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 third quarter ended October 07, 2023.
Third Quarter Summary versus Q2-2022
Compared to the prior year third quarter where applicable
- Sales increased 3.5 percent to a third-quarter record, USD 1.199 billion.
- Net income decreased USD 87.3 million to a net loss of USD 46.7 million, primarily due to increased legal settlement expense. Adjusted net income decreased 4.5 percent to USD 61.7 million.
- Adjusted Ebitda increased 0.6 percent to USD 121.2 million, representing 10.1 percent of sales, a 30-basis point decrease.
- Diluted EPS decreased USD 0.41 to a loss of USD 0.22. Adjusted diluted EPS decreased USD 0.01 to USD 0.29.
Chief Executive’s Remarks
«We are pleased to have delivered another quarter with record sales, where we maintained unit share in a challenging environment,» said Ryals McMullian, chairman and CEO. «Our pricing strategy proved effective, helping to mitigate inflation and drive top line results. Volume trends improved sequentially, reflecting strong branded retail performance and the diminished impact of business rationalizations. We continued to invest in areas that we expect to drive future growth, including our team, bakeries, brand marketing, and digital initiatives.
«Our diverse product portfolio is well-positioned to meet an increasingly value-focused consumer. We also are investing in innovation to introduce additional differentiated products across the price spectrum, and increasing marketing efforts to aid awareness. Nature’s Own Keto loaf and healthier snacking options from Dave’s Killer Bread are recent examples that are helping to maintain our strong momentum into the fourth quarter and expand our market potential. We remain focused on maximizing our near-term results while enabling future growth in line with our long-term financial targets.»
For additional information please read the company’s PDF file below (291 KB):
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