US baker Flowers Foods has posted a 13.6% jump in second-quarter revenues, driven by expansion of the group’s branded business and sales from acquisitions completed last year.
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Sales rose to US$614.4m in the three-month period, up from $540.7m last year, the company said today (19 August).
During the second quarter, Flowers said that efforts to improve costs and drive efficiencies resulted in a 34.4% improvement in operating margin, which rose to 8% of sales.
Net income attributable to Flowers totalled $30.3m, or $.33 per diluted share, an increase of 26.7% over the $23.9m, or $.26 per diluted share, reported for the second quarter of 2008.
Looking to the full year, Flowers maintained its earnings per share guidance range of US$1.37-1.48.
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By GlobalDataHowever, the company adjusted its sales outlook to account for lower consumer spending, lowering its guidance to growth of 9.7-11%, with acquisitions accounting for 6.5-7% of the increase.
Click here for the full press release, or check back later for just-food’s post-conference call analysis.
