | ) | - | - | (97 | ) | |||||||||||||||||||||||
Acquisition of iFlorist | 6,537 | - | - | 6,537 | |||||||||||||||||||||||||
Balance at June 29, 2014 | $ | 16,691 | $ | - | $ | 43,475 | $ | 60,166 | |||||||||||||||||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Table Text Block] | ' | ||||||||||||||||||||||||||||
29-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||||||
(years) | (in thousands) | ||||||||||||||||||||||||||||
Intangible assets with determinable lives: | |||||||||||||||||||||||||||||
Investment in licenses | 14 - 16 | $ | 7,420 | $ | 5,621 | $ | 1,799 | $ | 7,420 | $ | 5,516 | $ | 1,904 | ||||||||||||||||
Customer lists | 10-Mar | 17,313 | 12,818 | 4,495 | 15,989 | 11,334 | 4,655 | ||||||||||||||||||||||
Other | 8-May | 2,538 | 2,538 | - | 2,538 | 2,513 | 25 | ||||||||||||||||||||||
27,271 | 20,977 | 6,294 | 25,947 | 19,363 | 6,584 | ||||||||||||||||||||||||
Trademarks with indefinite lives | 38,322 | - | 38,322 | 36,692 | - | 36,692 | |||||||||||||||||||||||
Total intangible assets | $ | 65,593 | $ | 20,977 | $ | 44,616 | $ | 62,639 | $ | 19,363 | $ | 43,276 |
Note_7_Property_Plant_and_Equi1
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
June 29, | June 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Land | $ | 2,907 | $ | 2,907 | |||||
Building and building improvements | 12,551 | 9,807 | |||||||
Leasehold improvements | 18,504 | 17,566 | |||||||
Furniture and fixtures | 4,737 | 4,903 | |||||||
Production equipment | 35,845 | 31,798 | |||||||
Computer equipment | 53,368 | 57,879 | |||||||
Telecommunication equipment | 4,120 | 8,204 | |||||||
Software | 136,226 | 122,459 | |||||||
268,258 | 255,523 | ||||||||
Accumulated depreciation and amortization | 208,111 | 202,580 | |||||||
$ | 60,147 | $ | 52,943 |
Note_8_Accrued_Expenses_Tables
Note 8 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
June 29, | June 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Payroll and employee benefits | $ | 22,601 | $ | 19,859 | |||||
Advertising and marketing | 11,803 | 9,107 | |||||||
Other | 15,113 | 16,078 | |||||||
$ | 49,517 | $ | 45,044 |
Note_9_LongTerm_Debt_Tables
Note 9 - Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
June 29, | June 30, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Revolving line of credit (1) | $ | - | $ | - | |||||
Bank loan (2) | 343 | - | |||||||
$ | 343 | $ | - | ||||||
Less current maturities of long-term debt obligations | 343 | - | |||||||
$ | - | $ | - |
Note_10_Fair_Value_Measurement1
Note 10 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Carrying Value | Fair Value Measurements | ||||||||||||||||
Assets (Liabilities) | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | |||||||||||||||||
Assets (liabilities): | |||||||||||||||||
Trading securities held in a “rabbi trust” (1) | $ | 2,146 | $ | 2,146 | $ | - | $ | - | |||||||||
$ | 2,146 | $ | 2,146 | $ | - | $ | - | ||||||||||
Carrying Value | Fair Value Measurements | ||||||||||||||||
Assets (Liabilities) | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | |||||||||||||||||
Assets (liabilities): | |||||||||||||||||
Trading securities held in a “rabbi trust” (1) | $ | 1,708 | $ | 1,708 | $ | - | $ | - | |||||||||
Non-performance promissory note (2) | 205 | - | - | 205 | |||||||||||||
$ | 1,913 | $ | 1,708 | $ | - | $ | 205 |
Note_11_Income_Taxes_Tables
Note 11 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Years ended | |||||||||||||
June 29, | June 30, | July 1, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current provision (benefit): | |||||||||||||
Federal | $ | 6,439 | $ | 7,983 | $ | (1,643 | ) | ||||||
State | 1,247 | 1,845 | 1,155 | ||||||||||
Foreign | 11 | - | - | ||||||||||
7,697 | 9,828 | (488 | ) | ||||||||||
Deferred provision (benefit): | |||||||||||||
Federal | 773 | (730 | ) | 8,479 | |||||||||
State | 28 | (25 | ) | (220 | ) | ||||||||
Foreign | (95 | ) | - | - | |||||||||
706 | (755 | ) | 8,259 | ||||||||||
Income tax expense | $ | 8,403 | $ | 9,073 | $ | 7,771 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
Years ended | |||||||||||||
June 29, | June 30, | July 1, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax at U.S. statutory rates | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal tax benefit | 3.7 | 3.3 | 4 | ||||||||||
Non-deductible stock-based compensation | - | - | 0.6 | ||||||||||
Non-deductible goodwill amortization | - | - | 1.7 | ||||||||||
Rate differences | 1.2 | (0.3 | ) | (1.1 | ) | ||||||||
Tax credits | (1.7 | ) | (1.2 | ) | (1.2 | ) | |||||||
Tax settlements | (1.0 | ) | 1.1 | - | |||||||||
Other, net | 0.4 | (1.3 | ) | (2.2 | ) | ||||||||
37.6 | % | 36.6 | % | 36.8 | % | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
Years ended | |||||||||||||
June 29, | June 30, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred income tax assets: | |||||||||||||
Net operating loss and credit carryforwards | $ | 4,342 | $ | 3,230 | |||||||||
Accrued expenses and reserves | 6,178 | 5,848 | |||||||||||
Stock-based compensation | 3,420 | 3,266 | |||||||||||
Book in excess of tax depreciation | 1,322 | 1,055 | |||||||||||
Gross deferred income tax assets | 15,262 | 13,399 | |||||||||||
Less: Valuation allowance | (2,241 | ) | (1,477 | ) | |||||||||
13,021 | 11,922 | ||||||||||||
Deferred income tax liabilities: | |||||||||||||
Other intangibles | (6,512 | ) | (4,049 | ) | |||||||||
Tax in excess of book depreciation | - | - | |||||||||||
-6,512 | (4,049 | ) | |||||||||||
Net deferred income tax assets | $ | 6,509 | $ | 7,873 |
Note_13_StockBased_Compensatio1
Note 13 - Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||
July 29, | June 30, | July 1, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||
Stock options | $ | 420 | $ | 477 | $ | 1,073 | |||||||||||||||||
Restricted stock awards | 4,244 | 3,806 | 3,777 | ||||||||||||||||||||
Total | 4,664 | 4,283 | 4,850 | ||||||||||||||||||||
Deferred income tax benefit | 1,738 | 1,555 | 1,796 | ||||||||||||||||||||
Stock-based compensation expense, net | $ | 2,926 | $ | 2,728 | $ | 3,054 | |||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||
July 29, | June 30, | July 1, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Marketing and sales | $ | 1,261 | $ | 1,499 | $ | 1,755 | |||||||||||||||||
Technology and development | 298 | 428 | 600 | ||||||||||||||||||||
General and administrative | 3,105 | 2,356 | 2,495 | ||||||||||||||||||||
