1-800-Flowers.com (FLWS) Q2 2021 Earnings Call Transcript

1-800-Flowers.com (FLWS 0.32%)
Q2 2021 Earnings Call
Jan 28, 2021, 8:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the 1-800-FLOWERS.COM Inc. 2Q '21 conference call. [Operator instructions] Please note this event is being recorded. I would now like to turn the conference over to Joe Pititto.

Please go ahead.

Joe Pititto -- Senior Vice President, Investor Relations

Thank you, Grant. Good morning and thank you, all, for joining us today to discuss 1-800-FLOWERS.COM Inc.'s financial results for our fiscal 2021 second quarter. For those of you have not received a copy of our press release issued earlier this morning, the release can be accessed at the Investor Relations section of our corporate website at www.1800flowersinc.com. Our call today will begin with brief formal remarks and then we will open the call to your questions.

Presenting today will be Chris McCann, CEO; and Bill Shea, CFO. Before we begin, I need to remind everyone that some of the statements we will make today may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. For detailed description of these risks and uncertainties, please refer to our press release issued this morning as well as our SEC filings including the company's Annual Report on Form 10-K and quarterly reports on Form 10-Q.

In addition, this morning, we will discuss certain supplemental financial measures that were not prepared in accordance with the Generally Accepted Accounting Principles. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in the tables accompanying the company's press release issued this morning. The company expressly disclaims any intent or obligation to update any of the forward-looking statements made in today's call and the recordings of today's call, the press release issued earlier today, or in any of its SEC filings except as may be otherwise stated by the company. I'll now turn the call over to Chris McCann.

Pardon me, Chris, we cannot hear your line.

Chris McCann -- Chief Executive Officer

Thank you. Thank you, Joe. So, this morning, we are very pleased to report the highest quarterly revenue and profit in our company's history. This reflects the continuation of the momentum that we've been building over the past several years, including accelerating revenue growth that began in our fiscal '20 [Audio gap]

Joe Pititto -- Senior Vice President, Investor Relations

Pardon me. We seem to have lost connection to your line again, Chris. We can no longer hear you.

Chris McCann -- Chief Executive Officer

And can you hear me now, guys? All right, can you hear me now?

Joe Pititto -- Senior Vice President, Investor Relations

Chris, are you there? Yes, I -- I heard that. Chris, are you there? I would recommend dialing back in. It seems we do not have a strong connection here. He'll dial back in in just a moment.

Questions & Answers:

Operator

Thank you. [Operator instructions] Thank you. It seems we have lost our speaker line. [Operator instructions] Thank you.

Ladies and gentlemen, pardon the interruption but we do have our speakers back. I would like to hand the conference back over to Chris McCann. Please go ahead.

Chris McCann -- Chief Executive Officer

Thanks, everyone. I apologize for the technical difficulties. It's good to have somewhat of a back-up plan in place and it's a heck of a way to kick off a celebration of a great quarter. So, let's jump back in.

So, had I started to say, this morning, we are very, very pleased to report the highest quarterly revenue and profit in our company's history. And this reflects the continuation of the momentum that we've been building over the past several years. This includes the accelerated revenue growth that we saw begin in fiscal '18, continued through '19, and into fiscal '20. And accelerating further since the start of the COVID pandemic.

Our record results for the quarter were driven by strong double-digit e-commerce growth across our gourmet food and gift basket brands, in our market-leading 1-800 Flowers brand, and in our newest market-leading brand, Personalization Mall. Our strong e-commerce growth, combined with excellent operational execution enabled us to drive record adjusted EBITDA and EPS results despite the significant headwinds that we faced in the year-end holiday period, including what we're all familiar with the increased labor and product shipping costs, as well as operating inefficiencies related to the ongoing pandemic. This is really a testament to the incredible hard work and commitment of all of our associates across the company to help our customers connect and express themselves in a very challenging environment. Now, to step back and put our results -- our strong results and our positive view of our future and perspectives, it's worth taking a look at the unique business platform that we've built.

Over the past several years, we've made investments in our brands, our technology stack, our digital marketing, and martech capabilities, our Customer Care platform, and our fast-growing customer file. In our brands, we've continued to roll out initiatives designed to deepen customer engagement such as our weekly Celebrations Pulse Letters to -- to our customers from me and my brother Jim. These featured thoughtful tips, personal stories all designed to help people stay connected and express themselves, and it's creating a two-way dialogue with our customers. Also, our virtual experiential workshops that we've launched in collaboration with a wonderful, young business Alice's Table.

These include immersive virtual events such as floral design and ever-popular charcuterie-board-building workshops. Really fun classes that the friends can do together even while being socially distant. And our Connection Communities portal, this is a peer-to-peer support community that helps guide people through meaningful life events by connecting them with others who have walked the same path. It's these and other such programs that are evolving our relationship with our customers, engaging with them beyond the transaction to really focus and build a community that forges deeper brand engagement and loyalty.

Tiers of technology investments built a culture of innovation and this enables us to stay at the forefront of new technologies that help our customers connect and express themselves. We've built a new Headlist Commerce platform for our brands and for all devices. This is a microservices-driven platform that resides in the cloud, giving us significantly enhanced performance, flexibility, and scalability. Among the latest enhancements we've now -- we've deployed are new site-search capabilities across our multi-brand website that enables us to show more cross-brand results on product collections for specific occasions, or when our customers are using keyword search, significantly -- significantly enhancing our cross-brand merchandising efforts.

And just in time for the holiday season, we launched a completely new Enterprise B2B Commerce platform. This brings a variety of new capabilities designed to help our corporate customers stay connected with their work-from-home employees and their clients. One such feature is Smart Gift which enables corporate customers to send gifts even when they don't have the recipient's home address. All we need is an email address or we can utilize SMS.

We've recently tested a fully automated AI bot on Apple Business Chat that allows customers to interact with the complete AI natural-language bot, maintaining and scaling our high standards of customer service. And we are now rolling it out across our website with excellent early results. In digital marketing, we've leaned into our effective programs in search, display, video, and social channels expanding our reach, building our brands all with analysis-driven optimization for enhanced results. We've continued to invest in our Customer Care platform with a laser focus on enhancing the customer experience.

