1 800 FLOWERS COM INC MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS. (Form 10-Q)

This "Management's Discussion and Analysis of Financial Condition and Results of
Operations" ("MD&A") is intended to provide an understanding of our financial
condition, change in financial condition, cash flow, liquidity and results of
operations. The following MD&A discussion should be read in conjunction with the
consolidated financial statements and notes to those statements that appear
elsewhere in this Form 10-Q and in the Company's   Annual Report on Form 10-K,
for the year ended June 27, 2021  . The following discussion contains
forward-looking statements that reflect the Company's plans, estimates and
beliefs. The Company's actual results could differ materially from those
discussed or referred to in the forward-looking statements. Factors that could
cause or contribute to any differences include, but are not limited to, those
discussed under the caption "Forward-Looking Information and Factors That May
Affect Future Results," under Part I, Item 1A, of the Company's   Annual Report
on Form 10-K, for the year ended June 27, 2021   under the heading "Risk
Factors" and Part II-Other Information, Item 1A in this Form 10-Q.



Business Overview



1-800-FLOWERS.COM, Inc. and its subsidiaries (collectively, the "Company") is a
leading provider of gifts designed to help customers express, connect and
celebrate. The Company's business platform features our all-star family of
brands, including: 1-800-Flowers.com®, 1-800-Baskets.com®, Cheryl's Cookies®,
Harry & David®, PersonalizationMall.com®, Shari's Berries®, FruitBouquets.com®,
Moose Munch®, The Popcorn Factory®, Wolferman's Bakery®, Vital Choice®, Stock
Yards® and Simply Chocolate®. Through the Celebrations Passport® loyalty
program, which provides members with free standard shipping and no service
charge across our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen
relationships with customers. The Company also operates BloomNet®, an
international floral and gift industry service provider offering a broad-range
of products and services designed to help members grow their businesses
profitably; Napco?, a resource for floral gifts and seasonal décor; and
DesignPac Gifts, LLC, a manufacturer of gift baskets and towers.



For more information, see Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Overview” of our

  Annual Report on Form 10-K   for the year ended June 27, 2021.



Acquisition of PersonalizationMall




On August 3, 2020, the Company completed its acquisition of
PersonalizationMall.com LLC ("PersonalizationMall"), a leading ecommerce
provider of personalized products. The extensive offerings of
PersonalizationMall include a wide variety of personalization processes such as
sublimation, embroidery, digital printing, engraving and sandblasting, while
providing an industry-leading customer experience based on a fully integrated
business platform that includes a highly automated personalization process and
rapid order fulfillment.



The Company used a combination of cash on its balance sheet and its existing
credit facility to fund the $245.0 million purchase (subject to certain working
capital and other adjustments), which included its newly renovated, leased
360,000 square foot state-of-the-art production and distribution facility, as
well as customer database, tradenames and website. PersonalizationMall's
revenues were approximately $171.2 million during its fiscal year ended February
29, 2020 - see   Note 4 - Acquisitions in Item 1.



Acquisition of Vital Choice



On October 27, 2021, the Company completed its acquisition of Vital Choice
Seafood LLC ("Vital Choice"), a provider of wild-caught seafood and sustainably
farmed shellfish, pastured proteins, organic foods, and marine-sourced
nutritional supplements. The Company utilized its existing credit facility to
fund the $20.0 million purchase (subject to certain working capital and other
adjustments), which included tradenames, customer lists, websites and
operations. Vital Choice revenues were approximately $27.8 million during its
most recent year ended December 31, 2020 - see   Note 4 - Acquisitions in Item
1.



Amended Credit Agreement



Subsequent to, but in contemplation of the acquisition, on August 20, 2020, the
Company entered into a First Amendment to its 2019 Credit Agreement to: (i)
increase the aggregate principal amount of the existing Revolver commitments
from $200.0 million to $250.0 million, (ii) establish a new tranche of term A-1
loans in an aggregate principal amount of $100.0 million (the "New Term Loan"),
(iii) increase the working capital sublimit with respect to the Revolver from
$175.0 million to $200.0 million, and (iv) increase the seasonally-reduced
Revolver commitments from $100.0 million to $125.0 million for the period from
January 1 through August 1 for each fiscal year of the Company. The $100.0
million proceeds of the New Term Loan were used to repay the $95.0 million
borrowing that had been drawn on its existing Revolver to finance the
acquisition, as well as financing fees of approximately $2.0 million



On November 8, 2021, the Company, entered into a Second Amendment to the
Company's existing credit agreement, to, among other modifications, decrease the
interest margins and LIBOR floor applicable to the existing tranche of term A-1
loans (See   Note 8 - Debt, in Item 1.   for details).