Total | $ | 4,664 | $ | 4,283 | $ | 4,850 | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||
Years ended | |||||||||||||||||||||||
June 29, | June 30, | July 1, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Weighted average fair value of options granted | $ | 3.16 | $ | 2.95 | $ | 1.84 | |||||||||||||||||
Expected volatility | 61% | 72% | 72% | ||||||||||||||||||||
Expected life (in years) | 6.6 | 6.4 | 8 | ||||||||||||||||||||
Risk-free interest rate | 1.60% | 0.70% | 0.90% | ||||||||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (000s) | ||||||||||||||||||||
Outstanding beginning of period | 4,723,240 | $ | 3.89 | ||||||||||||||||||||
Granted | 25,000 | $ | 5.39 | ||||||||||||||||||||
Exercised | (164,050 | ) | $ | 3.02 | |||||||||||||||||||
Forfeited/Expired | (244,400 | ) | $ | 6.34 | |||||||||||||||||||
Outstanding end of period | 4,339,790 | $ | 3.8 | 4.2 | $ | 10,188 | |||||||||||||||||
Options vested or expected to vest at end of period | 4,232,111 | $ | 3.83 | 4.2 | $ | 9,827 | |||||||||||||||||
Exercisable at June 29, 2014 | 2,886,790 | $ | 4.52 | 2.8 | $ | 5,269 | |||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Exercise Price | Options | Weighted- | Weighted- | Options | Weighted- | ||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||||
Contractual Life (years) | Price | Price | |||||||||||||||||||||
$1.69 | – | 1.79 | 1,013,500 | 6.3 | $ | 1.79 | 382,500 | $ | 1.79 | ||||||||||||||
$2.01 | – | 2.63 | 1,054,900 | 7.3 | $ | 2.62 | 296,400 | $ | 2.62 | ||||||||||||||
$2.87 | – | 3.11 | 1,041,303 | 2 | $ | 3.1 | 1,029,803 | $ | 3.1 | ||||||||||||||
$3.26 | – | 6.52 | 650,234 | 2.4 | $ | 6.11 | 598,234 | $ | 6.08 | ||||||||||||||
$6.90 | – | 9.95 | 579,853 | 1 | $ | 8.09 | 579,853 | $ | 8.09 | ||||||||||||||
4,339,790 | 4.2 | $ | 3.8 | 2,886,790 | $ | 4.52 | |||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||
Average | |||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
Non-vested – beginning of period | 3,433,355 | $ | 2.8 | ||||||||||||||||||||
Granted | 1,760,918 | $ | 5.09 | ||||||||||||||||||||
Vested | (1,608,052 | ) | $ | 2.5 | |||||||||||||||||||
Forfeited | (899,536 | ) | $ | 4.52 | |||||||||||||||||||
Non-vested - end of period | 2,686,685 | $ | 3.9 |
Note_15_Business_Segments_Tabl
Note 15 - Business Segments (Tables) | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
Years ended | |||||||||||||
Net revenues | June 29, | June 30, | July 1, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Net revenues: | |||||||||||||
1-800-Flowers.com Consumer Floral | $ | 421,336 | $ | 411,526 | $ | 398,184 | |||||||
BloomNet Wire Service | 84,199 | 81,822 | 82,582 | ||||||||||
Gourmet Food & Gift Baskets | 251,990 | 243,225 | 228,002 | ||||||||||
Corporate | 797 | 789 | 773 | ||||||||||
Intercompany eliminations | (1,977 | ) | (1,865 | ) | (2,024 | ) | |||||||
Total net revenues | $ | 756,345 | $ | 735,497 | $ | 707,517 | |||||||
Years ended | |||||||||||||
Operating Income from Continuing Operations | June 29, | June 30, | July 1, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Segment Contribution Margin: | |||||||||||||
1-800-Flowers.com Consumer Floral | $ | 40,252 | $ | 47,193 | $ | 39,147 | |||||||
BloomNet Wire Service | 26,715 | 25,611 | 22,339 | ||||||||||
Gourmet Food & Gift Baskets (2) | 27,122 | 20,345 | 30,193 | ||||||||||
Segment Contribution Margin Subtotal | 94,089 | 93,149 | 91,679 | ||||||||||
Corporate (1) | (50,535 | ) | (48,565 | ) | (48,412 | ) | |||||||
Depreciation and amortization | (19,848 | ) | (18,798 | ) | (19,540 | ) | |||||||
Operating income | $ | 23,706 | $ | 25,786 | $ | 23,727 |
Note_16_Discontinued_Operation1
Note 16 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
Years Ended | |||||||||||||
29-Jun-14 | 30-Jun-13 | 1-Jul-12 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Net revenues from discontinued operations | $ | 1,669 | $ | 5,154 | $ | 10,743 | |||||||
Loss from discontinued operations, net of tax | $ | (86 | ) | $ | (1,889 | ) | $ | (217 | ) | ||||
Gain (loss) on sale of discontinued operations, net of tax | $ | 815 | $ | (1,512 | ) | $ | 4,542 | ||||||
Income (loss) from discontinued operations | $ | 729 | $ | (3,401 | ) | $ | 4,325 |
Note_17_Commitments_and_Contin1
Note 17 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||
Operating Leases | |||||||||
(in thousands) | |||||||||
2014 | $ | 14,141 | |||||||
2015 | 13,332 | ||||||||
2016 | 12,422 | ||||||||
2017 | 9,954 | ||||||||
2018 | 6,880 | ||||||||
Thereafter | 16,793 | ||||||||
Total minimum lease payments | $ | 73,522 | |||||||
Schedule of Future Minimum Sublease Income and Sublease Expense [Table Text Block] | ' | ||||||||
Sublease | Sublease | ||||||||
Income | Expense | ||||||||
(in thousands) | |||||||||
2014 | $ | 740 | $ | 740 | |||||
2015 | 677 | 677 | |||||||
2016 | 561 | 561 | |||||||
2017 | 310 | 310 | |||||||
2018 | 278 | 278 | |||||||
Thereafter | 1,055 | 1,055 | |||||||
$ | 3,621 | $ | 3,621 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Interest Paid | $1 | $1.10 | $2.20 |
Income Taxes Paid, Net | $7 | $8.30 | $5 |
Note_1_Description_of_Business1
Note 1 - Description of Business (Details) | 12 Months Ended |
Jun. 29, 2014 | |
Disclosure Text Block [Abstract] | ' |
Minimum Period over which Gifts have been Provided to Customers | '35 years |
Percentage of Satisfaction Guaranteed | 100.00% |
Note_2_Significant_Accounting_2
Note 2 - Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Number of Weeks in Fiscal Year | 52 | 52 | 52 |
Maximum Period Over Which Costs of Producing and Distributing Catalogs Amortized | '182 days | ' | ' |
Prepaid Catalog Expenses Current | $0.20 | $0.50 | ' |
Cost Method Investments | 0.8 | 2.3 | ' |
Loans Receivable, Net | 0.5 | 2.3 | ' |
Allowance for Doubtful Accounts Receivable, Current | 2.4 | 2.5 | ' |
Advertising Expense | 83 | 77.9 | 75.1 |
Minimum Percentage Likelihood of Tax Benefit Being Realized Upon Settlement of Tax Position to be Recognized | 50.00% | ' | ' |
Software and Software Development Costs [Member] | Minimum [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Software and Software Development Costs [Member] | Maximum [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' | ' |
iFlorist [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 32.00% | ' | ' |
Equity Method Investments | 3.2 | 3.8 | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 56.00% | ' | ' |
