Online Sales Drive Revenue Growth for 1-800-Flowers
Revenue for the quarter, which ended June 30, was $140.3 million, up from $132.3 million during the same period in fiscal 2001. Net income for fiscal fourth-quarter 2002 was $5.5 million, compared with a nearly break-even income of $226,000 during the same period in the previous fiscal year.
According to 1-800-Flowers, Westbury, NY, online revenue grew 9.3 percent to $68.5 million, representing 49 percent of all revenue. About 40 percent of the company's combined revenue came from sales of non-floral products.
For the full fiscal year 2002, 1-800-Flowers revenue increased 12.4 percent over the previous fiscal year to $497.2 million. The company suffered a net loss of $1.5 million for fiscal 2002, but this was an improvement of nearly $40 million from its fiscal 2001 net loss of $41.3 million.
Flowers.com said it acquired 3 million new customers in fiscal 2002 at a cost of $16.52 per customer, compared with 2.9 million new customers for $16.88 per customer in 2001. The company said it thought its customer acquisition costs were among the lowest in the specialty retail industry. The company has projected revenue growth of 14 percent to 19 percent in fiscal 2003.