We've integrated an AI-powered, intelligent virtual assistant that seamlessly combines artificial intelligence and human understanding to provide exceptional full service for customers calling us with questions. And we've rolled out our online customer service hub that lets customers view real-time updates on order status, gives them the ability to modify their orders, and offers a live chat feature. We also continued to invest in new customer acquisition to accelerate the growth of our customer file. And in addition to that, addition to the significant growth in new customers, we're seeing enhance order frequency and retention in our best-customer cohorts, specifically our Celebrations Passport members and multi-brand customers.

And both of these cohorts continue to grow with strong, double-digit rates. In addition to our internal investments, we've continued to identify and execute strategic and highly accretive acquisitions such as Shari's Berries in August of '19 and Personalization Mall just this past August. With Shari's Berries, we bought the IP, the brand, the URL, and the customer list. No facilities or personnel.

And because of the flexibility of our platform, we were able to plug Shari's Berries into our distribution networks as well as our marketing and merchandising programs literally from the day that we closed the deal. We have taken a brand that was declining and losing money before we acquired it to one that is now growing rapidly with strong -- strong bottom-line contributions. For PMall, we added a leading provider of personalized gifts and home decor to our platform. A whole new suite of products and capabilities that instantly makes us a leader in the fast-growing category.

Most important, by leveraging our business platform particularly our digital marketing expertise, we've already been able to significantly accelerate PMall's revenue growth and enhance its profitability in just the first six months that it's been part of our platform. So, through the combination of our internal investments and our strategic acquisitions, we've successfully created a highly scalable and leverageable e-commerce platform that's built for growth. This platform will enable us to continue to drive growth both near and longer-term as consumers are increasingly shopping online to solve for their connective and expressive needs. Now, I'd like to turn the call to Bill to go over some specifics.

Bill Shea -- Chief Financial Officer

Thank you, Chris. As noted, we achieved record top and bottom-line results for our fiscal second quarter despite the significant headwinds that we told you about as we headed into the year-end holiday period, including increased costs for seasonal labor, volume constraints from third-party shippers, higher shipping costs related to the holiday season, COVID-related expenses, and operating inefficiencies related to the ongoing pandemic. This was no small achievement, and all our associates across the company are to be commended for going above and beyond in a very challenging environment to help millions of our customers stay connected and express themselves to the important people in their lives. Now, breaking down some highlights from the quarter.

First, in terms of revenue. Total consolidated revenues increased 44.8% or $271.6 million to $877.3 million, compared with $605.6 million in the prior-year period. Strong growth was driven by e-commerce growth of 59.7% including revenue contributions from PersonalizationMall.com which we acquired in August 2020. Excluding PMall, total revenues increased 24.7% and e-commerce revenues increased 34.6% compared with the prior-year period.

Gross profit margin for the quarter increased 100 basis points to 45.4%, compared with 44.4% in the prior-year period. The gross margin improvement primarily reflects strong PMall gross margins and our successful efforts to reduce promotions during what is typically a highly promotional environment. These efforts more than offset higher costs associated with seasonal labor and third-party shippers. Operating expenses as a percent of total revenues was 28.6%, compared with 28% in the prior-year period.

The slight deleverage in the quarter reflects several factors including investments we have made in enterprise marketing personnel and programs designed to help drive future strong growth, the acquisition of PMall which has higher gross profit margin but also higher operating costs compared with the overall company, and the impact in the quarter of the higher-investment income associated with our company's non-qualified deferred compensation plan with the offset being compensation expense. Combination of these factors result in an increase of 48.4% or $53.6 million in adjusted EBITDA to $164.3 million, compared with adjusted EBITDA of $110.7 million in the prior-year period. Net income for the quarter increased 53.3% or $39.5 million to $113.7 million or a $1.71 per diluted share, compared with net income of $74.2 million or $1.12 per diluted share in the prior-year period. Adjusted net income for the quarter increased 54.1% or $40.1 million to $114.2 million or $1.72per diluted share.

Turning to our segment results. In our consumer floral and gifts segment which includes PMall, we grew revenues 163.9% or $189.7 million to $305.4 million, compared with $115.7 million in the prior-year period. Excluding the contribution of PMall, total revenues in this segment increased 58.3% compared with the prior-year period as our 1-800-FLOWERS brand continues to expand its market-leading position. Gross profit margin in this segment increased 550 basis points to 44%, compared with 38.5% in the prior-year period, primarily reflecting contributions from PMall.

Excluding PMall, gross margins for the 1-800-FLOWERS brand increased 70 basis points. Segment contribution margin increased 319.3% or $34.8 million to $45.7 million, compared with $10.9 million in the prior-year period including a strong contribution from PMall. Excluding PMall, segment contribution margin increased 69.7% compared with the prior-year period, illustrating the leverage in our business model. In terms of our BloomNet business, revenues grew 32.4% to $34.1 million, compared with $25.7 million in the prior-year period This reflected strong growth in wholesale products including fresh floral and hot goods, as well as significant order volumes -- growth in significant order volumes from both the 1-800-FLOWERS brand as well as florist-to-florist orders.

As we noted after our first quarter, the decision we made to help our florists back in the early days of the pandemic including waving membership fees and providing various products and services at reduced prices continues to pay off as florists are buying more products and services from BloomNet in addition to fulfilling increased order volumes, further expanding BloomNet's market share. Gross profit margin in this segment was 49.4%, a decrease of 180 basis points, compared with 51.2% in the prior-year period primarily reflecting product mix. Segment contribution margin increased 32.9% to $12.1 million compared with $9.1 million in the prior-year period. In our gourmet food and gift baskets segment, we grew revenues 15.9% or $73.7 million to $538.3 million, compared with $464.6 million in the prior-year period.

The strong growth was driven by accelerated e-commerce growth of 27.1% which more than offset lower wholesale gift basket orders for the holiday season and the loss of revenues associated with the closing of the Harry & David retail stores in fiscal 2020. Gross profit margin increased 40 basis points to 45.9%, compared with 45.5% in the prior-year period. And segment contribution margin as adjusted improved 19.5% to $22 million -- or $22.2 million to $135.5 five million, compared with $113.3 million in the prior-year period. This also demonstrates the leverage in this segment which offsets the aforementioned cost headwinds.

Now, turning to our balance sheet. Our cash and investment position was $370.6 million at the end of the quarter. It should be noted that due to the proximity of the holiday season, our quarter-end -- and our quarter-end, our accounts payable and accrued expenses were also at seasonal highs. With that said, our cash position is very strong particularly considering the August acquisition of PMall which we funded with $145 million in cash and $100 million in bad debt.