iFlorist [Member] | Maximum [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Income (Loss) from Equity Method Investments | ($0.60) | $0.20 | ' |
Minimum [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 2 - Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '16 years | ' | ' |
Note_2_Significant_Accounting_3
Note 2 - Significant Accounting Policies (Details) - Property, Plant and Equipment | 12 Months Ended |
Jun. 29, 2014 | |
Building [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Property, Plant and Equipment [Line Items] | ' |
Estimated lives | '40 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Property, Plant and Equipment [Line Items] | ' |
Estimated lives | '3 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Property, Plant and Equipment [Line Items] | ' |
Estimated lives | '10 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Property, Plant and Equipment [Line Items] | ' |
Estimated lives | '3 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Property, Plant and Equipment [Line Items] | ' |
Estimated lives | '10 years |
Software and Software Development Costs [Member] | Minimum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Property, Plant and Equipment [Line Items] | ' |
Estimated lives | '3 years |
Software and Software Development Costs [Member] | Maximum [Member] | ' |
Note 2 - Significant Accounting Policies (Details) - Property, Plant and Equipment [Line Items] | ' |
Estimated lives | '7 years |
Note_3_Net_Income_Per_Common_S2
Note 3 - Net Income Per Common Share from Continuing Operations (Details) (Equity Option [Member]) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Equity Option [Member] | ' | ' | ' |
Note 3 - Net Income Per Common Share from Continuing Operations (Details) [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.2 | 2 | 5.5 |
Note_3_Net_Income_Per_Common_S3
Note 3 - Net Income Per Common Share from Continuing Operations (Details) - Computation of Basic and Diluted Net Income Per Common Share (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |||
Numerator: | ' | ' | ' | |||
Net income from continuing operations (in Dollars) | $13,946 | $15,722 | $13,321 | |||
Less: Net loss attributable to noncontrolling interest (in Dollars) | -697 | ' | ' | |||
Income from continuing operations attributable to 1-800-FLOWERS.COM, Inc. (in Dollars) | $14,643 | $15,722 | $13,321 | |||
Denominator: | ' | ' | ' | |||
Weighted average shares outstanding | 64,035 | 64,369 | 64,697 | |||
Effect of dilutive securities: | ' | ' | ' | |||
Dilutive securities | 2,425 | 2,423 | 1,542 | |||
Adjusted weighted-average shares and assumed conversions | 66,460 | 66,792 | 66,239 | |||
Net income per common share from continuing operations attributable to 1-800-FLOWERS.COM, Inc. | ' | ' | ' | |||
Basic (in Dollars per share) | $0.23 | $0.24 | $0.21 | |||
Diluted (in Dollars per share) | $0.22 | $0.24 | $0.20 | |||
Equity Option [Member] | ' | ' | ' | |||
Effect of dilutive securities: | ' | ' | ' | |||
Dilutive securities | 1,083 | [1] | 786 | [1] | 40 | [1] |
Restricted Stock [Member] | ' | ' | ' | |||
Effect of dilutive securities: | ' | ' | ' | |||
Dilutive securities | 1,342 | 1,637 | 1,502 | |||
[1] | The effect of options to purchase 1.2 million, 2.0 million and 5.5 million shares for the years ended June 29, 2014, June 30, 2013 and July 1, 2012, respectively, were excluded from the calculation of net income per share on a diluted basis as their effect is anti-dilutive. |
Note_4_Acquisitions_and_Dispos2
Note 4 - Acquisitions and Dispositions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 16 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 33 Months Ended | 1 Months Ended | ||||||||||||
Jul. 01, 2012 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 03, 2013 | Dec. 03, 2013 | Aug. 01, 2011 | Jun. 27, 2014 | Jan. 01, 2012 | Jun. 27, 2014 | Jun. 29, 2014 | Jun. 27, 2014 | Dec. 02, 2013 | Dec. 03, 2013 | Dec. 03, 2013 | Jun. 29, 2014 | Dec. 02, 2013 | 31-May-13 | Mar. 11, 2013 | Jun. 29, 2014 | Aug. 01, 2011 | Jun. 27, 2014 | Nov. 21, 2011 | Jun. 29, 2014 | Jan. 01, 2012 | Jun. 29, 2014 | Jun. 30, 2013 | Nov. 21, 2011 | |
Customer Lists [Member] | Customer Lists [Member] | Licensing Agreements [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | iFlorist [Member] | iFlorist [Member] | iFlorist [Member] | iFlorist [Member] | iFlorist [Member] | Pingg Corp [Member] | Flowerscorp Pty Ltd. Trademark [Member] | Flowerscorp Pty Ltd. Trademark [Member] | Flowerama of America Inc [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | ||||
iFlorist [Member] | iFlorist [Member] | Flowerama of America Inc [Member] | GB Chocolates LLC [Member] | GB Chocolates LLC [Member] | GB Chocolates LLC [Member] | Other Assets [Member] | GB Chocolates LLC [Member] | GB Chocolates LLC [Member] | GB Chocolates LLC [Member] | GB Chocolates LLC [Member] | GB Chocolates LLC [Member] | GB Chocolates LLC [Member] | |||||||||||||||
Note 4 - Acquisitions and Dispositions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue, Revenue Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 | ' | ' | ' | ' | ' | ' |
Proceeds Area Development Agreement, from Non-Performance Promissory Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' |
Franchise Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 200,000 | ' | ' | ' |
Business Acquisition Number of Retail Store Locations | ' | ' | ' | ' | ' | ' | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' | ' | 1,640,000 | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 47,485,000 | 60,166,000 | 47,943,000 | ' | ' | ' | ' | ' | 5,800,000 | ' | 5,783,000 | ' | ' | 6,500,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost Method Investments | ' | 800,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,964,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,616,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Control Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | 1,300,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Remaining Amortization Period | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 4,000,000 | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' |
Required Final Payment Of Acquired Intangible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group Not Discontinued Operation Number of Stores Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 |
