The stock of 1-800-Flowers.com (ticker: FLWS) has seen a significant decline this year, losing about a quarter of its value. This gift-delivery company, known for its brands including the eponymous flowers business and Harry & David, experienced a temporary change in leadership in July. CEO Christopher McCann took a leave of absence for “personal health reasons,” and his position is currently being filled by company founder and Chairman Jim McCann, who happens to be Christopher’s brother.
Despite the company’s current situation, two of its top executives recently made notable purchases of company shares. Chief Financial Officer Bill Shea acquired 30,000 shares, spending a total of $190,200. Similarly, President Tom Hartnett bought 25,000 shares for $152,250. Shea purchased the shares at an average price of $6.34 per share, while Hartnett paid slightly less at $6.09 per share. After these purchases, Shea now owns a total of 274,883 shares, while Hartnett owns 280,333 shares.
When approached for comment, 1-800-Flowers.com did not provide a response regarding the executives’ stock purchases. It is worth noting that Shea’s previous stock purchase on the open market was in November 2015, where he acquired 5,000 shares for $39,500 at an average price of $7.90 per share. On the other hand, Hartnett’s most recent purchase took place in September of last year when he bought 25,000 shares for $153,000 at an average price of $6.12 per share.
In its latest quarterly report released on August 31, 1-800-Flowers.com acknowledged that its revenue continues to be affected by a challenging consumer environment. However, the company remains hopeful that it will see a rebound in revenue during the upcoming holiday period and beyond.