In the 12 weeks ended July 15, Flowers Foods net income was $63.77 million, equal to 30¢ per share on the common stock, up 19% from $53.68 million, or 25¢ per share, in the second quarter of 2022.
While fresh seafood sales fell slightly in the first half of 2023, analysts say the department has a lot of factors in its favor that should boost sales for the remainder of the year.
Despite the rebound in restaurant sales over the past year, sales of tortillas and flatbreads remain strong in the retail channel while unit sales slipped only slightly.
Gross profit in the Ingredient Solutions segment increased to $12.2 million in the first quarter of fiscal 2023 from $8.1 million a year ago, while sales increased 10% to $30.9 million.