Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 02, 2023 | Sep. 08, 2023 | Jan. 01, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001084869 | ||
Entity Registrant Name | 1 800 FLOWERS COM INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --07-02 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jul. 02, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 0-26841 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 11-3117311 | ||
Entity Address, Address Line One | Two Jericho Plaza, Suite 200 | ||
Entity Address, City or Town | Jericho | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11753 | ||
City Area Code | 516 | ||
Local Phone Number | 237-6000 | ||
Title of 12(b) Security | Class A common stock | ||
Trading Symbol | FLWS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 247,769,000 | ||
Auditor Name | BDO USA, P.C. | ||
Auditor Location | Melville, NY | ||
Auditor Firm ID | 243 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 27,068,221 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 37,733,189 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 02, 2023 | Jul. 03, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 126,807 | $ 31,465 |
Trade receivables, net | 20,419 | 23,812 |
Inventories | 191,334 | 247,563 |
Prepaid and other | 34,583 | 45,398 |
Total current assets | 373,143 | 348,238 |
Property, plant and equipment, net | 234,569 | 236,481 |
Operating lease right-of-use assets | 124,715 | 129,390 |
Goodwill | 153,376 | 213,287 |
Other intangibles, net | 139,888 | 145,568 |
Other assets | 25,739 | 21,927 |
Total assets | 1,051,430 | 1,094,891 |
Current liabilities: | ||
Accounts payable | 52,588 | 57,386 |
Accrued expenses | 141,914 | 175,392 |
Current maturities of long-term debt | 10,000 | 20,000 |
Current portion of long-term operating lease liabilities | 15,759 | 12,919 |
Total current liabilities | 220,261 | 265,697 |
Long-term debt, net | 186,391 | 142,497 |
Long-term operating lease liabilities | 117,330 | 123,662 |
Deferred tax liabilities, net | 31,134 | 35,742 |
Other liabilities | 24,471 | 17,884 |
Total liabilities | 579,587 | 585,482 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | 0 | 0 |
Additional paid-in capital | 388,215 | 379,885 |
Retained earnings | 271,083 | 315,785 |
Accumulated other comprehensive loss | (170) | (211) |
Treasury stock, at cost, 20,565,875 and 20,418,396 Class A shares in 2023 and 2022, respectively, and 5,280,000 Class B shares in 2023 and 2022 | (188,191) | (186,952) |
Total stockholders’ equity | 471,843 | 509,409 |
Total liabilities and stockholders’ equity | 1,051,430 | 1,094,891 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 583 | 577 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 323 | $ 325 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jul. 02, 2023 | Jul. 03, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 58,273,747 | 57,706,389 |
Treasury stock, shares (in shares) | 20,565,875 | 20,418,396 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 32,348,221 | 32,529,614 |
Treasury stock, shares (in shares) | 5,280,000 | 5,280,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Net revenues | $ 2,017,853 | $ 2,207,885 | $ 2,122,245 |
Cost of revenues | 1,260,327 | 1,386,147 | 1,225,816 |
Gross profit | 757,526 | 821,738 | 896,429 |
Operating expenses: | |||
Marketing and sales | 500,840 | 571,661 | 533,268 |
Technology and development | 60,691 | 56,561 | 54,428 |
General and administrative | 112,747 | 102,337 | 117,136 |
Depreciation and amortization | 53,673 | 49,078 | 42,510 |
Goodwill and intangible impairment | 64,586 | 0 | 0 |
Total operating expenses | 792,537 | 779,637 | 747,342 |
Operating income (loss) | (35,011) | 42,101 | 149,087 |
Interest expense, net | 10,946 | 5,667 | 5,860 |
Other expense (income), net | 805 | 5,332 | (5,888) |
Income (loss) before income taxes | (46,762) | 31,102 | 149,115 |
Income tax (benefit) expense | (2,060) | 1,492 | 30,463 |
Net income (loss) | (44,702) | 29,610 | 118,652 |
Other comprehensive income (loss) (currency translation) | 41 | 107 | (75) |
Comprehensive income (loss) | $ (44,661) | $ 29,717 | $ 118,577 |
Basic net income (loss) per common share (in dollars per share) | $ (0.69) | $ 0.46 | $ 1.83 |
Diluted net income (loss) per common share (in dollars per share) | $ (0.69) | $ 0.45 | $ 1.78 |
Weighted average shares used in the calculation of net income (loss) per common share: | |||
Basic (in shares) | 64,688 | 64,977 | 64,739 |
Diluted (in shares) | 64,688 | 65,617 | 66,546 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Jun. 28, 2020 | 53,704,477 | 33,822,823 | 23,243,551 | ||||
Balance at Jun. 28, 2020 | $ 537 | $ 338 | $ 358,031 | $ 167,523 | $ (243) | $ (126,412) | $ 399,774 |
Net income (loss) | 0 | 0 | 0 | 118,652 | 0 | 0 | 118,652 |
Translation adjustment | $ 0 | $ 0 | 0 | 0 | (75) | $ 0 | (75) |
Stock-based compensation (in shares) | 688,675 | 0 | 0 | ||||
Stock-based compensation | $ 7 | $ 0 | 10,828 | 0 | 0 | $ 0 | 10,835 |
Exercise of stock options (in shares) | 893,300 | 0 | 0 | ||||
Exercise of stock options | $ 9 | $ 0 | 2,244 | 0 | 0 | $ 0 | $ 2,253 |
Conversion of Class B stock into Class A stock (in shares) | 389,209 | ||||||
Conversion of Class B stock into Class A stock | $ 4 | $ 4 | |||||
Conversion of Class B stock into Class A stock (in shares) | (389,209) | ||||||
Conversion of Class B stock into Class A stock | $ (4) | $ (4) | |||||
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 862,290 | 862,290 | |||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (22,369) | $ (22,369) |
Balance (in shares) at Jun. 27, 2021 | 55,675,661 | 33,433,614 | 24,105,841 | ||||
Balance at Jun. 27, 2021 | $ 557 | $ 334 | 371,103 | 286,175 | (318) | $ (148,781) | 509,070 |
Net income (loss) | 0 | 0 | 0 | 29,610 | 0 | 0 | 29,610 |
Translation adjustment | $ 0 | $ 0 | 0 | 0 | 107 | $ 0 | 107 |
Stock-based compensation (in shares) | 805,028 | 0 | 0 | ||||
Stock-based compensation | $ 8 | $ 0 | 7,939 | 0 | 0 | $ 0 | 7,947 |
Exercise of stock options (in shares) | 321,700 | 0 | 0 | ||||
Exercise of stock options | $ 3 | $ 0 | 843 | 0 | 0 | $ 0 | $ 846 |
Conversion of Class B stock into Class A stock (in shares) | 904,000 | ||||||
Conversion of Class B stock into Class A stock | $ 9 | ||||||
Conversion of Class B stock into Class A stock (in shares) | (904,000) | ||||||
Conversion of Class B stock into Class A stock | $ (9) | ||||||
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 1,592,555 | 1,592,555 | |||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (38,171) | $ (38,171) |
Conversion of Class B stock into Class A stock | $ 9 | ||||||
Balance (in shares) at Jul. 03, 2022 | 57,706,389 | 32,529,614 | 25,698,396 | ||||
Balance at Jul. 03, 2022 | $ 577 | $ 325 | 379,885 | 315,785 | (211) | $ (186,952) | 509,409 |
Net income (loss) | 0 | 0 | 0 | (44,702) | 0 | 0 | (44,702) |
Translation adjustment | $ 0 | $ 0 | 0 | 0 | 41 | $ 0 | 41 |
Stock-based compensation (in shares) | 385,965 | 0 | 0 | ||||
Stock-based compensation | $ 4 | $ 0 | 8,330 | 0 | 0 | $ 0 | $ 8,334 |
Exercise of stock options (in shares) | 0 | ||||||
Conversion of Class B stock into Class A stock (in shares) | 181,393 | ||||||
Conversion of Class B stock into Class A stock | $ 2 | ||||||
Conversion of Class B stock into Class A stock (in shares) | (181,393) | ||||||
Conversion of Class B stock into Class A stock | $ (2) | ||||||
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 147,479 | ||||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (1,239) | $ (1,239) |
Conversion of Class B stock into Class A stock | $ 2 | ||||||
Balance (in shares) at Jul. 02, 2023 | 58,273,747 | 32,348,221 | 25,845,875 | ||||
Balance at Jul. 02, 2023 | $ 583 | $ 323 | $ 388,215 | $ 271,083 | $ (170) | $ (188,191) | $ 471,843 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Operating activities: | |||
Net income (loss) | $ (44,702) | $ 29,610 | $ 118,652 |
Reconciliation of net income (loss) to net cash provided by operating activities net of acquisitions: | |||
Goodwill and intangible asset impairment | 64,586 | 0 | 0 |
Depreciation and amortization | 53,673 | 49,078 | 42,510 |
Amortization of deferred financing costs | 1,834 | 1,269 | 1,143 |
Deferred income taxes | (4,608) | 1,579 | 5,530 |
Bad debt expense (recoveries) | 3,991 | (411) | 964 |
Stock-based compensation | 8,334 | 7,947 | 10,835 |
Other non-cash items | 95 | 3,194 | 645 |
Changes in operating items: | |||
Trade receivables | (597) | (2,452) | (5,236) |
Inventories | 57,591 | (85,047) | (39,104) |
Prepaid and other | 12,554 | 6,731 | (22,850) |
Accounts payable and accrued expenses | (38,623) | (6,595) | 57,397 |
Other assets and other liabilities | 1,223 | 286 | 2,804 |
Net cash provided by operating activities | 115,351 | 5,189 | 173,290 |
Investing activities: | |||
Acquisitions, net of cash acquired | (6,151) | (21,280) | (250,942) |
Capital expenditures, net of non-cash expenditures | (44,646) | (66,408) | (55,219) |
Purchase of equity investments | (32) | (2,000) | (1,756) |
Net cash used in investing activities | (50,829) | (89,688) | (307,917) |
Financing activities: | |||
Acquisition of treasury stock | (1,239) | (38,171) | (22,369) |
Proceeds from exercise of employee stock options | 0 | 846 | 2,253 |
Proceeds from bank borrowings | 395,900 | 125,000 | 265,000 |
Repayment of notes payable and bank borrowings | (360,900) | (145,000) | (174,997) |
Debt issuance costs | (2,941) | (284) | (2,193) |
Net cash provided by (used in) financing activities | 30,820 | (57,609) | 67,694 |
Net change in cash and cash equivalents | 95,342 | (142,108) | (66,933) |
Cash and cash equivalents: | |||
Beginning of year | 31,465 | 173,573 | 240,506 |
End of year | $ 126,807 | $ 31,465 | $ 173,573 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information: - Interest paid amounted to $12.8 million, $4.6 million, and $5.2 million for the years ended July 2, 2023, July 3, 2022, June 27, 2021, - The Company received tax refunds of approximately $8.8 million, net of tax payments, for the year ended July 2, 2023, July 3, 2022, June 27, 2021, - Acquisition of treasury stock includes treasury stock acquired to cover required employee withholding, upon vesting of restricted stock awards. See accompanying Notes to Consolidated Financial Statements. |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1. 1 800 1 800 1 800 no 1 800 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 2. Basis of Presentation The consolidated financial statements include the accounts of 1 800 not 2023, 2022 2021. Fiscal Year The Company’s fiscal year is a 52 53 June 30. 2023 2021, July 2, 2023 June 27, 2021, 52 2022, July 3, 2022, 53 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 Inventories Inventories are valued at the lower of cost or net realizable value using the first first 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. Orchards in production, consisting of direct labor and materials, supervision and other items, are capitalized as part of capital projects in progress – orchards until the orchards produce fruit in commercial quantities, at which time they are reclassified to orchards in production. Estimated useful lives are periodically reviewed, and where appropriate, changes are made prospectively. The Company’s property, plant and equipment are depreciated using the following estimated lives: Building and building improvements (years) 10 - 40 Leasehold improvements (years) 3 - 10 Furniture, fixtures and production equipment (years) 3 - 20 Software (years) 3 - 7 Orchards in production and land improvements (years) 15 - 45 Property, plant and equipment are reviewed for impairment whenever changes in circumstances or events may not 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 fourth not may In applying the goodwill impairment test, the Company has the option to perform a qualitative test (also known as “Step 0” 1” 0 first not may not not” 1 Step 1 no 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. 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 During Fiscal 2021, 0 not not” 2022, 1 During its quarterly assessment in the third 2023, 1 April 2, 2023, not As of its annual impairment testing date during the quarter ended July 2, 2023, no April 2, 2023. July 2, 2023, 0 no Note 6 – Goodwill and Intangible Assets 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 Definite-lived intangibles are reviewed for impairment whenever changes in circumstances or events may not The Company tests indefinite-lived intangible assets for impairment at least annually, during the fourth may not 0” 0 not may not not” third During Fiscal 2021, 0 not not” 2022, As noted in the Goodwill section above, during the third 2023, During the fourth 2023, 0 not not” See Note 6 Business Combinations The Company accounts for business combinations in accordance with ASC Topic 805, not 3 Deferred Catalog Costs The Company capitalizes the costs of producing and distributing its catalogs and expenses them upon mailing. Included within prepaid and other current assets were $2.4 million and $3.1 million at July 2, 2023 July 3, 2022, Investments Equity investments without a readily determinable fair value Investments in non-marketable equity instruments of private companies, where the Company does not July 2, 2023 July 3, 2022. Equity investments with a readily determinable fair value 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 within the “Other assets” line item in the consolidated balance sheets (see Note 10 - Fair Value Measurements 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 ($5.8 million at July 2, 2023 July 3, 2022) Revenue Recognition Net revenue is measured based on the amount of consideration that we expect to receive, reduced by discounts and estimates for credits and returns (calculated based upon previous experience and management’s evaluation). Service and outbound shipping charged to customers are recognized at the time the related merchandise revenues are recognized and are included in net revenues. Inbound and outbound shipping and delivery costs are included in cost of revenues. Net revenues exclude sales and other similar taxes collected from customers. A description of our principal revenue generating activities is as follows: - E-commerce revenues - consumer products sold through our online and telephonic channels. