USA: Flowers Foods lowers Q2 earnings guidance, ratings stable
Thomasville, Ga.-based Flowers Foods has admitted that it anticipates lower-than-expected earnings for its Q2, which will end tomorrow (Saturday). Flowers explained that the shortfall is due to costs incurred as part of the restructuring of Mrs. Smith's Bakeries, the company's frozen foods business, and higher-than-planned costs at Mrs. Smith's Bakeries' Spartanburg, SC, facility. The company's largest operating group, Flowers Bakeries, is performing as planned for the year.
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