Flowers Foods' sales nudge down in second-quarter

Flowers Foods Inc. (NYSE: FLO), 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 second quarter, ended Jul. 17, 2021.

"Flowers' strong second quarter performance reflects the power of our leading brands and our sustained investment in sales growth and network optimization," said Ryals McMullian, Flowers Foods' president and chief executive.

"We are delivering results well ahead of pre-pandemic levels as we continue to grow our market share, and I thank our team for their perseverance in navigating the uncertainty caused by the pandemic.

KEY POINTS

• Sales decreased 0.8% to $1.017 billion compared to record results in the prior year period that were driven by the pandemic.
• Net income decreased 2.7% to $56.4 million. Adjusted net income decreased 1.7% to $68.8 million.
• Adjusted EBITDA decreased 5.% to $122.1 million. Adjusted EBITDA represented 12% of sales, a 50-basis point decrease.
• Diluted EPS decreased $0.01 to $0.26. Adjusted diluted EPS decreased $0.01 to $0.32.