THOMASVILLE, Ga., Nov. 7, 2018 /PRNewswire/ -- Flowers Foods, Inc.
(NYSE: FLO), producer of Nature's Own, Wonder,
Tastykake, Dave's Killer Bread, and other bakery
foods, today reported financial results for the company's 12-week
third quarter ended October 6,
2018.
Summary:
Compared to the prior year third quarter
where applicable
- Sales decreased 1.0% to $923.4
million.
- Diluted EPS increased to $0.19
from a loss of $0.16.
- Adjusted diluted EPS (1) was unchanged at
$0.23.
- Revised earnings guidance for fiscal 2018: The company now
expects adjusted diluted EPS in the range of $0.90 to $0.95.
(1) See reconciliations of non-GAAP
measures in the financial statements following this
release.
CEO's Remarks
"In the third quarter, our strong brand
portfolio achieved record market share. We also made additional
organizational changes designed to enhance performance and increase
accountability," said Allen Shiver,
Flowers Foods' president and CEO. "We are continuing to take steps
to optimize our supply chain, including the start-up of a
high-speed production bun line in Oxford,
Pa., and the closing of an inefficient bakery in
Brattleboro, Vt. Extending our
portfolio into adjacent product segments is a strategic priority,
and today, we announced the acquisition of Canyon Bakehouse, a
leading producer of gluten-free bakery products. Gluten-free is a
growing segment of the category, and one where we believe we can
leverage our powerful distribution network to grow enterprise
value."
"Despite progress on our strategic priorities, we are not
satisfied with our performance this quarter. We continue to face a
challenging operating environment that impacted our third quarter
financial results and our full-year outlook. Sales in the quarter
were down, compared to the prior year, due to expected losses of
low-margin foodservice business, lower hurricane-related volumes,
and disruptions related to inferior yeast. We expect these
headwinds to be transitory. Also impacting results in the quarter
were inflationary cost pressures from commodities and
transportation. We are working to address these higher costs
through pricing actions and our ongoing savings initiatives."
Mr. Shiver continued, "Flowers' competitive advantages lie in
our leading brands, efficient bakeries, and flexible distribution
platform. Through our multi-year transformational plan, we intend
to maximize these advantages to improve margins, reinvigorate core
brands, and grow profitably in adjacent product segments. We are on
track to achieve the upper end of our gross savings targets for
2018, and are confident that our plan will enable Flowers to
achieve long-term success and deliver sustainable, top-tier
shareholder returns."
Revised Outlook for Fiscal 2018:
- Expected sales in the range of approximately $3.921 billion to $3.982
billion, representing growth of approximately 0.0% to
1.6%.
- Expected adjusted diluted EPS in the range of approximately
$0.90 to $0.95, representing growth of approximately 1.1%
to 6.7%. Previously the company had expected adjusted diluted EPS
in the range of $1.00 to $1.07.
- Adjusted EPS guidance excludes consulting and restructuring
costs associated with Project Centennial, the company's multi-year
transformational plan, which are expected to be in the range of
$13 million to $15 million, and costs associated with matters
affecting comparability that cannot be practicably estimated. See
reconciliations of non-GAAP measures in the financial statements
following this release.
Announced Acquisition of Canyon Bakehouse
In a
separate press release issued today, the company announced that it
has entered into an agreement to acquire Canyon Bakehouse LLC in a
transaction valued at $205 million,
or $175 million net of the present
value of future tax benefits. With the fastest-growing gluten-free
bread loaf brand in the U.S., Canyon Bakehouse provides Flowers an
entrance to the growing and under penetrated gluten-free bakery
market. Flowers intends to leverage its national distribution
network to drive growth of Canyon Bakehouse products and create
enhanced value. The acquisition, which is subject to regulatory
approval and customary closing conditions, is expected to be
completed later in the fourth quarter of 2018.
Update on Project Centennial and Strategic
Priorities
The company is executing on its strategic
priorities under Project Centennial and implementing several
initiatives to reinvigorate the core business, capitalize on
product adjacencies, reduce costs to fuel growth, and develop
leading capabilities. Launched in 2016, Project Centennial is an
enterprise-wide, multi-year effort to streamline operations, drive
efficiencies, and invest in strategic capabilities strengthening
Flowers' competitive position, drive profitable revenue growth, and
create shareholder value.
Highlights of the company's progress in 2018 to date
include:
- On track to realize total gross savings at the upper end of the
$38 million to $48 million target, primarily from a more
efficient organizational structure and reduced spending on
purchased goods and services.
- Entered into an agreement to acquire Canyon Bakehouse, a
leading producer of gluten-free bakery products.
- Began operating a high-speed bun line in Pennsylvania and announced closure of an
inefficient bakery in Vermont.
- Continued to refine its organizational structure to better
align operating functions, enhance execution, and improve
accountability.
- Realized a significant decrease in selling, distribution, and
administrative (SD&A) workforce-related expenses due to
organizational restructuring.
- Grew the recently launched Nature's Own Perfectly
Crafted, a line of artisan-inspired, thick-sliced bakery
breads, and Dave's Killer Bread Boomin' Berry bagels.
- Implemented enhanced working capital policies that improved the
cash conversion cycle and generated incremental cash flow.
