1-800-FLOWERS.COM, Inc.

Good day and welcome to the third quarter results conference call. All participants will be listed all remote. Should you need assistance, please signal a conference specialist by pressing star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and one on your telephone keypad. To withdraw your question, please press star and two. Please note that this event is being recorded. I would now like to turn the conference over to Anthony Villahoy. Please go ahead.

Good morning, and welcome to our fiscal 2024 third quarter earnings call. Joining us today are Jim McCann, Chairman and CEO, Tom Hartnett, President, and Bill Shea, CFO. Before we begin, 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 Jim.

Thanks, Andy, and good morning, everyone. Thank you for joining us. This morning, I'll begin with a brief overview of our third quarter performance and then turn it over to Tom, who will provide a business update. We will conclude with a financial review from Bill, and then we'll open it up to your questions. Over the last few quarters, we have been providing updates on our relationship innovation and work smarter initiatives that are centered on elevating the customer experience and driving efficiencies in all aspects of our business. Our organization continues to relentlessly execute on these initiatives, and you'll hear a number of updates today on how we are actively managing our product portfolio and our pricing elasticity. As we look at our third quarter performance, we continue to see a very complex consumer environment. Consumers continue to be deliberate and discerning with their purchases and are making thoughtful decisions. And although there has been much discussion about the resilient economy, we continue to see a bifurcation of our lower versus middle and higher income consumers. It's not surprising that the lower income consumer continues to be most pressured by inflationary forces and higher interest rates, while at the same time, credit card balances and delinquency rates are on the rise. Our total third quarter revenue declined 9.1%, which includes lower wholesale and bloom net revenue. As Bill will highlight further, our e-commerce revenue trends continue to improve sequentially. Helping offset our top line softness, fiscal 2024 remains the year of our gross margin recovery. As we updated everyone last quarter, the pace of our margin recovery is occurring at a faster rate than we had originally anticipated at the beginning of the fiscal year. Our gross margin is benefiting from a combination of our work smarter initiatives that are largely centered on operating more efficiently and the reversion to the mean of certain commodity costs. As one of the aspects of Work Smarter, we took further action to optimize our workforce during the third quarter. While these decisions are difficult, these changes were made in response to the current environment and to appropriately allocate resources to the growth opportunities in our business. I want to take this opportunity to express our gratitude to every team member who was affected for their personal contributions to our organization's success. Beyond our cost optimization efforts, we are executing on our strategic initiatives to offer more solutions for our customers' gift-giving needs. Since the founding of the company, we have been in the forefront of innovation. We have expanded our gifting options and made it easier for our customers to stay connected and celebrate with all the important people in their lives. We have a portfolio of brands and offer gifting options for every occasion. Most recently, we further expanded our offerings with the acquisition of Cardile, which enhances our print-on-demand personalized greeting card offerings and enables us to address a wider range of our customers' expressive needs. The addition of Cardile gives our customers the ability to pair top-quality personalized greeting cards with our extensive variety of gifts across our family of brands or as a standalone greeting. We are excited for our expansion of greeting card category that further enhances the gifting experience we can provide our customers. Tom will provide additional information on our strategic initiatives. Before we move on to the business update, I did want to take this opportunity to celebrate Harry and David's 90th anniversary. It's a truly remarkable milestone to celebrate 90 years of delivering gifts. From the time of Harry and David first hand-delivered boxes of pears nearly a century ago, sharing has been at the heart of what we do. While much has changed since 1934, Harry and David has been here all along delivering extraordinary gifts that bring people together for life's meaningful moments. And now I'll turn the call over to Tom for our business update.