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Stock impact report

Flowers Foods to close US bakery [Yahoo! Finance]

Flowers Foods, Inc. (FLO) 
Last flowers foods, inc. earnings: 2/5 04:50 pm Check Earnings Report
Company Research Source: Yahoo! Finance
The Wonder bread maker said it is planning to close the Bailey Street Bakery on 16 April. The facility makes bread, buns and rolls for retail and foodservice customers, Flowers Foods said. According to US media reports, the closure will affect 176 jobs. Flowers Foods did not confirm that number when approached by Just Food In the year to 28 December, the group generated net sales of $5.1bn, up 0.2% on 12 months earlier. Net income more than doubled to $248.1m amid higher operating income. The company pointed to lower costs related to legal settlements, “moderating” ingredient costs, and benefits from “optimisation and cost savings initiatives”. Adjusted net income increased 6% to $271.6m. Speaking to analysts, Flowers Foods chairman and CEO Ryals McMullian said the company's sales were “lower than expected”, citing “category weakness”. He pointed to “significant weakness” in the sweet baked goods market, while, reflecting on the bread category, he outlined a series of p Show less Read more
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