Matters Affecting Comparability:
|
|
|
Reconciliation of
Earnings per Share to Adjusted Earnings per Share
|
|
|
|
|
|
|
|
|
|
For the 12 Weeks
Ended
|
|
|
|
Oct. 6,
2018
|
|
Oct. 7,
2017
|
|
|
|
|
|
|
|
Net income (loss) per
diluted common share
|
$
0.19
|
|
$
(0.16)
|
|
Project Centennial
consulting costs
|
NM
|
|
0.02
|
|
Restructuring and
related impairment charges
|
NM
|
|
0.29
|
|
Pension plan
settlement loss
|
|
NM
|
|
0.01
|
|
Legal
settlements
|
|
0.04
|
|
0.01
|
|
Recovery of loss on
inferior ingredients
|
(0.01)
|
|
-
|
|
Multi-employer
pension plan withdrawal costs
|
-
|
|
0.05
|
|
Adjusted net income
per diluted common share
|
$
0.23
|
|
$
0.23
|
|
|
|
|
|
|
|
NM - Not
Meaningful
|
|
|
|
|
|
Certain amounts
may not compute due to rounding.
|
|
|
Consolidated Third Quarter 2018 Summary
Compared to the prior year third quarter where
applicable
- Sales decreased 1.0% to $923.4
million.
- Percentage point change in sales attributed to:
-
- Pricing/mix: 2.5%
- Volume: -3.5%
- Net income for the current quarter was $39.6 million compared to a net loss of
$33.6 million in the prior year
quarter. Excluding matters affecting comparability, net income
increased $0.4 million, or 0.9%, to
$48.7 million.
- Operating income for the current quarter was $53.5 million compared to a net loss of
$52.1 million in the prior year
quarter. Excluding matters affecting comparability, operating
income decreased $13.4 million, or
17.1%, to $64.7 million.
- Adjusted EBITDA decreased 13.2% to $97.5
million, or 10.6% of sales, a 140-basis point decline.
- Materials, supplies, labor and other production costs
(exclusive of depreciation and amortization) were 52.6% of sales, a
150-basis-point increase. These costs were higher as a percent of
sales due to increased commodity prices, softer production volumes,
increased outside purchases of product (primarily DKB
branded breakfast items), and decreased manufacturing
efficiencies.
- SD&A expenses were 38.2% of sales, a 10-basis
point-decrease. Lower workforce-related costs, as a percentage of
sales, were partially offset by higher distributor distribution
fees due to a larger portion of sales being sold via independent
distributors. Higher legal settlements were mostly offset by lower
Project Centennial-related consulting costs. Additionally, higher
transportation costs in the current quarter partially offset the
decrease in SD&A expenses.
- Depreciation and Amortization (D&A) expenses were
$32.7 million, 3.5% of sales, flat
with the prior year third quarter.
On a consolidated basis, branded retail sales decreased 0.7% to
$547.4 million, store branded retail
sales increased 1.7% to $141.0
million, while non-retail and other sales decreased 3.2% to
$235.1 million. Volume declines drove
the decrease in branded retail sales as the company cycled
hurricanes in the prior year quarter. Partially offsetting the
decline was continued sales growth from DKB organic
products, growth in our expansion markets, the contribution from
Nature's Own Perfectly Crafted breads, and more favorable
price/mix. Store branded retail sales increased primarily due to
positive price/mix. Volume declines in foodservice and vending
items drove the decrease in non-retail and other sales, partially
offset by positive price/mix.
DSD Segment Summary
Compared to the prior year
third quarter where applicable
- Sales decreased 0.9% to $780.3
million.
- Percentage point change in sales attributed to:
-
- Pricing/mix: 2.1%
- Volume: -3.0%
- Operating income for the current quarter was $58.8 million compared to an operating loss of
$20.3 million in the prior year
quarter. In the prior year quarter, the company recognized
restructuring and related impairment charges, multi-employer
pension plan withdrawal costs, and costs related to legal
settlements totaling $99.1
million.
- Adjusted EBITDA decreased 11.6% to $94.7
million.
DSD Segment branded retail sales were unchanged at $514.4 million, store branded retail sales
increased 3.4% to $114.6 million,
while non-retail and other sales decreased 6.7% to $151.3 million. Branded retail sales were
consistent with the prior year quarter as positive price/mix was
offset by volume declines. In the prior year quarter, hurricanes
positively impacted volume. Sales of DKB products continued
to increase along with Nature's Own Perfectly Crafted breads
introduced in the second quarter of fiscal 2018, and in expansion
markets. These gains were more than offset by volume declines for
other branded products. Store branded retail sales increased
quarter over quarter due to positive price/mix and volume growth.
Significant volume declines in foodservice primarily resulted in
the decrease in non-retail and other sales. Foodservice sales were
impacted by inferior yeast and the shift of certain foodservice
business from the DSD Segment to the Warehouse Segment.
The significant favorable change in DSD Segment operating income
primarily resulted from $76.6 million
of restructuring and related impairment charges and $18.3 million of multi-employer pension plan
withdrawal costs incurred in the prior year quarter, as well as the
benefit of the voluntary separation incentive program and other
restructuring activities, lower employee compensation costs and the
recovery of a portion of the loss on inferior ingredients in the
current quarter. Increased product costs, increased distributor
distribution fees, higher legal settlements of $6.5 million, and increased marketing investments
partially offset the overall improvement in operating income.
Warehouse Segment Summary
Compared to the prior
year third quarter where applicable
- Sales decreased 1.6% to $143.2
million.
- Percentage point change in sales attributed to:
-
- Pricing/mix: 3.3%
- Volume: -4.9%
- Operating income for the current quarter was $5.9 million compared to an operating loss of
$9.1 million in the prior year
quarter. In the prior year quarter, the company recognized
restructuring and related impairment charges totaling $20.1 million.
- Adjusted EBITDA decreased 16.7% to $13.1
million.
