US baker Flowers Foods has reported a jump in first-quarter profits thanks to rising sales and a successful price increase.
The company said yesterday (24 May) that operating profit for the period to 21 April leapt 27% to US$46.8m. Turnover came in 8.2% higher at $563.6m.
Flowers Foods managed to raise prices by over 6%, a move which improved the company’s product mix, it said.
“Our team again executed well on our operating strategies and achieved record results in the quarter,” said George Deese, Flowers Foods’ chairman, CEO and president.
The company also reaffirmed its earnings guidance for the current fiscal year. It expects sales, excluding any future acquisitions, to rise by 5-8%.