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Flowers Foods Reports Fourth Quarter and Full Year 2023 Results; Ryals McMullian Comments

Flowers Foods Reports Fourth Quarter and Full Year 2023 Results; Ryals McMullian Comments


THOMASVILLE, GA
Thursday, February 15th, 2024

Flowers Foods is touting strength and celebrating a fourth-quarter sales record of $1.129 billion in its latest fiscal report, while preparing for an optimistic 2024.

Ryals McMullian, Chairman and Chief Executive Officer, Flowers Foods"Flowers' fourth quarter and full year 2023 results underscore the strength of our leading brands, as we delivered record sales despite difficult market conditions," Ryals McMullian, Chairman and Chief Executive Officer, stated in the report. "Volume trends improved throughout the year, and we gained dollar and unit share in the fourth quarter for the first time since early 2022, reflecting the hard work of our team and investments in innovation and marketing. Dave's Killer Bread was a particular standout, achieving a record $1 billion in 2023 retail sales. Accelerated by our portfolio strategy, we also improved margins significantly in our cake, foodservice, and private label businesses.”

Highlights of the company's total fiscal 2023 (compared to the prior year where applicable) included:

  • A sales increase of 5.9 percent to a record $5.091 billion
  • Net income decreased 46 percent to $123.4 million, primarily due to increased legal settlement expenses. Adjusted net income decreased 5.4 percent to $256.3 million
  • Adjusted EBITDA decreased 0.1 percent to $501.7 million, representing 9.9 percent of sales, a 50-basis point decrease

Flowers Foods is touting strength and celebrating a fourth-quarter sales record of $1.129 billion in its latest fiscal report, as well as a record $5.091 billion for fiscal 2023

McMullian stated further that the 2024 outlook reflects confidence in the company’s ability to successfully execute in a challenging category.

“Results are expected to benefit from moderating commodity costs, positive pricing actions, and savings initiatives,” he continued. “Our strong execution on promotions is driving improved returns, but the competitive environment remains rational, with promotional activity significantly below pre-pandemic levels. We remain committed to investing in innovation and marketing, as well as converting our distribution model in California. While these initiatives may present near-term headwinds, they are expected to ultimately enhance shareholder value. Above all, we are focused on enabling future growth in line with our long-term financial targets."

To read further of Flowers Foods’ reported financial results for its 52-week fiscal 2023 and 12-week fourth quarter, ended December 30, 2023, click here.

As for the latest in all industry financial and strategic moves, continue to keep an eye on Deli Market News.

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