February 10, 2022
THOMASVILLE, Ga., Feb. 10, 2022 /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 52-week fiscal 2021 and 12-week fourth quarter ended January 1, 2022. Reported results reflect a 13-week fourth quarter and 53-week year in fiscal 2020. The company’s fiscal 2022 will be a 52-week year.
Fiscal 2021 Summary:
Compared to the prior year where applicable
- Sales decreased 1.3% to $4.331 billion. Excluding the additional week in the prior year, sales increased 0.4%.
- Net income increased 35.4% to $206.2 million. Adjusted net income decreased 5.3% to $263.1 million.
- Adjusted EBITDA(1) decreased 5.9% to $490.9 million, representing 11.3% of sales, a 60-basis point decrease.
- Diluted EPS increased $0.25 to $0.97. Adjusted diluted EPS(1) decreased $0.07 to $1.24. The impact of the additional week in the prior year was $0.02.
Fourth Quarter Summary:
Compared to the prior year fourth quarter where applicable
- Sales decreased 3.9% to $983.5 million. Excluding the additional week in the prior year period, sales increased 3.8%.
- Net income decreased 29.6% to $39.3 million. Adjusted net income decreased 29.1% to $41.9 million.
- Adjusted EBITDA(1) decreased 21.9% to $88.7 million, representing 9.0% of sales, a 210-basis point decrease.
- Diluted EPS decreased $0.08 to $0.18. Adjusted diluted EPS(1) decreased $0.08 to $0.20. The impact of the additional week in the prior year period was $0.02.
(1) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release.
CEO’s Remarks:
“Flowers’ strong financial results in a year of unique challenges demonstrate the effectiveness of our strategy and the resiliency of our team,” said Ryals McMullian, Flowers Foods’ president and CEO. “Our leading brands continue to gain market share, and we are focused on improving efficiencies through programs like our digital transformation initiative. We expect these programs, along with increased pricing that we implemented in January 2022, to offset the inflationary impact that we experienced in the fourth quarter.
“Our outlook for fiscal 2022 reflects our expectation that investments in innovation and marketing, price increases, and a continued emphasis on efficiencies will drive sales and earnings growth,” he continued. “Although the operating environment remains challenging, our early 2022 results have been promising and we expect to maintain that momentum. As always, our dedicated Flowers team is focused on maximizing shareholder value and driving results in line with our long-term financial targets.”