Disposal Group, Including Discontinued Operation, Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 3,789,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 |
Initial Franchise Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Area Development Agreement Minimum Number of Franchised Stores to be Opened | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' |
Area Development Agreement Non Refundable Area Development Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' |
Area Development Agreement Store Opening Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' |
Area Development Agreement, Non-Performance Promissory Note Due and Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' |
Deferred Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,783,000 | ' | ' | ' | $6,537,000 | $6,537,000 | ' | ' | ' | ' | $2,400,000 | ' | ' | ' | ' | ' | ' | ' |
Note_4_Acquisitions_and_Dispos3
Note 4 - Acquisitions and Dispositions (Details) - Purchase Price Allocation of Fannie May Retail Stores (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jun. 27, 2014 |
In Thousands, unless otherwise specified | Fannie May Franchise LLC [Member] | |||
Note 4 - Acquisitions and Dispositions (Details) - Purchase Price Allocation of Fannie May Retail Stores [Line Items] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | $103 |
Property, plant and equipment | ' | ' | ' | 487 |
Goodwill | 60,166 | 47,943 | 47,485 | 5,783 |
Net assets acquired | ' | ' | ' | $6,373 |
Note_4_Acquisitions_and_Dispos4
Note 4 - Acquisitions and Dispositions (Details) - Fair Value of the Acquisition Purchase Price (iFlorist) (iFlorist [Member], USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 03, 2013 | Dec. 03, 2013 |
iFlorist [Member] | ' | ' |
Note 4 - Acquisitions and Dispositions (Details) - Fair Value of the Acquisition Purchase Price (iFlorist) [Line Items] | ' | ' |
Cash | $1,640 | ' |
Converted debt | 1,964 | ' |
Initial equity investment | 1,629 | ' |
Noncontrolling interest | ' | 3,616 |
Total purchase price | $8,849 | ' |
Note_4_Acquisitions_and_Dispos5
Note 4 - Acquisitions and Dispositions (Details) - Puchase Price Allocation of iFlorist (iFlorist [Member], USD $) | 0 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 03, 2013 | Jun. 29, 2014 |
iFlorist [Member] | ' | ' |
Note 4 - Acquisitions and Dispositions (Details) - Puchase Price Allocation of iFlorist [Line Items] | ' | ' |
Current assets | $856 | ' |
Intangible assets | 3,177 | ' |
Goodwill | 6,537 | 6,537 |
Property, plant and equipment | 2,006 | ' |
Other assets | 30 | ' |
Total assets acquired | 12,606 | ' |
Current liabilities, including current maturities of long-term debt | 3,014 | ' |
Deferred tax liabilities | 648 | ' |
Other liabilities assumed | 95 | ' |
3,757 | ' | |
Net assets acquired | $8,849 | ' |
Note_5_Inventory_Details_The_C
Note 5 - Inventory (Details) - The Companybs Inventory (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
The Companybs Inventory [Abstract] | ' | ' |
Finished goods | $30,859 | $30,906 |
Work-in-process | 8,566 | 6,465 |
Raw materials | 19,095 | 18,385 |
$58,520 | $55,756 |
Note_6_Goodwill_and_Intangible2
Note 6 - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' |
Amortization of Intangible Assets | $1.60 | $1.80 | $1.80 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1.8 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1.7 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0.9 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0.6 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 0.1 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 1.2 | ' | ' |
Fine Stationery Tradenames [Member] | ' | ' | ' |
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' |
Indefinite Lived Trade Names Before Impairment | 0.7 | 1.1 | ' |
Indefinite-Lived Trade Names | 0.5 | 0.7 | ' |
Gourmet Food & Gift Baskets [Member] | ' | ' | ' |
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ' | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | $71.10 | ' | ' |
Note_6_Goodwill_and_Intangible3
Note 6 - Goodwill and Intangible Assets (Details) - Goodwill by Segment (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jul. 01, 2012 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 27, 2014 | Dec. 03, 2013 | Jun. 29, 2014 | |||||
Consumer Floral [Member] | Consumer Floral [Member] | Consumer Floral [Member] | Consumer Floral [Member] | Consumer Floral [Member] | BloomNet Wire Service [Member] | Gourmet Food & Gift Baskets [Member] | Gourmet Food & Gift Baskets [Member] | Gourmet Food & Gift Baskets [Member] | Gourmet Food & Gift Baskets [Member] | Pingg Corporation [Member] | Fannie May Franchise LLC [Member] | Fannie May Franchise LLC [Member] | iFlorist [Member] | iFlorist [Member] | |||||||||
Pingg Corporation [Member] | iFlorist [Member] | Fannie May Franchise LLC [Member] | |||||||||||||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Balance | $60,166 | $47,943 | $47,485 | ' | ' | $16,691 | $10,251 | $9,709 | ' | ' | $37,692 | [1] | $43,475 | [1] | $37,776 | [1] | ' | ' | $5,783 | $6,500 | ' | ||
Adjustments | ' | -84 | ' | ' | ' | ' | ' | ' | ' | [1] | ' | -84 | ' | ' | ' | ' | ' | ' | ' | ||||
Acquisition | ' | ' | ' | 542 | 6,537 | ' | ' | ' | ' | 5,783 | [1] | ' | ' | ' | 542 | 5,783 | ' | 6,537 | 6,537 | ||||
Adjustments | ($97) | ' | ' | ' | ' | ($97) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | The total carrying amount of goodwill for all periods in the table above is reflected net of $71.1 million of accumulated impairment charges, which were recorded in the GFGB segment during fiscal 2009. |
Note_6_Goodwill_and_Intangible4
Note 6 - Goodwill and Intangible Assets (Details) - Other Intangible Assets (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | Licensing Agreements [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Minimum [Member] | Maximum [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Intangible assets with determinable lives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Period | ' | ' | ' | ' | '14 years | '16 years | ' | ' | '3 years | '10 years | ' | ' | '5 years | '8 years | '3 years | '16 years |
Gross Carrying Amount | $27,271 | $25,947 | $7,420 | $7,420 | ' | ' | $17,313 | $15,989 | ' | ' | $2,538 | $2,538 | ' | ' | ' | ' |
Accumulated Amortization | 20,977 | 19,363 | 5,621 | 5,516 | ' | ' | 12,818 | 11,334 | ' | ' | 2,538 | 2,513 | ' | ' | ' | ' |
