Corporate Profiles - 2021 - 76

COMPANY OVERVIEW
two years, or since Canyon Bakehouse LLC was acquired in December 2018,
for $205.2 million total consideration.
While merger and acquisition activity at Flowers was absent the last couple
years, Mr. McMullian told investment analysts in May the company has never
stopped vigilantly looking for opportunities.
" As the economy reopens, the pace of deal flow is increasing, " he said a
few weeks before the Koffee Kup deal was announced. " And, as always, we
are proactively seeking out potential deals, while maintaining our disciplined
approach. "
He added, " The challenge, as it has been for the past few years, is valuation.
We're committed to maintaining our disciplined approach. We certainly have
the balance sheet to lean on where we've got high conviction, but we're only
going to do so in a reasonable way. "
On a nearer-term basis, Flowers appeared on track for a year in line with
its long-term objectives, at least relative to 2019 results (as opposed to the
pandemic-swollen results in 2020). Flowers' long-term goals in 2020 were
revised downward to sales growth of 1% to 2%, EBITDA growth of 4% to 6%
and earnings-per-share growth of 7% to 9%.
Announcing second-quarter financial results in August, Flowers raised its
guidance for the year. The forecast of $1.17 to $1.22 adjusted earnings per
share would be up 22% to 27% from 2019. Sales were forecast at $4.26
billion to $4.3 billion, up 3.3% to 4.3% from 2019.
Flowers Foods branded retail
Fiscal 2020
Net sales
$2,912
+18%
Flowers Foods store branded retail
Fiscal 2020
Net sales
$610
-6%
Flowers Foods non-retail and other
Fiscal 2020
Net sales
$866
Food service
17%
-13%
Convenience
store
3%
% change from year ago
All other
5%
Supermarket/
drug stores
42%
Mass merchandiser/
discount
33%
" The biggest swing factor in determining our results for the second half
of 2021 will be the back-to-school season, " R. Steve Kinsey, chief financial
officer and chief administrative officer, said Aug. 13. " As kids go back to
school and parents have more flexibility to return to the office, we should
get a better sense for what the new normal demand environment could
look like. However, the rise in COVID cases caused by the Delta variant can
prolong the impact of the pandemic. So we are watching those developments
carefully. "
In its most recent quarter (second quarter of 2021), sales were down 0.8%
from 2020 but up 4.3% from 2019. Volumes were down 3.9% in the quarter,
but price/mix was a 3.1% positive offset, " more heavily weighted to price than
mix, driven by promotional efficiency. "
Also compared with 2019, EBITDA has climbed 15.4%, and EBITDA margins
have widened to 12%, Mr. McMullian said.
" The key driver of that margin expansion is the mix shift to more branded
retail products, but we're also working hard to maximize our internal efficiencies, "
he said. " Our portfolio optimization project is on track to reach our target
savings of $30 million to $40 million this year. "
Flowers strongest brands have been standing out. In the second quarter
branded sales overall declined 2%, but the company gained 30 basis points
of market share, boosted by Dave's Killer Bread, up 9.4%, and Canyon Bakehouse,
up 16.9%. CP
Flowers Foods sales by category
(52 weeks ended Dec. 31, 2020)
% change from year ago
Store-branded
retail
14%
Non-retail and
other
20%
Branded
retail
66%
% change from year ago
Flowers Foods sales channels
(52 weeks ended Dec. 31, 2020)
76 \ October 2021
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Corporate Profiles
in millions
in millions
in millions

Corporate Profiles - 2021

Table of Contents for the Digital Edition of Corporate Profiles - 2021

Corporate Profiles - 2021 - 1
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https://www.nxtbook.com/sosland/mbncp/2020_10_01
https://www.nxtbook.com/sosland/mbncp/2019_11_01
https://www.nxtbook.com/sosland/mbncp/2018_10_01
https://www.nxtbook.com/sosland/mbncp/2017_10_01
https://www.nxtbook.com/sosland/mbncp/2016_11_01
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