Who says all retailers are suffering? On its FQ1'09 conference call, 1-800 Flowers seems to have a pretty rosy outlook. Kidding themselves or do they know something we don't?
We attracted more than 460,000 new customers. We also achieved a repeat order rate of 64%... These metrics illustrate the fact that even during difficult times our customers still have indeed and they can act and express themselves of the important people in their lives.
Our gift brands Fannie May, Cheryl & Co. and the Popcorn Factory all generate the majority of their annual revenues and profits during the year-end holiday period… We anticipate good top line and strong bottom line performance in our current fiscal second quarter despite the very challenging economic environment
Total net revenues reached $158 million, an increase of 8.4% or $12.2 million compared with $145.8 million in the same period last year. During the quarter our e-commerce orders sold 1,553,000 compared with 1.654,000 orders in the year ago period.
We further strengthened our balance sheet and liquidity to an amended agreement with syndicate of banks led by JPMorgan Chase (NYSE:JPM). The new credit facility increases our borrowing capacity by $150 million to $293 million. We are very pleased to have completed this new agreement at favorable rates and terms particularly considering the uncertainty in the credit markets today.