FLOWERS FOODS, INC. REPORTS FIRST QUARTER 2021 RESULTS

May 20, 2021

THOMASVILLE, Ga., May 20, 2021 /PRNewswire/ — Flowers Foods, Inc. (NYSE: FLO), producer of Nature’s OwnDave’s Killer BreadWonder, Canyon Bakehouse, Tastykake, and other bakery foods, today reported financial results for the company’s 16-week first quarter ended April 24, 2021.

First Quarter Summary:

Compared to the prior year first quarter where applicable

  • Sales decreased 3.5% to $1.302 billion compared to record results in the prior year period driven by the pandemic.
  • Net income increased $77.4 million to $71.7 million due primarily to a $116.2 million charge in the prior year period related to the termination of one of our pension plans. Adjusted net income increased 1.3% to $87.6 million.
  • Adjusted EBITDA(1) decreased 1.0% to $161.6 million. Adjusted EBITDA represented 12.4% of sales, a 30-basis point increase.
  • Diluted EPS increased $0.37 to $0.34. Adjusted diluted EPS(1) was consistent with the prior year period at $0.41.

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

CEO’s Remarks:

“Flowers delivered impressive results to start 2021,” said Ryals McMullian, Flowers Foods’ president and CEO. “Our leading brands are thriving, and that strong performance would not be possible without the dedication and perseverance of our team members. I want to extend my sincere thanks for their efforts.

“As the economy reopened in most of the country, our branded retail mix moderated somewhat toward the end of the quarter and foodservice began to recover,” he continued. “However, it is important to note that branded retail demand remains elevated over pre-pandemic levels. To maintain our momentum and sustain the growth of our brands, we are continuing to invest in innovation and marketing. We believe those investments benefited our results in the first quarter, and we expect them, together with our portfolio strategy, digital initiative, and efficiency programs, to drive our future performance. We have performed exceptionally well over the last year and are confident these actions we are taking today, guided by our strategic priorities, are positioning Flowers to deliver results consistent with our long-term financial targets.”