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COVID-19 Impact



In response to the global pandemic, the Company has taken actions to promote
employee safety and business continuity, informed by the guidelines set forth by
local, state and federal government and health officials. These initiatives are
governed by our "Pandemic Preparedness and Response Plan," which established an
internal "nerve center" to assist efforts surrounding: communication and
coordination throughout the business, workforce protection and supply chain
management, and support for the Company's customers, vendors, franchisees, and
our BloomNet member florists.



The COVID-19 pandemic, and its related impacts, has affected, and will continue
to affect, our operations and financial results for the foreseeable future.
While there is significant uncertainty in the overall consumer environment due
to the COVID-19 crisis, we continue to see strong e-commerce demand for gourmet
foods and gift baskets and our floral and personalized products. With that said,
we have experienced significant headwinds that have, and will continue to impact
our operations during the foreseeable future, including:



? Rising labor costs – in addition to significant increases in wage rates

necessary to attract workers in a highly competitive environment, which has

exacerbated by the shrinking labor pool available, we are seeing

increased costs associated with the changes we have made, and continue to

do, at our manufacturing, warehousing and distribution facilities to provide

for the safety and well-being of our associates, including:

distancing, free COVID-19 testing, enhanced cleaning and disinfection of facilities

schedules, staggered production shifts and enhanced sickness benefits.

? Supply chain constraints – the national increase in e-commerce volume has

resulted in third-party carrier capacity constraints and higher delivery

costs, while shortages of shipping capacity have resulted in significant

    cost increases, on both direct ocean container charges, as well as port
    storage and related charges and inbound trucking fees.




The scale and overall economic impact of the COVID-19 crisis continues to evolve
and it is difficult to assess its effects both on customer behavior and input
costs. While both consumer confidence and spending are expected to continue to
face headwinds from inflation and potential winter surges of the pandemic,
demand has remained relatively strong. Our 7.5% and 7.9% revenue growth for the
three and six months ended December 26, 2021, was on top of the 44.8% and 46.4%
growth that we achieved in the same periods of the prior year when ecommerce
demand spiked during the early stages of the pandemic. From a cost perspective,
anticipated headwinds from widely reported ocean container pricing, storage and
demurrage fees, as well as inbound and outbound transportation charges, combined
with labor shortages and rate increases, significantly exceeded expectations
during the quarter. Additionally, marketing rates escalated beyond the more
normalized rates we saw in the year ago holiday quarter. These inflationary
headwinds ultimately offset both contributions from our revenue growth, and
initiatives to offset these headwinds, which included strategic pricing
increases, pre-building of inventory, and deploying warehouse and distribution
facility automation, negatively impacting our gross margins and bottom-line
results.



Company Guidance


The Company is updating its guidance for fiscal 2022, reflecting results reported for the first half of the year, as well as its outlook for the remainder of the year. The updated guidelines include:

? Growth in total revenue of 7.0% to 9.0%, compared to the previous year

    year;


  ? Adjusted EBITDA in a range of $140.0 million-to-$150.0 million;


  ? EPS in a range of $0.90 -to- $1.00 per diluted share, and;


  ? The Company anticipates that Free Cash Flow for the year will be down

significantly compared to the previous year based on its updated forecasts and

its intention to use its strong balance sheet to continue investing in stocks

to support his growth plans and weather the headwinds he sees in the macro

    economy.



The Company’s guidance for the year is based on several factors, including:

? continued headwinds associated with the ongoing pandemic, rising costs

for labor, inbound and outbound shipping, and marketing, and for consumers

concerns about rising price inflation are somewhat offset by;

? the Company’s ability to continue to attract new customers and add new members

to its Celebrations Passport® loyalty program, which contributes to

increased frequency, retention and cross-category/cross-brand purchases.