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due prior to the date of shipment. - Retail revenues - consumer products sold through our retail stores. Revenue is recognized when control of the goods is transferred to the customer at the point of sale, at which time payment is received. - Wholesale revenues - products sold to our wholesale customers for subsequent resale. Revenue is recognized when control of the goods is transferred to the customer, in accordance with the terms of the applicable agreement. Payment terms are typically 30 - BloomNet services - membership fees as well as other service offerings to florists. Membership and other subscription-based fees are recognized monthly as earned. Services revenues related to orders sent through the floral network are variable, based on either the number of orders or the value of orders, and are recognized in the period in which the orders are delivered. The contracts within BloomNet services are typically month-to-month and as a result no 30 Deferred Revenues Deferred revenues are recorded when the Company has received consideration (i.e., advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenues primarily relate to e-commerce orders placed, but not Our total deferred revenue as of July 3, 2022 July 2, 2023. July 2, 2023 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 Marketing and Sales Marketing and sales expense consists primarily of advertising expenses, 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 first July 2, 2023, July 3, 2022, June 27, 2021, 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 three seven one 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 cost associated with share-based awards that are subject solely to time-based vesting requirements is recognized over the awards’ service period for the entire award on a straight-line basis. The cost associated with performance-based equity awards is recognized for each tranche over the service period, based on an assessment of the likelihood that the applicable performance goals will be achieved. Derivatives and Hedging The Company does not not July 2, 2023 July 3, 2022. 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 50% not” Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing the net income during the period by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing the net income during the period by the sum of the weighted-average number of common shares outstanding during the period and the potential dilutive common shares (consisting of employee stock options and unvested restricted stock awards). Diluted net loss per common share is computed using the weighted-average number of common shares outstanding during the period and excludes the dilutive potential common shares (consisting of unvested restricted stock awards), as their inclusion would be antidilutive. As a result of the net loss for the year ended July 2, 2023, no Recently Issued Accounting Pronouncements - Adopted Financial Instruments Measurement of Credit Losses. June 2016, No. 2016 13, 326 2016 13 2016 13 2021 September 27, 2020), no Goodwill Impairment Test. January 2017, No. 2017 04, 350 two 2017 04, 2021 September 27, 2020), no |
Note 3 - Net Income (Loss) Per
Note 3 - Net Income (Loss) Per Common Share | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 Net Income (Loss) Per Common Share The following table sets forth the computation of basic and diluted net income (loss): Years Ended July 2, 2023 July 3, 2022 June 27, 2021 (in thousands, except per share data) Numerator: Net income (loss) $ (44,702 ) $ 29,610 $ 118,652 Denominator: Weighted average shares outstanding 64,688 64,977 64,739 Effect of dilutive securities: Employee stock options - 45 727 Employee restricted stock awards - 595 1,080 Total effect of dilutive securities - 640 1,807 Adjusted weighted-average shares and assumed conversions 64,688 65,617 66,546 Net income (loss) per common share: Basic $ (0.69 ) $ 0.46 $ 1.83 Diluted $ (0.69 ) $ 0.45 $ 1.78 |
Note 4 - Acquisitions
Note 4 - Acquisitions | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 4. Acquisition of PersonalizationMall On February 14, 2020, 1 800 800 1 800 July 20, 2020, August 3, 2020, 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 fair values assigned to PersonalizationMall’s tangible and intangible assets and liabilities assumed were considered preliminary and were based on the information that was available as of the date of the acquisition. As of June 27, 2021, The following table summarizes the allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed: PersonalizationMall s Preliminary Purchase Price Allocation Measurement Period Adjustments (1) PersonalizationMall s Final Purchase Price Allocation August 3, 2020 June 27, 2021 (in thousands) Assets Acquired: Inventories $ 16,998 $ - $ 16,998 Other assets 5,216 (1 ) 5,215 Property, plant and equipment, net 30,792 - 30,792 Operating lease right-of-use assets 21,438 - 21,438 Goodwill 133,337 102 133,439 Other intangibles, net 76,000 - 76,000 Total assets acquired $ 283,781 $ 101 $ 283,882 Liabilities assumed: Accounts payable and accrued expenses $ 11,400 $ 102 $ 11,502 Operating lease liabilities 21,438 - 21,438 Total liabilities assumed $ 32,838 $ 102 $ 32,940 Net assets acquired $ 250,943 $ (1 ) $ 250,942 ( 1 not June 27, 2021. The determination of the fair values of the acquired assets and assumed liabilities (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. The estimates and assumptions include the projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future cash flows. Acquired inventory, consisting of raw materials and supplies, was valued at book value, as there have not Property, plant and equipment was valued at book value (cost less accumulated depreciation and amortization), due to the nature of the assets, which included recently acquired production equipment and leasehold improvements for PersonalizationMall's production facility, which became operational in September 2019. Based on the valuation as of August 3, 2020, not The estimated fair value of the acquired trade names was determined using the relief from royalty method, which is a risk-adjusted discounted cash flow approach. The relief from royalty method values an intangible asset by estimating the royalties saved through ownership of the asset. The relief from royalty method requires identifying the future revenue that would be generated by the trademark, multiplying it by a royalty rate deemed to be avoided through ownership of the asset and discounting the projected royalty savings amounts back to the acquisition date. The royalty rate used in the valuation was based on a consideration of market rates for similar categories of assets. The discount rate used in the valuation was based on PersonalizationMall's weighted average cost of capital, the riskiness of the earnings stream associated with the trademarks and the overall composition of the acquired assets. The estimated fair value of the acquired customer lists was determined using the excess earnings method under the income approach. This method requires identifying the future revenue that would be generated by existing customers at the time of the acquisition, considering an appropriate attrition rate based on the historical experience of the Company. Appropriate expenses are then deducted from the revenues and economic rents are charged for the return on contributory assets. The after-tax cash flows attributable to the asset are discounted back to their net present value at an appropriate intangible asset rate of return and summed to calculate the value of the customer lists. As required by ASC 805, June 27, 2021, July 1, 2019. 805 not not not may Year ended June 27, 2021 (in thousands) Net Revenues $ 2,138,238 Net Income 125,213 The unaudited pro forma amounts above include the following adjustments: - A decrease of operating expenses by $5.4 million during the year ended June 27, 2021, not - An increase of operating expenses by $0.2 million during the year ended June 27, 2021, - An increase in interest expense of $0.6 million during the year ended June 27, 2021, 2020 - The combined pro forma results were tax effected using the Company's effective tax rate for the respective period. Net revenue attributable to PersonalizationMall, included within the year ended June 27, 2021, Acquisition of Vital Choice On October 27, 2021, December 31, 2020. After working capital and related adjustments, total consideration was approximately $20.0 million, and was preliminarily allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values, as a result of information that was available as of the date of acquisition. During the quarter ended January 1, 2023, The following table summarizes the allocation of the purchase price to the fair values of assets acquired and liabilities assumed: Vital Choice Preliminary Purchase Price Allocation Measurement Period Interim Adjustments Vital Choice Purchase Price Allocation October 27, 2021 January 1, 2023 (in thousands) Inventory $ 8,653 $ - $ 8,653 Other current assets 929 (474 ) 455 Property, plant and equipment 205 (205 ) - Intangible assets 9,800 (600 ) 9,200 Goodwill 4,383 634 5,017 Total assets acquired 23,970 (645 ) 23,325 Current liabilities 3,621 (256 ) 3,365 Net assets acquired $ 20,349 $ (389 ) $ 19,960 The estimated fair value of the acquired work in process and finished goods inventory was determined utilizing the income approach. The income approach estimates the fair value of the inventory based on the net retail value of the inventory, less operating expenses and a reasonable profit allowance. Raw materials inventory was valued at book value, as there have not Of the acquired intangible assets, $4.3 million was assigned to customer lists, which is being amortized over the estimated remaining life of 5 years, $4.9 million was assigned to tradenames (indefinite life), and $5.0 million was assigned to goodwill (indefinite life), which is expected to be deductible for tax purposes. The goodwill recognized is primarily related to synergistic value created in terms of both operating costs and revenue growth opportunities, enhanced financial and operational scale, and other strategic benefits. The estimated fair value of the acquired tradenames was determined using the relief from royalty method, which is a risk-adjusted discounted cash flow approach. The relief from royalty method values an intangible asset by estimating the royalties saved through ownership of the asset. The relief from royalty method requires identifying the future revenue that would be generated by the trademark, multiplying it by a royalty rate deemed to be avoided through ownership of the asset and discounting the projected royalty savings amounts back to the acquisition date. The royalty rate used in the valuation was based on a consideration of market rates for similar categories of assets. The discount rate used in the valuation was based on the Company’s weighted average cost of capital, the riskiness of the earnings stream associated with the trademarks and the overall composition of the acquired assets. The estimated fair value of the acquired customer lists was determined using the excess earnings method under the income approach. This method requires identifying the future revenue that would be generated by existing customers at the time of the acquisition, considering an appropriate attrition rate based on the historical experience of the Company. Appropriate expenses are then deducted from the revenues and economic rents are charged for the return on contributory assets. The after-tax cash flows attributable to the asset are discounted back to their net present value at an appropriate intangible asset rate of return and summed to calculate the value of the customer lists. Operating results of the Vital Choice business are reflected in the Company’s consolidated financial statements from the date of acquisition within the Gourmet Foods & Gift Baskets segment. Pro forma results of operations have not not Acquisition of Alice s Table On December 31, 2021 , July 3, 2022. September 30, 2021. The resulting total consideration of $1.3 million was preliminarily allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values, as a result of information that was available as of the date of acquisition. During the quarter ended January 1, 2023, Operating results of the Alice’s Table business are reflected in the Company’s consolidated financial statements from the date of acquisition within the Consumer Floral & Gifts segment. Pro forma results of operations have not not Acquisition of Things Remembered On January 10, 2023, not twelve November 30, 2022. The total consideration of $5.0 million was preliminarily allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values on the acquisition date, including: goodwill of $1.7 million (deductible for income tax purposes), trademarks of $0.8 million (indefinite life), customer lists of $0.8 million (3-year life), inventory of $1.3 million, and equipment of $0.4 million. The Company is in the process of finalizing its allocation and this may Operating results of the Things Remembered business are reflected in the Company’s consolidated financial statements from the date of acquisition within the Consumer Floral & Gifts segment. Pro forma results of operations have not not |
Note 5 - Inventory
