Flowers Foods, Inc. reported results for its 16-week first quarter ended April 19, 2014.
First Quarter Highlights:
- First quarter sales increased 2.6 percent compared to the first quarter last year, reflecting positive net price/mix of 2.9 percent, an acquisition contribution of 1.2 percent, partially offset by decreased volume of 1.5 percent.
- Sales for the DSD segment were up 5.0 percent; warehouse segment sales were down 8.3 percent.
- EBITDA margin for the quarter was 11.9 percent.
- Income from operations (EBIT) was 8.5 percent of sales.
- Net income for the quarter was $61.1 million, or $0.29 per diluted share, including the negative impact of $0.03 per share of acquired facilities' carrying costs and interest expense to fund the acquisition.
- Generated $121.8 million in cash flow from operations.
- Sales of the reintroduced Hostess bread brands Wonder, Home Pride, Merita, and Butternut were approximately $41.8 million in the quarter.
- Opened a bread line in Modesto, Calif., to help provide product for the California market.
- Opened the former Hostess bakery in Knoxville, Tenn., this week.
- Increased Flowers' bread, bun and roll branded market share to 14.1 dollar share from 12.8 dollar share in the year-ago quarter, as per IRi market data.
- Announced goal for direct-store-delivery (DSD) segment to reach 90 percent of the U.S. population by 2018 and achieve a 20 share of bread, buns and rolls and a 12 share in snack cake in the IRi U.S. market, driven by market expansion and future strategic acquisitions. Full report.