Bread maker Flowers Foods up after bumper Q2 sales, profit beat

Flowers Foods

11/08/2023 15:18

** Shares of bakery goods maker Flowers Foods  FLO.N  up
4.4% at $25.85
    ** On Thursday, co reported an 8.8% rise in Q2 sales, to
$1.23 bln versus $1.13 bln last year; the average estimate of
six analysts is $1.20 bln - Refinitiv
    ** Q2 adjusted EPS of 33 cents/share tops estimate of 28
cents/share
    ** The Dave's Killer Bread parent's branded retail sales
rose 7.1% while sales in food service and restaurant products
category rose 11.9% after co bumped up prices to tackle high
costs of labor, production and raw materials
    ** Q2 net income up 18.8%, to $63.8 mln, versus $53.7 mln a
year ago
    ** CEO Ryals McMullian says low-income shoppers are coming
back to branded products, helping FLO achieve unit growth in Q2
- conference call
    ** Also raises lower ends of annual profit, revenue
forecasts
    ** Stock down ~14% YTD at last close

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))