FLOWERS FOODS, INC. REPORTS FIRST QUARTER 2024 RESULTS

THOMASVILLE, Ga., May 16, 2024 – Flowers Foods, Inc. (NYSE: FLO) today reported financial results for the company’s 16-week first quarter ended April 20, 2024.

First Quarter Summary:
Compared to the prior year first quarter where applicable

• Sales increased 2.8% to a first-quarter record, $1.577 billion.
• Net income increased 3.3% to $73.0 million, primarily due to moderating input costs and price increases implemented in the prior year, partly offset by higher selling, distribution, and administrative expenses. Adjusted net income(1) decreased 0.8% to $80.3 million.
• Adjusted EBITDA(1) increased 5.5% to $159.4 million, representing 10.1% of sales, a 30-basis point increase.
• Diluted EPS increased $0.01 to $0.34. Adjusted diluted EPS(1) was consistent with the prior year period at $0.38.

Chairman and CEO Remarks:

“Our solid first quarter results highlight the increasing effectiveness of our portfolio strategy and investments in marketing and innovation,” said Ryals McMullian, chairman and CEO of Flowers Foods. “Amid challenging market conditions, our brands continued to thrive, gaining market share as we outperformed the fresh packaged bread category. Even more impressively, we grew quarterly branded retail volumes for the first time since 2020. Initiatives to improve the profitability in away-from-home and private label are also taking hold, significantly expanding margins in those businesses.

“We are maintaining our 2024 outlook, which incorporates continued volume improvement while acknowledging the ongoing economic uncertainty and its potential impact on consumer behavior and the promotional environment. Our full-year results are also expected to benefit from an expansion of our savings initiatives and new business wins. Looking ahead, we remain focused on building continued momentum while capitalizing on more favorable trends in the bread category. We remain confident that our portfolio strategy will enable further progress and performance in line with our long-term financial targets.”