THOMASVILLE, Ga., May 25, 2023
/PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO) today announced
that its board of directors has declared a quarterly dividend of
$ 0.23 per share, an increase of 4.5%
over the same quarter last year. This is the 83rd consecutive
quarterly dividend paid by the company and is payable on
June 22, 2023, to shareholders of
record on June 8, 2023.
"The increased dividend reflects the board's confidence in the
company's ability to generate strong earnings and cash flow," said
Ryals McMullian, Flowers Foods president and CEO. "We are investing
to further strengthen our leading brands, which we expect will
drive growth in-line with our long-term financial targets."
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE:
FLO) is one of the largest producers of packaged bakery foods in
the United States with 2022 sales
of $4.8 billion. Flowers operates
bakeries across the country that produce a wide range of bakery
products. Among the company's top brands are Nature's Own,
Dave's Killer Bread, Wonder, Canyon Bakehouse, and
Tastykake. Learn more at www.flowersfoods.com.
Investor Contact: J.T. Rieck
(229) 227-2253
FLO–CORP FLO–DIV FLO–IR
Forward-Looking Statements
Statements contained in this release and certain other written
or oral statements made from time to time by Flowers Foods, Inc.
(the "company", "Flowers Foods", "Flowers", "us", "we", or "our")
and its representatives that are not historical facts are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements relate to
current expectations regarding our future financial condition and
results of operations and are often identified by the use of words
and phrases such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"project," "should," "will," "would," "is likely to," "is expected
to" or "will continue," or the negative of these terms or other
comparable terminology. These forward-looking statements are based
upon assumptions we believe are reasonable. Forward-looking
statements are based on current information and are subject to
risks and uncertainties that could cause our actual results to
differ materially from those projected. Certain factors that may
cause actual results, performance, liquidity, and achievements to
differ materially from those projected are discussed in our Annual
Report on Form 10-K (the "Form 10-K") and Quarterly Reports on Form
10-Q filed with the Securities and Exchange Commission ("SEC") and
may include, but are not limited to, (a) unexpected changes in any
of the following: (1) general economic and business conditions; (2)
the competitive setting in which we operate, including advertising
or promotional strategies by us or our competitors, as well as
changes in consumer demand; (3) interest rates and other terms
available to us on our borrowings; (4) supply chain conditions and
any related impact on energy and raw materials costs and
availability and hedging counter-party risks; (5) relationships
with or increased costs related to our employees and third-party
service providers; (6) laws and regulations (including
environmental and health-related issues); and (7) accounting
standards or tax rates in the markets in which we operate,
(b) the loss or financial instability of any significant
customer(s), including as a result of product recalls or safety
concerns related to our products, (c) changes in consumer behavior,
trends and preferences, including health and whole grain trends,
and the movement toward less expensive store branded products, (d)
the level of success we achieve in developing and introducing new
products and entering new markets, (e) our ability to implement new
technology and customer requirements as required, (f) our ability
to operate existing, and any new, manufacturing lines according to
schedule, (g) our ability to implement and achieve our
environmental, social, and governance goals in accordance with
regulatory requirements and expectations of stakeholders,
suppliers, and customers; (h) our ability to execute our business
strategies which may involve, among other things, (1) the ability
to realize the intended benefits of completed, planned or
contemplated acquisitions, dispositions or joint ventures, (2) the
deployment of new systems (e.g., our enterprise resource planning
("ERP") system), distribution channels and technology, and (3) an
enhanced organizational structure, (e.g., our sales and supply
chain reorganization), (i) consolidation within the baking industry
and related industries, (j) changes in pricing, customer and
consumer reaction to pricing actions (including decreased volumes),
and the pricing environment among competitors within the industry,
(k) our ability to adjust pricing to offset, or partially offset,
inflationary pressure on the cost of our products, including
ingredient and packaging costs; (l) disruptions in our
direct-store-delivery distribution model, including litigation or
an adverse ruling by a court or regulatory or governmental body
that could affect the independent contractor classifications of the
independent distributor partners, (m) increasing legal complexity
and legal proceedings that we are or may become subject to, (n)
labor shortages and turnover or increases in employee and
employee-related costs, (o) the credit, business, and legal risks
associated with independent distributor partners and customers,
which operate in the highly competitive retail food and foodservice
industries, (p) any business disruptions due to political
instability, pandemics, armed hostilities (including the ongoing
conflict between Russia and Ukraine), incidents of terrorism,
natural disasters, labor strikes or work stoppages, technological
breakdowns, product contamination, product recalls or safety
concerns related to our products, or the responses to or
repercussions from any of these or similar events or conditions and
our ability to insure against such events, (q) the failure of our
information technology systems to perform adequately, including any
interruptions, intrusions, cyber-attacks or security breaches of
such systems or risks associated with the planned implementation of
the upgrade of our ERP system; and (r) the potential impact of
climate change on the company, including physical and transition
risks, availability or restriction of resources, higher regulatory
and compliance costs, reputational risks, and availability of
capital on attractive terms. The foregoing list of important
factors does not include all such factors, nor necessarily present
them in order of importance. In addition, you should consult other
disclosures made by the company (such as in our other filings with
the SEC or in company press releases) for other factors that may
cause actual results to differ materially from those projected by
the company. Refer to Part I, Item 1A., Risk Factors, of the Form
10-K, Part II, Item 1A., Risk Factors, of the Form 10-Q for the
quarter ended April 22, 2023 and subsequent filings with the SEC
for additional information regarding factors that could affect the
company's results of operations, financial condition and liquidity.
We caution you not to place undue reliance on forward-looking
statements, as they speak only as of the date made and are
inherently uncertain. The company undertakes no obligation to
publicly revise or update such statements, except as required by
law. You are advised, however, to consult any further public
disclosures by the company (such as in our filings with the SEC or
in company press releases) on related subjects.
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SOURCE Flowers Foods, Inc.