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Definitions of Non-GAAP Financial Measures:




We sometimes use financial measures derived from consolidated financial
information, but not presented in our financial statements prepared in
accordance with U.S. generally accepted accounting principles ("GAAP"). Certain
of these are considered "non-GAAP financial measures" under the U.S. Securities
and Exchange Commission rules. See below for definitions and the reasons why we
use these non-GAAP financial measures.  Where applicable, see the   Segment
Information   and   Results of Operations   sections below for reconciliations
of these non-GAAP measures to their most directly comparable GAAP financial
measures. We do not provide a reconciliation of adjusted EBITDA guidance to net
income guidance or a reconciliation of free cash flow guidance to net cash
provided by operating activities because doing so would require unreasonable
efforts at this time, because of the uncertainty and variability of the nature
and amount of certain components of various necessary GAAP components, including
for example those related to compensation, tax items, amortization or others
that may arise during the year, and the Company's management believes such
reconciliations would imply a degree of precision that would be confusing or
misleading to investors. These non-GAAP financial measures are referred to as
"adjusted" or "on a comparable basis" below.



EBITDA and Adjusted EBITDA


We define EBITDA as net income (loss) before interest, taxes, depreciation and
amortization. Adjusted EBITDA is defined as EBITDA adjusted for the impact of
stock-based compensation, NQDC Plan investment appreciation/depreciation, and
for certain items affecting period-to-period comparability. See   Segment
Information   for details on how EBITDA and adjusted EBITDA were calculated for
each period presented.



The Company presents EBITDA and adjusted EBITDA because it considers such
information meaningful supplemental measures of its performance and believes
such information is frequently used by the investment community in the
evaluation of similarly situated companies. The Company uses EBITDA and adjusted
EBITDA as factors to determine the total amount of incentive compensation
available to be awarded to executive officers and other employees. The Company's
credit agreement uses EBITDA and adjusted EBITDA to measure compliance with
covenants such as interest coverage and debt incurrence. EBITDA and adjusted
EBITDA are also used by the Company to evaluate and price potential acquisition
candidates.



EBITDA and adjusted EBITDA have limitations as analytical tools and should not
be considered in isolation or as a substitute for analysis of the Company's
results as reported under GAAP. Some of the limitations are: (a) EBITDA and
adjusted EBITDA do not reflect changes in, or cash requirements for, the
Company's working capital needs; (b) EBITDA and adjusted EBITDA do not reflect
the significant interest expense, or the cash requirements necessary to service
interest or principal payments, on the Company's debts; and (c) although
depreciation and amortization are non-cash charges, the assets being depreciated
and amortized may have to be replaced in the future and EBITDA does not reflect
any cash requirements for such capital expenditures. EBITDA should only be used
on a supplemental basis combined with GAAP results when evaluating the Company's
performance.


Segment Contribution Margin and Adjusted Segment Contribution Margin




We define segment contribution margin as earnings before interest, taxes,
depreciation and amortization, before the allocation of corporate overhead
expenses. Adjusted segment contribution margin is defined as contribution margin
adjusted for certain items affecting period-to-period comparability.
See   Segment Information   for details on how segment contribution margin was
calculated for each period presented.



When viewed together with our GAAP results, we believe segment contribution
margin and adjusted segment contribution margin provide management and users of
the financial statements meaningful information about the performance of our
business segments.



Segment contribution margin and adjusted segment contribution margin are used in
addition to and in conjunction with results presented in accordance with GAAP
and should not be relied upon to the exclusion of GAAP financial measures. The
material limitation associated with the use of the segment contribution margin
and adjusted segment contribution margin is that they are an incomplete measure
of profitability as they do not include all operating expenses or non-operating
income and expenses. Management compensates for these limitations when using
this measure by looking at other GAAP measures, such as operating income and net
income.


Adjusted net earnings (loss) and adjusted or comparable net earnings per common share


We define adjusted net income (loss) and adjusted or comparable net income
(loss) per common share as net income (loss) and net income (loss) per common
share adjusted for certain items affecting period-to-period comparability.
See   Segment Information   below for details on how adjusted net income (loss)
and adjusted or comparable net income (loss) per common share were calculated
for each period presented.



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We believe that adjusted net earnings (loss) and adjusted or comparable net earnings (loss) per common share are meaningful measures because they increase comparability results from period to period.




Since these are not measures of performance calculated in accordance with GAAP,
they should not be considered in isolation of, or as a substitute for, GAAP net
income (loss) and net income (loss) per common share, as indicators of operating
performance and they may not be comparable to similarly titled measures employed
by other companies.