Inventory was $89.4 million, compared with $68 million at the end of last year's second quarter. The increase reflects the acquisition of PMall and the growth in our business. In terms of debt, we had $185.9 million in debt with zero borrowings under our revolving credit facility. The strength of our balance sheet with a strong cash position and low debt, combined with the untapped revolving line of credit gives us significant flexibility to continue invest -- to invest in our business platform and add accretive acquisitions like Shari's Berries and PMall.

Regarding guidance, in keeping with our practice over the past several quarters, to this significant uncertainty in the overall economy related to the ongoing COVID pandemic, we are providing guidance on a quarter-by-quarter basis. Regarding the current fiscal third quarter, based on the continued strong e-commerce growth momentum that is carried into January, we anticipate achieving total consolidated revenue growth for the fiscal third quarter including contributions from PMall in a range of 45% to 50% compared with the prior-year period. We anticipate that the strong revenue growth will help offset certain headwinds including the Sunday-day placement of the key Valentine's Day holiday, increased year-over-year labor and transportation costs, and operating inefficiencies related to the COVID pandemic. As a result, we anticipate achieving adjusted EBITDA of between $4 million and $5 million for the fiscal third quarter, compared with an adjusted EBITDA loss of $2.4 million in the prior-year period.

In terms of EPS, we anticipate improving to a loss of between $0.09 and $0.11 for the quarter, compared with the loss of $0.15 in the prior-year period. I will now turn the call back to Chris.

Chris McCann -- Chief Executive Officer

Thank you, Bill. So, to sum up, again, we achieved the highest quarterly revenue and profit in our company's history. We had a tremendous holiday season with strong customer demand, truly incredible execution offsetting the headwinds that we told you about back in the fall, and I just -- I just can't say enough about how proud I am of how well our associates rose to the occasion during this very challenging environment. Now, during the quarter, we saw a continuation of strong growth in new customers, increased frequency from our existing customers, more customers signing up for Celebrations Passport, and more customers buying from multiple brands.

The strong growth and enhanced behaviors that we're seeing in our customer file give us the confidence in our outlook for continued strong revenue growth going forward. Importantly, the strong momentum that we have been building for the past several years now in our top and bottom-line results reflects the investments that we've made and continue to make in our technology stack, our digital marketing, and innovative merchandising programs, our laser-focused initiatives in customer experience and customer care, and in strategic and highly accretive acquisitions. As a result, we have built a highly scalable and leverageable e-commerce platform that is designed and built for growth. We're confident that our business platform positions us well to continue to drive growth both near and longer-term.

Now, before I turn the call back to Grant to provide instructions for the Q&A portion of the call, I'd like to, again, thank all of our associates, as well as our vendors and suppliers for their hard work and commitment to helping our customers soften their connective and expressive needs, sentiments that are more important than ever in today's environment. With that, I'll turn the call back to you, Grant. Thank you.

Operator

[Operator instructions] The first question today will come from Dan Kurnos with The Benchmark Company. Please go ahead.

Dan Kurnos -- The Benchmark Company -- Analyst

Thanks. Good morning and congratulations on-on the quarter. I thought the revenue number was a misprint. But I just -- Chris, I -- I mean, look, the -- the -- the kind of the key here, I think, maybe just talk about PMall a little bit.

I think it was some probably 50% higher, $120 million-plus in the quarter than where we at, you know, most people were expecting it to come in. I know there was a lot of strength -- underlying strength in e-comm demand but, you know, we were talking originally when you walk us about non-complete integration by the holiday period. I know you are really pushing hard for it. Can you just give us some color around either cross-sell, about around any of the metrics or learnings you've had? How much more do you have to do here to get kind of full integration if you're not there yet on PMall? I'm just trying to get a sense of where the growth rates on this thing can actually go.

Chris McCann -- Chief Executive Officer

Yeah. Dan, thank you very much. You know, we really couldn't be more pleased with the acquisition of PMall than we are right now. And from an integration point of view, you know, we -- we did focus on some efforts early, in the beginning, making sure that we got it up in one form or fashion on our multi-brand side.

Integrated the customer database so Passport customers would have access to PMall. So, we did some of those things. A lot of the integration is still yet to come. You know, there was limited access -- limited capabilities that we could do before we really hit holiday time.

When then we would think the risk factor was too high to -- to mingle with that at -- at -- at that time. But, you know, the -- the fact of how we've added that to our platform now you'll see PMall products on the flowers side for Valentine's Day this year showing further integration. You know it's really given us great capabilities that we're starting to integrate across the company, across the brands, moves us into a whole new category for our customers. So, we really couldn't be more pleased with it and the progress that we're making.

And then from an early point of view, one of the early areas that we said we were going to focus on from an integration was really on the marketing side of things in the digital marketing. And now, we're really happy with the early first holiday-season results, helping to increase its growth rate. Bill, why don't you give a little more color on that?

Bill Shea -- Chief Financial Officer

Again, as Chris mentioned, we're, you know, tremendously pleased with the results of PMall. You know, you were able to do the math. We like to leave a little map for you guys to do, you know, within the, you know, the earnings call but -- and the earnings release. But they -- Dan, and $22 million is a -- is a pretty accurate number.

That is what we achieved. They were up, you know, 50% year -- year over year. I -- I think a lot of people had about $80 million in their -- in their -- in their models and they did contribution margin of, you know, of $25 million, $26 million. So, significantly profitable, you know, business.

So, we're -- we're extremely pleased with the -- with the results.

Chris McCann -- Chief Executive Officer

And really -- really a good team of people there, Dan, that, you know, in -- integrating well with us, meshing with our team. And really, it's a really strong operational team now we're very, very proud of.

Dan Kurnos -- The Benchmark Company -- Analyst

That's super helpful. Thanks, guys. And then just as we look into calendar Q1 fiscal Q3 here, we know Valentine's Day is on a Sunday, you kind of point that out which has been historically bad but we have still, obviously, the lingering effects of COVID. Everybody at home just kind of trying to gauge -- look, obviously, the guidance you've given is well ahead of where people are too.

And so, we're seeing that momentum but just trying to gauge are you going to be able to -- and then I know it's probably not quite like Mother's Day but if there's some flexibility may be earlier in the week around shipping dates and higher kind of your -- higher kind of working around that.

