1-800-FLOWERS.COM, Inc.

Good morning, and welcome to the 1-800-Flowers.com fiscal 2024 fourth quarter and year-end earnings call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the 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 then one on your touchtone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Andy Millivoy, Senior Vice President, Investor Relations. Please go ahead.

Good morning, and welcome to our fiscal 2024 fourth quarter and year-end earnings call. Joining us today are Jim McCann, Chairman and CEO, Tom Hartnett, President, Bill Shea, Chief Financial Officer, and James Langrock, Chief Administrative Officer. 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. Thanks for joining us. Before we dive into our review, I wanted to begin with this morning's announcement that Bill Shea has confirmed his plans to retire this December. First and foremost, I'd like to congratulate Bill on his upcoming retirement and to thank him for his three decades of tireless commitment to our company. Bill has been a terrific partner to me and a tremendous asset to our company during a period of incredible growth and transformation. Bill was instrumental in overseeing our financial operations, fostering great relationships with our lending partners, and maintaining a strong balance sheet. During Bill's tenure, our company grew from a multi-channel floral retailer with approximately $150 million in revenue to a technology platform for thoughtful gifting comprised of an all-star roster of brands with over $1.8 billion in revenue. Bill, thank you for all that you've done for 1800flowers.com and for me. We wish you all the best on your retirement and hope your retirement is filled with joyous times with your family and friends. I also wanted to take this opportunity to introduce James Langrock, who joined our company as Chief Administrative Officer earlier this year and will become our CFO upon Bill's retirement. James came to us with tremendous industry and financial background, having been CFO of other public companies both in the food and technology industries. We're glad to have James on board to help lead the next chapter of our company's growth. James will get to know many of you in the days ahead. And now, let's turn to our performance. As we turn our sights on the fiscal year ahead, we think it's important to begin by reflecting on our performance and execution against our strategic initiatives over the past year and how it sets the stage for fiscal 25 and beyond. This includes a macro consumer environment that we've been navigating, the resilience that we've demonstrated in our results, and how we positioned ourselves for the future. Top line challenges for fiscal 24 certainly persisted longer than anticipated during this year. If we were to rewind the clock back 12 months, broader conversations were focused on how many rate cuts we'd have to receive throughout fiscal 24. Instead, we're still waiting for the first rate cut and we experienced a macro environment that remained challenging for many, especially lower-income households, who were the most impacted by the higher interest rates and persistent inflation. While our revenues declined in the face of those macro conditions, our gross margin was a real story in fiscal 24, having rebounded significantly. This is a testament to our focus on cost management and operational efficiencies, combined with a reversion to the mean of certain commodity costs. Our ability to adapt quickly to changing market conditions has been crucial in this regard. As a result, our year-over-year EBITDA grew to $93 million. As we look to the future, we remain optimistic. Our gross margin recovery is well underway, and our efforts to operate more efficiently are now evergreen. We've also been investing in our business, and this morning you'll hear how we plan to harvest these investments in fiscal 2025 to improve our top-line trends. While acknowledging a consumer discretionary spending environment that remains challenging, we believe that our strategic investments in key areas differentiate us and will increase frequency and retention as customers come to us as their gifting destination of choice. We are committed to driving long-term growth, pursuing innovation, and enhancing shareholder value. And now I'll turn the call over to Tom for a business update to discuss some of the opportunities that we're focused on to improve our revenue trends in fiscal 25 and drive our longer-term value creation.