Note 5 - Inventory | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 5. The Company’s inventory, valued at the lower of cost or net realizable value, includes purchased and manufactured finished goods for sale, packaging supplies, crops, raw material ingredients for manufactured products and associated manufacturing labor and is classified as follows: July 2, 2023 July 3, 2022 (in thousands) Finished goods $ 92,582 $ 128,760 Work-in-process 33,818 29,270 Raw materials 64,934 89,533 Total inventory $ 191,334 $ 247,563 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. The following table presents goodwill by segment and the related change in the net carrying amount: Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Total (in thousands) Balance at June 27, 2021 $ 150,880 $ - $ 57,270 $ 208,150 Acquisition of Vital Choice - - 4,417 4,417 Acquisition of Alice’s Table 720 - - 720 Balance at July 3, 2022 $ 151,600 $ - $ 61,687 $ 213,287 Measurement period adjustment for Vital Choice Acquisition - - 600 600 Measurement period adjustment for Alice's Table Acquisition 112 - - 112 Acquisition of Things Remembered 1,664 - - 1,664 Goodwill impairment - - (62,287 ) (62,287 ) Balance at July 2, 2023 $ 153,376 $ - $ - $ 153,376 The Company’s other intangible assets consist of the following: July 2, 2023 July 3, 2022 Amortization Period (1) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) (in thousands) Intangible assets with determinable lives Investment in licenses 14 - 16 $ 7,420 $ 6,569 $ 851 $ 7,420 $ 6,464 $ 956 Customer lists 3 - 10 29,071 21,611 7,460 28,509 17,473 11,036 Other 5 - 14 2,946 2,604 342 2,946 2,543 403 Total intangible assets with determinable lives 39,437 30,784 8,653 38,875 26,480 12,395 Trademarks with indefinite lives 131,235 - 131,235 133,173 - 133,173 Total identifiable intangible assets $ 170,672 $ 30,784 $ 139,888 $ 172,048 $ 26,480 $ 145,568 ( 1 The amortization of intangible assets for the years ended July 2, 2023, July 3, 2022 June 27, 2021 2024 2025 2026 2027 2028 During the year ended July 3, 2022, first three July 3, 2022, not Although originally projected to be transitory, through the nine April 2, 2023, three April 2, 2023, April 2, 2023. The Company performed its goodwill impairment test by comparing the fair value of its Gourmet Foods & Gift Baskets reporting unit to its respective carrying value. The Company estimated the fair value of the Gourmet Foods & Gift Baskets reporting unit using an equal weighting of the income and market approaches, and a discount rate of 13%. The Company used industry accepted valuation models and set criteria that were reviewed and approved by various levels of management. Under the income approach, the Company used a discounted cash flow methodology which required 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 used the guideline public company method. Under this method, the Company utilized information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units, to create valuation multiples that were applied to the operating performance of the reporting unit being tested, in order to obtain their respective fair values. The Company also reconciled the aggregate fair values of its reporting units to its current market capitalization. The Company’s impairment test for indefinite-lived intangible assets encompassed calculating a fair value of the indefinite-lived intangible asset and comparing that result to its carrying value. To determine fair value of indefinite-lived intangible assets, the Company used an income approach, the relief-from-royalty method. This method assumes that, in lieu of ownership, a third The Company’s impairment test for definite-lived intangibles was performed through a recoverability test, comparing projected undiscounted cash flows from the use and eventual disposition of the asset or asset group to its carrying value. Based on the impairment assessment performed during the quarter ended April 2, 2023, not |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7. July 2, 2023 July 3, 2022 (in thousands) Land $ 33,866 $ 33,862 Orchards in production and land improvements 20,401 19,773 Building and building improvements 67,647 65,909 Leasehold improvements 29,524 26,266 Production equipment 125,297 106,244 Furniture and fixtures 9,102 8,985 Computer and telecommunication equipment 41,859 38,934 Software 181,085 165,289 Capital projects in progress 18,205 14,525 Property, plant and equipment, gross 526,986 479,787 Accumulated depreciation and amortization (292,417 ) (243,306 ) Property, plant and equipment, net $ 234,569 $ 236,481 Depreciation expense for the years ended July 2, 2023, July 3, 2022, June 27, 2021 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 8. Accrued expenses consisted of the following: July 2, 2023 July 3, 2022 (in thousands) Payroll and employee benefits $ 33,927 $ 37,617 Deferred revenue 30,811 33,746 Accrued marketing expenses 13,679 19,506 Accrued florist payout 13,437 18,938 Accrued purchases 18,351 32,141 Other 31,709 33,444 Accrued expenses $ 141,914 $ 175,392 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. The Company’s current and long-term debt consists of the following: July 2, 2023 July 3, 2022 (in thousands) Revolver (1) $ - $ - Term Loan (1) 200,000 165,000 Deferred financing costs (3,609 ) (2,503 ) Total debt 196,391 162,497 Less: current maturities of long-term debt 10,000 20,000 Long-term debt $ 186,391 $ 142,497 ( 1 On May 31, 2019, “2019 2019 December 23, 2016 29 May 31, 2024, September 29, 2019, first eight 11 January 1 August 1, 1 2 On August 20, 2020, 2019 2019 1 “2020 January 1 August 1 The 2020 September 27, 2020, first four 11 May 31, 2024. On November 8, 2021, 2019 2019 2020 On August 29, 2022, 2019 2019 2019 On June 27, 2023, 48 June 27, 2028, For each borrowing under the Third Amended Credit Agreement, the Company may 1 The Third Amended Credit Agreement requires that while any borrowings or commitments are outstanding the Company comply with certain financial covenants and affirmative covenants as well as certain negative covenants that, subject to certain exceptions, limit the Company’s ability to, among other things, incur additional indebtedness, make certain investments and make certain restricted payments. The Company was in compliance with these covenants as of July 2, 2023. Future principal term loan payments under the Third Amended Credit Agreement are as follows: $10.0 million – Fiscal 2024, 2025, 2026, 2027, 2028. |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. Cash and cash equivalents, trade and other receivables, prepaids, 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. Although no 2 may may not may 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 3 three 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 Level 3 Valuations based on inputs that are supported by little or no The following table presents by level, within the fair value hierarchy, financial assets and liabilities measured at fair value on a recurring basis: Carrying Value Fair Value Measurements Assets (Liabilities) Level 1 Level 2 Level 3 (in thousands) Assets (liabilities) as of July 2, 2023: Trading securities held in a “rabbi trust” (1) $ 22,617 $ 22,617 $ - $ - $ 22,617 $ 22,617 $ - $ - Assets (liabilities) as of July 3, 2022: Trading securities held in a “rabbi trust” (1) $ 17,760 $ 17,760 $ - $ - $ 17,760 $ 17,760 $ - $ - ( 1 The Company has established a NQDC Plan for certain members of senior management. Deferred compensation plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Trading securities held in the “rabbi trust” are measured using quoted market prices at the reporting date and are included in the “Other assets” line item, with the corresponding liability included in the “Other liabilities” line item in the consolidated balance sheets. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Significant components of the income tax provision are as follows: Years ended July 2, 2023 July 3, 2022 June 27, 2021 (in thousands) Current provision (benefit): Federal $ 976 $ (1,676 ) $ 17,594 State 1,572 1,589 7,339 Current income tax expense (benefit) 2,548 (87 ) 24,933 Deferred provision (benefit): Federal (3,145 ) 2,679 5,160 State (1,463 ) (1,100 ) 370 Deferred income tax expense (benefit) (4,608 ) 1,579 5,530 Income tax expense (benefit) $ (2,060 ) $ 1,492 $ 30,463 A reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows: Years ended July 2, 2023 July 3, 2022 June 27, 2021 Tax at U.S. statutory rates 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit (0.2 ) 4.2 4.2 Capital loss expiration - 15.5 - Non-deductible impairment charge (16.8 ) - - Valuation allowance change (0.2 ) (19.8 ) (0.3 ) Non-deductible compensation (2.1 ) 5.3 0.7 Excess tax benefit/shortfalls from stock-based compensation (1.7 ) (16.1 ) (4.1 ) Tax credits 2.7 (3.9 ) (0.9 ) Enhanced deductions 2.6 (2.1 ) (0.2 ) Other, net (0.9 ) 0.7 - Effective tax rate 4.4 % 4.8 % 20.4 % 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 July 2, 2023 July 3, 2022 (in thousands) Deferred income tax assets: Loss and carryforwards $ 13,598 $ 7,590 Accrued expenses and reserves 3,531 7,550 Inventory 4,422 5,897 Stock-based compensation 1,549 1,330 Deferred compensation 3,602 3,723 Operating lease liability 33,186 33,847 Gross deferred income tax assets 59,888 59,937 Less: Valuation allowance (3,182 ) (3,096 ) Deferred tax assets, net 56,706 56,841 Deferred income tax liabilities: Other intangibles (14,916 ) (21,764 ) Tax in excess of book depreciation (41,826 ) (38,755 ) Operating lease right-of-use asset (31,098 ) (32,064 ) Deferred tax liabilities (87,840 ) (92,583 ) Net deferred income tax liabilities $ (31,134 ) $ (35,742 ) A valuation allowance is provided when it is more likely than not not July 2, 2023, July 2, 2023, not 2027 2042, July 2, 2023, not 2024 2034, The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and various foreign countries. The Company’s last completed U.S. federal examination was for Fiscal 2018. 2020, 2021, 2022 2016. 2017 The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At July 2, 2023, twelve |
Note 12 - Capital Stock
Note 12 - Capital Stock | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Capital Stock Disclosure [Text Block] | Note 12. 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 may may one one one 2023, 2022 2021, 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. On April 22, 2021, February 3, 2022, July 2, 2023, July 3, 2022, June 27, 2021, July 2, 2023, The Company has stock options and restricted stock awards outstanding to participants under the 1 800 2003 October 22, 2009, October 28, 2011, September 14, 2016 October 15, 2020, |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 13. The Plan is administered by the Compensation Committee or such other Board committee (or the entire Board) as may The amounts of stock-based compensation expense recognized within operating income ( 1 Years Ended July 2, 2023 July 3, 2022 June 27, 2021 (in thousands) Stock options $ 2,536 $ (41 ) $ 36 Restricted stock awards 5,798 7,988 10,799 Total 8,334 7,947 10,835 Deferred income tax benefit 2,042 1,943 2,673 Stock-based compensation expense, net $ 6,292 $ 6,004 $ 8,162 ( 1 Stock-based compensation expense has not Note 15. Stock based compensation expense is recorded within the following line items of operating expenses: Years Ended July 2, 2023 July 3, 2022 June 27, 2021 (in thousands) Marketing and sales $ 3,818 $ 3,414 $ 4,943 Technology and development 698 319 652 General and administrative 3,818 4,214 5,240 Total $ 8,334 $ 7,947 $ 10,835 Stock Options 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 July 2, 2023 July 3, 2022 (1) June 27, 2021 (1) Weighted average fair value of options granted $ 5.13 n/a n/a Expected volatility 52 % n/a n/a Expected life (in years) 7.5 n/a n/a Risk-free interest rate 4.3 % n/a n/a Expected dividend yield 0/0% n/a n/a ( 1 July 3, 2022 June 27, 2021. 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 The following table summarizes stock option activity during the year ended July 2, 2023: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding beginning of period - $ - Granted 2,346,416 $ 8.59 Exercised - $ - Forfeited/Expired (60,808 ) $ 8.59 Outstanding end of period 2,285,608 $ 8.59 9.35 $ - Exercisable at July 2, 2023 - $ - - $ - 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 2023 July 2, 2023. July 2, 2023, July 3, 2022, June 27, 2021 The following table summarizes information about stock options outstanding at July 2, 2023: Options Outstanding Options Exercisable Exercise Price Options Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price $ 8.59 2,285,608 9.4 $ 8.59 - $ - 2,285,608 9.4 $ 8.59 - $ - As of July 2, 2023, not Restricted Stock 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 July 2, 2023: Shares Weighted Average Grant Date Fair Value Non-vested – beginning of period 929,709 $ 21.82 Granted 757,754 $ 8.48 Vested (385,965 ) $ 18.10 Forfeited (69,864 ) $ 17.77 Non-vested - end of period 1,231,634 $ 15.01 The fair value of non-vested shares is determined based on the closing stock price on the grant date. As of July 2, 2023, |
Note 14 - Employee Retirement P
Note 14 - Employee Retirement Plans | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 14. The Company has a 401 one may 401 not may 2023, 2022, 2021, The Company also has a nonqualified supplemental deferred compensation plan for certain executives pursuant to Section 409A 2023, 2022 2021. July 2, 2023 July 3, 2022, July 2, 2023, July 3, 2022, June 27, 2021, |
Note 15 - Business Segments
Note 15 - Business Segments | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. The Company’s management reviews the results of the Company’s operations by the following three business segments: • Consumer Floral & Gifts, • BloomNet, and • Gourmet Foods & 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 not Years ended Net revenues July 2, 2023 July 3, 2022 June 27, 2021 (in thousands) Segment Net revenues: Consumer Floral & Gifts $ 920,510 $ 1,059,570 $ 1,025,015 BloomNet 133,183 145,702 142,919 Gourmet Foods & Gift Baskets 965,191 1,004,272 955,607 Corporate 375 201 341 Intercompany eliminations (1,406 ) (1,860 ) (1,637 ) Total net revenues $ 2,017,853 $ 2,207,885 $ 2,122,245 Years ended Operating Income (Loss) July 2, 2023 July 3, 2022 June 27, 2021 (in thousands) Segment Contribution Margin: Consumer Floral & Gifts $ 95,535 $ 104,319 $ 128,625 BloomNet 37,197 42,515 45,875 Gourmet Foods & Gift Baskets 12,895 62,021 149,377 Segment Contribution Margin Subtotal 145,627 208,855 323,877 Corporate (a) (126,965 ) (117,676 ) (132,280 ) Depreciation and amortization (53,673 ) (49,078 ) (42,510 ) Operating income (loss) $ (35,011 ) $ 42,101 $ 149,087 (a) 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 categories based upon usage, are included within corporate expenses as they are not The following tables represent a disaggregation of revenue from contracts with customers, by channel: Years Ended Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Corporate and Eliminations Consolidated July 2, 2023 July 3, 2022 June 27, 2021 July 2, 2023 July 3, 2022 June 27, 2021 July 2, 2023 July 3, 2022 June 27, 2021 July 2, 2023 July 3, 2022 June 27, 2021 July 2, 2023 July 3, 2022 June 27, 2021 Net revenues E-commerce $ 911,302 $ 1,049,821 $ 1,015,716 $ - $ - $ - $ 833,320 $ 884,827 $ 863,834 $ - $ - $ - $ 1,744,622 $ 1,934,648 $ 1,879,550 Other 9,208 9,749 9,299 133,183 145,702 142,919 131,871 119,445 91,773 (1,031 ) (1,659 ) (1,296 ) 273,231 273,237 242,695 Total net revenues $ 920,510 $ 1,059,570 $ 1,025,015 $ 133,183 $ 145,702 $ 142,919 $ 965,191 $ 1,004,272 $ 955,607 $ (1,031 ) $ (1,659 ) $ (1,296 ) $ 2,017,853 $ 2,207,885 $ 2,122,245 Other revenues detail Retail and other 9,208 9,749 9,299 - - - 9,751 10,134 9,134 - - - 18,959 19,883 18,433 Wholesale - - - 50,075 53,957 45,299 122,120 109,311 82,639 - - - 172,195 163,268 127,938 BloomNet services - - - 83,108 91,745 97,620 - - - - - - 83,108 91,745 97,620 Corporate - - - - - - - - - 375 201 341 375 201 341 Eliminations - - - - - - - - - (1,406 ) (1,860 ) (1,637 ) (1,406 ) (1,860 ) (1,637 ) Total other revenues $ 9,208 $ 9,749 $ 9,299 $ 133,183 $ 145,702 $ 142,919 $ 131,871 $ 119,445 $ 91,773 $ (1,031 ) $ (1,659 ) $ (1,296 ) $ 273,231 $ 273,237 $ 242,695 |
