August 07, 2019
THOMASVILLE, Ga., Aug. 7, 2019 /PRNewswire/ — Flowers Foods, Inc. (NYSE: FLO), producer of Nature’s Own, Dave’s Killer Bread, Wonder, Tastykake, and other bakery foods, today reported financial results for the company’s 12-week second quarter ended July 13, 2019.
Second Quarter Summary:
Compared to the prior year second quarter where applicable
- Sales increased 3.7% to $975.8 million; net sales increased 1.8% excluding the acquisition of Canyon Bakehouse.
- Diluted EPS increased $0.04 to $0.25.
- Adjusted diluted EPS(1) was unchanged at $0.25.
(1) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release.
“This quarter’s results reflect our strategic priorities to focus on brands, manage costs, make smart acquisitions, and develop the team. You can see this in our continued top-line momentum and market share gains, which illustrate the benefits of our pivot to a more brand-focused organization,” said Ryals McMullian, Flowers Foods’ president and CEO. “In the quarter, we continued to successfully rollout Canyon Bakehouse across our distribution network, implemented pricing to help mitigate inflationary pressures, and delivered product innovation and marketing programs that supported the growth of Dave’s Killer Bread, Nature’s Own, and Wonder. Growth in bread brands more than offset reduced sales of cake and foodservice products, as we continue to evolve those portfolios to a more attractive margin profile.”
Mr. McMullian continued, “Improving profitability is a priority. We remain focused on the significant opportunities we see to attack complexities, improve operational efficiencies, and address inflationary pressures from commodities, labor, and transportation. By focusing on sustainable, profitable growth in our core business, and investing strategically in growing adjacencies, we intend to drive free cash flow and deliver shareholder value.”