1-800-Flowers Stock Is Surging. Founder Jim McCann Sold Shares. - Barron's

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Jim McCann sold $20 million of shares of florist 1-800-Flowers. The founder and executive chairman last sold stock in 2015.

Peter Foley/Bloomberg

1-800-Flowers.com stock has bloomed this year to a record price, and founder Jim McCann just sold shares of the florist for the first time in years.

1-800-Flowers stock (ticker: FLWS) has surged 29.7% in the third quarter and sports a year-to-date gain of 79.1%, reaching a record intraday high of $32.78 on Sept. 2 before last week’s market selloff. The S&P 500 index, a broad measure of the market, has gained 10.5% in the third quarter, and 6.1% year to date.

McCann sold 694,921 Class A shares of 1-800-Flowers on Sept. 1 for a total of $19.9 million, a per-share average price of $28.65. According to a form he filed with the Securities and Exchange Commission, McCann also converted 184,209 supervoting Class B shares to Class A the same day. Class B shares carry 10 votes each and don’t publicly trade; they are convertible into Class A shares, which are listed on Nasdaq, and carry one vote each.

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McCann, who serves as the company’s executive chairman, didn’t respond to a request for comment on his transaction.

His last sale of 1-800-Flowers stock was in March 2015 when he sold 50,000 shares for $629,500, a per-share average price of $12.59.

Jim McCann’s brother, Christopher G. McCann, is the company’s president and CEO. Certain members of Jim McCann’s family have formed a group that owns all the supervoting stock, and controls most of the voting power of 1-800-Flowers.

Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.

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1-800-Flowers Stock Is Surging. Founder Jim McCann Sold Shares. - Barron's
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