Flowers Foods, the maker of Nature’s Own and Wonder bread, cut its forecasts for the year on Thursday after a weak third quarter, and its shares fell 7.7% to $5.55 in after-hours trading at 7:56 p.m. Eastern time. They had closed the regular session down 3.8% at $6.01.
Net sales fell 4.7% to $1.169 billion in the 12 weeks ended Oct. 10, as gains from pricing and sales mix were more than offset by a 7% drop in volume. Net income fell 63.6% to $14.4 million, and adjusted earnings fell to 10 cents a share from 23 cents a year earlier.
The company now expects 2026 adjusted earnings of 63 to 68 cents a share, down from its earlier forecast of 75 to 85 cents. It cut its sales forecast to $5.016 billion to $5.063 billion, from $5.070 billion to $5.142 billion.
“Our third-quarter results reflect a continued challenging operating environment, driven by pressure on household budgets, evolving consumer behavior and heightened promotional activity, as well as areas where we need to move faster with focused execution,” Chairman and Chief Executive Ryals McMullian said. He said improvement at Nature’s Own had been slower than expected.
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