THOMASVILLE, Ga., Aug. 10, 2023 /PRNewswire/ — Flowers Foods, Inc. (NYSE: FLO) today reported financial results for the company’s 12-week fiscal second quarter ended July 15, 2023.
Second Quarter Summary:
Compared to the prior year second quarter where applicable
- Sales increased 8.8% to a second quarter-record $1.228 billion.
- Net income increased 18.8% to $63.8 million. Adjusted net income(1) increased 8.8% to $70.9 million.
- Adjusted EBITDA(1) increased 10.9% to $133.1 million, representing 10.8% of sales, a 20-basis point increase.
- Diluted EPS increased $0.05 to $0.30. Adjusted diluted EPS(1) increased $0.02 to $0.33.
“Flowers’ record second quarter sales were driven by the effectiveness of our portfolio strategy and strong execution by our team,” said Ryals McMullian, chairman, CEO, and president of Flowers Foods. “Our Branded Retail business performed well in a competitive environment, characterized by continued, but moderating, consumer trade down to private label products. We’re also pleased to have grown sales and profitability in our Other category, as price increases to mitigate inflationary pressure more than offset business rationalizations and cost increases. To reflect this strong second quarter performance, we are adjusting our fiscal 2023 guidance.
“Consumers continue to seek value, though we are seeing some early indications that they may be acclimating to higher prices and reverting toward prior purchasing behavior. To capitalize on this environment and spur future growth, we remain focused on bringing new and innovative products to market and implementing initiatives to increase productivity and efficiencies. One such growth opportunity, the nationwide launch of our Dave’s Killer Bread Snack Bars, remains on track, and we are excited about their potential to expand our brands into additional categories. To drive margin improvement, we are executing on cost savings initiatives and the deployment of our enterprise resource planning upgrade and other digital initiatives. As always, our dedicated Flowers team is focused on maximizing shareholder value and driving results in line with our long-term financial targets.”