Chris McCann -- Chief Executive Officer

Right. As we look to Valentine's Day, you're right, there's a -- there's a day placement shift there. Bill will cover that in a minute. But we're looking -- what we're looking at is the ability to change things around and looking at this holiday season instead of just a decrease that we normally would expect, we're such well-positioned right now as a company, much better than we were even a year ago and we're bigger, we're better.

We have a stronger customer file, we have consumer demand, we have broader product categories. So, as we've headed to this quarter, even with the headwind, gives us the confidence for the guidance. And Bill, why don't you cover that a little more detail as well?

Bill Shea -- Chief Financial Officer

You know -- you know, as we mentioned, you know, in the -- in our release and in the call, you know, this morning, we were providing, you know, overall guidance for revenue growth of 45% to 50%. You know, with the contributions of PMall, it still represents, you know, 35% plus, you know, of organic growth. And that builds in the, you know, the impact of, you know, the floor land -- the -- the floor brand and the Sunday-day placement. You know, typically when we move from a Friday which is a great day placement of -- of Valentine's Day to, you know, to the weekend into a Sunday, you know, revenue is usually impacted and -- and decremented by about 20%.

You know -- you know, this year is -- is --is certainly atypical, you know, due to the pandemic. You know, most recipients are not going to be, you know, in the office. We do anticipate that we're going to be able to achieve double-digit, you know, growth within -- within the flowers brand, and that combined with a very strong everyday gifting that we're seeing within the flowers brand, within our food brands, and within P -- you know, PMall, you know, leads us to, you know, the overall, you know, top line -- top-line growth. But on top of that, you know, there's a lot of headwinds that we're, you know, that -- that we continue to face from a -- you know, from a cost perspective and we're very pleased, you know, to be, you know, providing guidance of adjusted EBITDA, you know, improvement of approximately $7 million, turning what is typically a -- a, you know, adjusted EBITDA loss quarter into a positive quarter.

And therefore, we'll have, you know, all, you know, kind of four quarters positive for, you know, for the, you know, for the year.

Dan Kurnos -- The Benchmark Company -- Analyst

Got it. Really helpful. Last one if I could just, I mean, Chris, I -- look, I get not wanting to give guidance, right, given, you know, the tough comp coming up and sort of just the uncertainties. But I guess, maybe if I just ask from a high level, you know, you're now building what effectively is four straight quarters of challenging comps but it seems like the business is just underlying accelerating.

Should we just be thinking of this as kind of the new baseline for the business and we can kind of grow off of these levels?

Chris McCann -- Chief Executive Officer

Well, I think what we -- what you're seeing here is that the -- the momentum we had going into the pandemic, the acceleration that we've got from the pandemic, decisions we've made, you know, to -- to jettison the retail of Harry & David and double down and focus on e-commerce, you know, the customer file that we've built. We're just -- it's been a pivotal -- pivotable -- pivotable -- pivotal moment for us and for our company to really seize the opportunities that have been presented. So, I think you're right, Dan. I think that we're -- we're in a much better position than we were a year ago.

We're bigger, stronger, better company, better assets, the additional acquisitions that we've done put us in place, and we're -- we're looking at a good -- good growth rates going forward.

Dan Kurnos -- The Benchmark Company -- Analyst

Perfect. Thanks so much and congratulations again, guys.

Chris McCann -- Chief Executive Officer

Thank you.

Operator

Our next question comes from Anthony Lebiedzinski with Sidoti & Company. Please go ahead.

Anthony Lebiedzinski -- Sidoti & Company, LLC -- Analyst

Hi, yes. Good morning. Thank you for taking the question. So, in -- in previous calls, you guys talked about that the front placement of Christmas being beneficial.

Did that come about as you expect? And -- and also, just wondering as far as, I guess, based on a strong growth it doesn't seem like there's much of an issue but as far as third-party carriers but the -- if you could just touch that as -- as far as if you had any issues with, you know, FedEx or any of the other carriers that'll be great.

Chris McCann -- Chief Executive Officer

Yeah. I think as we did, the Christmas Day placement, you know, was -- was beneficial for us. It gave us two extra shopping days in the season compared to last year. So, that ramped up.

So much of our volume really came in earlier than our last week than it normally does, and that also gave us the capability to push the numbers a little bit. You know, the 27% e-commerce growth that we got in the gourmet food brands, as an example Anthony, was a little bit ahead of our expectations. So, we're able to achieve that. On the shipping distribution front, Bill, why don't you cover that?

Bill Shea -- Chief Financial Officer

Yeah. It -- I was going to reiterate with, you know, with Chris. I -- I -- I think there were so many stories about, you know, shipping challenges that the consumer was trained to buy a little earlier which did kind of create an earlier demand than we normally have. So, there wasn't that kind of the, you know, the late push which we would have otherwise gotten the benefits of, you know, with the, you know, with the Friday-day placement.

You know, there -- there certainly were continue to be, you know, challenges within the, you know, shipping environment. You know, we -- we had to go into the quarter, you know, planning for, you know, volume, you know, volume constraints with it and we manage very well. We have a great partner in -- in FedEx that doesn't, you know, a lot of our significant amount of our -- of our shipments and we work with them, you know daily on -- on any of the challenges that, you know, that we have. But we did have increased costs and we had to absorb those within -- within that.

You know, I think, you know, increase shipping costs of -- of the new normal. You know, basically, the third-party carriers have instituted what essentially are permanent surcharges. You know, they start off with if first was COVID surcharges, then it became holiday surcharges. And now, we're past -- past holiday, so we have a new set of surcharges.

So, you know, kind of increase shipping costs is the new normal. We all have to adjust for it. I think we've done a very good job. I think we've, you know, historically demonstrated our ability to absorb challenges that we have with regard to whether it be shipping costs or increased, you know, labor costs and, you know, build it into our, you know, our plans, automate certain things to help offset these items.

Anthony Lebiedzinski -- Sidoti & Company, LLC -- Analyst

Got it. Yeah. Thanks, Bill and is-- and Chris. So, is there any way that you can quantify these, you know, higher labor and -- and transportation costs as, you know, higher shipping costs than any sort of ballpark estimate as to how much that impact to the quarter?

Bill Shea -- Chief Financial Officer

I mean, it's significant, Anthony. But the bottom line, I think, they're here to stay. So, it's not like they're going to go away and all of a sudden, we're going to have these positive comps in those areas going forward. You know, you know, we're going to have a, you know -- you know, a $15 minimum wage rate across the country.