Warehouse Segment branded retail sales decreased 10.9% to
$32.9 million, store branded retail
sales decreased 5.0% to $26.4
million, while non-retail and other sales increased 3.8% to
$83.8 million. Branded retail sales
decreased mostly due to volume declines in branded cake and to a
lesser extent in warehouse-delivered branded organic bread. Sales
of store branded retail items decreased primarily due to volume
decreases in store branded cake. Non-retail and other sales, which
include contract manufacturing, vending and foodservice, increased
primarily from significant volume growth in foodservice sales and
to a lesser extent the shift of certain foodservice business from
the DSD Segment to the Warehouse Segment in the current year period
and increased contract manufacturing, partially offset by declines
in vending sales.
The significant favorable change in the Warehouse Segment
operating income was primarily due to prior year restructuring
costs of $20.1 million and lower
workforce-related costs in the current year quarter, partially
offset by sales declines, higher product and distribution costs, a
$1.1 million legal settlement and
$1.1 million of loss on inferior
ingredients in the current year quarter.
Unallocated Corporate Expense Summary
Note:
Comparisons are to consolidated sales
- Unallocated corporate expenses decreased 120 basis points to
1.2% of consolidated sales, primarily due to the $6.3 million decrease in Project Centennial
consulting costs, prior year period restructuring charges of
$3.8 million, and to a lesser extent,
reduced workforce-related expenses.
Cash Flow, Dividends, Share Repurchases, and Capital
Allocation
In the third quarter of fiscal 2018, cash flow
from operating activities was $83.4
million, capital expenditures were $25.5 million, and dividends paid were
$38.0 million.
There are 6.6 million shares remaining on the company's current
share repurchase authorization. As in the past, the company expects
to continue to make opportunistic share repurchases from time to
time under this authorization.
Conference Call
Flowers Foods will hold a conference
call to discuss its third quarter 2018 earnings at 8:30 a.m. (Eastern) on November 8, 2018. The call can be accessed by
clicking on the webcast link on flowersfoods.com/investors. The
call also will be archived on the company's website.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE:
FLO) is one of the largest producers of fresh packaged bakery foods
in the United States with 2017
sales of $3.9 billion. Flowers
operates bakeries across the country that produce a wide range of
bakery products. Among the company's top brands are Nature's
Own, Wonder, Dave's Killer Bread, and
Tastykake. Learn more at www.flowersfoods.com.
FLO-IR FLO-CORP
Forward-Looking Statements
Statements contained in
this press release that are not historical facts are
forward-looking statements. Forward-looking statements relate to
current expectations regarding our future financial condition,
performance and results of operations, planned capital
expenditures, long-term objectives of management, supply and
demand, pricing trends and market forces, and integration plans and
expected benefits of transactions and are often identified by the
use of words and phrases such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may," "plan,"
"predict," "project," "should," "will," "would," "is likely to,"
"is expected to" or "will continue," or the negative of these terms
or other comparable terminology. All forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ from those projected. Other factors that may cause actual
results to differ from the forward-looking statements contained in
this release and that may affect the company's prospects in general
include, but are not limited to, (a) general economic and business
conditions and the competitive conditions in the baked foods
industry, including promotional and price competition, (b) changes
in consumer demand for our products, including changes in consumer
behavior, trends and preferences, including health and whole grain
trends, and the movement toward more inexpensive store-branded
products, (c) the success of productivity improvements and new
product introductions, (d) a significant reduction in business with
any of our major customers including a reduction from adverse
developments in any of our customer's business, including as a
result of product recalls or safety concerns related to our
products, (e) fluctuations in commodity pricing, (f) energy and raw
material costs and availability and hedging and counterparty risk,
(g) our ability to fully integrate recent acquisitions into our
business, (h) our ability to achieve cash flow from capital
expenditures and acquisitions and the availability of new
acquisitions that build shareholder value, (i) our ability to
successfully implement our business strategies, including those
strategies the company has initiated under Project Centennial,
which may involve, among other things, the integration of recent
acquisitions or the acquisition or disposition of assets at
presently targeted values, the deployment of new systems and
technology and an enhanced organizational structure, (j)
consolidation within the baking industry and related industries,
(k) disruptions in our direct-store delivery system, including
litigation or an adverse ruling from a court or regulatory or
government body that could affect the independent contractor
classification of our independent distributors, (l) increasing
legal complexity and legal proceedings that we are or may become
subject to, (m) product recalls or safety concerns related to our
products, and (n) the failure of our information technology systems
to perform adequately, including any interruptions, intrusions or
security breaches of such systems. The foregoing list of important
factors does not include all such factors, nor necessarily present
them in order of importance. In addition, you should consult other
public disclosures made by the company, including the risk factors
included in our most recently filed Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission ("SEC") and disclosures made in other filings
with the SEC and company press releases, for other factors that may
cause actual results to differ materially from those projected by
the company. We caution you not to place undue reliance on
forward-looking statements, as they speak only as of the date made
and are inherently uncertain. The company undertakes no obligation
to publicly revise or update such statements, except as required by
law.
Information Regarding Non-GAAP Financial Measures
The
company prepares its consolidated financial statements in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP). However, from time to time, the company may present in its
public statements, press releases and SEC filings, non-GAAP
financial measures such as, EBITDA, adjusted EBITDA, adjusted EBIT,
EBITDA margin, adjusted EBITDA margin, adjusted net income,
adjusted operating income, adjusted operating income by segment,
adjusted EBIT by segment, adjusted EPS, adjusted income tax
expense, adjusted selling, distribution and administrative expenses
(SD&A), gross margin excluding depreciation and amortization
and the ratio of net debt to adjusted EBITDA. The reconciliations
attached provide reconciliations of the non-GAAP measures used in
this presentation or release to the most comparable GAAP financial
measure. The company's definitions of these non-GAAP measures may
differ from similarly titled measures used by others. These
non-GAAP measures should be considered supplemental to, and not a
substitute for, financial information prepared in accordance with
GAAP.
