With leading bakery brands like Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, and Tastykake in its portfolio, it's no surprise that Flowers Foods is seeing continued growth in the space. The bakery name recently revealed its financial results for the 12-week third quarter ending October 9, 2021, revealing several key achievements and plans for future success.
"I'm pleased to report another record third quarter," said Ryals McMullian, President and Chief Executive Officer. "We generated sales and earnings above our strong year-ago results as our leading brands gained market share and our non-retail business steadily recovered from the effects of the pandemic. Our performance is a testament to the dedication of our team members, especially those in our bakeries, who have worked tirelessly to meet consumer demand during this challenging time.
The company's third quarter results revealed a sales increase of 3.9 percent from the year prior, totaling $1.028 billion for the quarter. According to the report, branded retail sales increased $31.6 million or 4.8 percent to $689.1 million, while non-retail and other sales increased $18.1 million or 9.2 percent to $214.2 million. Branded retail sales increased primarily due to favorable price and improved promotional efficiency, and non-retail and other sales increased due to recovering demand from restaurants and schools, as well as more favorable pricing.
Other third quarter operating highlights include:
"In light of our strong year-to-date performance, we are raising our 2021 sales and earnings guidance," McMullian continued. "Investments in innovation and marketing are driving sales growth and brand strength, improving our ability to manage inflationary pressures. We will continue executing on our plans to further strengthen our brands, expand margins, and explore potential acquisitions, and we remain confident in achieving our long-term financial targets."
As the bakery behemoth looks forward, the company is anticipating sales for the 52-week Fiscal 2021 in the range of approximately $4.300 billion to $4.344 billion, representing a decrease of approximately 1–2 percent compared to the prior year period.
To read the full financial report and the company's expectations for fiscal year 2021, click here.
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