Note 16 - Leases
Note 16 - Leases | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 16. The Company currently leases plants, warehouses, offices, store facilities, and equipment under various leases through Fiscal 2036. may 842. At the lease commencement date, the Company determines if a lease should be classified as an operating or a finance lease (the Company currently has no not 12 The Company recognizes expense for its operating leases on a straight-line basis over the lease term. As these leases expire, it can be expected that in the normal course of business they will be renewed or replaced. Renewal option periods are included in the measurement of lease liability, where the exercise is reasonably certain to occur. Key estimates and judgments in accounting for leases include how the Company determines: ( 1 2 3 Additional information related to our leases is as follows: Years Ended July 2, 2023 July 3, 2022 (in thousands) Lease costs: Operating lease costs $ 22,208 $ 19,402 Variable lease costs 24,582 21,823 Short-term lease cost 5,307 5,224 Sublease income (988 ) (751 ) Total lease costs $ 51,109 $ 45,698 Years Ended July 2, 2023 July 3, 2022 (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 21,020 $ 16,486 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,040 $ 57,494 July 2, 2023 July 3, 2022 (in thousands) Weighted-average remaining lease term - operating leases (in years) 8.7 9.5 Weighted-discount rate - operating leases 4.0 % 3.9 % Maturities of lease liabilities in accordance with ASC 842 July 2, 2023 2024 $ 20,759 2025 20,339 2026 18,409 2027 16,784 2028 15,862 Thereafter 67,096 Total Future Minimum Lease Payments 159,249 Less: Imputed Remaining Interest 26,160 Total Operating Lease Liabilities 133,089 Less: Current portion of long-term operating lease liabilities 15,759 Long-term operating lease liabilities $ 117,330 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Other Commitments The Company’s purchase commitments consist primarily of inventory, equipment and technology (hardware and software) purchase orders made in the ordinary course of business, most of which have terms less than one July 2, 2023, one The Company had approximately $2.7 million and $2.3 million in unused stand-by letters of credit as of July 2, 2023 July 3, 2022, Litigation Call Center Worker Claim: In March 2018, April 2022 September 2022, November 2022, March 27, 2022, July 3, 2022. no In addition, there are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the final resolution of such claims, lawsuits and pending actions will not |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jul. 02, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 1 800 Schedule II - Valuation and Qualifying Accounts Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts- Describe Deductions- Describe (a) Balance at End of Period Reserves and allowances deducted from asset accounts: Reserve for estimated doubtful accounts-accounts/notes receivable Year Ended July 2, 2023 $ 2,396,000 $ 3,991,000 $ - $ (551,000 ) $ 5,836,000 Year Ended July 3, 2022 $ 4,032,000 $ (411,000 ) $ - $ (1,225,000 ) $ 2,396,000 Year Ended June 27, 2021 $ 5,665,000 $ 964,000 $ - $ (2,597,000 ) $ 4,032,000 Valuation allowance for deferred tax assets Year Ended July 2, 2023 $ 3,096,000 $ 86,000 $ - $ - $ 3,182,000 Year Ended July 3, 2022 $ 9,258,000 $ 58,000 $ - $ (6,220,000 ) $ 3,096,000 Year Ended June 27, 2021 $ 9,681,000 $ 174,000 $ - $ (597,000 ) $ 9,258,000 Valuation allowance for inventory Year Ended July 2, 2023 $ 11,370,000 $ 3,010,000 $ - $ (4,470,000 ) $ 9,910,000 Year Ended July 3, 2022 $ 8,680,000 $ 4,670,000 $ - $ (1,980,000 ) $ 11,370,000 Year Ended June 27, 2021 $ 7,070,000 $ 2,040,000 $ - $ (430,000 ) $ 8,680,000 (a) Reduction in reserve due to amounts written off/recovered. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 02, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of 1 800 not 2023, 2022 2021. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company’s fiscal year is a 52 53 June 30. 2023 2021, July 2, 2023 June 27, 2021, 52 2022, July 3, 2022, 53 |
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 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost or net realizable value using the first first |
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. Orchards in production, consisting of direct labor and materials, supervision and other items, are capitalized as part of capital projects in progress – orchards until the orchards produce fruit in commercial quantities, at which time they are reclassified to orchards in production. Estimated useful lives are periodically reviewed, and where appropriate, changes are made prospectively. The Company’s property, plant and equipment are depreciated using the following estimated lives: Building and building improvements (years) 10 - 40 Leasehold improvements (years) 3 - 10 Furniture, fixtures and production equipment (years) 3 - 20 Software (years) 3 - 7 Orchards in production and land improvements (years) 15 - 45 Property, plant and equipment are reviewed for impairment whenever changes in circumstances or events may not |
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 fourth not may In applying the goodwill impairment test, the Company has the option to perform a qualitative test (also known as “Step 0” 1” 0 first not may not not” 1 Step 1 no 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. 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 During Fiscal 2021, 0 not not” 2022, 1 During its quarterly assessment in the third 2023, 1 April 2, 2023, not As of its annual impairment testing date during the quarter ended July 2, 2023, no April 2, 2023. July 2, 2023, 0 no Note 6 – Goodwill and Intangible Assets |
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 Definite-lived intangibles are reviewed for impairment whenever changes in circumstances or events may not The Company tests indefinite-lived intangible assets for impairment at least annually, during the fourth may not 0” 0 not may not not” third During Fiscal 2021, 0 not not” 2022, As noted in the Goodwill section above, during the third 2023, During the fourth 2023, 0 not not” See Note 6 |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company accounts for business combinations in accordance with ASC Topic 805, not 3 |
Deferred Charges, Policy [Policy Text Block] | Deferred Catalog Costs The Company capitalizes the costs of producing and distributing its catalogs and expenses them upon mailing. Included within prepaid and other current assets were $2.4 million and $3.1 million at July 2, 2023 July 3, 2022, |
Investment, Policy [Policy Text Block] | Investments Equity investments without a readily determinable fair value Investments in non-marketable equity instruments of private companies, where the Company does not July 2, 2023 July 3, 2022. Equity investments with a readily determinable fair value 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 within the “Other assets” line item in the consolidated balance sheets (see Note 10 - Fair Value Measurements |
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 ($5.8 million at July 2, 2023 July 3, 2022) |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Net revenue is measured based on the amount of consideration that we expect to receive, reduced by discounts and estimates for credits and returns (calculated based upon previous experience and management’s evaluation). Service and outbound shipping charged to customers are recognized at the time the related merchandise revenues are recognized and are included in net revenues. Inbound and outbound shipping and delivery costs are included in cost of revenues. Net revenues exclude sales and other similar taxes collected from customers. A description of our principal revenue generating activities is as follows: - E-commerce revenues - consumer products sold through our online and telephonic channels. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due prior to the date of shipment. - Retail revenues - consumer products sold through our retail stores. Revenue is recognized when control of the goods is transferred to the customer at the point of sale, at which time payment is received. - Wholesale revenues - products sold to our wholesale customers for subsequent resale. Revenue is recognized when control of the goods is transferred to the customer, in accordance with the terms of the applicable agreement. Payment terms are typically 30 - BloomNet services - membership fees as well as other service offerings to florists. Membership and other subscription-based fees are recognized monthly as earned. Services revenues related to orders sent through the floral network are variable, based on either the number of orders or the value of orders, and are recognized in the period in which the orders are delivered. The contracts within BloomNet services are typically month-to-month and as a result no 30 Deferred Revenues Deferred revenues are recorded when the Company has received consideration (i.e., advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenues primarily relate to e-commerce orders placed, but not Our total deferred revenue as of July 3, 2022 July 2, 2023. July 2, 2023 |
Cost of Goods and Service [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 |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Marketing and Sales Marketing and sales expense consists primarily of advertising expenses, 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 first July 2, 2023, July 3, 2022, June 27, 2021, |
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 three seven one |
Share-Based Payment Arrangement [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 cost associated with share-based awards that are subject solely to time-based vesting requirements is recognized over the awards’ service period for the entire award on a straight-line basis. The cost associated with performance-based equity awards is recognized for each tranche over the service period, based on an assessment of the likelihood that the applicable performance goals will be achieved. |
Derivatives, Policy [Policy Text Block] | Derivatives and Hedging The Company does not not July 2, 2023 July 3, 2022. |
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 50% not” |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing the net income during the period by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing the net income during the period by the sum of the weighted-average number of common shares outstanding during the period and the potential dilutive common shares (consisting of employee stock options and unvested restricted stock awards). Diluted net loss per common share is computed using the weighted-average number of common shares outstanding during the period and excludes the dilutive potential common shares (consisting of unvested restricted stock awards), as their inclusion would be antidilutive. As a result of the net loss for the year ended July 2, 2023, no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements - Adopted Financial Instruments Measurement of Credit Losses. June 2016, No. 2016 13, 326 2016 13 2016 13 2021 September 27, 2020), no Goodwill Impairment Test. January 2017, No. 2017 04, 350 two 2017 04, 2021 September 27, 2020), no |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Property Plant and Equipment Estimated Useful Lives [Table Text Block] | Building and building improvements (years) 10 - 40 Leasehold improvements (years) 3 - 10 Furniture, fixtures and production equipment (years) 3 - 20 Software (years) 3 - 7 Orchards in production and land improvements (years) 15 - 45 |
Note 3 - Net Income (Loss) Pe_2
Note 3 - Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended July 2, 2023 July 3, 2022 June 27, 2021 (in thousands, except per share data) Numerator: Net income (loss) $ (44,702 ) $ 29,610 $ 118,652 Denominator: Weighted average shares outstanding 64,688 64,977 64,739 Effect of dilutive securities: Employee stock options - 45 727 Employee restricted stock awards - 595 1,080 Total effect of dilutive securities - 640 1,807 Adjusted weighted-average shares and assumed conversions 64,688 65,617 66,546 Net income (loss) per common share: Basic $ (0.69 ) $ 0.46 $ 1.83 Diluted $ (0.69 ) $ 0.45 $ 1.78 |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | PersonalizationMall s Preliminary Purchase Price Allocation Measurement Period Adjustments (1) PersonalizationMall s Final Purchase Price Allocation August 3, 2020 June 27, 2021 (in thousands) Assets Acquired: Inventories $ 16,998 $ - $ 16,998 Other assets 5,216 (1 ) 5,215 Property, plant and equipment, net 30,792 - 30,792 Operating lease right-of-use assets 21,438 - 21,438 Goodwill 133,337 102 133,439 Other intangibles, net 76,000 - 76,000 Total assets acquired $ 283,781 $ 101 $ 283,882 Liabilities assumed: Accounts payable and accrued expenses $ 11,400 $ 102 $ 11,502 Operating lease liabilities 21,438 - 21,438 Total liabilities assumed $ 32,838 $ 102 $ 32,940 Net assets acquired $ 250,943 $ (1 ) $ 250,942 Vital Choice Preliminary Purchase Price Allocation Measurement Period Interim Adjustments Vital Choice Purchase Price Allocation October 27, 2021 January 1, 2023 (in thousands) Inventory $ 8,653 $ - $ 8,653 Other current assets 929 (474 ) 455 Property, plant and equipment 205 (205 ) - Intangible assets 9,800 (600 ) 9,200 Goodwill 4,383 634 5,017 Total assets acquired 23,970 (645 ) 23,325 Current liabilities 3,621 (256 ) 3,365 Net assets acquired $ 20,349 $ (389 ) $ 19,960 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended June 27, 2021 (in thousands) Net Revenues $ 2,138,238 Net Income 125,213 |
Note 5 - Inventory (Tables)