Now, we've operated in -- in that environment already in Oregon as they've stepped up toward that $15 rate. In other locations, we don't have that but we've been because of supply and demand. On labor, we're already paying, you know, very close to, you know, to those rates. So, when, you know, you know, so, these are here to stay.

Increased labor costs, increase shipping costs, are kind of, you know, here to stay. We have to continue to invest to automate what we can in the manufacturing and distribution side of our business so that we're less reliant on that seasonal labor force. But these are the things we do that each year, we have, you know, was -- was faced with challenges both short term and long term and we addressed them and -- and -- and continue to grow both top and bottom line.

Chris McCann -- Chief Executive Officer

And all of that, Anthony, is part of the reason why we're, you know, really have pleased to provide the guidance for Q3 with nice improvement on the bottom line that was showing, taking it from a loss to a positive in this quarter, even with those newly increased costs.

Anthony Lebiedzinski -- Sidoti & Company, LLC -- Analyst

Got it. Thank you. And then last question for me to just give us a sense as to -- of the order volume versus AOV this quarter.

Chris McCann -- Chief Executive Officer

Yeah, go ahead. Bill, go ahead. Go to the AOV.

Bill Shea -- Chief Financial Officer

Yeah. I mean, AOV was up a couple of points, you know, during -- during the quarter. It was really mainly driven -- the e-commerce growth is mainly driven by volume.

Anthony Lebiedzinski -- Sidoti & Company, LLC -- Analyst

Got it. All right. Well, thank you guys, and best of luck.

Chris McCann -- Chief Executive Officer

Thank you.

Operator

Our next question will come from Michael Kupinski with Noble Capital Markets. Please go ahead.

Michael Kupinski -- Noble Capital Markets -- Analyst

Questions and congratulations. You know, some companies would have problems scaling to a level of revenue growth you've achieved over the last past year and I think it's a great testament to you and your team to successfully handle that type of revenue growth you've got. And so, congratulations.

Chris McCann -- Chief Executive Officer

Thank you.

Michael Kupinski -- Noble Capital Markets -- Analyst

Hi. My question is going back to the seasonal labor -- the labor and the costs there. And as you mentioned you had some markets that already implemented a $15 minimum wage. I was just wondering in terms of how in -- in those markets, how competitive it's been.

It -- have you been able to get labor at $15 an hour, or do you have to raise your wages or higher than that. And in those markets where you have not seen the minimum wage, I know given the competitiveness of what you see for seasonal labor, are you -- I'm just kind of -- trying to get a sense of how the minimum wage has impacted your seasonal labor hiring and the -- the costs for seasonal labor in the markets that you've already seen that.

Bill Shea -- Chief Financial Officer

Yeah. So, I'll give two examples. Oregon is a minimum wage, you know, state. It's not a $15 yet but it's -- it's phased up.

So, it's toward $15 -- toward $15 hours. And every year, we get, you know, we get a step up in what the minimum wage is and we pay above, you know, we -- we pay above that. Ohio and other big, you know, state, where we have a lot of employees, is not a minimum-wage state or has not been. However, as you mentioned, you know, southern Ohio is kind of the distribution capital of the world.

So, it really becomes more of a supply and demand, you know, issue which, you know, which drives, you know, higher, you know, higher wages in that market. It is tough to get employees. I mean both the, you know, the combination. You know, I think we always -- we have said this before that, you know, when -- when the unemployment a year ago was at 3.5% and then at the beginning of the pandemic, it jumped to, you know, to double digits.

We anticipated that labor would be not as much of a challenge, you know, going forward but -- as unemployment came down. But because of the, you know, the COVID environment that we're operating in, labor was still tough to get. So, supply and demand still drives higher wage rates. Our answer, you know -- you know, to that is, you know, we need to attract that, you know, we need to bring that labor in.

We need to pay what, you know, what the market rates are that -- that drive that. But we continue to invest in automation. And that's how, you know, and -- and we have big projects. Some of them were stalled during the pandemic.

We've, you know, we've launched some big automation projects, you know -- you know, going forward and that's going to allow us to be less reliant on the seasonal labor force.

Chris McCann -- Chief Executive Officer

I think, Michael, to your comment and your compliment on the beginning -- the beginning of your question about the scalability of our business, in addition to focusing on the scalability that I referenced in my opening remarks regarding the scalability of our IT platforms, you know, we're looking at the full platform including our manufacturing and distribution platforms and making the appropriate investments there to scale into the future to handle the demand that we see.

Michael Kupinski -- Noble Capital Markets -- Analyst

Thank you for that. And then in terms of PMall kind of going back to the -- the -- the significant amount of -- of space and facilities that you've acquired there. Can you talk a little bit about your plans now? I -- I know you -- you haven't been in -- into PMall that -- that much, but you still have such a large facility there. Have you thought about the integration on the facility and what you -- how you might use the facility at this point?

Chris McCann -- Chief Executive Officer

Sure. We've begun some discussions on that, Michael. You know, no -- no rock-solid plans there yet on how we utilize that facility further than what it is currently being used, or how we integrate some of the personalization capabilities into some of our other facilities as well. Again, looking to move that product line closer to the customer around the country.

So, as we talk about investing into this distribution and manufacturing assembly capabilities of our business, those are the things that are in consideration now but no hard plans in place at this point.

Michael Kupinski -- Noble Capital Markets -- Analyst

My final question is about gross margins. You said that it's benefited from reduced marketing spend. And of course, this could be because of your scale and your broad platform but also may just be due to the fact that you're just seeing the e-commerce sales being very strong. So, can you provide some color on your decrease in marketing spend in the quarter? What do you believe will be the sustainable gross margins going forward? And just kind of give us an idea about whether or not you're currently just benefiting from the platform of, you know -- you know, adding more art to your platform and not really seeing the type of incremental increases in marketing spend.

Chris McCann -- Chief Executive Officer

Mike -- Michael, I think as we look at the marketing spend here and as we look at last year, last year, we had extremely low marketing costs, you know, as we went into the pandemic. So, we're seeing those marketing costs return to normal. But because we're seeing effectiveness, we continue to lean into the growth rate, we continue to lean into new customer acquisition with the marketing spend. As long as we're getting the proper -- proper return on ad spend, we'll continue to push that.

How that might impact gross margin, Bill?

