Milling & Baking News - November 17, 2020 - 14

Financial Results

Major shift to branded sales at
Flowers Foods in third quarter
THOMASVILLE, GA. - A dramatic
swing from private label to branded retail
sales and a 36% increase in adjusted net
income stood out in third-quarter financial results of Flowers Foods, Inc.
Flowers net income in the third quarter ended Oct. 3 was $44.35 million, equal
to 21¢ per share on the common stock,
up 2.3% from $43.36 million, or 20¢ per
share, in the third quarter of 2019. Net
sales were $989.65 million, up 2.4%, from
$966.56 million.
Beneath the relatively modest changes
in net profits and sales were dramatic underlying shifts in each.
Earnings in the third quarter were
dragged down by restructuring charges
totaling $20.1 million, up from $3.28 million a year earlier. Results in the quarter
benefited from a gain totaling $7.15 million, related to a pension plan settlement
and curtailment gain.
A. Ryals McMullian, president and
chief executive officer, said the company
will generate $20 million or more in cost
savings this year because of the organizational restructuring together with portfolio and supply chain optimization efforts.
Adjusted net earnings were $62.4 million, up 36% from the same quarter in
2019.
Flowers achieved sales growth in the
third quarter despite a 5.7% drop in volume. Branded retail sales surged 12% to
$657.1 million during the quarter at the
same time private label sales fell 10% to
$136.6 million. Non-retail and other sales
fell 15% to $196 million during the quarter.
" Though total volumes have been
down in 2020, our profitability has improved markedly as we are now seeing the true power of our focusing on
brands, " Mr. McMullian said Nov. 5 in a
pre-recorded earnings call. " So, as we are
working to capitalize on the opportunities before us, we also recognize that we
are operating from a position of strength
with our portfolio of top brands, like Nature's Own, Dave's Killer Bread (DKB),
Canyon and Wonder. We expect that focus to allow us to retain many of our new
consumers even as the demand environment moderates. "
Flowers attributed the surge in branded sales to the COVID-19 pandemic,
new product introductions, diminished
promotional activity and fewer product
returns. The drop in private label sales
reflected a shift of customer buying to
branded retail products, and the drop in
non-retail sales was driven by the effects
of the pandemic on foodservice business.
14 / November 17, 2020

Milling & Baking News

During the Nov. 5 call, Mr. McMullian
expanded on the contributions of recently
introduced products.
" DKB buns and extensions of our Nature's Own Perfectly Crafted line are delivering excellent early returns, " he said.
" We've made further progress in standing up our new innovation capabilities,
and we are developing plans to deliver

DAVE'S KILLER BREAD

more distinctive and differentiated
items that meet our consumers' changing needs. "
As a result, he said the company is " becoming a more branded-focused company, which will ultimately boost our ability
to drive shareholder value. "
Expanding on this shift, he said the
company has divided its portfolio into
four groups ranging from high-growth
brands to items with only limited profitability.
" Segmenting our portfolio this way
establishes clear roles for the brands and
products within our portfolio, which is
designed to drive more targeted decision-making around our brand investments to deliver the highest return, " he
said. " I do want to emphasize that while
some of our private label and foodservice business underperforms from a
margin standpoint, each plays an important supporting role in our portfolio.
Our intention is to improve their performance, working collaboratively with our
customers. We believe that can be accomplished with price certainly in some cases,
but that's not the only way. As strategic
partners to our customers, we are working to find ways to improve profitability

on our side of the table, too. That could
include more efficient distribution, manufacturing, formulation, packaging and
other options. While there will likely
be cases where we are unable to find a
mutually acceptable solution to achieving the levels of profitability we require,
our intention at the outset is to continue
serving our customers in a way that is
beneficial to both parties. "
R. Steve Kinsey, chief financial officer and chief administrative officer, said
gross margin during the third quarter,
excluding depreciation and amortization,
rose 2.4 percentage points because of the
shift to higher-margin branded products.
" Partially offsetting that benefit was
$1.9 million related to startup costs incurred with the conversion of our Lynchburg, Va., facility to an organic bakery, "
he said.
Mr. McMullian said the Lynchburg
plant has been operating since early October and is " producing great quality
DKB products for the market. "
" This additional production is intended to help us improve our days of service,
our quality in the critical Northeast markets and provide some needed relief to
our other bakeries currently serving that
market, " he said. " DKB is still growing at
a rapid clip, with 2020 retail sales now expected to exceed $800 million. Lynchburg
is a powerful example of our strategy to
reorient production to the highest-margin
and highest-growth portfolio segments. "
Asked whether the pandemic was impeding new product introductions, Mr.
McMullian said the DKB buns and Nature's Own line extensions have been
well executed this year in the midst of
the pandemic.
" And we're not the only ones, " he said.
" Our competitors have put new products forth. We've gained new shelf space
during this period. ...In some ways, the
COVID circumstance has been a positive
relative to new product introductions. Because what we have seen in the mix shift
is somewhat of a shift away from traditional loaf to buns and rolls and to breakfast items. "
Mr. McMullian said branded retail
sales, while not as strong as at the peak
of the pandemic, remain well above prepandemic levels.
" The real question is how long those
trends will last and what the trajectory
of the normalization process will be, "
he said.
In the 40 weeks ended Oct. 3, Flowers
net income was $96.49 million, or 45¢ per
share, down from $162.59 million, or 77¢,
during the first nine months of 2019. Sales
were $3.36 billion, up 5% from $3.21 billion in the same period last year. MBN
bakingbusiness.com / world-grain.com


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Milling & Baking News - November 17, 2020

Table of Contents for the Digital Edition of Milling & Baking News - November 17, 2020

Milling & Baking News - November 17, 2020 - 1
Milling & Baking News - November 17, 2020 - 1
Milling & Baking News - November 17, 2020 - 2
Milling & Baking News - November 17, 2020 - 3
Milling & Baking News - November 17, 2020 - 4
Milling & Baking News - November 17, 2020 - 5
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Milling & Baking News - November 17, 2020 - 13
Milling & Baking News - November 17, 2020 - 14
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