THOMASVILLE, Ga., Feb. 9, 2023 /PRNewswire/ — Flowers Foods, Inc. (NYSE: FLO) today reported financial results for the company’s 52-week fiscal 2022 and 12-week fourth quarter ended December 31, 2022.
Fiscal 2022 Summary:
Compared to the prior year where applicable
- Sales increased 11.0% to a record $4.806 billion.
- Net income increased 10.8% to $228.4 million. Adjusted net income increased 3.0% to $271.0 million.
- Adjusted EBITDA(1) increased 2.3% to $502.0 million, representing 10.4% of sales, a 90-basis point decrease.
- Diluted EPS increased $0.10 to $1.07. Adjusted diluted EPS(1) increased $0.03 to $1.27.
Fourth Quarter Summary:
Compared to the prior year fourth quarter where applicable
- Sales increased 10.1% to a quarter-record $1.083 billion.
- Net income increased 23.6% to $48.6 million. Adjusted net income increased 14.9% to $48.1 million.
- Adjusted EBITDA(1) increased 8.5% to $96.2 million, representing 8.9% of sales, a 10-basis point decrease.
- Diluted EPS increased $0.05 to $0.23. Adjusted diluted EPS(1) increased $0.03 to $0.23.
“Our record fourth quarter and fiscal year 2022 sales highlight the flexibility of our business model and strong execution by our Flowers team,” said Ryals McMullian, president and CEO of Flowers Foods. “We have taken steps to adapt and respond to the inflationary environment by implementing price increases, improving the profitability of our lower-margin products, and increasing the attractiveness of our branded portfolio through innovation. We have also entered into an agreement to acquire Papa Pita Bakery, which we expect to provide additional capacity for our growth products and expand our geographic reach.
“Building off our achievements in 2022, we are investing in continued growth for this year and beyond. As part of these efforts, we are increasing marketing to support the nationwide launch of our Dave’s Killer Bread snack bars, implementing our enterprise resource planning project, and continuing to improve operational efficiency. Our 2023 outlook reflects the impact of these investments, which, in combination with our portfolio strategy, we expect to drive sustainable growth over time in line with our long-term financial targets.”