Bill Shea -- Chief Financial Officer

Yeah. So, let's just be clear when we talk in our marketing spend. What affects gross margins is promotions and discounting. You know, the actual marketing, advertising spend sits in operating expenses.

So, what we saw in the, you know, second quarter was a reduced level of promotions in what is normally a very promotional environment. We were able to, you know, pull back on -- on promotions in the quarter and that helped offset, you know, a bunch of the headwinds that we've talked about with regard to seasonal labor and trans, you know, and transportation costs and operating, you know, inefficiencies because of the pandemic which allowed us to produce, you know, better gross margins, you know, year over year. As we reported, you know, gross margins were up 100 basis points, you know, for the, you know, for the quarter. PMall is a big, you know, it was a nice contributor to that because they have high gross margins.

But without PMall, we're still, you know, flat with gross margins. But even that was a -- a -- a bit of a mix because we saw better margins on the 1-800-FLOWERS brand, we saw better margins within the food, you know, food brands but because the, you know, the floral brand grew higher and traditionally has lower gross margins, that mix blended to the, you know, to the overall 44%. I think what we see going forward is we're going to continue to -- we started to do this before the pandemic, was be less promotional. We want to get our messaging out about, you know, about our products and our brands and be less promotional.

So, I think we will continue to be less promotional going forward which is going to help gross margins and help offset, you know, those, you know, those ongoing, you know, headwinds that we have on course. From the marketing side, we actually did, as Chris mentioned, we actually leaned into it a little bit. We're getting a good return on that. We'll spend some more dollars to help drive growth of both, you know, revenue growth as well as customer file growth, because we think that that bodes well for the future.

Michael Kupinski -- Noble Capital Markets -- Analyst

Bill, thanks for that added color. Appreciate that. That's all I have. Congratulations again, everyone.

Chris McCann -- Chief Executive Officer

Thank you, Michael.

Operator

Our next question will come from Linda Bolton-Weiser with D.A. Davidson. Please go ahead.

Linda Bolton-Weiser -- D.A. Davidson -- Analyst

Hi. Thank you. So, not to rain on your parade here because it's a great quarter. Congratulations.

But your organic sales growth is decelerating from when the pandemic started, although you are guiding to a reacceleration next quarter. But can you kind of give us some color or some feel on why the growth rate would be decelerating? Is it just, you know, as the world reopens, there is just simply less need for a kind of remote gifting or -- or kind of what is the phenomenon that's going on? I mean why -- why would your business really slow at all here for even though it was a very high growth rate which can't be expected to continue. But -- but the growth rate has slowed a bit. Can you give -- can you give a little bit of color?

Bill Shea -- Chief Financial Officer

So, Linda, after we significantly outperformed the consensus revenue numbers, just you have a "but". Yeah. I mean, the bottom line the second quarter is different than the, you know, the rest of the quarters. We -- I think we guided as we went into the quarter saying if we have volume restrictions that -- that the third-party carriers have -- have put on all e-commerce companies, we have to live within that.

You know, the tremendous growth in overall industry e-commerce has put a lot of pressure on the third-party carriers. So, they are lying that, you know, starting back in the summer, there've been tons of stories about, you know, about that. About the constraints that -- and the pressure, the on-time delivery of the third party carriers were, you know, were suffering. So, they put, you know, restrictions on -- on it.

We've talked about, you know -- you know, some of the labor challenges that all comp, you know, companies are having in -- in this -- in this environment. So, the, you know, the ability to produce, you know, all the inventory to ship out even if the warrant constrained, you know, volume constraints from, you know, from the third-party carriers. So, those is what, you know, impacted the second quarter. With that said, you know, we had a tremendous second quarter.

Chris McCann -- Chief Executive Officer

And -- and -- and when you look at that, Bill, when, you know, first of all, is you can't look at us as a quarter-to-quarter sequential business, right? Because of the seasonality of our business and certainly, Linda, you understand that. You know, and as we look at the gourmet food category for example is where we've had most of the restrictions that Bill just mentioned. We grew e-commerce there 27%. Certainly, a real strong result and that's the largest quarter led by the gourmet food category.

One of the other areas that we said in our last call, one question, where could there be some upside in the business because for the calendar Q -- fiscal Q2, calendar Q4, which was, you know, we don't probably see a lot of upside in gourmet food. We did get some, but where we saw our upside was in consumer floral where it continues to grow and there's certainly been -- has been no deceleration in consumer floral growth as we've gone forward here, hitting what 58%

Bill Shea -- Chief Financial Officer

58% in the quarter.

Chris McCann -- Chief Executive Officer

58% in the quarter. So, you know, BloomNet hitting 33% growth. So, I'm not sure really what you're seeing in deceleration.

Linda Bolton-Weiser -- D.A. Davidson -- Analyst

Great. And can you -- can you remind us when you come up against a comparison of 54% organic growth in the June quarter when the pandemic hit, was the demand sort of coming -- did it come late in the June quarter last year, or was it right from the get-go, in April as soon as the pandemic hit, you had strong growth really throughout the quarter? Is there any way you can remind us about how that worked through last year?

Bill Shea -- Chief Financial Officer

Yeah. Now, we were strong right from, you know, really from day one. Actually, what we saw is, you know -- you know, initially, a little hold on the -- on the floral side of the business but the food took off right, you know, right away. But -- but certainly, you know, with Easter being April 10 or 11, if, you know, even floral bounced right back and we had very strong growth in the month of April and that continued throughout the quarter.

Chris McCann -- Chief Executive Officer

And I think it's important to note that, you know, as -- as -- as we look forward and as we come up to some of those next quarters, it is, you know, are the comps are going to be difficult? Sure, they're going to be difficult. Everybody recognizes that and understands that. I think the fact that you have to look at our business, as I mentioned earlier, this has been a pivotal -- pivotal moment for our business going through this pandemic, the way we responded to it, the way we reacted to it, the momentum we had going into it. So, when we look forward, we see ourselves as a much bigger, much stronger, better-positioned company.

And we look at the -- these trends that we're seeing. There's been a seismic shift of offline to online sales that we are just so well-positioned for. You know, there's this shift of consumer sentiment out there that we've all learned the need to express and connect, and our business obviously is well-positioned for that. And then the third big trend that we see is the trend of nesting.

And that's not going away either. And I think we were well-positioned for that trend to begin with. But now, with the addition of PMall, it's even better. So, and again, our focus as -- as an e-commerce company, keep in mind in Q2, we also, you know, lost a lot of revenue from the decision we made on the retail stores that we didn't have this year on Q2.