The company defines EBITDA as earnings from continuing
operations before interest, income taxes, depreciation,
amortization and income attributable to non-controlling interest.
The company believes that EBITDA is a useful tool for managing the
operations of its business and is an indicator of the company's
ability to incur and service indebtedness and generate free cash
flow. EBITDA is used as the primary performance measure in the
company's 2014 Omnibus Equity and Incentive Compensation Plan.
Furthermore, pursuant to the terms of our credit facility, EBITDA
is used to determine the company's compliance with certain
financial covenants. The company also believes that EBITDA measures
are commonly reported and widely used by investors and other
interested parties as measures of a company's operating performance
and debt servicing ability because EBITDA measures assist in
comparing performance on a consistent basis without regard to
depreciation or amortization, which can vary significantly
depending upon accounting methods and non-operating factors (such
as historical cost). EBITDA is also a widely-accepted financial
indicator of a company's ability to incur and service
indebtedness.
EBITDA should not be considered an alternative to (a) income
from operations or net income (loss) as a measure of operating
performance; (b) cash flows provided by operating, investing and
financing activities (as determined in accordance with GAAP) as a
measure of the company's ability to meet its cash needs; or (c) any
other indicator of performance or liquidity that has been
determined in accordance with GAAP.
The company defines adjusted EBITDA, adjusted EBIT, EBITDA
margin, adjusted EBITDA margin, adjusted net income, adjusted
operating income, adjusted operating income by segment, adjusted
EBIT by segment, adjusted EPS, adjusted income tax expense,
adjusted selling, distribution and administrative expenses
(SD&A), respectively, excluding the impact of asset impairment
charges, Project Centennial consulting costs, lease terminations
and legal settlements, acquisition-related costs, and pension plan
settlements. Adjusted income tax expense also excludes the impact
of tax reform. The company believes that these measures, when
considered together with its GAAP financial results, provides
management and investors with a more complete understanding of its
business operating results, including underlying trends, by
excluding the effects of certain charges.
Net debt to EBITDA is used as a measure of financial leverage
employed by the company. Gross margin excluding depreciation and
amortization is used as a performance measure to provide additional
transparent information regarding our results of operations on a
consolidated and segment basis. Changes in depreciation and
amortization are separately discussed and include depreciation and
amortization for materials, supplies, labor and other production
costs and operating activities.
Presentation of gross margin includes depreciation and
amortization in the materials, supplies, labor and other production
costs according to GAAP. Our method of presenting gross margin
excludes the depreciation and amortization components, as discussed
above.
The reconciliations attached provide reconciliations of the
non-GAAP measures used in this presentation or release to the most
comparable GAAP financial measure.
Flowers Foods,
Inc.
|
Consolidated
Statement of Operations
|
(000's omitted,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 12
Week
Period Ended
|
|
For the 12 Week
Period Ended
|
|
|
For the 40
Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
|
October 6,
2018
|
|
October 7,
2017
|
Sales
|
$
|
923,449
|
$
|
932,822
|
|
$
|
3,071,185
|
$
|
3,047,110
|
Materials, supplies,
labor and other production costs (exclusive of depreciation and
amortization shown separately below)
|
|
485,680
|
|
476,264
|
|
|
1,599,673
|
|
1,552,578
|
Selling, distribution
and administrative expenses
|
|
353,051
|
|
356,826
|
|
|
1,167,879
|
|
1,175,434
|
Gain on
divestiture
|
|
-
|
|
-
|
|
|
-
|
|
(28,875)
|
Loss (recovery) on
inferior ingredients
|
|
(1,891)
|
|
-
|
|
|
1,993
|
|
-
|
Restructuring and
related impairment charges
|
|
497
|
|
100,549
|
|
|
2,557
|
|
100,549
|
Impairment of
assets
|
|
-
|
|
-
|
|
|
2,483
|
|
-
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
18,268
|
|
|
2,322
|
|
18,268
|
Depreciation and
amortization expense
|
|
32,662
|
|
32,972
|
|
|
111,949
|
|
114,288
|
Income (loss) from
operations
|
|
53,450
|
|
(52,057)
|
|
|
182,329
|
|
114,868
|
Other pension cost
(benefit)
|
|
(171)
|
|
(1,321)
|
|
|
(1,204)
|
|
(4,687)
|
Pension plan
settlement loss
|
|
930
|
|
3,030
|
|
|
6,633
|
|
3,030
|
Interest expense,
net
|
|
1,565
|
|
2,730
|
|
|
6,214
|
|
11,056
|
Income (loss) before
income taxes
|
|
51,126
|
|
(56,496)
|
|
|
170,686
|
|
105,469
|
Income tax expense
(benefit)
|
|
11,496
|
|
(22,925)
|
|
|
34,367
|
|
33,882
|
Net income
(loss)
|
$
|
39,630
|
$
|
(33,571)
|
|
$
|
136,319
|
$
|
71,587
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
diluted common share
|
$
|
0.19
|
$
|
(0.16)
|
|
$
|
0.64
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
211,564
|
|
209,606
|
|
|
211,452
|
|
210,231
|
|
|
|
|
|
|
|
|
|
|
|
|
Flowers Foods,
Inc.
