August 11, 2022
THOMASVILLE, Ga., Aug. 11, 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 12-week second quarter ended July 16, 2022.
Second Quarter Summary:
Compared to the prior year second quarter where applicable
- Sales increased 11.0% to $1.129 billion.
- Net income decreased 4.8% to $53.7 million. Adjusted net income decreased 5.2% to $65.2 million.
- Adjusted EBITDA(1) decreased 1.8% to $120.0 million, representing 10.6% of sales, a 140-basis point decrease.
- Diluted EPS decreased $0.01 to $0.25. Adjusted diluted EPS(1) decreased $0.01 to $0.31.
CEO’s Remarks:
“I am very pleased with our record second quarter sales results, an achievement that reflects the strength of our leading brands and outstanding commitment of our dedicated Flowers team,” said Ryals McMullian, president and CEO of Flowers Foods. “Our performance in this challenging consumer environment demonstrates the resiliency of the category and underscores the advantages of our diversified business model. As more consumers seek to maximize the value of their spending, our diverse product line and broad distribution enables us to satisfy consumer demand at various price points wherever they shop.
“The successful execution of our pricing and portfolio strategies, together with our diligent focus on efficiencies, mitigated many of the inflationary and supply chain pressures and drove better-than-expected margins. Reflecting this strong performance, we are increasing the bottom of our earnings outlook range. To further enhance shareholder value, we increased our dividend, repurchased shares, and invested in Base Culture, a fast-growing, premium baked goods brand. As always, we remain committed to executing on our strategic pillars and driving results in line with our long-term financial targets.”