Reportedly, the sales of Flowers Foods, Inc. for the third-quarter surpassed the expectations and surged to all-time highs. As a result of the robust top-line performance, Flowers changed its full-year sales forecast slightly more from its previous projections. The net income in the third quarter ended on October 5 was about $43,358,000, which was equal to 20 cents per share on the common stock, which was up by 9% from $39,630,000, or 19 cents per share in 2018. The reported sales were $966,561,000 and up by 4.7% from $923,449,000.The adjusted net income was dropped 1 Cent from 21 Cents. Reformation and related disability charges during the third quarter accounted for $3,277,000 versus $497,000 of 2018.
- Ryals McMullian—Chief Executive Officer and President of Flowers Foods—said, “Our results for third-quarter reflected the continued implementation against our major tactical priorities: aiming at brands, pursuing smart acquisitions, managing costs, and expanding our team. During the quarter, we earned market share and attained breakthrough sales ahead of prospects, driven by core brands and growth.” The robust quarterly sales were determined by branded business, which accounted for $586.1 Million and up by 7% from the third quarter of 2018. On a proportion basis, sales of store-brand grew even faster to $150.8 Million in the quarter.
Similarly, Flowers Foods was in news for finalizing the purchase of gluten-free baker. The producer and marketer of packed bakery products earlier finalized a $205 Million attainment of Canyon Bakehouse L.L.C., which is a gluten-free baking and privately-held firm located in Colorado. Canyon Bakehouse will function as an autonomous subordinate of Flowers Foods. According to an executive, “This acquisition aligns with Flowers’ plan to develop in product adjacencies and provides us the prospect to gain share in the emerging gluten-free segment.”