Why 1-800-FLOWERS.com Stock Plunged 35% at the Open Today
Shares of 1-800-FLOWERS.COM (NASDAQ: FLWS), which sells flowers and other gifts, fell dramatically as trading got underway on Jan. 27, dropping a massive 35% at the open. By roughly 10 a.m. ET the stock was still off by a hefty 31% or so. The company's fiscal second-quarter 2022 earnings release is, without a doubt, the culprit here.
The top line was actually not so bad, with 1-800-FLOWERS.COM increasing revenues by 7.5% year over year in the fiscal second quarter of 2022. That came on top of a pretty impressive increase in the same stanza of fiscal 2021, which witnessed a sales gain of 44.8%. Essentially, the 7.5% increase in the second quarter of 2022 was up against a very tough comparison. The problem is that the company's $943 million in sales this quarter was a little shy of the $976.6 million analysts had been expecting. And that wasn't the only bad news.
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Source Fool.com