Net | 6,294 | 6,584 | 1,799 | 1,904 | ' | ' | 4,495 | 4,655 | ' | ' | ' | 25 | ' | ' | ' | ' |
Trademarks with indefinite lives | 38,322 | 36,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trademarks with indefinite lives | 38,322 | 36,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intangible assets | 65,593 | 62,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intangible assets | 20,977 | 19,363 | 5,621 | 5,516 | ' | ' | 12,818 | 11,334 | ' | ' | 2,538 | 2,513 | ' | ' | ' | ' |
Total intangible assets | $44,616 | $43,276 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_Property_Plant_and_Equi2
Note 7 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $268,258 | $255,523 |
Accumulated depreciation and amortization | 208,111 | 202,580 |
60,147 | 52,943 | |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 2,907 | 2,907 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 12,551 | 9,807 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 18,504 | 17,566 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 4,737 | 4,903 |
Production Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 35,845 | 31,798 |
Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 53,368 | 57,879 |
Telecommunication Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 4,120 | 8,204 |
Software and Software Development Costs [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $136,226 | $122,459 |
Note_8_Accrued_Expenses_Detail
Note 8 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Payroll and employee benefits | $22,601 | $19,859 |
Advertising and marketing | 11,803 | 9,107 |
Other | 15,113 | 16,078 |
$49,517 | $45,044 |
Note_9_LongTerm_Debt_Details
Note 9 - Long-Term Debt (Details) (Line of Credit [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Apr. 10, 2013 |
Credit Facility 2013 [Member] | Minimum [Member] | ' |
Note 9 - Long-Term Debt (Details) [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 150 |
Credit Facility 2013 [Member] | Maximum [Member] | ' |
Note 9 - Long-Term Debt (Details) [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 200 |
Working Capital Sublimit [Member] | Minimum [Member] | ' |
Note 9 - Long-Term Debt (Details) [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 25 |
Working Capital Sublimit [Member] | Maximum [Member] | ' |
Note 9 - Long-Term Debt (Details) [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 75 |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ' |
Note 9 - Long-Term Debt (Details) [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ' |
Note 9 - Long-Term Debt (Details) [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Note_9_LongTerm_Debt_Details_C
Note 9 - Long-Term Debt (Details) - Current and Long-Term Debt Summary (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current and Long-Term Debt Summary [Abstract] | ' | ' | ||
Revolving line of credit (1) | $0 | [1] | $0 | [1] |
Bank loan (2) | 343 | [2] | ' | [2] |
343 | ' | |||
Less current maturities of long-term debt obligations | 343 | ' | ||
$0 | $0 | |||
[1] | On April 10, 2013, the Company repaid all amounts outstanding under its 2010 Credit Facility, and entered into a Third Amended and Restated Credit Agreement (the "2013 Credit Facility"). The 2013 Credit Facility consists of a revolving line of credit with a seasonally adjusted limit ranging from $150.0 to $200.0 million and a working capital sublimit ranging from $25.0 to $75.0 million. The 2013 Credit Facility also revised certain financial and non-financial covenants, including the maintenance of certain financial ratios. The Company was in compliance with these covenants as of June 29, 2014 and June 30, 2013. Outstanding amounts under the 2013 Credit Facility, which matures on April 10, 2018, bear interest at the Company's option at either: (i) LIBOR, plus a spread of between 150 and 225 basis points, as determined by the Company's leverage ratio, or (ii) the agent bank's prime rate plus a margin. The obligations of the Company and its subsidiaries under the 2013 Credit Facility are secured by liens on all personal property of the Company and its domestic subsidiaries. | |||
[2] | Bank loan assumed through the Company's acquisition of a majority interest in iFlorist. |
Note_10_Fair_Value_Measurement2
Note 10 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value (USD $) | Jun. 29, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Note 10 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | ||
Trading securities held in a brabbi trustb | $2,146 | [1] | $1,708 | [1] |
Non-performance promissory note (2) | ' | 205 | [2] | |
Total fair falue disclosure | 2,146 | 1,913 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Note 10 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | ||
Trading securities held in a brabbi trustb | 2,146 | [1] | 1,708 | [1] |
Non-performance promissory note (2) | ' | ' | [2] | |
Total fair falue disclosure | 2,146 | 1,708 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Note 10 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | ||
Trading securities held in a brabbi trustb | ' | [1] | ' | [1] |
Non-performance promissory note (2) | ' | ' | [2] | |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Note 10 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value [Line Items] | ' | ' | ||
Trading securities held in a brabbi trustb | ' | [1] | ' | [1] |
Non-performance promissory note (2) | ' | 205 | [2] | |
Total fair falue disclosure | ' | $205 | ||
[1] | Trading securities held in a rabbi trust are measured using quoted market prices at the reporting date and are included in Other assets, with the corresponding liability includes in Other liabilities, in the consolidated balance sheets. The Company established a Non-qualified Deferred Compensation Plan (Note 14 - Employee Retirement Plans) for certain members of senior management in fiscal 2009. Deferred compensation is invested in mutual funds held in a "rabbi trust" which is restricted for payment to participants of the NQDC Plan. | |||
[2] | Refer to Note 4. Acquisitions and dispositions - Sale and franchise of Fannie May retail stores. Included in Other assets on the consolidated balance sheets. |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | Jun. 29, 2014 |
In Millions, unless otherwise specified | |