So, we got to factor that into our growth rates. But that just keeps us laser-focused on what we're doing, what we're -- how we're building our customer file. So, will we grow in the future? Yes.

Linda Bolton-Weiser -- D.A. Davidson -- Analyst

OK. Thank you very much.

Operator

Our next question will come from Doug Lane with Lane Research. Please go ahead.

Doug Lane -- Lane Research -- Analyst

Yeah. Hi, good morning, everybody. Just on that note at the retail stores here, Chris and Bill. I had in my model that was about $20 million of revenue to you guys that is not there this year that was there last year.

Is that about right?

Bill Shea -- Chief Financial Officer

That's about right.

Chris McCann -- Chief Executive Officer

And the wholesale --

Bill Shea -- Chief Financial Officer

And wholesale was down as well as we, you know, guided people to going into the -- going into the quarter.

Doug Lane -- Lane Research -- Analyst

OK. Fair enough. And getting back on the floral, I mean, PMall obviously blew away my numbers but also the organic growth of floral was pretty astounding. To your point Chris, and I wondered if you could give a step back and give us some color on the retail landscape at floral.

I know a lot of flower shops around here closed. I don't see them coming back. Is there just a permanent dislocation going on at floral, or how do you -- how do you view the whole retail market a year from now or so when we come out of the COVID thing?

Chris McCann -- Chief Executive Officer

I think what we're seeing in, you know, the health that we're seeing is BloomNet, and Bill really referenced, Doug. What we saw in -- normally, the benefits that we're seeing in BloomNet from the aid that we gave in the early pandemic. So, I think as we look at the retail florist industry, there -- there's always a different level of closings. And certainly, many shops have been hit harder by the pandemic than others.

And again, we're fortunate that as a industry, we've been well-positioned during this pandemic. And even while others have shifted from offline to online, it still is benefiting the BloomNet partners rose from a fulfillment perspective. So, what we expected last summer was a little bit more of a challenge of shops closing up. It hasn't been what we expected.

There are those situations -- those unfortunate situations in every town. But I would say we have not really seen that acceleration there on the -- on the retail store side. And as we look at our distribution capabilities, we continue to see the benefits of our franchise shops, our BloomNet shops, as well as our direct-ship capabilities and having that flexibility. And the network works very well for us, especially as we manage the high-volume holidays like Valentine's Day coming up.

Doug Lane -- Lane Research -- Analyst

OK. That's helpful. And just -- just one more thing. You know, you -- you talked about your balance sheet.

It's getting a lot better. You get all these cash units in the December quarter. Obviously, the acquisition strategy is on point, Shari's Berries, Personalization Mall, and -- and that's what you guys do with acquisitions as, you know, were difficult to time. So, what else can you do with the financial strength here as far as stock buyback, as far as reinvestment in the business, capex, additional marketing? Just what sort of the back-up plan pending the next acquisition.

Chris McCann -- Chief Executive Officer

Yes, thank you, Doug. First and foremost, I think we've always been -- been proven to be very good stewards of our balance sheet. And I -- and we utilize our balance sheet to drive investments in our existing business. And as we talked about some of the investments Bill highlighted a moment ago certainly around the scaling up the operational capabilities of the company, implementing automation, etc.

Investments in technology that we look to make and as you pointed out, I think we've proven very capable and adept at acquiring companies and integrating them. You're right, you can't predict timing on that, unfortunately. And also, I think we've been very diligent in -- in our approach and we'll continue to be very diligent in our approach on the M&A's aspect. So, I think that's, you know, that's how we'll look in to utilize our cash in general.

But Bill, why don't you speak to buybacks, et cetera?

Bill Shea -- Chief Financial Officer

Yeah. We still, you know, our, you know, our kind of a stated strategy is that we're going to buy back, you know, shares at a level designed to, you know, to offset, you know, any sort of share creep. We did in the first half of the year, you know, spend about $12.5 million and bought back, you know, about, you know, 550,000, you know, shares. Actually, at a price of $22.

I guess we're -- we're pretty good stock pickers too. You know, and -- and if you look at that the denominators and, you know, our EPS calculation, you can see that our -- our share count is slightly down, you know, year over year. So, we are -- we, you know, we are implement -- we are effectively utilize, you know, implementing that, you know -- you know, that strategy.

Chris McCann -- Chief Executive Officer

And our goal --

Doug Lane -- Lane Research -- Analyst

OK, that's helpful.

Chris McCann -- Chief Executive Officer

And Doug, our goal at the end of the day is to put our underleveraged balance sheet to work for our shareholders, primarily through acquisitions that help us accelerate our growth.

Doug Lane -- Lane Research -- Analyst

Fair enough. Thanks, everybody.

Chris McCann -- Chief Executive Officer

Thank you.

Operator

[Operator instructions] Our next question will come from Tim Vierengel with Northcoast Research. Please go ahead.

Tim Vierengel -- Northcoast Research -- Analyst

Thank you. Just -- just one question for you guys. You know, I -- from my notes, I think you guys cited like a -- a 40% to -- to 50% growth in that kind of customer profile portfolio during that -- that pandemic, you know, shut-down quarter back in June last year. I was -- and -- and if you look at the -- the e-commerce growth rate, it's, you know, it's -- it's above that number.

So, clearly, you guys are getting, you know, some leverage on -- on the multi-brand customer front. Can you guys speak more specifically about what you're seeing from both Passport and -- and the percentage of -- of people in your portfolio, you know, buying from multiple brands?

Chris McCann -- Chief Executive Officer

Tim, thank you very much. As we look at the customer file overall, you referenced some earlier numbers from the earlier days of the pandemic, but even I think we know that -- we see that growth in our customer file continue as we mentioned. We'll continue to invest into new customer acquisition when we -- when and where we see the opportunities. This past quarter, I think we grew new customers north of 50% in -- over -- over last year.

So --

Bill Shea -- Chief Financial Officer

Not including, you know, not including --

Chris McCann -- Chief Executive Officer

Not including --

Bill Shea -- Chief Financial Officer

PMall.

Chris McCann -- Chief Executive Officer

Right. Just -- just kind of from an organic perspective. So, I think that continues. And in addition to that, as you point out from our remarks, we're seeing good increases in retention and frequency, especially from our top cohorts whether it be our top decile customers, our Passport members, customers buying from more than one brand.

