Vending

Flowers Foods reports 6.8% Q1 sales gain driven by COVID-19

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May 14, 2020

Flowers Foods Inc., which owns Mrs. Freshley’s, Tastykake and other baked brands, reported sales increased 6.8% to $1.3 billion for the fiscal first quarter compared to the same period last year, including an estimated 6.5% to 7.5% increase attributable to the impact of the COVID-19 pandemic, according to a press release.

Diluted earnings per share decreased $0.34 to a loss of $0.03, including a non-cash settlement and curtailment charge of $0.41 per share related to the termination of a defined benefit pension plan.

For the full year, the company expects sales in the range of approximately $4.2 billion to $4.3 billion, representing growth of approximately 2.0% to 4.0%. Diluted earnings per share are expected in the range of approximately $0.57 to $0.65, including a $0.41 per share charge related to the termination of a defined benefit pension plan.

"During the first quarter, our retail business benefitted from a significant increase in demand, while foodservice was pressured by the slowdown in restaurant sales,” Ryals McMullian, president and CEO said in the press release. “Although the unknown duration and severity of the pandemic makes forecasting results difficult for the remainder of 2020.” we believe Flowers is uniquely positioned to succeed during this period of great uncertainty." 

For an update on how the coronavirus pandemic is affecting convenience services, click here.