Note 11 - Income Taxes (Details) [Line Items] | ' |
Unrecognized Tax Benefits | $0.50 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0.1 |
Domestic Tax Authority [Member] | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' |
Operating Loss Carryforwards | 2.8 |
Operating (Loss) Carryforwards Limitation on Use | 0.3 |
Foreign Tax Authority [Member] | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' |
Operating Loss Carryforwards | 5.1 |
State and Local Jurisdiction [Member] | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' |
Operating Loss Carryforwards | $3.30 |
Note_11_Income_Taxes_Details_I
Note 11 - Income Taxes (Details) - Income Tax Provision from Continuing Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Current provision (benefit): | ' | ' | ' |
Federal | $6,439 | $7,983 | ($1,643) |
State | 1,247 | 1,845 | 1,155 |
Foreign | 11 | ' | ' |
7,697 | 9,828 | -488 | |
Deferred provision (benefit): | ' | ' | ' |
Federal | 773 | -730 | 8,479 |
State | 28 | -25 | -220 |
Foreign | -95 | ' | ' |
706 | -755 | 8,259 | |
Income tax expense | $8,403 | $9,073 | $7,771 |
Note_11_Income_Taxes_Details_E
Note 11 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Tax at U.S. statutory rates | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 3.70% | 3.30% | 4.00% |
Non-deductible stock-based compensation | ' | ' | 0.60% |
Non-deductible goodwill amortization | ' | ' | 1.70% |
Rate differences | 1.20% | -0.30% | -1.10% |
Tax credits | -1.70% | -1.20% | -1.20% |
Tax settlements | -1.00% | 1.10% | ' |
Other, net | 0.40% | -1.30% | -2.20% |
37.60% | 36.60% | 36.80% |
Note_11_Income_Taxes_Details_D
Note 11 - Income Taxes (Details) - Deferred Income Tax Assets (Liabilities) (USD $) | Jun. 29, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Net operating loss and credit carryforwards | $4,342 | $3,230 |
Accrued expenses and reserves | 6,178 | 5,848 |
Stock-based compensation | 3,420 | 3,266 |
Book in excess of tax depreciation | 1,322 | 1,055 |
Gross deferred income tax assets | 15,262 | 13,399 |
Less: Valuation allowance | -2,241 | -1,477 |
13,021 | 11,922 | |
Deferred income tax liabilities: | ' | ' |
Other intangibles | -6,512 | -4,049 |
Tax in excess of book depreciation | 0 | 0 |
-6,512 | -4,049 | |
Net deferred income tax assets | $6,509 | $7,873 |
Note_12_Capital_Stock_Details
Note 12 - Capital Stock (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Note 12 - Capital Stock (Details) [Line Items] | ' | ' | ' | ' |
Conversion of Stock, Shares of Class A Common Stock Converted from a Share of Class B Common Stock (in Shares) | ' | 1 | ' | ' |
Stock Repurchase Program Additional Authorized Amount | $20,000,000 | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | 8,317,000 | 9,599,000 | 3,277,000 |
Treasury Stock, Shares, Acquired (in Shares) | ' | 1,561,206 | 2,490,065 | 1,133,913 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | $10,600,000 | ' | ' |
Common Class A [Member] | ' | ' | ' | ' |
Note 12 - Capital Stock (Details) [Line Items] | ' | ' | ' | ' |
Number of Voting Rights Per Share | ' | 1 | ' | ' |
Common Class B [Member] | ' | ' | ' | ' |
Note 12 - Capital Stock (Details) [Line Items] | ' | ' | ' | ' |
Number of Voting Rights Per Share | ' | 10 | ' | ' |
Note_13_StockBased_Compensatio2
Note 13 - Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 14.5 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $0.40 | $0.60 | $0 |
Employee Stock Option [Member] | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1.9 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years 292 days | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $6.80 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 292 days | ' | ' |
Note_13_StockBased_Compensatio3
Note 13 - Stock-Based Compensation (Details) - Stock-Based Compensation Expense Recognized (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Note 13 - Stock-Based Compensation (Details) - Stock-Based Compensation Expense Recognized [Line Items] | ' | ' | ' |
Share-based compensation expense | $4,664 | $4,283 | $4,850 |
Deferred income tax benefit | 1,738 | 1,555 | 1,796 |
Stock-based compensation expense, net | 2,926 | 2,728 | 3,054 |
Employee Stock Option [Member] | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) - Stock-Based Compensation Expense Recognized [Line Items] | ' | ' | ' |
Share-based compensation expense | 420 | 477 | 1,073 |
Restricted Stock [Member] | ' | ' | ' |
Note 13 - Stock-Based Compensation (Details) - Stock-Based Compensation Expense Recognized [Line Items] | ' | ' | ' |
Share-based compensation expense | $4,244 | $3,806 | $3,777 |
Note_13_StockBased_Compensatio4
Note 13 - Stock-Based Compensation (Details) - Allocation of Stock-Based Compensation to Operating Expenses (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' |
Stock-based compensation expense | $4,664 | $4,283 | $4,850 |
Selling and Marketing Expense [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' |
Stock-based compensation expense | 1,261 | 1,499 | 1,755 |
Technology and development [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' |
Stock-based compensation expense | 298 | 428 | 600 |
General and Administrative Expense [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' |
Stock-based compensation expense | $3,105 | $2,356 | $2,495 |
Note_13_StockBased_Compensatio5
Note 13 - Stock-Based Compensation (Details) - Stock-Based Compensation Valuation Assumptions (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Stock-Based Compensation Valuation Assumptions [Abstract] | ' | ' | ' |
Weighted average fair value of options granted (in Dollars per share) | $3.16 | $2.95 | $1.84 |
Expected volatility | 61.00% | 72.00% | 72.00% |
Expected life (in years) | '6 years 219 days | '6 years 146 days | '8 years |
Risk-free interest rate | 1.60% | 0.70% | 0.90% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Note_13_StockBased_Compensatio6
Note 13 - Stock-Based Compensation (Details) - Stock Option Activity (Employee Stock Option [Member], USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 29, 2014 |
Employee Stock Option [Member] | ' |
Note 13 - Stock-Based Compensation (Details) - Stock Option Activity [Line Items] | ' |
Outstanding beginning of period | 4,723,240 |
Outstanding beginning of period | $3.89 |
Granted | 25,000 |
Granted | $5.39 |
Exercised | -164,050 |
Exercised | $3.02 |
