November 06, 2019
THOMASVILLE, Ga., Nov. 6, 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 third quarter ended October 5, 2019.
Third Quarter Summary:
Compared to the prior year third quarter where applicable
- Sales increased 4.7% to $966.6 million; net sales increased 2.5% excluding the acquisition of Canyon Bakehouse.
- Diluted EPS increased $0.01 to $0.20.
- Adjusted diluted EPS(1) decreased $0.01 to $0.22.
(1) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in
the financial statements following this release.
“Our third quarter results reflect the continued execution against our key strategic priorities: focusing on brands, managing costs, pursuing smart acquisitions, and developing our team,” said Ryals McMullian, Flowers Foods’ president and CEO. “During the quarter, we gained market share and delivered record third quarter sales ahead of expectations, driven by both growth and core brands.”
McMullian continued, “More effectively managing costs is imperative as we work to mitigate the effects of a tight labor market, which has pressured manufacturing efficiencies and profitability. To that end, we have recently launched a focused initiative to optimize our portfolio and supply chain network with the aim of enhancing the underlying margin profile of our products, reducing complexity in our supply chain, and lowering fixed costs. We are confident that executing on our strategic initiatives will enable us to drive earnings growth and create shareholder value.”