Flowers reaffirms guidance for fiscal '08 and '09

by Eric Schroeder
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THOMASVILLE, GA. — Flowers Foods Inc. on Tuesday reaffirmed its guidance for 2008 and 2009 as part of an event held in New York for financial analysts.

R. Steve Kinsey, executive vice-president and chief financial officer, said Flowers expects net income of $113.6 million to $117.3 million, earnings per share of $1.22 to $1.26 and sales of $2.42 billion to $2.43 billion in fiscal 2008.

Looking ahead to 2009, Mr. Kinsey maintained the company’s previously announced guidance of income of $124.1 million to $135.3 million, e.p.s. of $1.33 to $1.45 and sales of $2.72 billion to $2.765 billion.

"Our business continues to be strong in spite of the economic slowdown," said George E. Deese, chairman, chief executive officer and president. "We remain focused on growing sales and on managing our costs better than ever. Our commitment to investing in our business will not waiver because we must keep our products, our process, our information, and our people performing at peak efficiency. We are focused on maintaining the value of our shareholders’ investment as well as on building future value."

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