Free Cash Flow

We define free cash flow as net cash provided by operating activities, less
capital expenditures. The Company considers free cash flow to be a liquidity
measure that provides useful information to management and investors about the
amount of cash generated by the business after the purchases of fixed assets,
which can then be used to, among other things, invest in the Company's business,
make strategic acquisitions, strengthen the balance sheet, and repurchase stock
or retire debt. Free cash flow is a liquidity measure that is frequently used by
the investment community in the evaluation of similarly situated companies.



Since free cash flow is not a measure of performance calculated in accordance
with GAAP, it should not be considered in isolation or as a substitute for
analysis of the Company's results as reported under GAAP. A limitation of the
utility of free cash flow as a measure of financial performance is that it does
not represent the total increase or decrease in the company's cash balance for
the period.



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Segment Information


The following table presents net revenues, gross profit and segment contribution margin for each of the Company’s business segments, as well as consolidated EBITDA and adjusted EBITDA.



                                                                                                    Three Months Ended
                                                                              As Adjusted                                                                       As Adjusted
                                                                               (non-GAAP)                       PersonalizationMall            Harry &          (non-GAAP)
                                   December 26,                               December 26,      December            Litigation &             David

Shop December 27%

                                       2021           Transaction Costs     

2021 27, 2020 Transaction costs Closure costs 2020

           Change
Net revenues:
Consumer Floral & Gifts           $      315,083     $                 -     $      315,083     $ 305,357     $                      -     $             -     $     305,357          3.2 %
BloomNet                                  37,930                                     37,930        34,051                                                             34,051         11.4 %
Gourmet Foods & Gift Baskets             590,946                                    590,946       538,265                                                            538,265          9.8 %
Corporate                                     69                                         69           135                                                                135        -48.9 %
Intercompany eliminations                   (984 )                                     (984 )        (552 )                                                             (552 )      -78.3 %
Total net revenues                $      943,044     $                 -     $      943,044     $ 877,256     $                      -     $            

$877,256 7.5%


Gross profit:
Consumer Floral & Gifts           $      130,025                             $      130,025     $ 134,474                                                      $     134,474         -3.3 %
                                            41.3 %                                     41.3 %        44.0 %                                                             44.0 %

BloomNet                                  16,021                           
         16,021        16,820                                                             16,820         -4.8 %
                                            42.2 %                                     42.2 %        49.4 %                                                             49.4 %

Gourmet Foods & Gift Baskets             232,239                                    232,239       246,890                                                            246,890         -5.9 %
                                            39.3 %                                     39.3 %        45.9 %                                                             45.9 %

Corporate                                    165                                        165            62                                                                 62        166.1 %
                                           239.1 %                                    239.1 %        45.9 %                                                             45.9 %

Total gross profit                $      378,450     $                 -   
 $      378,450     $ 398,246     $                      -     $             -     $     398,246         -5.0 %
                                            40.1 %                     -               40.1 %        45.4 %                          -                   -              45.4 %

EBITDA (non-GAAP):
Segment Contribution Margin
(non-GAAP) (a):
Consumer Floral & Gifts           $       38,156     $                 -     $       38,156     $  45,657     $                      -     $             -     $      45,657        -16.4 %
BloomNet                                  11,887                                     11,887        12,141                                                             12,141         -2.1 %
Gourmet Foods & Gift Baskets             110,502                                    110,502       135,621                                              (78 )         135,543        -18.5 %
Segment Contribution Margin
Subtotal                                 160,545                       -            160,545       193,419                            -                 (78 )         193,341        -17.0 %
Corporate (b)                            (32,228 )                    59            (32,169 )     (34,757 )                        513                               (34,244 )        6.1 %
EBITDA (non-GAAP)                        128,317                      59            128,376       158,662                          513                 (78 )         159,097        -19.3 %
Add: Stock-based compensation              2,291                                      2,291         2,965                                                              2,965        -22.7 %
Add: Compensation charge
related to NQDC Plan Investment
Appreciation                               2,425                                      2,425         2,227                                                              2,227          8.9 %
Adjusted EBITDA (non-GAAP)        $      133,033     $                59     $      133,092     $ 163,854     $                    513     $           (78 )   $     164,289        -19.0 %




