Vending

Flowers Foods reports record Q3 sales for 2022

Image provided by iStock.

November 11, 2022

Flowers Foods Inc., which owns the Mrs. Freshley's and Tastykake brands, reported record third quarter sales for Q3 2022, according to a press release. Highlights include:

• Sales increased 12.7%, from $1.027 billion in Q3 2021 to $1.16 billion in the quarter ending Oct. 8, 2022, a third quarter record.
• Net income increased 4.3%, from $38.8 million to $40.5 million in the comparative quarters.
• Adjusted net income decreased 0.4% to $64.6 million.
• Net income per diluted share rose from 18 cents to 19 cents.
• Adjusted net income per diluted share remained flat at 30 cents.
• Branded retail sales increased 8.6%, to $748.4 million, while store branded retail sales increased 31.5%, to $163.9 million. Non-retail and other sales increased 14.8%, to $245.8 million.
• Branded retail sales increased due to higher prices intended to offset inflationary pressures and improved promotional efficiency, partially offset by volume declines.
• Store branded retail sales increased primarily due to higher prices intended to offset inflationary pressures and volume growth net of targeted sales rationalization.

Shares traded at $27.02 today against a 52-week range of $24.15-$29.73.

The $1.16 billion in quarterly revenue beat analyst expectations by $20 million and the non-GAAP EPS of 30 cents beat expectations by 1 cent, according to Seeking Alpha.

"Our performance reflects strong results from our number one brands, which continue to resonate with consumers despite the impact of inflation on purchasing decisions," Ryals McMullian, president and CEO, said in the press release.