Forfeited/Expired | -244,400 |
Forfeited/Expired | $6.34 |
Outstanding end of period | 4,339,790 |
Outstanding end of period | $3.80 |
Outstanding end of period | '4 years 73 days |
Outstanding end of period | $10,188 |
Options vested or expected to vest at end of period | 4,232,111 |
Options vested or expected to vest at end of period | $3.83 |
Options vested or expected to vest at end of period | '4 years 73 days |
Options vested or expected to vest at end of period | 9,827 |
Exercisable at June 29, 2014 | 2,886,790 |
Exercisable at June 29, 2014 | $4.52 |
Exercisable at June 29, 2014 | '2 years 292 days |
Exercisable at June 29, 2014 | $5,269 |
Note_13_StockBased_Compensatio7
Note 13 - Stock-Based Compensation (Details) - Stock Options Outstanding (USD $) | 12 Months Ended |
Jun. 29, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding (in Shares) | 4,339,790 |
Weighted- Average Remaining Contractual Life | '4 years 73 days |
Weighted- Average Exercise Price | $3.80 |
Options Exercisable (in Shares) | 2,886,790 |
Weighted- Average Exercise Price | $4.52 |
Range of Exercise Prices from Dollars 1.69 to 1.79 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Low End of Range | $1.69 |
Exercise Price, High End of Range | $1.79 |
Options Outstanding (in Shares) | 1,013,500 |
Weighted- Average Remaining Contractual Life | '6 years 109 days |
Weighted- Average Exercise Price | $1.79 |
Options Exercisable (in Shares) | 382,500 |
Weighted- Average Exercise Price | $1.79 |
Range of Exercise Prices from Dollars 2.01 to 2.63 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Low End of Range | $2.01 |
Exercise Price, High End of Range | $2.63 |
Options Outstanding (in Shares) | 1,054,900 |
Weighted- Average Remaining Contractual Life | '7 years 109 days |
Weighted- Average Exercise Price | $2.62 |
Options Exercisable (in Shares) | 296,400 |
Weighted- Average Exercise Price | $2.62 |
Range of Exercise Prices from Dollars 2.77 to 3.11 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Low End of Range | $2.87 |
Exercise Price, High End of Range | $3.11 |
Options Outstanding (in Shares) | 1,041,303 |
Weighted- Average Remaining Contractual Life | '2 years |
Weighted- Average Exercise Price | $3.10 |
Options Exercisable (in Shares) | 1,029,803 |
Weighted- Average Exercise Price | $3.10 |
Range of Exercise Prices from Dollars 3.26 to 6.52 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Low End of Range | $3.26 |
Exercise Price, High End of Range | $6.52 |
Options Outstanding (in Shares) | 650,234 |
Weighted- Average Remaining Contractual Life | '2 years 146 days |
Weighted- Average Exercise Price | $6.11 |
Options Exercisable (in Shares) | 598,234 |
Weighted- Average Exercise Price | $6.08 |
Range of Exercise Prices from Dollars 6.90 to 9.95 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Low End of Range | $6.90 |
Exercise Price, High End of Range | $9.95 |
Options Outstanding (in Shares) | 579,853 |
Weighted- Average Remaining Contractual Life | '1 year |
Weighted- Average Exercise Price | $8.09 |
Options Exercisable (in Shares) | 579,853 |
Weighted- Average Exercise Price | $8.09 |
Note_13_StockBased_Compensatio8
Note 13 - Stock-Based Compensation (Details) - Non-Vested Restricted Stock Activity (Restricted Stock [Member], USD $) | 12 Months Ended |
Jun. 29, 2014 | |
Restricted Stock [Member] | ' |
Note 13 - Stock-Based Compensation (Details) - Non-Vested Restricted Stock Activity [Line Items] | ' |
Non-vested b beginning of period | 3,433,355 |
Non-vested b beginning of period | $2.80 |
Granted | 1,760,918 |
Granted | $5.09 |
Vested | -1,608,052 |
Vested | $2.50 |
Forfeited | -899,536 |
Forfeited | $4.52 |
Non-vested - end of period | 2,686,685 |
Non-vested - end of period | $3.90 |
Note_14_Employee_Retirement_Pl1
Note 14 - Employee Retirement Plans (Details) (USD $) | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |
Note 14 - Employee Retirement Plans (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Required Age of Employees to become Eligible to Participate | 21 | ' | ' |
Defined Contribution Plan, Number of Months of Service Must be Completed to Participate | '1 month | ' | ' |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | ' | ' | ' |
Note 14 - Employee Retirement Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Percentage of Employer Matching Contribution on Deferrals Made by Each Participant | 50.00% | ' | ' |
Deferred Compensation Arrangement with Individual, Recorded Liability | $2,100,000 | $1,700,000 | ' |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | Minimum [Member] | ' | ' | ' |
Note 14 - Employee Retirement Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Participants Deferment Percentage of Salary and Performance and Non Performance Based Bonus | 1.00% | ' | ' |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | Maximum [Member] | ' | ' | ' |
Note 14 - Employee Retirement Plans (Details) [Line Items] | ' | ' | ' |
Defined Benefit Plan, Participants Deferment Percentage of Salary and Performance and Non Performance Based Bonus | 100.00% | ' | ' |
Defined Benefit Plan, Employer Matching Contribution Per Participant Amount | 2,500 | ' | ' |
Deferred Compensation Arrangement with Individual, Employer Contribution | $100,000 | $100,000 | $100,000 |
Note_15_Business_Segments_Deta
Note 15 - Business Segments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Note 15 - Business Segments (Details) [Line Items] | ' | ' | ' |
Number of Reportable Segments | 3 | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | $3,789 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 815 | -1,512 | 4,542 |
Gourmet Food & Gift Baskets [Member] | Fannie May [Member] | ' | ' | ' |
Note 15 - Business Segments (Details) [Line Items] | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | 3,800 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | $2,400 |
Disposal Group Not Discontinued Operation Number of Stores Sold | ' | ' | 17 |
Note_15_Business_Segments_Deta1
Note 15 - Business Segments (Details) - Segment Performance (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | |||
Net revenues: | ' | ' | ' | |||
Net Revenue | $756,345 | $735,497 | $707,517 | |||
Segment Contribution Margin: | ' | ' | ' | |||
Contribution Margin | 94,089 | 93,149 | 91,679 | |||
Depreciation and amortization | -19,848 | -18,798 | -19,540 | |||
Operating income | 23,706 | 25,786 | 23,727 | |||