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                                                                                             Six Months Ended
                                                                     As Adjusted                                                                       As Adjusted
                                                                      (non-GAAP)                         PersonalizationMall           Harry &          (non-GAAP)
                          December 26,                               December 26,       December            Litigation &             David Store 

December 27%

                              2021           Transaction Costs           2021           27, 2020          Transaction Costs         Closure Costs          2020          Change
Net revenues:
Consumer Floral &
Gifts                    $      496,312     $                 -     $      496,312     $   466,903     $                     -     $             -     $    466,903           6.3 %
BloomNet                         68,764                                     68,764          66,789                                                           66,789           3.0 %
Gourmet Foods & Gift
Baskets                         688,428                                    688,428         628,194                                                          628,194           9.6 %
Corporate                           114                                        114             241                                                              241         -52.7 %
Intercompany
eliminations                     (1,201 )                                   (1,201 )        (1,099 )                                                         (1,099 )        -9.3 %
Total net revenues       $    1,252,417     $                 -     $    1,252,417     $ 1,161,028     $                     -     $             -     $  1,161,028           7.9 %

Gross profit:
Consumer Floral &
Gifts                    $      206,028                             $      206,028     $   200,060     $                     -     $             -    
$    200,060           3.0 %
                                   41.5 %                                     41.5 %          42.8 %                                                           42.8 %

BloomNet                         31,430                                     31,430          31,658                           -                   -           31,658          -0.7 %
                                   45.7 %                                     45.7 %          47.4 %                                                           47.4 %

Gourmet Foods & Gift
Baskets                         266,402                                    266,402         281,897                           -                   -          281,897          -5.5 %
                                   38.7 %                                     38.7 %          44.9 %                                                           44.9 %

Corporate                           104                                        104             111                           -                   -              111          -6.3 %
                                   91.2 %                                     91.2 %          46.1 %                                                           46.1 %

Total gross profit       $      503,964     $                 -     $      503,964     $   513,726     $                     -     $             -     $    513,726          -1.9 %
                                   40.2 %                     -               40.2 %          44.2 %                         -                   -             44.2 %

EBITDA (non-GAAP):
Segment Contribution
Margin (non-GAAP) (a):
Consumer Floral &
Gifts                    $       57,346     $                 -     $       57,346     $    64,893     $                     -     $             -     $     64,893         -11.6 %
BloomNet                         22,747                                     22,747          22,562                           -                   -           22,562           0.8 %
Gourmet Foods & Gift
Baskets                         102,829                                    102,829         133,040                           -                (483 )        132,557         -22.4 %
Segment Contribution
Margin Subtotal                 182,922                       -            182,922         220,495                           -                (483 )        220,012         -16.9 %
Corporate (b)                   (63,959 )                   515            (63,444 )       (66,454 )                     5,403                   -          (61,051 )        -3.9 %
EBITDA (non-GAAP)               118,963                     515            119,478         154,041     $                 5,403     $          (483 )   $    158,961         -24.8 %
Add: Stock-based
compensation                      5,296                                      5,296           5,358                                                            5,358          -1.2 %
Add: Compensation
charge related to NQDC
Plan Investment
Appreciation                      2,992                                      2,992           3,207                           -                   -            3,207          -6.7 %
Adjusted EBITDA
(non-GAAP)               $      127,251     $               515     $      127,766     $   162,606     $                 5,403     $          (483 )   $    167,526         -23.7 %




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Reconciliation of net income to adjusted
net income (non-GAAP):                          Three Months Ended                Six Months Ended
                                           December 26,       December        December        December
                                               2021           27, 2020        26, 2021        27, 2020

Net income                                 $      88,468     $   113,677     $    75,269     $   103,915
Adjustments to reconcile net income to
adjusted net income (non-GAAP)
Add: Transaction costs                                59             513             515           5,403
Deduct: Harry & David store closure cost
adjustment                                             -             (78 )             -            (483 )
Deduct: Income tax effect on adjustments              65             125            (108 )        (1,117 )
Adjusted net income (non-GAAP)             $      88,592     $   114,237    

$75,676 $107,718


Basic and diluted net income per common
share
Basic                                      $        1.36     $      1.76     $      1.16     $      1.61
Diluted                                    $        1.34     $      1.71     $      1.14     $      1.56