Note 5 - Inventory (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 2, 2023 July 3, 2022 (in thousands) Finished goods $ 92,582 $ 128,760 Work-in-process 33,818 29,270 Raw materials 64,934 89,533 Total inventory $ 191,334 $ 247,563 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Total (in thousands) Balance at June 27, 2021 $ 150,880 $ - $ 57,270 $ 208,150 Acquisition of Vital Choice - - 4,417 4,417 Acquisition of Alice’s Table 720 - - 720 Balance at July 3, 2022 $ 151,600 $ - $ 61,687 $ 213,287 Measurement period adjustment for Vital Choice Acquisition - - 600 600 Measurement period adjustment for Alice's Table Acquisition 112 - - 112 Acquisition of Things Remembered 1,664 - - 1,664 Goodwill impairment - - (62,287 ) (62,287 ) Balance at July 2, 2023 $ 153,376 $ - $ - $ 153,376 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | July 2, 2023 July 3, 2022 Amortization Period (1) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) (in thousands) Intangible assets with determinable lives Investment in licenses 14 - 16 $ 7,420 $ 6,569 $ 851 $ 7,420 $ 6,464 $ 956 Customer lists 3 - 10 29,071 21,611 7,460 28,509 17,473 11,036 Other 5 - 14 2,946 2,604 342 2,946 2,543 403 Total intangible assets with determinable lives 39,437 30,784 8,653 38,875 26,480 12,395 Trademarks with indefinite lives 131,235 - 131,235 133,173 - 133,173 Total identifiable intangible assets $ 170,672 $ 30,784 $ 139,888 $ 172,048 $ 26,480 $ 145,568 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | July 2, 2023 July 3, 2022 (in thousands) Land $ 33,866 $ 33,862 Orchards in production and land improvements 20,401 19,773 Building and building improvements 67,647 65,909 Leasehold improvements 29,524 26,266 Production equipment 125,297 106,244 Furniture and fixtures 9,102 8,985 Computer and telecommunication equipment 41,859 38,934 Software 181,085 165,289 Capital projects in progress 18,205 14,525 Property, plant and equipment, gross 526,986 479,787 Accumulated depreciation and amortization (292,417 ) (243,306 ) Property, plant and equipment, net $ 234,569 $ 236,481 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | July 2, 2023 July 3, 2022 (in thousands) Payroll and employee benefits $ 33,927 $ 37,617 Deferred revenue 30,811 33,746 Accrued marketing expenses 13,679 19,506 Accrued florist payout 13,437 18,938 Accrued purchases 18,351 32,141 Other 31,709 33,444 Accrued expenses $ 141,914 $ 175,392 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | July 2, 2023 July 3, 2022 (in thousands) Revolver (1) $ - $ - Term Loan (1) 200,000 165,000 Deferred financing costs (3,609 ) (2,503 ) Total debt 196,391 162,497 Less: current maturities of long-term debt 10,000 20,000 Long-term debt $ 186,391 $ 142,497 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
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) as of July 2, 2023: Trading securities held in a “rabbi trust” (1) $ 22,617 $ 22,617 $ - $ - $ 22,617 $ 22,617 $ - $ - Assets (liabilities) as of July 3, 2022: Trading securities held in a “rabbi trust” (1) $ 17,760 $ 17,760 $ - $ - $ 17,760 $ 17,760 $ - $ - |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended July 2, 2023 July 3, 2022 June 27, 2021 (in thousands) Current provision (benefit): Federal $ 976 $ (1,676 ) $ 17,594 State 1,572 1,589 7,339 Current income tax expense (benefit) 2,548 (87 ) 24,933 Deferred provision (benefit): Federal (3,145 ) 2,679 5,160 State (1,463 ) (1,100 ) 370 Deferred income tax expense (benefit) (4,608 ) 1,579 5,530 Income tax expense (benefit) $ (2,060 ) $ 1,492 $ 30,463 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended July 2, 2023 July 3, 2022 June 27, 2021 Tax at U.S. statutory rates 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit (0.2 ) 4.2 4.2 Capital loss expiration - 15.5 - Non-deductible impairment charge (16.8 ) - - Valuation allowance change (0.2 ) (19.8 ) (0.3 ) Non-deductible compensation (2.1 ) 5.3 0.7 Excess tax benefit/shortfalls from stock-based compensation (1.7 ) (16.1 ) (4.1 ) Tax credits 2.7 (3.9 ) (0.9 ) Enhanced deductions 2.6 (2.1 ) (0.2 ) Other, net (0.9 ) 0.7 - Effective tax rate 4.4 % 4.8 % 20.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years ended July 2, 2023 July 3, 2022 (in thousands) Deferred income tax assets: Loss and carryforwards $ 13,598 $ 7,590 Accrued expenses and reserves 3,531 7,550 Inventory 4,422 5,897 Stock-based compensation 1,549 1,330 Deferred compensation 3,602 3,723 Operating lease liability 33,186 33,847 Gross deferred income tax assets 59,888 59,937 Less: Valuation allowance (3,182 ) (3,096 ) Deferred tax assets, net 56,706 56,841 Deferred income tax liabilities: Other intangibles (14,916 ) (21,764 ) Tax in excess of book depreciation (41,826 ) (38,755 ) Operating lease right-of-use asset (31,098 ) (32,064 ) Deferred tax liabilities (87,840 ) (92,583 ) Net deferred income tax liabilities $ (31,134 ) $ (35,742 ) |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Years Ended July 2, 2023 July 3, 2022 June 27, 2021 (in thousands) Stock options $ 2,536 $ (41 ) $ 36 Restricted stock awards 5,798 7,988 10,799 Total 8,334 7,947 10,835 Deferred income tax benefit 2,042 1,943 2,673 Stock-based compensation expense, net $ 6,292 $ 6,004 $ 8,162 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended July 2, 2023 July 3, 2022 June 27, 2021 (in thousands) Marketing and sales $ 3,818 $ 3,414 $ 4,943 Technology and development 698 319 652 General and administrative 3,818 4,214 5,240 Total $ 8,334 $ 7,947 $ 10,835 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years ended July 2, 2023 July 3, 2022 (1) June 27, 2021 (1) Weighted average fair value of options granted $ 5.13 n/a n/a Expected volatility 52 % n/a n/a Expected life (in years) 7.5 n/a n/a Risk-free interest rate 4.3 % n/a n/a Expected dividend yield 0/0% n/a n/a |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding beginning of period - $ - Granted 2,346,416 $ 8.59 Exercised - $ - Forfeited/Expired (60,808 ) $ 8.59 Outstanding end of period 2,285,608 $ 8.59 9.35 $ - Exercisable at July 2, 2023 - $ - - $ - |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Exercise Price Options Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price $ 8.59 2,285,608 9.4 $ 8.59 - $ - 2,285,608 9.4 $ 8.59 - $ - |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Non-vested – beginning of period 929,709 $ 21.82 Granted 757,754 $ 8.48 Vested (385,965 ) $ 18.10 Forfeited (69,864 ) $ 17.77 Non-vested - end of period 1,231,634 $ 15.01 |
Note 15 - Business Segments (Ta
Note 15 - Business Segments (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years ended Net revenues July 2, 2023 July 3, 2022 June 27, 2021 (in thousands) Segment Net revenues: Consumer Floral & Gifts $ 920,510 $ 1,059,570 $ 1,025,015 BloomNet 133,183 145,702 142,919 Gourmet Foods & Gift Baskets 965,191 1,004,272 955,607 Corporate 375 201 341 Intercompany eliminations (1,406 ) (1,860 ) (1,637 ) Total net revenues $ 2,017,853 $ 2,207,885 $ 2,122,245 Years ended Operating Income (Loss) July 2, 2023 July 3, 2022 June 27, 2021 (in thousands) Segment Contribution Margin: Consumer Floral & Gifts $ 95,535 $ 104,319 $ 128,625 BloomNet 37,197 42,515 45,875 Gourmet Foods & Gift Baskets 12,895 62,021 149,377 Segment Contribution Margin Subtotal 145,627 208,855 323,877 Corporate (a) (126,965 ) (117,676 ) (132,280 ) Depreciation and amortization (53,673 ) (49,078 ) (42,510 ) Operating income (loss) $ (35,011 ) $ 42,101 $ 149,087 |
Disaggregation of Revenue [Table Text Block] | Years Ended Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Corporate and Eliminations Consolidated July 2, 2023 July 3, 2022 June 27, 2021 July 2, 2023 July 3, 2022 June 27, 2021 July 2, 2023 July 3, 2022 June 27, 2021 July 2, 2023 July 3, 2022 June 27, 2021 July 2, 2023 July 3, 2022 June 27, 2021 Net revenues E-commerce $ 911,302 $ 1,049,821 $ 1,015,716 $ - $ - $ - $ 833,320 $ 884,827 $ 863,834 $ - $ - $ - $ 1,744,622 $ 1,934,648 $ 1,879,550 Other 9,208 9,749 9,299 133,183 145,702 142,919 131,871 119,445 91,773 (1,031 ) (1,659 ) (1,296 ) 273,231 273,237 242,695 Total net revenues $ 920,510 $ 1,059,570 $ 1,025,015 $ 133,183 $ 145,702 $ 142,919 $ 965,191 $ 1,004,272 $ 955,607 $ (1,031 ) $ (1,659 ) $ (1,296 ) $ 2,017,853 $ 2,207,885 $ 2,122,245 Other revenues detail Retail and other 9,208 9,749 9,299 - - - 9,751 10,134 9,134 - - - 18,959 19,883 18,433 Wholesale - - - 50,075 53,957 45,299 122,120 109,311 82,639 - - - 172,195 163,268 127,938 BloomNet services - - - 83,108 91,745 97,620 - - - - - - 83,108 91,745 97,620 Corporate - - - - - - - - - 375 201 341 375 201 341 Eliminations - - - - - - - - - (1,406 ) (1,860 ) (1,637 ) (1,406 ) (1,860 ) (1,637 ) Total other revenues $ 9,208 $ 9,749 $ 9,299 $ 133,183 $ 145,702 $ 142,919 $ 131,871 $ 119,445 $ 91,773 $ (1,031 ) $ (1,659 ) $ (1,296 ) $ 273,231 $ 273,237 $ 242,695 |
Note 16 - Leases (Tables)
Note 16 - Leases (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years Ended July 2, 2023 July 3, 2022 (in thousands) Lease costs: Operating lease costs $ 22,208 $ 19,402 Variable lease costs 24,582 21,823 Short-term lease cost 5,307 5,224 Sublease income (988 ) (751 ) Total lease costs $ 51,109 $ 45,698 Years Ended July 2, 2023 July 3, 2022 (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 21,020 $ 16,486 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,040 $ 57,494 July 2, 2023 July 3, 2022 (in thousands) Weighted-average remaining lease term - operating leases (in years) 8.7 9.5 Weighted-discount rate - operating leases 4.0 % 3.9 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 20,759 2025 20,339 2026 18,409 2027 16,784 2028 15,862 Thereafter 67,096 Total Future Minimum Lease Payments 159,249 Less: Imputed Remaining Interest 26,160 Total Operating Lease Liabilities 133,089 Less: Current portion of long-term operating lease liabilities 15,759 Long-term operating lease liabilities $ 117,330 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jul. 02, 2023 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts- Describe Deductions- Describe (a) Balance at End of Period Reserves and allowances deducted from asset accounts: Reserve for estimated doubtful accounts-accounts/notes receivable Year Ended July 2, 2023 $ 2,396,000 $ 3,991,000 $ - $ (551,000 ) $ 5,836,000 Year Ended July 3, 2022 $ 4,032,000 $ (411,000 ) $ - $ (1,225,000 ) $ 2,396,000 Year Ended June 27, 2021 $ 5,665,000 $ 964,000 $ - $ (2,597,000 ) $ 4,032,000 Valuation allowance for deferred tax assets Year Ended July 2, 2023 $ 3,096,000 $ 86,000 $ - $ - $ 3,182,000 Year Ended July 3, 2022 $ 9,258,000 $ 58,000 $ - $ (6,220,000 ) $ 3,096,000 Year Ended June 27, 2021 $ 9,681,000 $ 174,000 $ - $ (597,000 ) $ 9,258,000 Valuation allowance for inventory Year Ended July 2, 2023 $ 11,370,000 $ 3,010,000 $ - $ (4,470,000 ) $ 9,910,000 Year Ended July 3, 2022 $ 8,680,000 $ 4,670,000 $ - $ (1,980,000 ) $ 11,370,000 Year Ended June 27, 2021 $ 7,070,000 $ 2,040,000 $ - $ (430,000 ) $ 8,680,000 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 12.8 | $ 4.6 | $ 5.2 |
Income Taxes Paid, Net | $ (8.8) | $ 1.4 | $ 37.2 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | Jul. 04, 2023 | Jul. 03, 2023 | |
Prepaid Catalog Expenses Current | $ 2.4 | $ 3.1 | |||
Equity Securities without Readily Determinable Fair Value, Amount | 2.6 | 3.5 | |||
Accounts Receivable, Allowance for Credit Loss, Current | 5.8 | 2.4 | |||
Contract with Customer, Liability, Current | 33.7 | $ 30.8 | |||
Contract with Customer, Liability, Revenue Recognized | 33.1 | ||||
Advertising Expense | $ 291.9 | $ 347.7 | $ 307.9 | ||
Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||||
Minimum [Member] | Software and Software Development Costs [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | |||
Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 16 years | ||||
Maximum [Member] | Software and Software Development Costs [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | 7 years |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Property, Plant and Equipment (Details) | Jul. 04, 2023 | Jul. 02, 2023 |
Minimum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Minimum [Member] | Software and Software Development Costs [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years |
Minimum [Member] | Orchards in Production and Land Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |
Maximum [Member] | Software and Software Development Costs [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 7 years | 7 years |
Maximum [Member] | Orchards in Production and Land Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 45 years |
Note 3 - Net Income (Loss) Pe_3
Note 3 - Net Income (Loss) Per Common Share - Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Net income (loss) | $ (44,702) | $ 29,610 | $ 118,652 |
Basic (in shares) | 64,688 | 64,977 | 64,739 |
Effect of dilutive securities (in shares) | 0 | 640 | 1,807 |
Adjusted weighted-average shares and assumed conversions (in shares) | 64,688 | 65,617 | 66,546 |
Basic net income (loss) per common share (in dollars per share) | $ (0.69) | $ 0.46 | $ 1.83 |
Diluted net income (loss) per common share (in dollars per share) | $ (0.69) | $ 0.45 | $ 1.78 |
Share-Based Payment Arrangement, Option [Member] | |||
Effect of dilutive securities (in shares) | 0 | 45 | 727 |
Restricted Stock [Member] | |||
Effect of dilutive securities (in shares) | 0 | 595 | 1,080 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) $ in Thousands | 12 Months Ended | ||||||||||||
Jan. 10, 2023 USD ($) | Dec. 31, 2021 USD ($) | Oct. 27, 2021 USD ($) | Aug. 03, 2020 USD ($) ft² | Jul. 02, 2023 USD ($) | Nov. 30, 2022 USD ($) | Jul. 03, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 27, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 01, 2023 USD ($) | Jul. 20, 2020 USD ($) | Feb. 14, 2020 USD ($) | |
Goodwill, Ending Balance | $ 153,376 | $ 213,287 | $ 208,150 | ||||||||||
Operating Expenses, Total | 792,537 | 779,637 | 747,342 | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 2,017,853 | $ 2,207,885 | 2,122,245 | ||||||||||
Vital Choice [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 27,800 | ||||||||||||
Things Remembered Brand [Member] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 30,400 | ||||||||||||
The New Term Loan [Member] | The 2019 Credit Agreement [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||||||||||
Personalization Mall [Member] | |||||||||||||
Business Combination, Contract Purchase Price | $ 245,000 | $ 252,000 | |||||||||||
