Shares of bakery foods producer Flowers Foods, Inc. (FLO) are falling more than 8% Friday morning after the company lowered its outlook for fiscal 2023.
"We are adjusting our outlook for fiscal 2023 to account for the slow start to the year and lower-than-expected branded retail sales due to softer category demand," commented Flowers Foods' CEO.
For the full year, the company now sees sales in the range of $5.086 billion - $5.141 billion, lower than the prior outlook of $5.176 billion - $5.242 billion. Analysts on average polled by Thomson-Reuters are looking for sales of $5.18 billion for the year.
Adjusted EPS for the year are expected between $1.15 and $1.25 compared with $1.20 to $1.30 provided earlier. The consensus estimate stands at $1.25.
In addition, net income in the first quarter decreased to $70.71 million or $0.33 per share from $85.59 million or $0.40 per share in the same quarter a year ago. Excluding one-time items, earnings were $0.38 per share.
FLO is at $26.47. It has traded in the range of $24.15 - $30.16 in the last 1 year.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.