Consumer Floral [Member] | ' | ' | ' | |||
Net revenues: | ' | ' | ' | |||
Net Revenue | 421,336 | 411,526 | 398,184 | |||
Segment Contribution Margin: | ' | ' | ' | |||
Contribution Margin | 40,252 | 47,193 | 39,147 | |||
BloomNet Wire Service [Member] | ' | ' | ' | |||
Net revenues: | ' | ' | ' | |||
Net Revenue | 84,199 | 81,822 | 82,582 | |||
Segment Contribution Margin: | ' | ' | ' | |||
Contribution Margin | 26,715 | 25,611 | 22,339 | |||
Gourmet Food & Gift Baskets [Member] | ' | ' | ' | |||
Net revenues: | ' | ' | ' | |||
Net Revenue | 251,990 | 243,225 | 228,002 | |||
Segment Contribution Margin: | ' | ' | ' | |||
Contribution Margin | 27,122 | [1] | 20,345 | [1] | 30,193 | [1] |
Corporate Segment [Member] | ' | ' | ' | |||
Net revenues: | ' | ' | ' | |||
Net Revenue | 797 | 789 | 773 | |||
Segment Contribution Margin: | ' | ' | ' | |||
Corporate (1) | -50,535 | [2] | -48,565 | [2] | -48,412 | [2] |
Intersegment Eliminations [Member] | ' | ' | ' | |||
Net revenues: | ' | ' | ' | |||
Net Revenue | ($1,977) | ($1,865) | ($2,024) | |||
[1] | GFGB segment contribution margin during the year ended July 1, 2012 includes a $3.8 million ($2.4mm, net of tax) gain on the sale of 17 Fannie May stores, which were being operated as franchised locations post-sale. | |||||
[2] | Corporate expenses consist of the Company's enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-Based Compensation. In order to leverage the Company's infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above segments based upon usage, are included within corporate expenses, as they are not directly allocable to a specific segment. |
Note_16_Discontinued_Operation2
Note 16 - Discontinued Operations (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Jun. 30, 2013 | Dec. 29, 2013 | Sep. 06, 2011 | Sep. 06, 2011 | |
Scenario, Previously Reported [Member] | Scenario, Actual [Member] | Wine Fulfillment Services Business [Member] | Wine Fulfillment Services Business [Member] | ||||
Gourmet Food & Gift Baskets [Member] | Gourmet Food & Gift Baskets [Member] | ||||||
Winetasting Network [Member] | Winetasting Network [Member] | ||||||
Note 16 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Disposal Group Including Discontinued Operation Consideration for Assets Sold | ' | ' | ' | ' | ' | ' | ($12,000,000) |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 1,300,000 | -2,348,000 | 8,683,000 | -2,300,000 | -1,000,000 | 8,700,000 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 815,000 | -1,512,000 | 4,542,000 | -1,500,000 | ' | 4,500,000 | ' |
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, before Income Tax | 1,300,000 | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax | $800,000 | ' | ' | ' | ' | ' | ' |
Note_16_Discontinued_Operation3
Note 16 - Discontinued Operations (Details) - Results from Discontinued Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 |
Results from Discontinued Operations [Abstract] | ' | ' | ' |
Net revenues from discontinued operations | $1,669 | $5,154 | $10,743 |
Loss from discontinued operations, net of tax | -86 | -1,889 | -217 |
Gain (loss) on sale of discontinued operations, net of tax | 815 | -1,512 | 4,542 |
Income (loss) from discontinued operations | $729 | ($3,401) | $4,325 |
Note_17_Commitments_and_Contin2
Note 17 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Mar. 15, 2012 | Mar. 06, 2012 | Jun. 29, 2014 | Jun. 29, 2014 |
Class Action 2 [Member] | Class Action 1 [Member] | Letter of Credit [Member] | Technology Infrastructure [Member] | ||||
Minimum [Member] | Minimum [Member] | ||||||
Note 17 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Lease Minimum Term | '1 year | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | $17.70 | $17.70 | $17.40 | ' | ' | ' | ' |
Long-term Purchase Commitment, Amount | ' | ' | ' | ' | ' | ' | 2.4 |
Debt Instrument, Unused Borrowing Capacity, Amount | ' | ' | ' | ' | ' | 1.7 | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | $5 | $5 | ' | ' |
Note_17_Commitments_and_Contin3
Note 17 - Commitments and Contingencies (Details) - Future Minimum Payments under Non-Cancelable Operating Leases (USD $) | Jun. 29, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Payments under Non-Cancelable Operating Leases [Abstract] | ' |
2014 | $14,141 |
2015 | 13,332 |
2016 | 12,422 |
2017 | 9,954 |
2018 | 6,880 |
Thereafter | 16,793 |
Total minimum lease payments | $73,522 |
Note_17_Commitments_and_Contin4
Note 17 - Commitments and Contingencies (Details) - Aggregate Future Sublease Rental Income under Long-Term Operating Sub-leases (USD $) | Jun. 29, 2014 |
In Thousands, unless otherwise specified | |
Aggregate Future Sublease Rental Income under Long-Term Operating Sub-leases [Abstract] | ' |
2014 | $740 |
2014 | 740 |
2015 | 677 |
2015 | 677 |
2016 | 561 |
2016 | 561 |
2017 | 310 |
2017 | 310 |
2018 | 278 |
2018 | 278 |
Thereafter | 1,055 |
Thereafter | 1,055 |
3,621 | |
$3,621 |
Note_18_Subsequent_Event_Pendi1
Note 18 - Subsequent Event - Pending Acquisition of Harry & David (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | Aug. 30, 2014 | Aug. 30, 2014 | Jun. 22, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Harry and David Holdings, Inc. [Member] | ||||
Scenario, Plan [Member] | Scenario, Plan [Member] | |||||
Harry and David Holdings, Inc. [Member] | Harry and David Holdings, Inc. [Member] | |||||
Note 18 - Subsequent Event - Pending Acquisition of Harry & David (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | $142,500,000 | ' | ' |
Number of Stores | ' | ' | ' | ' | 47 | ' |
Revenue, Net | $756,345,000 | $735,497,000 | $707,517,000 | ' | ' | $380,000,000 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | |||||
Jun. 29, 2014 | Jun. 30, 2013 | Jul. 01, 2012 | ||||
Valuation and Qualifying Accounts [Abstract] | ' | ' | ' | |||
Balance at Beginning of Period | $2,488,000 | $2,408,000 | $2,465,000 | |||
Charged to Costs and Expenses | 1,656,000 | 1,085,000 | 869,000 | |||
Charged to Other Accounts- Describe | ' | [1] | ' | [1] | ' | [1] |
Deductions- Describe | -1,701,000 | [2] | -1,005,000 | [2] | -926,000 | [2] |
Balance at End of Period | $2,443,000 | $2,488,000 | $2,408,000 | |||
[1] | Amount represents opening balances from acquired businesses or discontinued operation. | |||||
[2] | Reduction in reserve due to write-off of accounts/notes receivable balances. |