Shares of Flowers Foods fell more than 5% after the Wonder Bread maker cut its full-year sales and adjusted profit outlook, citing a slow start to the year and softening demand for some categories.
The stock slipped 5.3% to $27.31 a share in after-hours trading. Over the past 12 months, the stock has risen almost 14%.
The Thomasville, Ga.-based company said it expects full-year adjusted earnings of $1.15 to $1.25 a share on sales of $5.09 billion to $5.14 billion. In February, Flowers Foods issued guidance for adjusted earnings of $1.20 to $1.30 a share on sales of $5.18 billion to $5.24 billion.
Chief Executive Ryals McMullian said the company is seeing “lower-than-expected branded retail sales due to softer category demand.”
In the fiscal first quarter, which ended on April 22, the company reported sales of $1.53 billion, up 6.9% from a year earlier. Price increases and a more profitable mix of products sold helped offset a 7.3% drop in volume.