February 05, 2020

THOMASVILLE, Ga., Feb. 5, 2020 /PRNewswire/ — Flowers Foods, Inc. (NYSE: FLO), producer of Nature’s OwnDave’s Killer BreadWonderTastykake, and other bakery foods, today reported financial results for the company’s 12-week fourth quarter ended December 28, 2019.

Fiscal 2019 Summary:
Compared to the prior year where applicable

  • Sales increased 4.4% to $4.124 billion; excluding the acquisition of Canyon Bakehouse, net sales increased 2.2%.
  • Diluted EPS increased $0.04 to $0.78.
  • Adjusted diluted EPS(1) increased $0.02 to $0.96.

Fourth Quarter Summary:
Compared to the prior year fourth quarter where applicable

  • Sales increased 4.2% to $917.8 million; excluding the acquisition of Canyon Bakehouse, net sales increased 1.2%.
  • Diluted EPS decreased $0.09 to $0.01.
  • Adjusted diluted EPS(1) increased $0.02 to $0.18.

(1) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release.

CEO’s Remarks:
Ryals McMullian, Flowers Foods’ president and CEO, said, “We are pleased to report solid fourth quarter performance and record sales and operating cash flow for the full year. In the quarter, results were better than expected, driven by continued top-line momentum and improved profitability. During the quarter, we saw growth from our key brands, made important progress in our portfolio and supply chain optimization efforts, and continued to invest in our team’s capabilities. As a result, we ended the year on the right trajectory, demonstrating clear progress against our dual imperatives of sales growth and margin expansion.”

McMullian continued, “Looking ahead, our 2020 plans engage the core value creation strategies we have put in place to focus on brands, manage costs, pursue smart acquisitions, and develop our team. We expect fiscal 2020 sales growth in-line with our long-term targets driven by the strength of our national brands and the expected stabilization and growth of our foodservice and cake businesses. We intend to drive earnings growth by executing against our initiatives to improve manufacturing efficiencies, optimize our portfolio and supply chain network, and reduce fixed costs. We made great strides in 2019 and are now moving aggressively to capture the opportunities we see in 2020 that we believe can enhance shareholder value.”