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Flowers Foods, Inc. has submitted its 10-Q filing for the quarterly period ended October 5, 2024.
The filing reports a decrease in sales to $1,190,561,000 from $1,199,260,000 in the same quarter the previous year, attributed to a 2.4% decline in volume, partially offset by a 1.7% increase in price/mix.
Branded retail sales decreased by 1.5%, while other sales increased by 0.7%. The decline in branded retail sales was primarily due to increased promotional activity and volume declines, particularly in branded cake products.
Materials, supplies, labor, and other production costs decreased to 50.2% of sales from 51.5% in the previous year, driven by moderating ingredient and packaging costs and improved sales price/mix.
Selling, distribution, and administrative expenses decreased significantly to 38.7% of sales from 50.4%, mainly due to reduced legal settlements and related costs, decreased marketing investments, and lower consulting costs.
Income from operations was $90,179,000, compared to a loss of $59,349,000 in the prior year quarter, reflecting improvements in cost management and sales mix.
Net income for the quarter was $64,984,000, compared to a net loss of $46,730,000 in the previous year, with the improvement attributed to increased income from operations and a lower effective tax rate.
Cash provided by operating activities was $282,370,000, while cash used in investing and financing activities was $112,942,000 and $176,980,000, respectively.
Flowers Foods reported a working capital of $707,724,000 as of October 5, 2024. The company continues to focus on optimizing its supply chain and managing costs effectively.
The filing also details various strategic initiatives, including the closure of the Baton Rouge bakery and the ongoing transformation strategy initiatives aimed at improving operational efficiency.
Flowers Foods does not anticipate significant changes to its liquidity position and believes it has sufficient resources to meet its financial obligations and strategic objectives.
The company identified no material changes in its internal control over financial reporting during the fiscal quarter ended October 5, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flowers Foods Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.