Thomasville / GA. (ff) Flowers Foods Inc., producer of Nature’s Own, Dave’s Killer Bread, Wonder, Canyon Bakehouse, Tastykake, and other bakery foods, reported financial results for the company’s 12-week fiscal second quarter ended July 15, 2023.
Second Quarter Summary versus Q2-2022
- Sales increased 8.8 percent to a second quarter-record USD 1.228 billion.
- Net income increased 18.8 percent to USD 63.8 million. Adjusted net income increased 8.8 percent to USD 70.9 million.
- Adjusted Ebitda increased 10.9 percent to USD 133.1 million, representing 10.8 percent of sales, a 20-basis point increase.
- Diluted EPS increased USD 0.05 to USD 0.30. Adjusted diluted EPS increased USD 0.02 to USD 0.33.
Chief Executive’s Remarks
«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.»
For additional information please read the company’s PDF file below (270 KB):
20230814-FLOWERS-FOODS-Q2-2023.OTHER TOPICS FROM THIS SECTION FOR YOU:
- Caseys: Agrees to Acquire 198 CEFCO Convenience Stores
- Albertsons Companies: Reports Q1 Fiscal 2024 Results
- Insomnia Cookies: sets course for accelerated growth
- Kesko Group: Announces H1-2024 Financial Results
- Idak Food Group: gets new majority shareholder
- Regal Food Group: Expands Chilled Desserts Sector
- Legacy Bakehouse: Acquires Assets of Angelic Bakehouse
- Idak Food Group: Margherita SRL made strategic investment
- Regal Food: Acquires Bradford Warehouse Facility
- Zabka Group: opens first »Froo« stores in Romania
- Goodfood: Reports Third Quarter 2024 Results
- Greggs: announces new National Distribution Centre
- Greencore: announces H1-2024 trading update
- Orkla ASA: reports strong profit improvement in Q2-2024
- Cloetta AB: announces Q2-2024 interim report
- Axfood AB: Reports Q2-2024 Financial Results
- Chef Robotics: Launches AI-Powered Food Robot
- Conagra Brands: Reports Fourth Quarter 2024 Results
- Limerston Capital sells Village Bakery to Groupe Menissez
- GrubMarket: Buys Major Foodservice Company in Texas