Business Combination, Consideration Transferred, Total | $ 250,900 | ||||||||||||
Goodwill, Ending Balance | 133,337 | 133,439 | |||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 236,000 | ||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 34,700 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 76,000 | 76,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 16,998 | 16,998 | |||||||||||
Personalization Mall [Member] | Transaction and Litigation Costs [Member] | |||||||||||||
Operating Expenses, Total | (5,400) | ||||||||||||
Personalization Mall [Member] | Amortization Expense Related to Definite Lived Intangible Assets [Member] | |||||||||||||
Operating Expenses, Total | 200 | ||||||||||||
Personalization Mall [Member] | Debt, Incremental Interest and Deferred Financing Costs [Member] | |||||||||||||
Interest Expense, Total | $ 600 | ||||||||||||
Personalization Mall [Member] | Trade Names [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 65,000 | ||||||||||||
Personalization Mall [Member] | Customer Lists [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 11,000 | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | ||||||||||||
Personalization Mall [Member] | State-of-the-art Production and Distribution Facility [Member] | |||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 360,000 | ||||||||||||
Vital Choice [Member] | |||||||||||||
Business Combination, Consideration Transferred, Total | $ 20,000 | ||||||||||||
Goodwill, Ending Balance | 4,383 | $ 5,017 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,800 | 9,200 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 8,653 | 8,653 | |||||||||||
Vital Choice [Member] | Trade Names [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 4,900 | ||||||||||||
Vital Choice [Member] | Customer Lists [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 4,300 | ||||||||||||
Alice's Table, Inc. [Member] | |||||||||||||
Business Combination, Consideration Transferred, Total | $ 1,300 | ||||||||||||
Goodwill, Ending Balance | 800 | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 3,800 | ||||||||||||
Payments to Acquire Businesses, Gross | 800 | ||||||||||||
Business Combination, Consideration Transferred, Other | 300 | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 300 | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 100% | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Loss | $ 700 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 200 | ||||||||||||
Alice's Table, Inc. [Member] | Trademarks [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 500 | ||||||||||||
Alice's Table, Inc. [Member] | Customer Lists [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 200 | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | ||||||||||||
Things Remembered Brand [Member] | |||||||||||||
Business Combination, Consideration Transferred, Total | $ 5,000 | ||||||||||||
Goodwill, Ending Balance | 1,700 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,300 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 400 | ||||||||||||
Things Remembered Brand [Member] | Trademarks [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 800 | ||||||||||||
Things Remembered Brand [Member] | Customer Lists [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 800 | ||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years |
Note 4 - Acquisitions - Prelimi
Note 4 - Acquisitions - Preliminary Allocation of the Purchase Price to the Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | 14 Months Ended | ||||
Jun. 27, 2021 | Jul. 02, 2023 | Jan. 01, 2023 | Jul. 03, 2022 | Oct. 27, 2021 | Aug. 03, 2020 | ||
Goodwill | $ 208,150 | $ 153,376 | $ 213,287 | ||||
Vital Choice [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 8,653 | $ 8,653 | |||||
Other assets | 455 | 929 | |||||
Other assets | (474) | ||||||
Property, plant and equipment, net | 0 | 205 | |||||
Goodwill | 5,017 | 4,383 | |||||
Goodwill | $ 600 | 634 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,200 | 9,800 | |||||
Total assets acquired | 23,325 | 23,970 | |||||
Total assets acquired | (645) | ||||||
Accounts payable and accrued expenses | 3,365 | 3,621 | |||||
Total liabilities assumed | (256) | ||||||
Net assets acquired | 19,960 | $ 20,349 | |||||
Property, plant and equipment, adjustment | (205) | ||||||
Intangible assets, adjustment | (600) | ||||||
Net assets acquired, adjustment | $ (389) | ||||||
Personalization Mall [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 16,998 | $ 16,998 | |||||
Other assets | 5,215 | 5,216 | |||||
Other assets | [1] | (1) | |||||
Property, plant and equipment, net | 30,792 | 30,792 | |||||
Operating lease right-of-use assets | 21,438 | 21,438 | |||||
Goodwill | 133,439 | 133,337 | |||||
Goodwill | [1] | 102 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 76,000 | 76,000 | |||||
Total assets acquired | 283,882 | 283,781 | |||||
Total assets acquired | [1] | 101 | |||||
Accounts payable and accrued expenses | 11,502 | 11,400 | |||||
Accounts payable and accrued expenses | [1] | 102 | |||||
Operating lease liabilities | 21,438 | 21,438 | |||||
Total liabilities assumed | 32,940 | 32,838 | |||||
Total liabilities assumed | [1] | 102 | |||||
Net assets acquired | $ 250,942 | $ 250,943 | |||||
[1]The measurement period adjustments did not have a significant impact on the Company’s condensed consolidated statements of income for the year ended June 27, 2021. |
Note 4 - Acquisition - Pro Form
Note 4 - Acquisition - Pro Forma Information (Details) - Personalization Mall [Member] $ in Thousands | 12 Months Ended |
Jun. 27, 2021 USD ($) | |
Net Revenues | $ 2,138,238 |
Net Income | $ 125,213 |
Note 5 - Inventory - Summary of
Note 5 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Jul. 02, 2023 | Jul. 03, 2022 |
Finished goods | $ 92,582 | $ 128,760 |
Work-in-process | 33,818 | 29,270 |
Raw materials | 64,934 | 89,533 |
Total inventory | $ 191,334 | $ 247,563 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 02, 2023 USD ($) | Jul. 02, 2023 USD ($) | Jul. 03, 2022 USD ($) | Jun. 27, 2022 USD ($) | Jun. 27, 2021 USD ($) | |
Amortization of Intangible Assets | $ 4,200 | $ 3,900 | $ 3,300 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 4,500 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1,900 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1,300 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 500 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 200 | ||||
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | $ 300 | ||||
Number of Reporting Units | 3 | ||||
Goodwill and Intangible Asset Impairment | $ 64,586 | $ 0 | $ 0 | ||
Goodwill, Impairment Loss | $ 62,287 | ||||
Gourmet Foods and Gift Baskets [Member] | |||||
Reporting Unit, Discount Rate | 13% | ||||
Goodwill and Intangible Asset Impairment | $ 64,600 | ||||
Goodwill, Impairment Loss | 62,300 | ||||
Gourmet Foods and Gift Baskets [Member] | Trademarks [Member] | |||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 2,300 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | 14 Months Ended | |
Jul. 02, 2023 | Jul. 03, 2022 | Jan. 01, 2023 | |
Balance | $ 213,287 | $ 208,150 | |
Goodwill impairment | (62,287) | ||
Balance | 153,376 | 213,287 | |
Vital Choice [Member] | |||
Balance | $ 4,383 | ||
Acquisition | 4,417 | ||
Measurement period adjustment | 600 | 634 | |
Balance | 5,017 | ||
Alice's Table, Inc. [Member] | |||
Balance | |||
Acquisition | 720 | ||
Measurement period adjustment | 112 | ||
Balance | $ 800 | ||
Things Remembered Brand [Member] | |||
Acquisition | 1,664 | ||
Consumer Floral [Member] | |||
Balance | 151,600 | 150,880 | |
Goodwill impairment | 0 | ||
Balance | 153,376 | 151,600 | |
Consumer Floral [Member] | Vital Choice [Member] | |||
Acquisition | 0 | ||
Measurement period adjustment | 0 | ||
Consumer Floral [Member] | Alice's Table, Inc. [Member] | |||
Acquisition | 720 | ||
Measurement period adjustment | 112 | ||
Consumer Floral [Member] | Things Remembered Brand [Member] | |||
Acquisition | 1,664 | ||
BloomNet Wire Service [Member] | |||
Balance | 0 | 0 | |
Goodwill impairment | 0 | ||
Balance | 0 | 0 | |
BloomNet Wire Service [Member] | Vital Choice [Member] | |||
Acquisition | 0 | ||
Measurement period adjustment | 0 | ||
BloomNet Wire Service [Member] | Alice's Table, Inc. [Member] | |||
Acquisition | 0 | ||
Measurement period adjustment | 0 | ||
BloomNet Wire Service [Member] | Things Remembered Brand [Member] | |||
Acquisition | 0 | ||
Gourmet Foods and Gift Baskets [Member] | |||
Balance | 61,687 | 57,270 | |
Goodwill impairment | (62,287) | ||
Balance | 0 | 61,687 | |
Gourmet Foods and Gift Baskets [Member] | Vital Choice [Member] | |||
Acquisition | 4,417 | ||
Measurement period adjustment | 600 | ||
Gourmet Foods and Gift Baskets [Member] | Alice's Table, Inc. [Member] | |||
Acquisition | $ 0 | ||
Measurement period adjustment | 0 | ||
Gourmet Foods and Gift Baskets [Member] | Things Remembered Brand [Member] | |||
Acquisition | $ 0 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 02, 2023 | Jul. 03, 2022 |
Intangible assets with determinable lives, gross | $ 39,437 | $ 38,875 |
Accumulated amortization | 30,784 | 26,480 |
Intangible assets with determinable lives, net | 8,653 | 12,395 |
Trademarks with indefinite lives, gross | 131,235 | 133,173 |
Total identifiable intangible assets, gross | 170,672 | 172,048 |
Other intangibles, net | $ 139,888 | 145,568 |
Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 3 years | |
Maximum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 16 years | |
Licensing Agreements [Member] | ||
Intangible assets with determinable lives, gross | $ 7,420 | 7,420 |
Accumulated amortization | 6,569 | 6,464 |
Intangible assets with determinable lives, net | $ 851 | 956 |
Licensing Agreements [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 14 years | |
Licensing Agreements [Member] | Maximum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 16 years | |
Customer Lists [Member] | ||
Intangible assets with determinable lives, gross | $ 29,071 | 28,509 |
Accumulated amortization | 21,611 | 17,473 |
Intangible assets with determinable lives, net | $ 7,460 | 11,036 |
Customer Lists [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 3 years | |
Customer Lists [Member] | Maximum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 10 years | |
Other Intangible Assets [Member] | ||
Intangible assets with determinable lives, gross | $ 2,946 | 2,946 |
Accumulated amortization | 2,604 | 2,543 |
Intangible assets with determinable lives, net | $ 342 | $ 403 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 5 years | |
Other Intangible Assets [Member] | Maximum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 14 years |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Depreciation | $ 49.5 | $ 45.2 | $ 39.2 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 02, 2023 | Jul. 03, 2022 |
Property, plant, and equipment, gross | $ 526,986 | $ 479,787 |
Accumulated depreciation and amortization | (292,417) | (243,306) |
Property, plant and equipment, net | 234,569 | 236,481 |
Land [Member] | ||
Property, plant, and equipment, gross | 33,866 | 33,862 |
Orchards in Production and Land Improvements [Member] | ||
Property, plant, and equipment, gross | 20,401 | 19,773 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 67,647 | 65,909 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 29,524 | 26,266 |
Equipment [Member] | ||
Property, plant, and equipment, gross | 125,297 | 106,244 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 9,102 | 8,985 |
Computer and Telecommunication Equipment [Member] | ||
Property, plant, and equipment, gross | 41,859 | 38,934 |
Software and Software Development Costs [Member] | ||
Property, plant, and equipment, gross | 181,085 | 165,289 |
Capital Projects in Progress [Member] | ||
Property, plant, and equipment, gross | $ 18,205 | $ 14,525 |
Note 8 - Accrued Expenses - Acc
Note 8 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 02, 2023 | Jul. 03, 2022 |
Payroll and employee benefits | $ 33,927 | $ 37,617 |
Deferred revenue | 30,811 | 33,746 |
Accrued marketing expenses | 13,679 | 19,506 |
Accrued florist payout | 13,437 | 18,938 |
Accrued purchases | 18,351 | 32,141 |
Other | 31,709 | 33,444 |
Accrued expenses | $ 141,914 | $ 175,392 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) $ in Millions | 32 Months Ended | ||||||||||
Jun. 27, 2023 USD ($) | Sep. 28, 2021 | May 31, 2019 USD ($) | May 31, 2024 | Jul. 02, 2023 USD ($) | Jun. 26, 2023 USD ($) | Jul. 03, 2022 USD ($) | Aug. 20, 2020 USD ($) | Aug. 19, 2020 USD ($) | May 30, 2019 USD ($) | ||
The 2019 Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||
Proceeds from Lines of Credit, Total | $ 200 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | ||||||||||
The 2020 Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 225 | $ 250 | $ 250 | $ 200 | |||||||
Debt Instrument, Working Capital Sublimit | 200 | 175 | |||||||||
Debt Instrument, Seasonally-reduced Revolver Commitments | $ 125 | $ 100 | |||||||||
Debt Instrument, Number of Periodic Payments | 15 | ||||||||||
The 2020 Credit Agreement [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate, Increase (Decrease) | 25% | ||||||||||
Term Loan [Member] | |||||||||||
Long-term Debt, Total | [1] | $ 200 | $ 165 | ||||||||
Term Loan [Member] | The 2019 Credit Agreement [Member] | |||||||||||
Long-term Debt, Total | $ 100 | $ 97 | |||||||||
Debt Instrument, Number of Installment Payments | 19 | ||||||||||
Debt Instrument, Principal Payment Percentage In First Eight Payments | 5% | ||||||||||
Debt Instrument, Principal Payment Percentage In Remaining Eleven Payments | 10% | ||||||||||
Debt Instrument, Principal Payment Due Upon Maturity | $ 62.5 | ||||||||||
Term Loan [Member] | The 2019 Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate, Increase (Decrease) | (0.25%) | ||||||||||
Line of Credit and Term Loan [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | |||||||||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 1% | ||||||||||
Line of Credit and Term Loan [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||||||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 0.50% | 0.50% | |||||||||
Line of Credit and Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 0.10% | ||||||||||
The New Term Loan [Member] | The 2020 Credit Agreement [Member] | |||||||||||
