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May 20 , 2021 FlowersFoods Company Press Release Exhibit 99.1 Flowers Foods ( NYSE : FLO ) FLOWERS FOODS , INC . REPORTS FIRST QUARTER 2021 RESULTS THOMASVILLE , Ga . – Flowers Foods , Inc. ( NYSE : FLO ) , producer of Nature's Own , Dave's Killer Bread , Wonder , Canyon Bakehouse , Tastykake , and other bakery foods , today reported financial results for the company's 16 - week first quarter ended April 24 , 2021 . First Quarter Summary : Compared to the prior year first quarter where applicable Sales decreased 3.5 % to $ 1.302 billion compared to record results in the prior year period driven by the pandemic . • Net income increased $ 77.4 million to $ 71.7 million due primarily to a $ 116.2 million charge in the prior year period related to the termination of one of our pension plans . Adjusted net income increased 1.3 % to $ 87.6 million . • • ( 1 ) Adjusted EBITDA ( 1 ) decreased 1.0 % to $ 161.6 million . Adjusted EBITDA represented 12.4 % of sales , a 30 - basis point increase . Diluted EPS increased $ 0.37 to $ 0.34 . Adjusted diluted EPS ( 1 ) was consistent with the prior year period at $ 0.41 . Adjusted for items affecting comparability . See reconciliations of non - GAAP measures in the financial statements following this release . CEO's Remarks : " Flowers delivered impressive results to start 2021 , " said Ryals McMullian , Flowers Foods ' president and CEO . “ Our leading brands are thriving , and that strong performance would not be possible without the dedication and perseverance of our team members . I want to extend my sincere thanks for their efforts . " As the economy reopened in most of the country , our branded retail mix moderated somewhat toward the end of the quarter and foodservice began to recover , " he continued . " However , it is important to note that branded retail demand remains elevated over pre - pandemic levels . To maintain our momentum and sustain the growth of our brands , we are continuing to invest in innovation and marketing . We believe those investments benefited our results in the first quarter , and we expect them , together with our portfolio strategy , digital initiative , and efficiency programs , to drive our future performance . We have performed exceptionally well over the last year and are confident these actions we are taking today , guided by our strategic priorities , are positioning Flowers to deliver results consistent with our long - term financial targets . " For the 52 - week Fiscal 2021 , the Company Expects : • Sales in the range of approximately $ 4.234 billion to $ 4.300 billion , representing a change of approximately -3.5 % to -2.0 % . This change includes a 1.8 % reduction in sales due to one fewer week in fiscal 2021 . Diluted EPS in the range of approximately $ 1.10 to $ 1.17 . The effect of one fewer week in fiscal 2021 impacts EPS by approximately $ 0.02 . The company's outlook includes the following assumptions : • Depreciation and amortization in the range of $ 135 million to $ 140 million • Net interest expense of approximately $ 10 million • An effective tax rate of approximately 24.5 % • Weighted average diluted share count for the year of approximately 213 million shares Capital expenditures for the year in the range of $ 140 million to $ 150 million