1-800-FLOWERS.COM, Inc.

Good afternoon, and welcome to the 1-800-Flowers.com 2025 Third Quarter Results Conference Call. All participants will be in 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 a touch-tone 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.

Please go ahead. Good afternoon, and welcome to our fiscal 2025 third quarter earnings call. Joining us today are Jim McCann, Chairman and current CEO, Adolfo Villagomez, incoming CEO, Tom Hartnett, President, and James Langrock, 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. Good afternoon, everyone. Just a short while ago, we made two major announcements that mark an exciting new chapter for our company. We introduced our transformative long-term strategy, Celebrations Wave, and welcomed Adolfo Villagomez as our new CEO, who will spearhead this new strategy. Before we dive into Celebrations Wave, let's take a moment to consider the journey that led us to this point. In recent years, our company has faced several macro challenges, including the COVID bullwhip effect, inflation, bifurcated consumer markets, ocean freight disruptions, and rising customer acquisition costs all during a time when shifting technology and evolving consumer engagement preferences have made our traditional marketing approach less effective. These are coupled with some newer issues including a rapid decline in consumer confidence, tariff impacts, and discussions of possible recession. These external factors are significant but we also have encountered internal challenges. Notably, our decision to shutter most of our retail operations during COVID and recent difficulties with our audit management system implementation. These are mistakes of our own making and all obstacles that we're confronting as a management team. Although we face certain challenges, as we've outlined in our press release this afternoon, we have developed a comprehensive plan to address them. This plan includes reorganizing our structure, reducing our costs, and ensuring we have the right leadership to lead us into the future, improving systems, marketing, and merchandising, optimizing our product assortment, pricing, and partnerships, and testing new retail concepts, improving our loyalty program, and maximizing our last mile capabilities. Let's begin with leadership and the new talent we brought on board to accelerate our changes. We're excited to welcome Adolfo to the team. Adapo has significant experience in leading consumer businesses, digital transformations, and the shift in business models. He understands our challenges and has driven transformative changes throughout his career. Through Adapo's approach to leveraging data analytics and consumer insights, he has achieved remarkable success in his previous roles. His expertise will be instrumental in continuing our legacy of innovation and connecting more deeply with our customers through cutting-edge digital experiences. The team and I look forward to working with him as he leads us through this next wave of our celebrations journey. Before we conclude, I'll also ask Adabo to introduce himself. We have also recently welcomed Henry Mori to our executive team as our Chief AI and Transformation Officer. With over 17 years of experience leading digital innovation and AI strategy at startups as well as global companies, Henry has a proven track record in driving growth through AI-driven initiatives and will ensure we remain at the forefront of innovation and transformation. Beyond enhancing our leadership team, we've added expertise to our board of directors with the addition of Shelley Palmer. Shelley brings an extensive experience in technology, media, and marketing, which will be invaluable as we navigate our next wave of innovation. His strategic insight and industry knowledge will guide us in leveraging new opportunities and strengthen our market position. Our company has a rich history of innovation and has consistently embraced the need to adapt in response to structural changes in the operating environment. We have conceptualized these innovations in five distinct waves, which include our retail stores, the launch of the national 1-800-Flowers number, the introduction of e-commerce, and the shift to mobile social commerce, which ultimately became conversational commerce. The commonality amongst these waves is a recalibration of our business model and practices to reflect ever-evolving technology and consumer buying preferences. We are now riding a new wave, one that we are embracing and whose momentum will carry us into the future. Celebrations Wave is our sixth wave of innovation, and we expect it to be the most transformative. Advancements in technology and shifting consumer buying preferences demand it. Celebrations Wave represents a significant evolution of our company. It integrates our strategic initiatives and brand assets that utilize advanced technologies to create comprehensive celebrations ecosystems. Our company has always been focused on helping inspire consumers to give more, connect more, and build more and better relationships. We believe in the joy of giving and recognize that expressing sentiment in an ongoing consumer need, not limited to holiday periods, after all, relationships are an everyday business. Now, new technologies align with our goal to create a comprehensive ecosystem that helps customers build and deepen their relationships. Celebration's wave will further our mission by developing a new ecosystem that helps customers foster deeper, more meaningful connections. These changes will directly elevate the customer experience and address key pressures on our financial performance. This represents the most comprehensive strategic plan in our company's history, and we believe it will directly benefit our customer experience and drive significantly improved results. We've been preparing and positioning ourselves for this opportunity through our relationship management tools, sentiment-first approach, and recent sentiment expression-based acquisitions. Most importantly, we are evolving our business model to adapt to changes in technology and consumer behavior, ensuring our continued growth and future success. We look forward to sharing more of our plans with you on this call and when we interact in the future. But first, James will provide an update on the third quarter performance. To say we are disappointed with the results is an understatement. Following James, Tom will provide more details on the strategic actions we are taking with Celebration's wave to address this underperformance. James?