|
Segment
Reporting
|
(000's
omitted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 12
Week
Period Ended
|
|
For the 12 Week
Period Ended
|
|
|
For the 40
Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
|
October 6,
2018
|
|
October 7,
2017
|
Sales:
|
|
|
|
|
|
|
|
|
|
Direct-Store-Delivery
|
$
|
780,253
|
$
|
787,255
|
|
$
|
2,592,363
|
$
|
2,580,007
|
Warehouse Delivery
|
|
143,196
|
|
145,567
|
|
|
478,822
|
|
467,103
|
|
$
|
923,449
|
$
|
932,822
|
|
$
|
3,071,185
|
$
|
3,047,110
|
|
|
|
|
|
|
|
|
|
|
Gain on
divestiture:
|
|
|
|
|
|
|
|
|
|
Warehouse Delivery
|
$
|
-
|
$
|
-
|
|
$
|
-
|
$
|
(28,875)
|
|
$
|
-
|
$
|
-
|
|
$
|
-
|
$
|
(28,875)
|
|
|
|
|
|
|
|
|
|
|
Loss (recovery) on
inferior ingredients
|
|
|
|
|
|
|
|
|
|
Direct-Store-Delivery
|
$
|
(2,986)
|
$
|
-
|
|
$
|
898
|
$
|
-
|
Warehouse Delivery
|
|
1,095
|
|
-
|
|
|
1,095
|
|
-
|
|
$
|
(1,891)
|
$
|
-
|
|
$
|
1,993
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Restructuring and
impairment related charges:
|
|
|
|
|
|
|
|
|
|
Direct-Store-Delivery
|
$
|
289
|
$
|
76,625
|
|
$
|
2,187
|
$
|
76,625
|
Warehouse Delivery
|
|
175
|
|
20,091
|
|
|
251
|
|
20,091
|
Unallocated Corporate
|
|
33
|
|
3,833
|
|
|
119
|
|
3,833
|
|
$
|
497
|
$
|
100,549
|
|
$
|
2,557
|
$
|
100,549
|
|
|
|
|
|
|
|
|
|
|
Impairment of
assets:
|
|
|
|
|
|
|
|
|
|
Direct-Store-Delivery
|
$
|
-
|
$
|
-
|
|
$
|
2,483
|
$
|
-
|
|
$
|
-
|
$
|
-
|
|
$
|
2,483
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Multi-employer
pension plan withdrawal costs:
|
|
|
|
|
|
|
|
|
|
Direct-Store-Delivery
|
$
|
-
|
$
|
18,268
|
|
$
|
2,322
|
$
|
18,268
|
|
$
|
-
|
$
|
18,268
|
|
$
|
2,322
|
$
|
18,268
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization expense:
|
|
|
|
|
|
|
|
|
|
Direct-Store-Delivery
|
$
|
27,676
|
$
|
28,286
|
|
$
|
95,273
|
$
|
98,703
|
Warehouse Delivery
|
|
4,916
|
|
4,769
|
|
|
16,443
|
|
15,841
|
Unallocated Corporate
|
|
70
|
|
(83)
|
|
|
233
|
|
(256)
|
|
$
|
32,662
|
$
|
32,972
|
|
$
|
111,949
|
$
|
114,288
|
|
|
|
|
|
|
|
|
|
|
EBIT income
(loss):
|
|
|
|
|
|
|
|
|
|
Direct-Store-Delivery
|
$
|
58,819
|
$
|
(20,338)
|
|
$
|
197,725
|
$
|
146,388
|
Warehouse Delivery
|
|
5,866
|
|
(9,082)
|
|
|
31,563
|
|
47,202
|
Unallocated Corporate
|
|
(11,235)
|
|
(22,637)
|
|
|
(46,959)
|
|
(78,722)
|
|
$
|
53,450
|
$
|
(52,057)
|
|
$
|
182,329
|
$
|
114,868
|
|
|
|
|
|
|
|
|
|
|
Pension plan
settlement loss:
|
|
|
|
|
|
|
|
|
|
Unallocated Corporate
|
$
|
930
|
$
|
3,030
|
|
$
|
6,633
|
$
|
3,030
|
|
$
|
930
|
$
|
3,030
|
|
$
|
6,633
|
$
|
3,030
|
|
|
|
|
|
|
|
|
|
|
EBITDA income
(loss):
|
|
|
|
|
|
|
|
|
|
Direct-Store-Delivery
|
$
|
86,592
|
$
|
8,047
|
|
$
|
293,321
|
$
|
245,422
|
Warehouse Delivery
|
|
10,782
|
|
(4,313)
|
|
|
48,006
|
|
63,043
|
Unallocated Corporate
|
|
(12,021)
|
|
(24,528)
|
|
|
(52,478)
|
|
(77,652)
|
|
$
|
85,353
|
$
|
(20,794)
|
|
$
|
288,849
|
$
|
230,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flowers Foods,
Inc.
|
Condensed
Consolidated Balance Sheet
|
(000's
omitted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 6,
2018
|
Assets
|
|
|
|
Cash and Cash
Equivalents
|
|
$
|
49,727
|
|
|
|
|
Other Current
Assets
|
|
|
494,104
|
|
|
|
|
Property, Plant &
Equipment, net
|
|
|
720,197
|
|
|
|
|
Distributor Notes Receivable
(includes $25,804 current portion)
|
|
|
229,380
|
|
|
|
|
Other Assets
|
|
|
12,428
|
|
|
|
|
Cost in Excess of Net
Tangible Assets, net
|
|
|
1,187,301
|
|
|
|
|
Total Assets
|
|
$
|
2,693,137
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
Liabilities
|
|
$
|
390,125
|
|
|
|
|
Long-term Debt and Capital
Leases (includes $11,286 current portion)
|
|
825,376
|
|
|
|
|
Other Liabilities
|
|
|
200,068
|
|
|
|
|
Stockholders'
Equity
|
|
|
1,277,568
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
2,693,137
|
|
|
|
|
Flowers Foods,
Inc.