Debt Instrument, Face Amount | $ 200 | $ 150 | $ 100 | ||||||||
Debt Instrument Principal Payment Percentage in First Four Payments | 5% | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 67.5 | ||||||||||
Long-Term Debt, Maturity, Year One | 10 | ||||||||||
Long-Term Debt, Maturity, Year Two | 10 | ||||||||||
Long-Term Debt, Maturity, Year Three | 20 | ||||||||||
Long-Term Debt, Maturity, Year Four | 20 | ||||||||||
Long-Term Debt, Maturity, Year Five | $ 140 | ||||||||||
The New Term Loan [Member] | The 2020 Credit Agreement [Member] | Forecast [Member] | |||||||||||
Debt Instrument, Principal Payment Percentage In Remaining Eleven Payments | 10% | ||||||||||
[1]On May 31, 2019, the Company and certain of its U.S. subsidiaries entered into a Second Amended and Restated Credit Agreement (the “2019 Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2019 Credit Agreement amended and restated the Company’s existing amended and restated credit agreement dated as of December 23, 2016 to, among other modifications: (i) increase the amount of the outstanding term loan (“Term Loan”) from approximately $97 million to $100 million, (ii) extend the maturity date of the outstanding Term Loan and the revolving credit facility (“Revolver”) by approximately 29 months to May 31, 2024, and (iii) decrease the applicable interest rate margins for LIBOR and base rate loans by 25 basis points. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on September 29, 2019, with escalating principal payments, at the rate of 5.0% per annum for the first eight payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $62.5 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. For each borrowing under the Existing Credit Agreement (as defined below), the Company may elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus an applicable margin varying based on the Company’s consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1%, or (2) an adjusted LIBOR rate plus an applicable margin varying based on the Company’s consolidated leverage ratio. On August 20, 2020, the Company, the Subsidiary Guarantors, JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders entered into a First Amendment (the “First Amendment”) to the 2019 Credit Agreement. The First Amendment amends the 2019 Credit Agreement to, among other modifications, (i) increase the aggregate principal amount of the existing Revolver commitments from $200.0 million to $250.0 million, (ii) establish a new tranche of term A-1 loans in an aggregate principal amount of $100.0 million (the “2020 Term Loan”), (iii) increase the working capital sublimit with respect to the Revolver from $175.0 million to $200.0 million, and (iv) increase the seasonally-reduced Revolver commitments from $100.0 million to $125.0 million for the period from January 1 through August 1 for each fiscal year of the Company. F- 20 Table of Contents The 2020 Term Loan will mature on May 31, 2024. Proceeds of the borrowing under the 2020 Term Loan may be used for working capital and general corporate purposes of the Company and its subsidiaries, subject to certain restrictions. The 2020 Term Loan is payable in 15 quarterly installments of principal and interest beginning on September 27, 2020, with escalating principal payments, at the rate of 5.0% per annum for the first four payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $67.5 million due upon maturity. On November 8, 2021, the Company, certain of its U.S. subsidiaries, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, entered into a Second Amendment (the “Second Amendment”) to the 2019 Credit Agreement. The Second Amendment amended the 2019 Credit Agreement to, among other modifications, decrease the interest margins and LIBOR floor applicable to the 2020 Term Loan. Subsequent to year-end, on August 29, 2022, the Company, certain of its U.S. subsidiaries, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, entered into a Third Amendment (the “Third Amendment”) to the 2019 Credit Agreement. The Third Amendment amends the 2019 Credit Agreement (the 2019 Credit Agreement, as amended by the First Amendment, the Second Amendment, and the Third Amendment, the “Existing Credit Agreement”) to, among other modifications, (A) alter the financial maintenance covenants set forth therein by (1) increasing the required maximum consolidated leverage ratio, for the reference period ending October 2, 2022, from 3.25 to 1.00 to 4.25 to 1.00 and (2) decreasing the required minimum consolidated fixed charge coverage ratio, for the reference periods ending October 2, 2022, January 1, 2023, and April 2, 2023, from 1.50 to 1.00 to 1.00 to 1.00 and (B) increase the amount of certain capital expenditures that may be disregarded for purposes of calculating the consolidated fixed charge coverage ratio from $25.0 million to $35.0 million. The Existing Credit Agreement requires that while any borrowings or commitments are outstanding the Company comply with certain financial covenants and affirmative covenants as well as certain negative covenants that, subject to certain exceptions, limit the Company’s ability to, among other things, incur additional indebtedness, make certain investments and make certain restricted payments. The Company was in compliance with these covenants as of July 3, 2022. The Existing Credit Agreement is secured by substantially all of the assets of the Company. |
Note 9 - Long-term Debt - Summa
Note 9 - Long-term Debt - Summary of Current and Long-term Debt (Details) - USD ($) $ in Thousands | Jul. 02, 2023 | Jul. 03, 2022 | |
Deferred financing costs | $ (3,609) | $ (2,503) | |
Debt instrument, carrying amount | 196,391 | 162,497 | |
Less: current maturities of long-term debt | 10,000 | 20,000 | |
Long-term debt | 186,391 | 142,497 | |
Line of Credit [Member] | |||
Revolver | [1] | 0 | 0 |
Term Loan [Member] | |||
Term Loan | [1] | $ 200,000 | $ 165,000 |
[1]On May 31, 2019, the Company and certain of its U.S. subsidiaries entered into a Second Amended and Restated Credit Agreement (the “2019 Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2019 Credit Agreement amended and restated the Company’s existing amended and restated credit agreement dated as of December 23, 2016 to, among other modifications: (i) increase the amount of the outstanding term loan (“Term Loan”) from approximately $97 million to $100 million, (ii) extend the maturity date of the outstanding Term Loan and the revolving credit facility (“Revolver”) by approximately 29 months to May 31, 2024, and (iii) decrease the applicable interest rate margins for LIBOR and base rate loans by 25 basis points. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on September 29, 2019, with escalating principal payments, at the rate of 5.0% per annum for the first eight payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $62.5 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. For each borrowing under the Existing Credit Agreement (as defined below), the Company may elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus an applicable margin varying based on the Company’s consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1%, or (2) an adjusted LIBOR rate plus an applicable margin varying based on the Company’s consolidated leverage ratio. On August 20, 2020, the Company, the Subsidiary Guarantors, JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders entered into a First Amendment (the “First Amendment”) to the 2019 Credit Agreement. The First Amendment amends the 2019 Credit Agreement to, among other modifications, (i) increase the aggregate principal amount of the existing Revolver commitments from $200.0 million to $250.0 million, (ii) establish a new tranche of term A-1 loans in an aggregate principal amount of $100.0 million (the “2020 Term Loan”), (iii) increase the working capital sublimit with respect to the Revolver from $175.0 million to $200.0 million, and (iv) increase the seasonally-reduced Revolver commitments from $100.0 million to $125.0 million for the period from January 1 through August 1 for each fiscal year of the Company. F- 20 Table of Contents The 2020 Term Loan will mature on May 31, 2024. Proceeds of the borrowing under the 2020 Term Loan may be used for working capital and general corporate purposes of the Company and its subsidiaries, subject to certain restrictions. The 2020 Term Loan is payable in 15 quarterly installments of principal and interest beginning on September 27, 2020, with escalating principal payments, at the rate of 5.0% per annum for the first four payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $67.5 million due upon maturity. On November 8, 2021, the Company, certain of its U.S. subsidiaries, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, entered into a Second Amendment (the “Second Amendment”) to the 2019 Credit Agreement. The Second Amendment amended the 2019 Credit Agreement to, among other modifications, decrease the interest margins and LIBOR floor applicable to the 2020 Term Loan. Subsequent to year-end, on August 29, 2022, the Company, certain of its U.S. subsidiaries, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, entered into a Third Amendment (the “Third Amendment”) to the 2019 Credit Agreement. The Third Amendment amends the 2019 Credit Agreement (the 2019 Credit Agreement, as amended by the First Amendment, the Second Amendment, and the Third Amendment, the “Existing Credit Agreement”) to, among other modifications, (A) alter the financial maintenance covenants set forth therein by (1) increasing the required maximum consolidated leverage ratio, for the reference period ending October 2, 2022, from 3.25 to 1.00 to 4.25 to 1.00 and (2) decreasing the required minimum consolidated fixed charge coverage ratio, for the reference periods ending October 2, 2022, January 1, 2023, and April 2, 2023, from 1.50 to 1.00 to 1.00 to 1.00 and (B) increase the amount of certain capital expenditures that may be disregarded for purposes of calculating the consolidated fixed charge coverage ratio from $25.0 million to $35.0 million. The Existing Credit Agreement requires that while any borrowings or commitments are outstanding the Company comply with certain financial covenants and affirmative covenants as well as certain negative covenants that, subject to certain exceptions, limit the Company’s ability to, among other things, incur additional indebtedness, make certain investments and make certain restricted payments. The Company was in compliance with these covenants as of July 3, 2022. The Existing Credit Agreement is secured by substantially all of the assets of the Company. |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jul. 02, 2023 | Jul. 03, 2022 | |
Trading securities held in a “rabbi trust” | [1] | $ 22,617 | $ 17,760 |
Fair Value, Net Asset (Liability) | 22,617 | 17,760 | |
Fair Value, Inputs, Level 1 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 22,617 | 17,760 |
Fair Value, Net Asset (Liability) | 22,617 | 17,760 | |
Fair Value, Inputs, Level 2 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 0 | 0 |
Fair Value, Net Asset (Liability) | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 0 | 0 |
Fair Value, Net Asset (Liability) | $ 0 | $ 0 | |
[1]The Company has established a Non-qualified Deferred Compensation Plan (the “NQDC Plan”) for certain members of senior management. Deferred compensation plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Trading securities held in the rabbi trust are measured using quoted market prices at the reporting date and are included in the “Other assets” line item, with the corresponding liability included in the “Other liabilities” line item in the consolidated balance sheets. |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 02, 2023 | Jul. 03, 2022 | |
Deferred Tax Assets, Valuation Allowance | $ 3,182 | $ 3,096 |
Unrecognized Tax Benefits | 1,700 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 200 | |
Domestic Tax Authority [Member] | ||
Open Tax Year | 2020 2021 2022 | |
State and Local Jurisdiction [Member] | ||
Open Tax Year | 2016 2017 2018 2019 2020 2021 2022 | |
Foreign Tax Authority [Member] | ||
Open Tax Year | 2017 2018 2019 2020 2021 2022 | |
Expiring in 2027 [Member] | ||
Tax Credit Carryforward, Amount | $ 5,800 | |
Expiring in 2042 [Member] | ||
Tax Credit Carryforward, Amount | 3,700 | |
Expiring in 2024 [Member] | State and Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | 2,800 | |
Expiring in 2034 [Member] | State and Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 1,300 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Provision From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Federal | $ 976 | $ (1,676) | $ 17,594 |
State | 1,572 | 1,589 | 7,339 |
Current income tax expense (benefit) | 2,548 | (87) | 24,933 |
Federal | (3,145) | 2,679 | 5,160 |
State | (1,463) | (1,100) | 370 |
Deferred income tax expense (benefit) | (4,608) | 1,579 | 5,530 |
Income tax expense (benefit) | $ (2,060) | $ 1,492 | $ 30,463 |
Note 11 - Income Taxes - Effect
Note 11 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Tax at U.S. statutory rates | 21% | 21% | 21% |
State income taxes, net of federal tax benefit | (0.20%) | 4.20% | 4.20% |
Capital loss expiration | 0% | 15.50% | 0% |
Non-deductible impairment charge | (16.80%) | 0% | 0% |
Valuation allowance change | (0.20%) | (19.80%) | (0.30%) |
Non-deductible compensation | (2.10%) | 5.30% | 0.70% |
Excess tax benefit/shortfalls from stock-based compensation | (1.70%) | (16.10%) | (4.10%) |
Tax credits | 2.70% | (3.90%) | (0.90%) |
Enhanced deductions | 2.60% | (2.10%) | (0.20%) |
Other, net | (0.90%) | 0.70% | 0% |
Effective tax rate | 4.40% | 4.80% | 20.40% |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Tax Assets (Details) - USD ($) $ in Thousands | Jul. 02, 2023 | Jul. 03, 2022 |
Loss and carryforwards | $ 13,598 | $ 7,590 |
Accrued expenses and reserves | 3,531 | 7,550 |
Inventory | 4,422 | 5,897 |
Stock-based compensation | 1,549 | 1,330 |
Deferred compensation | 3,602 | 3,723 |
Operating lease liability | 33,186 | 33,847 |
Gross deferred income tax assets | 59,888 | 59,937 |
Less: Valuation allowance | (3,182) | (3,096) |
Deferred tax assets, net | 56,706 | 56,841 |
Other intangibles | (14,916) | (21,764) |
Tax in excess of book depreciation | (41,826) | (38,755) |
Operating lease right-of-use asset | (31,098) | (32,064) |
Deferred tax liabilities | (87,840) | (92,583) |
