Flowers Foods increases Q2 earnings14 August 2012US baker Flowers Foods has posted a 0.6% increase in second-quarter net earnings to $28.4 million, up from $28.2 million last year. Flowers Foods said higher prices and the Lepage Bakeries and Tasty Baking Co acquisitions helped to offset falling volumes. Higher prices helped the firm to a 2.3% gain while the Tasty Baking Co purchase added 4.5%. Revenue increased 6.1% to $681.6 million in the three months ending 14 July, up from $642.6 million during the same period last year. Flowers Foods said that expects to deliver full-year earnings growth of 3.5-8% while revenue is expected to increase by 7-9%. "We are pleased to deliver sales growth in the second quarter in the face of heightened promotional activity and a highly competitive marketplace,” said George E Deese, Flowers Foods' chairman and chief executive officer. “Ongoing pressure on consumers has affected our industry much as it has other food categories, and softer volumes in the fresh breads, buns, and rolls category is driving more competitive activity in the near-term. Our team continues to work on improving efficiencies and cost controls in the face of high input cost inflation, and we achieved higher operating income in the quarter.” | |
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