|
Condensed
Consolidated Statement of Cash Flows
|
(000's
omitted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 12
Week
Period Ended
|
|
For the 12 Week
Period Ended
|
|
|
For the 40
Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
|
October 6,
2018
|
|
October 7,
2017
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
39,630
|
$
|
(33,571)
|
|
$
|
136,319
|
$
|
71,587
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
|
|
|
|
|
from operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Total non-cash
adjustments
|
|
34,592
|
|
87,977
|
|
|
149,978
|
|
150,151
|
|
Changes in assets and
liabilities and pension contributions
|
|
9,214
|
|
(3,347)
|
|
|
(54,238)
|
|
2,288
|
Net cash provided
by operating activities
|
|
83,436
|
|
51,059
|
|
|
232,059
|
|
224,026
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
(25,458)
|
|
(19,294)
|
|
|
(74,992)
|
|
(51,213)
|
|
Divestiture of
assets
|
|
-
|
|
-
|
|
|
-
|
|
41,230
|
|
Proceeds from sale of
property, plant and equipment
|
|
76
|
|
382
|
|
|
1,366
|
|
1,694
|
|
Other
|
|
1,015
|
|
(1,674)
|
|
|
214
|
|
(4,515)
|
Net cash disbursed
for investing activities
|
|
(24,367)
|
|
(20,586)
|
|
|
(73,412)
|
|
(12,804)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Dividends
paid
|
|
(37,959)
|
|
(35,606)
|
|
|
(112,247)
|
|
(105,207)
|
|
Exercise of stock
options
|
|
-
|
|
2,880
|
|
|
791
|
|
9,296
|
|
Stock
repurchases
|
|
-
|
|
-
|
|
|
(2,489)
|
|
(2,671)
|
|
Net change in debt
borrowings
|
|
(1,250)
|
|
6,850
|
|
|
(3,750)
|
|
(101,250)
|
|
Other
|
|
313
|
|
(4,702)
|
|
|
3,646
|
|
(10,726)
|
Net cash disbursed
for financing activities
|
|
(38,896)
|
|
(30,578)
|
|
|
(114,049)
|
|
(210,558)
|
Net increase
(decrease) in cash and cash equivalents
|
|
20,173
|
|
(105)
|
|
|
44,598
|
|
664
|
Cash and cash
equivalents at beginning of period
|
|
29,554
|
|
7,179
|
|
|
5,129
|
|
6,410
|
Cash and cash
equivalents at end of period
|
$
|
49,727
|
$
|
7,074
|
|
$
|
49,727
|
$
|
7,074
|
|
|
|
|
|
|
|
|
|
|
|
Flowers Foods,
Inc.
|
Reconciliation of
GAAP to Non-GAAP Measures
|
(000's omitted,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Earnings per Share to Adjusted Earnings per Share
|
|
|
|
For the 12 Week
Period
Ended
|
|
For the 12 Week
Period
Ended
|
|
For the 40 Week
Period
Ended
|
|
For the 40 Week
Period
Ended
|
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
October 6,
2018
|
|
October 7,
2017
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
diluted common share
|
|
$
0.19
|
|
$
(0.16)
|
|
$
0.64
|
|
$
0.34
|
Gain on
divestiture
|
|
-
|
|
-
|
|
-
|
|
(0.09)
|
Loss (recovery) on
inferior ingredients
|
|
(0.01)
|
|
-
|
|
0.01
|
|
-
|
Restructuring and
related impairment charges
|
|
NM
|
|
0.29
|
|
0.01
|
|
0.29
|
Project Centennial
consulting costs
|
|
NM
|
|
0.02
|
|
0.03
|
|
0.09
|
Legal settlements and
lease terminations
|
|
0.04
|
|
0.01
|
|
0.08
|
|
0.02
|
Pension plan
settlement loss
|
|
NM
|
|
0.01
|
|
0.02
|
|
0.01
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
0.05
|
|
0.01
|
|
0.05
|
Adjustment to prior
year provisional tax reform benefit
|
|
-
|
|
-
|
|
(0.03)
|
|
-
|
Adjusted net income
per diluted common share
|
|
$
0.23
|
|
$
0.23
|
|
$
0.78
|
|
$
0.72
|
NM - not
meaningful.