Net deferred income tax liabilities | $ (31,134) | $ (35,742) |
Note 12 - Capital Stock (Detail
Note 12 - Capital Stock (Details Textual) $ in Thousands | 12 Months Ended | ||||||
Jul. 02, 2023 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jul. 03, 2022 USD ($) shares | Jun. 27, 2021 USD ($) shares | Jul. 04, 2023 | Feb. 03, 2022 USD ($) | Apr. 22, 2021 USD ($) | |
Conversion Of Stock Shares Of Class A Common Stock Converted From A Share Of Class B Common Stock (in shares) | 1 | ||||||
Stock Repurchase Program, Authorized Amount | $ | $ 32,000 | $ 40,000 | $ 40,000 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 1,239 | $ 1,200 | $ 38,171 | $ 22,369 | |||
Treasury Stock, Shares, Acquired (in shares) | 147,479 | 1,592,555 | 862,290 | ||||
Common Class A [Member] | |||||||
Number of Voting Rights Per Share | 1 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | 181,393 | 904,000 | 389,209 | ||||
Common Class B [Member] | |||||||
Number of Voting Rights Per Share | 10 |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - USD ($) Pure in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,346,416 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 9,200 | $ 22,600 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 9,200 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days | ||
Restricted Stock [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 10,700 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days |
Note 13 - Stock Based Compens_4
Note 13 - Stock Based Compensation - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Allocated share-based compensation expense | $ 8,334 | $ 7,947 | $ 10,835 |
Deferred income tax benefit | 2,042 | 1,943 | 2,673 |
Allocated share-based compensation expense, net | 6,292 | 6,004 | 8,162 |
Share-Based Payment Arrangement, Option [Member] | |||
Allocated share-based compensation expense | 2,536 | (41) | 36 |
Restricted Stock [Member] | |||
Allocated share-based compensation expense | $ 5,798 | $ 7,988 | $ 10,799 |
Note 13 - Stock Based Compens_5
Note 13 - Stock Based Compensation - Allocation of Stock-based Compensation to Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Allocated share-based compensation expense | $ 8,334 | $ 7,947 | $ 10,835 |
Selling and Marketing Expense [Member] | |||
Allocated share-based compensation expense | 3,818 | 3,414 | 4,943 |
Technology and Development [Member] | |||
Allocated share-based compensation expense | 698 | 319 | 652 |
General and Administrative Expense [Member] | |||
Allocated share-based compensation expense | $ 3,818 | $ 4,214 | $ 5,240 |
Note 13 - Stock Based Compens_6
Note 13 - Stock Based Compensation - Assumptions (Details) | 12 Months Ended |
Jul. 02, 2023 $ / shares | |
Weighted average fair value of options granted (in dollars per share) | $ 5.13 |
Expected volatility | 52% |
Expected life (Year) | 7 years 6 months |
Risk-free interest rate | 4.30% |
Note 13 - Stock Based Compens_7
Note 13 - Stock Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Outstanding, options (in shares) | 0 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 0 | ||
Granted, options (in shares) | 2,346,416 | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 8.59 | ||
Exercised, options (in shares) | 0 | ||
Exercised, weighted average exercise price (in dollars per share) | $ 0 | ||
Forfeited, oprtions (in shares) | (60,808) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 8.59 | ||
Outstanding, options (in shares) | 2,285,608 | 0 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 8.59 | $ 0 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 4 months 6 days | ||
Outstanding, aggregate intrinsic value | $ 0 | ||
Exercisable, options (in shares) | 0 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 0 | ||
Exercisable, aggregate intrinsic value | $ 0 |
Note 13 - Stock Based Compens_8
Note 13 - Stock Based Compensation - Schedule of Stock Options by Exercise Price (Details) | 12 Months Ended |
Jul. 02, 2023 $ / shares shares | |
Options, exercise price (in dollars per share) | $ / shares | $ 8.59 |
Options, outstanding (in shares) | shares | 2,285,608 |
Options, outstanding weighted average contractual life (Year) | 9 years 4 months 24 days |
Options, exercisable (in shares) | shares | 0 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercise Price Of 8.59 [Member] | |
Options, exercise price (in dollars per share) | $ / shares | $ 8.59 |
Options, outstanding (in shares) | shares | 2,285,608 |
Options, outstanding weighted average contractual life (Year) | 9 years 4 months 24 days |
Options, exercisable (in shares) | shares | 0 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Note 13 - Stock Based Compens_9
Note 13 - Stock Based Compensation - Non-vested Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Jul. 02, 2023 $ / shares shares | |
Non-vested – beginning of period (in shares) | shares | 929,709 |
Non-vested – beginning of period (in dollars per share) | $ / shares | $ 21.82 |
Granted (in shares) | shares | 757,754 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 8.48 |
Vested (in shares) | shares | (385,965) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 18.10 |
Forfeited (in shares) | shares | (69,864) |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 17.77 |
Non-vested - end of period (in shares) | shares | 1,231,634 |
Non-vested - end of period (in dollars per share) | $ / shares | $ 15.01 |
Note 14 - Employee Retirement_2
Note 14 - Employee Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Defined Contribution Plan Required Age Of Employees To Become Eligible To Participate (Year) | 21 years | ||
Defined Contribution Plan Number Of Months Of Service Must Be Completed To Participate (Month) | 1 month | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,900 | $ 1,900 | $ 1,600 |
Defined Benefit Plan Participants Deferment Percentage Of Salary And Performance And Nonperformance Based Bonus | 1% | ||
Interest Expense [Member] | |||
Deferred Compensation Arrangement With Individual Gain (Loss) On Investment | $ 800 | 3,600 | 5,700 |
Deferred Compensation, Excluding Share-Based Payments and Retirement Benefits [Member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | 0 | 0 | $ 0 |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 22,600 | $ 17,800 | |
Deferred Compensation, Excluding Share-Based Payments and Retirement Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Participants Deferment Percentage Of Salary And Performance And Nonperformance Based Bonus | 100% |
Note 15 - Business Segments (De
Note 15 - Business Segments (Details Textual) | 12 Months Ended |
Jul. 02, 2023 | |
Number of Reportable Segments | 3 |
Note 15 - Business Segments - S
Note 15 - Business Segments - Segment Performance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | ||
Net revenues | $ 2,017,853 | $ 2,207,885 | $ 2,122,245 | |
Depreciation and amortization | (53,673) | (49,078) | (42,510) | |
Operating income (loss) | (35,011) | 42,101 | 149,087 | |
Operating Segments [Member] | ||||
Contribution margin | 145,627 | 208,855 | 323,877 | |
Corporate, Non-Segment [Member] | ||||
Net revenues | 375 | 201 | 341 | |
Corporate | [1] | (126,965) | (117,676) | (132,280) |
Intersegment Eliminations [Member] | ||||
Net revenues | (1,406) | (1,860) | (1,637) | |
Consumer Floral and Gifts [Member] | Operating Segments [Member] | ||||
Net revenues | 920,510 | 1,059,570 | 1,025,015 | |
Consumer Floral [Member] | Operating Segments [Member] | ||||
Net revenues | 920,510 | 1,059,570 | 1,025,015 | |
Contribution margin | 95,535 | 104,319 | 128,625 | |
BloomNet [Member] | Operating Segments [Member] | ||||
Net revenues | 133,183 | 145,702 | 142,919 | |
BloomNet Wire Service [Member] | Operating Segments [Member] | ||||
Net revenues | 133,183 | 145,702 | 142,919 | |
Contribution margin | 37,197 | 42,515 | 45,875 | |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | ||||
Net revenues | 965,191 | 1,004,272 | 955,607 | |
Contribution margin | $ 12,895 | $ 62,021 | $ 149,377 | |
[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 categories based upon usage, are included within corporate expenses as they are not directly allocable to a specific segment. |
Note 15 - Business Segments - D
Note 15 - Business Segments - Disaggregation of Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | |
Net revenues | $ 2,017,853 | $ 2,207,885 | $ 2,122,245 |
E-commerce [Member] | |||
Net revenues | 1,744,622 | 1,934,648 | 1,879,550 |
Product and Service, Other [Member] | |||
Net revenues | 273,231 | 273,237 | 242,695 |
Product and Service, Other [Member] | Retail and Other [Member] | |||
Net revenues | 18,959 | 19,883 | 18,433 |
Product and Service, Other [Member] | Wholesale [Member] | |||
Net revenues | 172,195 | 163,268 | 127,938 |
Product and Service, Other [Member] | Bloomnet Services [Member] | |||
Net revenues | 83,108 | 91,745 | 97,620 |
Segment Reconciling Items [Member] | |||
Net revenues | (1,031) | (1,659) | (1,296) |
Segment Reconciling Items [Member] | E-commerce [Member] | |||
Net revenues | 0 | 0 | 0 |
Segment Reconciling Items [Member] | Product and Service, Other [Member] | |||
Net revenues | (1,031) | (1,659) | (1,296) |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | |||
Net revenues | (1,406) | (1,860) | (1,637) |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | Retail and Other [Member] | |||
Net revenues | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | Wholesale [Member] | |||
Net revenues | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | |||
Net revenues | 0 | 0 | 0 |
Corporate, Non-Segment [Member] | |||
Net revenues | 375 | 201 | 341 |
Corporate, Non-Segment [Member] | Product and Service, Other [Member] | |||
Net revenues | 375 | 201 | 341 |
Consumer Floral [Member] | Operating Segments [Member] | |||
Net revenues | 920,510 | 1,059,570 | 1,025,015 |
Consumer Floral [Member] | Operating Segments [Member] | E-commerce [Member] | |||
Net revenues | 911,302 | 1,049,821 | 1,015,716 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | |||
Net revenues | 9,208 | 9,749 | 9,299 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Retail and Other [Member] | |||
Net revenues | 9,208 | 9,749 | 9,299 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Wholesale [Member] | |||
Net revenues | 0 | 0 | 0 |
Consumer Floral [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | |||
Net revenues | 0 | 0 | 0 |
BloomNet Wire Service [Member] | Operating Segments [Member] | |||
Net revenues | 133,183 | 145,702 | 142,919 |
BloomNet Wire Service [Member] | Operating Segments [Member] | E-commerce [Member] | |||
Net revenues | 0 | 0 | 0 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | |||
Net revenues | 133,183 | 145,702 | 142,919 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Retail and Other [Member] | |||
Net revenues | 0 | 0 | 0 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Wholesale [Member] | |||
Net revenues | 50,075 | 53,957 | 45,299 |
BloomNet Wire Service [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | |||
Net revenues | 83,108 | 91,745 | 97,620 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | |||
Net revenues | 965,191 | 1,004,272 | 955,607 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | E-commerce [Member] | |||
Net revenues | 833,320 | 884,827 | 863,834 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | |||
Net revenues | 131,871 | 119,445 | 91,773 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Retail and Other [Member] | |||
Net revenues | 9,751 | 10,134 | 9,134 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Wholesale [Member] | |||
Net revenues | 122,120 | 109,311 | 82,639 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | Product and Service, Other [Member] | Bloomnet Services [Member] | |||
Net revenues | $ 0 | $ 0 | $ 0 |
Note 16 - Leases - Lease Costs
Note 16 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 02, 2023 | Jul. 03, 2022 | |
Operating lease costs | $ 22,208 | $ 19,402 |
Variable lease costs | 24,582 | 21,823 |
Short-term lease cost | 5,307 | 5,224 |
Sublease income | (988) | (751) |
Total lease costs | 51,109 | 45,698 |
Cash paid for amounts included in measurement of operating lease liabilities | 21,020 | 16,486 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 12,040 | $ 57,494 |
Weighted-average remaining lease term - operating leases (in years) (Year) | 8 years 8 months 12 days | 9 years 6 months |
Weighted-discount rate - operating leases | 4% | 3.90% |
Note 16 - Leases - Maturities o
Note 16 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 02, 2023 | Jul. 03, 2022 |
2024 | $ 20,759 | |
2025 | 20,339 | |
2026 | 18,409 | |
2027 | 16,784 | |
2028 | 15,862 | |
Thereafter | 67,096 | |
Total Future Minimum Lease Payments | 159,249 | |
Less: Imputed Remaining Interest | 26,160 | |
Total Operating Lease Liabilities | 133,089 | |
Less: Current portion of long-term operating lease liabilities | 15,759 | $ 12,919 |
Long-term operating lease liabilities | $ 117,330 | $ 123,662 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2022 | Jul. 02, 2023 | Jul. 03, 2022 | |
Harriso Lawsuit [Member] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 2.9 | ||
Letter of Credit [Member] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 2.7 | $ 2.3 | |
Technology Infrastructure [Member] | |||
Long-Term Purchase Commitment, Amount | $ 12.5 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | |||
Jul. 02, 2023 | Jul. 03, 2022 | Jun. 27, 2021 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Balance at Beginning of Period | $ 2,396,000 | $ 4,032,000 | $ 5,665,000 | |
Charged to Costs and Expenses | 3,991,000 | (411,000) | 964,000 | |
Deductions- Describe | [1] | (551,000) | (1,225,000) | (2,597,000) |
Balance at End of Period | 5,836,000 | 2,396,000 | 4,032,000 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Balance at Beginning of Period | 3,096,000 | 9,258,000 | 9,681,000 | |
Charged to Costs and Expenses | 86,000 | 58,000 | 174,000 | |
Deductions- Describe | [1] | 0 | (6,220,000) | (597,000) |
Balance at End of Period | 3,182,000 | 3,096,000 | 9,258,000 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | ||||
Balance at Beginning of Period | 11,370,000 | 8,680,000 | 7,070,000 | |
Charged to Costs and Expenses | 3,010,000 | 4,670,000 | 2,040,000 | |
Deductions- Describe | (4,470,000) | (1,980,000) | (430,000) | |
Balance at End of Period | $ 9,910,000 | $ 11,370,000 | $ 8,680,000 | |
[1]Reduction in reserve due to amounts written off. |