1-800-FLOWERS.COM, Inc. (NASDAQ:FLWS) Q3 2023 Earnings Conference Call May 11, 2023 8:00 AM ET

Company Participants

Andy Milevoj - SVP of IR

Chris McCann - CEO

William Shea - CFO

Tom Hartnett - President

Conference Call Participants

Daniel Kurnos - Benchmark Company

Anthony Lebiedzinski - Sidoti & Company

Michael Kupinski - Noble Capital Markets

Linda Weiser - D.A. Davidson

Operator

Good day, and welcome to the 1-800-FLOWERS.COM Third Quarter 2023 Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note today’s event is being recorded.

I would now like to turn the conference over to Andy Milevoj, Senior Vice President of Investor Relations. Please go ahead.

Andy Milevoj

Good morning, and welcome to our fiscal 2023 third quarter earnings call. Joining us today are Chris McCann, CEO; Tom Hartnett, President; and Bill Shea, CFO. Before we begin the call, I'd like to remind you that some of the statements we make on today's call are covered by the Safe Harbor disclaimer contained in our press release and public documents.

During this call, we will make forward-looking statements with predictions, projections and other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, including those contained in our press release and public filings with the Securities and Exchange Commission. The company disclaims any obligation to update any of the forward-looking statements that may be made or discussed during this call.

Additionally, we will discuss certain supplemental financial measures that were not prepared in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in the tables of our earnings release.

And now, I'll turn the call over to Chris McCann.

Chris McCann

Thank you, everyone, and good morning. Our third quarter performance reflects a continuation of the three trends that we've experienced throughout this fiscal year. One, we continue to see a cautious consumer that's facing a number of macroeconomic pressures, including ongoing inflationary pressures, rising interest rates, and of course fears of a recession.

In response, consumers continue to moderate their spending on discretionary items, and in our case, everyday gifting occasions. It's important to note that consumer behavior remains complex in the current environment. Consumers remain pressured by higher prices on non-discretionary items. They continue to increase their spending on post pandemic travel and experiences while reducing their spending in other discretionary areas. Our approach is to ensure that we have many options and key price points across our brands to maximize conversion and customer value, no matter the occasion or budget.