|
|
|
|
|
|
|
|
|
Certain amounts
may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Gross Margin
|
|
|
|
For the 12 Week
Period Ended
|
|
For the 12 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
October 6,
2018
|
|
October 7,
2017
|
Sales
|
|
$
923,449
|
|
$
932,822
|
|
$
3,071,185
|
|
$
3,047,110
|
Materials, supplies,
labor and other production costs (exclusive of depreciation and
amortization)
|
|
485,680
|
|
476,264
|
|
1,599,673
|
|
1,552,578
|
Gross Margin
excluding depreciation and amortization
|
|
437,769
|
|
456,558
|
|
1,471,512
|
|
1,494,532
|
Less depreciation and
amortization for production activities
|
|
18,610
|
|
19,553
|
|
62,798
|
|
67,168
|
Gross
Margin
|
|
$
419,159
|
|
$
437,005
|
|
$
1,408,714
|
|
$
1,427,364
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization for production activities
|
|
$
18,610
|
|
$
19,553
|
|
$
62,798
|
|
$
67,168
|
Depreciation and
amortization for selling, distribution and administrative
activities
|
|
14,052
|
|
13,419
|
|
49,151
|
|
47,120
|
Total depreciation
and amortization
|
|
$
32,662
|
|
$
32,972
|
|
$
111,949
|
|
$
114,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income (Loss) to Adjusted EBIT and Adjusted
EBITDA
|
|
|
|
For the 12 Week
Period Ended
|
|
For the 12 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
October 6,
2018
|
|
October 7,
2017
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
39,630
|
|
$
(33,571)
|
|
$
136,319
|
|
$
71,587
|
Income tax expense
(benefit)
|
|
11,496
|
|
(22,925)
|
|
34,367
|
|
33,882
|
Interest expense,
net
|
|
1,565
|
|
2,730
|
|
6,214
|
|
11,056
|
Other pension cost
(benefit)
|
|
(171)
|
|
(1,321)
|
|
(1,204)
|
|
(4,687)
|
Pension plan
settlement loss
|
|
930
|
|
3,030
|
|
6,633
|
|
3,030
|
Earnings before
interest and income taxes
|
|
53,450
|
|
(52,057)
|
|
182,329
|
|
114,868
|
Gain on
divestiture
|
|
-
|
|
-
|
|
-
|
|
(28,875)
|
Loss (recovery) on
inferior ingredients
|
|
(1,891)
|
|
-
|
|
1,993
|
|
-
|
Restructuring and
related impairment charges
|
|
497
|
|
100,549
|
|
2,557
|
|
100,549
|
Project Centennial
consulting costs
|
|
729
|
|
7,050
|
|
9,376
|
|
31,845
|
Legal settlements and
lease terminations
|
|
11,921
|
|
4,253
|
|
21,616
|
|
5,068
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
18,268
|
|
2,322
|
|
18,268
|
Adjusted
EBIT
|
|
64,706
|
|
78,063
|
|
220,193
|
|
241,723
|
Other pension cost
(benefit)
|
|
171
|
|
1,321
|
|
1,204
|
|
4,687
|
Depreciation and
amortization
|
|
32,662
|
|
32,972
|
|
111,949
|
|
114,288
|
Lease termination
depreciation impact
|
|
-
|
|
-
|
|
-
|
|
(1,844)
|
Adjusted
EBITDA
|
|
$
97,539
|
|
$
112,356
|
|
$
333,346
|
|
$
358,854
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
923,449
|
|
$
932,822
|
|
$
3,071,185
|
|
$
3,047,110
|
Adjusted EBITDA
margin
|
|
10.6%
|
|
12.0%
|
|
10.9%
|
|
11.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Income Tax Expense (Benefit) to Adjusted Income Tax
Expense
|
|
|
|
For the 12 Week
Period Ended
|
|
For the 12 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
October 6,
2018
|
|
October 7,
2017
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
$
11,496
|
|
$
(22,925)
|
|
$
34,367
|
|
$
33,882
|
Tax impact
of:
|
|
|
|
|
|
|
|
|
Gain on
divestiture
|
|
-
|
|
-
|
|
-
|
|
(11,117)
|
Loss (recovery) on
inferior ingredients
|
|
(477)
|
|
-
|
|
503
|
|
-
|
Restructuring
and related impairment charges
|
|
125
|
|
38,711
|
|
646
|
|
38,711
|
Project Centennial
consulting costs
|
|
184
|
|
2,714
|
|
2,367
|
|
12,260
|
Legal
settlements and lease terminations
|
|
3,010
|
|
1,638
|
|
5,458
|
|
1,952
|
Pension plan
settlement loss
|
|
235
|
|
1,167
|
|
1,675
|
|
1,167
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
7,033
|
|
586
|
|
7,033
|
Adjustment to
prior year provisional tax reform benefit
|
|
-
|
|
-
|
|
5,575
|
|
-
|
Adjusted income tax
expense
|
|
$
14,573
|
|
$
28,338
|
|
$
51,177
|
|
$
83,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income (Loss) to Adjusted Net Income
|
|
|
|
For the 12 Week
Period Ended
|
|
For the 12 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
October 6,
2018
|
|
October 7,
2017
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
39,630
|
|
$
(33,571)
|
|
$
136,319
|
|
$
71,587
|
Gain on
divestiture
|
|
-
|
|
-
|
|
-
|
|
(17,758)
|
Loss (recovery) on
inferior ingredients
|
|
(1,414)
|
|
-
|
|
1,490
|
|
-
|
Restructuring and
related impairment charges
|
|
372
|
|
61,838
|
|
1,911
|
|
61,838
|
Project Centennial
consulting costs
|
|
545
|
|
4,336
|
|
7,009
|
|
19,585
|
Legal settlements and
lease terminations
|
|
8,911
|
|
2,615
|
|
16,158
|
|
3,116
|
Pension plan
settlement loss
|
|
695
|
|
1,863
|
|
4,958
|
|
1,863
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
11,235
|
|
1,736
|
|
11,235
|
Adjustment to prior
year provisional tax reform benefit
|
|
-
|
|
-
|
|
(5,575)
|
|
-
|
Adjusted net
income
|
|
$
48,739
|
|
$
48,316
