August 12, 2021
THOMASVILLE, Ga., Aug. 12, 2021 /PRNewswire/ — Flowers Foods, Inc. (NYSE: FLO), producer of Nature’s Own, Dave’s Killer Bread, Wonder, Canyon Bakehouse, Tastykake, and other bakery foods, today reported financial results for the company’s 12-week second quarter ended July 17, 2021.
Second Quarter Summary:
Compared to the prior year second quarter where applicable
- Sales decreased 0.8% to $1.017 billion compared to record results in the prior year period that were driven by the pandemic.
- Net income decreased 2.7% to $56.4 million. Adjusted net income decreased 1.7% to $68.8 million.
- Adjusted EBITDA(1) decreased 5.0% to $122.1 million. Adjusted EBITDA represented 12.0% of sales, a 50-basis point decrease.
- Diluted EPS decreased $0.01 to $0.26. Adjusted diluted EPS(1) decreased $0.01 to $0.32.
(1) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release.
CEO’s Remarks:
“Flowers’ strong second quarter performance reflects the power of our leading brands and our sustained investment in sales growth and network optimization,” said Ryals McMullian, Flowers Foods’ president and CEO. “We are delivering results well ahead of pre-pandemic levels as we continue to grow our market share, and I thank our team for their perseverance in navigating the uncertainty caused by the pandemic.
“By executing on our four strategic pillars – developing our team, focusing on brands, prioritizing margins, and smart M&A – we are continuing to develop the structure and capabilities necessary to achieve our goals,” he continued. “I have never been more optimistic about Flowers’ potential. We have taken important steps forward and remain committed to achieving our financial targets and creating shareholder value in the current year and beyond.”