Basic and diluted adjusted net income
per common share (non-GAAP)
Basic                                      $        1.36     $      1.76     $      1.16     $      1.67
Diluted                                    $        1.34     $      1.72     $      1.15     $      1.62

Weighted average shares used in the
calculation of net income and adjusted
net income per common share
Basic                                             65,261          64,728          65,161          64,524
Diluted                                           65,969          66,543          65,954          66,593




Reconciliation of net income to adjusted
EBITDA (non-GAAP):                             Three Months Ended               Six Months Ended
                                            December        December        December        December
                                            26, 2021        27, 2020        26, 2021        27, 2020

Net income                                 $    88,468     $   113,677     $    75,269     $   103,915
Add: Interest expense, net                        (734 )          (330 )           198            (289 )
Add: Depreciation and amortization              12,588          11,060          23,558          19,900
Add: Income tax expense                         27,995          34,255          19,938          30,515
EBITDA                                         128,317         158,662         118,963         154,041
Add: Stock-based compensation                    2,291           2,965           5,296           5,358
Add: Compensation charge related to NQDC
plan investment appreciation                     2,425           2,227           2,992           3,207
Add: Transaction costs                              59             513             515           5,403
Deduct: Harry & David store closure cost
adjustment                                           -             (78 )             -            (483 )
Adjusted EBITDA                            $   133,092     $   164,289     $   127,766     $   167,526




(a) Segment performance is measured based on segment contribution margin or
segment Adjusted EBITDA, reflecting only the direct controllable revenue and
operating expenses of the segments, both of which are non-GAAP measurements. As
such, management's measure of profitability for these segments does not include
the effect of corporate overhead, described above, depreciation and
amortization, other income (net), and other items that we do not consider
indicative of our core operating performance.



(b) Corporate expenses consist of the Company's enterprise shared service cost
centers, and include, among other items, Information Technology, Human
Resources, Accounting and Finance, Legal, Executive and Customer Service Center
functions, as well as Stock-Based Compensation. In order to leverage the
Company's infrastructure, these functions are operated under a centralized
management platform, providing support services throughout the organization. The
costs of these functions, other than those of the Customer Service Center, which
are allocated directly to the above categories based upon usage, are included
within corporate expenses as they are not directly allocable to a specific
segment.



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Results of Operations



Net revenues



                                    Three Months Ended                               Six Months Ended
                         December        December                      December 26,     December 27,
                         26, 2021        27, 2020        % Change          2021             2020          % Change
                                                   (dollars in thousands)
Net revenues:
E-Commerce              $   827,522     $   777,810            6.4 %   $  1,090,893     $  1,016,673            7.3 %
Other                       115,522          99,446           16.2 %        161,524          144,355           11.9 %
Total net revenues      $   943,044     $   877,256            7.5 %   $  1,252,417     $  1,161,028            7.9 %



Net revenue consists primarily of the sale price of merchandise, service, or shipping charges, less discounts, returns, and credits.




Net revenues increased 7.5% and 7.9% during the three months and six months
ended December 26, 2021, respectively, compared to the same periods of the prior
year, due to higher revenues across our three segments. Adjusted for the
non-comparative impact of PersonalizationMall and Vital Choice, which were
acquired on August 3, 2020, and October 27, 2021, respectively, consolidated
revenues grew 6.9% and 6.3%, in comparison to the prior year periods. This
revenue growth was during one of our most challenging year-over-year
comparisons, as it followed the 44.8% and 46.4% revenue growth we reported for
the three and six months ended December 27, 2020, respectively, which was
accelerated by the growth of e-commerce shopping during the pandemic, and as we
faced significant headwinds affecting revenue growth, including limited
availability of production and distribution labor, escalating supply-chain
disruptions that caused shortages of key components for some holiday products,
increased digital marketing costs and the resurgence of COVID-19 pandemic cases
across the country. This illustrates the strong growth momentum that we have
been building over the past several years, as a result of increased recognition
and relevance for our family of brands for everyday gifting and connective
occasions, which was complemented by an expanded product assortment, including
PersonalizationMall and Vital Choice products. We also continued to see growth
in our customer file and Celebrations Passport loyalty program, which helps
drive increased cross-brand purchasing, purchase frequency, retention, and
customer life-time value.



Revenues disaggregated by channel are as follows:

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