|
|
$
164,006
|
|
$
151,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBIT to Adjusted EBIT and Adjusted EBITDA - DSD
|
|
|
|
For the 12 Week
Period Ended
|
|
For the 12 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
October 6,
2018
|
|
October 7,
2017
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
before interest and income taxes
|
|
$
58,819
|
|
$
(20,338)
|
|
$
197,725
|
|
$
146,388
|
Loss (recovery) on
inferior ingredients
|
|
(2,986)
|
|
-
|
|
898
|
|
-
|
Restructuring and
related impairment charges
|
|
289
|
|
76,625
|
|
2,187
|
|
76,625
|
Legal settlements and
lease terminations
|
|
10,827
|
|
4,253
|
|
20,522
|
|
5,068
|
Multi-employer
pension plan withdrawal costs
|
|
-
|
|
18,268
|
|
2,322
|
|
18,268
|
Adjusted
EBIT
|
|
66,949
|
|
78,808
|
|
223,654
|
|
246,349
|
Depreciation and
amortization
|
|
27,676
|
|
28,286
|
|
95,273
|
|
98,703
|
Depreciation on lease
terminations
|
|
-
|
|
-
|
|
-
|
|
(1,844)
|
Other pension cost
(benefit)
|
|
97
|
|
99
|
|
323
|
|
331
|
Adjusted
EBITDA
|
|
$
94,722
|
|
$
107,193
|
|
$
319,250
|
|
$
343,539
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
780,253
|
|
$
787,255
|
|
$
2,592,363
|
|
$
2,580,007
|
Adjusted EBITDA
margin
|
|
12.1%
|
|
13.6%
|
|
12.3%
|
|
13.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBIT to Adjusted EBIT and Adjusted EBITDA - Warehouse
Delivery
|
|
|
|
For the 12 Week
Period Ended
|
|
For the 12 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
October 6,
2018
|
|
October 7,
2017
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
before interest and income taxes
|
|
$
5,866
|
|
$
(9,082)
|
|
$
31,563
|
|
$
47,202
|
Gain on
divestiture
|
|
-
|
|
-
|
|
-
|
|
(28,875)
|
Loss on inferior
ingredients
|
|
1,095
|
|
-
|
|
1,095
|
|
-
|
Legal settlements and
lease terminations
|
|
1,094
|
|
-
|
|
1,094
|
|
-
|
Restructuring and
related impairment charges
|
|
175
|
|
20,091
|
|
251
|
|
20,091
|
Adjusted
EBIT
|
|
8,230
|
|
11,009
|
|
34,003
|
|
38,418
|
Depreciation and
amortization
|
|
4,916
|
|
4,769
|
|
16,443
|
|
15,841
|
Adjusted
EBITDA
|
|
$
13,146
|
|
$
15,778
|
|
$
50,446
|
|
$
54,259
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
143,196
|
|
$
145,567
|
|
$
478,822
|
|
$
467,103
|
Adjusted EBITDA
margin
|
|
9.2%
|
|
10.8%
|
|
10.5%
|
|
11.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBIT to Adjusted EBIT and Adjusted EBITDA -
Corporate
|
|
|
|
For the 12 Week
Period Ended
|
|
For the 12 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
For the 40 Week
Period Ended
|
|
|
|
October 6,
2018
|
|
October 7,
2017
|
|
October 6,
2018
|
|
October 7,
2017
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
before interest and income taxes
|
|
$
(11,235)
|
|
$
(22,637)
|
|
$
(46,959)
|
|
$
(78,722)
|
Restructuring and
related impairment charges
|
|
33
|
|
3,833
|
|
119
|
|
3,833
|
Project Centennial
consulting costs
|
|
729
|
|
7,050
|
|
9,376
|
|
31,845
|
Adjusted
EBIT
|
|
$
(10,473)
|
|
$
(11,754)
|
|
$
(37,464)
|
|
$
(43,044)
|
Depreciation and
amortization
|
|
70
|
|
(83)
|
|
233
|
|
(256)
|
Other pension cost
(benefit)
|
|
74
|
|
1,222
|
|
881
|
|
4,356
|
Adjusted
EBITDA
|
|
$
(10,329)
|
|
$
(10,615)
|
|
$
(36,350)
|
|
$
(38,944)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Earnings per Share - Full Year Fiscal 2018 Guidance
|
|
|
|
|
|
|
|
Range
Estimate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
diluted common share
|
|
$
0.76
|
to
|
$
0.81
|
|
|
|
|
Project Centennial
reorganization and consulting costs
|
|
0.05
|
|
0.05
|
|
|
|
|
Loss (recovery) on
inferior ingredients
|
|
0.01
|
|
0.01
|
|
|
|
|
Legal
settlements
|
|
0.08
|
|
0.08
|
|
|
|
|
Pension plan
settlement loss
|
|
0.02
|
|
0.02
|
|
|
|
|
Multi-employer
pension plan withdrawal costs
|
|
0.01
|
|
0.01
|
|
|
|
|
Adjustment to prior
year provisional tax reform benefit
|
|
(0.03)
|
|
(0.03)
|
|
|
|
|
Adjusted net income
per diluted common share
|
|
$
0.90
|
to
|
$
0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flowers Foods,
Inc.
|
|
Sales
Bridge
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
Total
Sales
|
|
|
For the 12 Week
Period Ended October 6, 2018
|
Volume
|
Price/Mix
|
Divestiture
|
Change
|
|
|
|
|
|
|
|
|
|
Direct-Store-Delivery
|
-3.0%
|
2.1%
|
0.0%
|
-0.9%
|
|
|
|
|
|
|
|
|
|
Warehouse
Delivery
|
-4.9%
|
3.3%
|
0.0%
|
-1.6%
|
|
|
|
|
|
|
|
|
|
Total Flowers
Foods
|
-3.5%
|
2.5%
|
0.0%
|
-1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
Total
Sales
|
|
|
For the 40 Week
Period Ended October 6, 2018
|
Volume
|
Price/Mix
|
Divestiture
|
Change
|
|
|
|
|
|
|
|
|
|
Direct-Store-Delivery
|
-2.0%
|
2.5%
|
0.0%
|
0.5%
|
|
|
|
|
|
|
|
|
|
Warehouse
Delivery
|
3.2%
|
-0.5%
|
-0.2%
|
2.5%
|
|
|
|
|
|
|
|
|
|
Total Flowers
Foods
|
-0.8%
|
1.6%
|
0.0%
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/flowers-foods-inc-reports-third-quarter-2018-results-300745938.html
SOURCE Flowers Foods, Inc.