And what's very encouraging is during this time period, we're seeing new customers convert into Passport at a higher rate than average and at a higher rate than previous. New customers become multi-brand customers at a higher rate and -- and -- than -- than average and a higher rate than we had been previously experiencing. So, we continue to grow that file. We've said previously, our multi-brand customers were accounting for about 10% of our 12-month active file.

You know, we're not forecasting that but that is growing and -- and that is increasing as time goes on very nicely. So, we will -- so, that's, you know, when we look at our customer file, we look at those behavior metrics, we look at what's happening to the new customers that have come on during the past year and see their behavior slightly than the average, we see that as very, very encouraging.

Tim Vierengel -- Northcoast Research -- Analyst

No, I -- I appreciate that color and I was wondering looking, you know, deeper into the customer profile, if you guys could, you know, give us an indication whether, you know, these new customers are SKU-ing younger or -- or older, maybe as older people will get more accustomed to buying e-commerce-wise. I know there's been some talk about, you know, younger consumers shying away from using a service like you guys. So, just some color there would be great as well.

Chris McCann -- Chief Executive Officer

Yeah, we're seeing good -- good -- good customer traction across the demographics. And each one of our brands may vary a little bit, you know, slightly from one to the other -- other. But -- but if we look at -- Doug, if we look at the flowers brand -- flowers brand is, you know, really follows the population more than anything else from a demographic breakdown. And without prowess in digital marketing, we continue to try to attract younger customers.

Some of our new product lines like the Jason Wu Wild Beauty line, our plants category is attracting new -- new and younger customers as well. And then if we shift over to the gourmet food side, we've been saying for a while, the fastest-growing product category that we have in Harry -- in Harry & David is our gourmet food line. And that's driven by also our -- coupled with our digital marketing efforts. So, that naturally in -- invites a younger gen -- a younger audience to -- to the mix there as well.

So, -- and then, but I would also say that, you know, the reports coming out right now that's saying, with this shift from offline to online, the biggest category that's shifting offline to online is baby boomers. And where, you know, that's been the core of our business for a long time. So, that benefits us well as we look to the future.

Tim Vierengel -- Northcoast Research -- Analyst

All right. Thanks, guys.

Operator

Our next question will come from Alex Fuhrman with Craig-Hallum. Please go ahead.

Alex Fuhrman -- Craig-Hallum Capital Group -- Analyst

All right. Thanks very much for taking my question, guys. And congratulations on a -- a terrific quarter and a terrific calendar year. You know, I wanted to ask about I guess sort of the -- the pace of -- of revenue growth as well.

I mean, I would imagine it sounds like a lot of the reason that, you know, your -- your growth rate in percentage terms probably came back a little bit in -- in the holiday quarter as just the law of large numbers, given how big your base of business. And -- and -- and as we're kind of looking into the March quarter, we're -- we're obviously -- you're -- you're guiding to revenue growth, you know, reaccelerating that to a very strong rate. You know it crosses my mind that it looks like, you know, I think last year in the March quarter, was, I believe, a record quarter for you guys in terms of consumer floral and obviously Valentine's Day, I imagine drove a lot of that. If you kind of give us a sense of, you know, how much room is there to continue to grow on the floral platform, given that that become, you know, really your -- your workhorse brand for the Valentine's Day and Mother's Day season.

Can you give us a sense of, you know, how -- how much growth potential there is, you know, in the years to come during those peak holidays if the demand is there?

Bill Shea -- Chief Financial Officer

What we built into, you know, and Alex, thanks for the question. We built into our guidance for, you know, the third quarter of what we could do at Valentine's Day, you know, for the 1-800-FLOWERS brand. Again, normally, under normal conditions, you know, Valentine's Day would take -- moving from Friday to a Sunday, you know, there would be a, you know, a 20% plus decrement in -- in -- in revenues and, you know, we do think in -- under the current circumstances, we're going to be able to grow that, you know -- you know, double digits. But, you know, so, that's all built into, you know -- you know, into our plan.

We have a very strong third quarter a year ago. We were -- we were -- we had a 10% growth at Valentine's Day a year ago. You know, we're -- I think we're tracking it around 10% for most of the quarter and then, you know -- you know, what I mentioned before, you know, at the outset of the -- of the pandemic, consumer floral dropped a little bit at the end of March and then picked right back up in -- in -- in April. Very, you know -- you know-- you know, very strongly.

But we're continuing to build out our infrastructure so that we can handle the growth, not only every day where we have un -- you know, kind of unlimited capabilities to, you know, to grow. But also, at the -- at -- at the peak times, so that at holiday time in -- in December and at the, you know, the peak floral holidays of Valentine's Day and Mother's Day, that we're going to be able to continue to handle, you know, the increased demand that -- that we anticipate.

Alex Fuhrman -- Craig-Hallum Capital Group -- Analyst

That's terrific. Thanks very much, Bill.

Operator

There being no further questions, this will conclude our question-and-answer session. I'd like to turn the conference back over to Chris McCann for any closing remarks.

Chris McCann -- Chief Executive Officer

So, again, thank you, everyone, for joining us today on -- as we celebrate a record -- a -- a record quarter for us in terms of revenue and profits. Something, we're very very proud of. We're very proud of the team and how we've managed through this process during these very challenging times. So -- so, thank you.

If you have any further questions, don't hesitate to call us? I'll be glad to handle those questions. And of course, as we've talked on the call, don't forget Valentine's Day is right around the corner. We have some great opportunities, we have some multi-gifting capabilities -- multi-day-gifting capabilities for you to make sure you're saying "I love you" on numerous days, not just one day. I'll greet you all this early.

And remember, this year, there are no limits on love. Thank you.

Operator

[Operator signoff]

Duration: 70 minutes

Call participants:

Joe Pititto -- Senior Vice President, Investor Relations

Chris McCann -- Chief Executive Officer

Bill Shea -- Chief Financial Officer

Dan Kurnos -- The Benchmark Company -- Analyst

Anthony Lebiedzinski -- Sidoti & Company, LLC -- Analyst

Michael Kupinski -- Noble Capital Markets -- Analyst

Linda Bolton-Weiser -- D.A. Davidson -- Analyst

Doug Lane -- Lane Research -- Analyst

Tim Vierengel -- Northcoast Research -- Analyst

Alex Fuhrman -- Craig-Hallum Capital Group -- Analyst

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