THOMASVILLE, Ga. , May 18, 2023 /PRNewswire/ — Flowers Foods, Inc. (NYSE: FLO) today reported financial results for the company’s 16-week fiscal first quarter ended April 22, 2023.
First Quarter Summary:
Compared to the prior year first quarter where applicable
- Sales increased 6.9% to a quarter-record $1.534 billion.
- Net income decreased 17.4% to $70.7 million. Adjusted net income decreased 13.1% to $80.9 million.
- Adjusted EBITDA(1) decreased 8.7% to $151.1 million, representing 9.8% of sales, a 170-basis point decrease.
- Diluted EPS decreased $0.07 to $0.33. Adjusted diluted EPS(1) decreased $0.06 to $0.38.
“Our first quarter results reflect the competitive strength of our leading brands and their ability to meet shifting consumer demand in a challenging environment. Price increases to offset inflationary pressures drove record sales, while our product mix continued to return to more normalized levels as consumers dined out of the home more frequently. Private label category sales remained strong, although the growth rate is moderating.
“We are adjusting our outlook for fiscal 2023 to account for the slow start to the year and lower-than-expected branded retail sales due to softer category demand. In response, we are adapting our business to make it even more resilient in the rapidly evolving consumer environment. The nationwide launch of our Dave’s Killer Bread Snack Bars represents a first step in expanding our brands outside of the bread category. We expect further progress in this area with an exciting pipeline of adjacent products in development, and through strategic acquisitions. Additionally, we are investing in a number of productivity and efficiency initiatives to ensure we are well-positioned to enhance shareholder value and achieve results in line with our long-term financial targets.”