Flowers Foods (NYSE: FLO) reported first-quarter financial results on Friday. The transcript from the company's first-quarter earnings call has been provided below.

Flowers Foods（紐約證券交易所代碼：FLO）於週五發佈了第一季度財務業績。以下是公司第一季度財報電話會議的文字記錄。

This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.

此內容由 Benzinga API 提供。有關全面的財務數據和文字記錄，請訪問 https://www.benzinga.com/apis/。

Access the full call at https://edge.media-server.com/mmc/p/aj8keue7/

訪問完整電話會議請點擊 https://edge.media-server.com/mmc/p/aj8keue7/

Summary

摘要

Flowers Foods reported bottom-line results ahead of expectations despite softer top-line trends and challenges in the traditional loaf category.

儘管頂線趨勢疲軟以及傳統麪包類別面臨挑戰，Flowers Foods 的底線業績仍超出預期。

The company is focusing on core brands, including a nationwide relaunch of Nature Zone, and is strengthening its position in the premium bread and cake segments.

公司專注於核心品牌，包括全國範圍內重新推出 Nature Zone，並在高端面包和蛋糕領域加強其市場地位。

Inflation concerns, particularly in commodities and packaging, are being managed through productivity measures and hedging, with most core commodities fully hedged for 2026.

通貨膨脹擔憂，特別是在商品和包裝方面，通過生產力措施和對沖進行管理，大部分核心商品已完全對沖至 2026 年。

The company reaffirmed its guidance for 2026, supported by productivity gains and strategic initiatives like the Nature Zone relaunch.

公司重申了 2026 年的指導方針，得益於生產力提升和戰略舉措，如 Nature Zone 的重新推出。

Management expressed confidence in stabilizing the traditional loaf category and highlighted ongoing efforts to improve supply chain efficiencies and financial flexibility.

管理層對穩定傳統麪包類別表示信心，並強調了改善供應鏈效率和財務靈活性的持續努力。

Full Transcript

完整文字記錄

OPERATOR

操作員

Good day and thank you for standing by. Welcome to The Flower Foods First Quarter 2026 Results Conference Call. At this time all participants are listen-only mode. After the speaker's presentation there will be a question and answer session. To ask a question during the session you will need to press star 11 on your telephone. You will then hear automated messages by your hand is raised, to withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would like to hand conference over to your first speaker today, J.T. Riggin, the second vice president of Investment Relations. Please go ahead.

大家好，感謝您的耐心等待。歡迎參加 Flowers Foods 2026 年第一季度業績電話會議。此時所有參與者處於僅聽模式。演講者發言後將進行問答環節。要在問答環節提問，您需要在電話上按星號 11。您將聽到自動消息，表示您的問題已被提出，若要撤回問題，請再次按星號 11。請注意，今天的會議將被錄音。我將把會議交給今天的第一位發言人，投資關係副總裁 J.T. Riggin，請開始。

J.T. Riggin (Second Vice President of Investment Relations)

J.T. Riggin（投資關係副總裁）

Good morning. I hope everyone had the opportunity to review our earnings release, listen to our prepared remarks and view the slide presentation that were all posted earlier on Investor Relations website. After today's Q and A session, we will also post an audio replay of this call. Please note that in this Q and A session we may make forward looking statements about the company's performance. Although we believe these statements to be reasonable, they are subject to risks and uncertainties that could cause actual results to differ materially. In addition to what you hear in these remarks, important factors relating to Flowers Foods business are fully detailed in our SEC filings. We also provide non-GAAP financial measures for which disclosure and reconciliations are provided in the earnings release and at the end of the slide presentation on our website. Joining me today are Ryals McMullen, chairman and CEO and Anthony Scaglione, our CFO. Ryles, I'll turn it over to you.

早上好。我希望大家有機會查看我們的財報，聆聽我們的準備發言，並查看早些時候在投資者關係網站上發佈的幻燈片演示。在今天的問答環節後，我們還將發佈此次電話會議的音頻重播。請注意，在此問答環節中，我們可能會對公司的業績做出前瞻性陳述。儘管我們認為這些陳述是合理的，但它們受到風險和不確定性的影響，可能導致實際結果與預期有重大差異。除了您在這些發言中聽到的內容外，Flowers Foods 業務相關的重要因素已在我們的 SEC 文件中詳細説明。我們還提供非 GAAP 財務指標，相關披露和調整在財報和我們網站幻燈片演示的末尾提供。今天與我一起的是 Ryals McMullen，董事長兼首席執行官，以及我們的首席財務官 Anthony Scaglione。Ryals，我把時間交給你。

Ryals McMullen

Okay, thanks J.T. good morning everybody. Our team continued to execute against the challenging backdrop and softer top line trends in the quarter, delivering bottom line results ahead of expectations. We advanced the comprehensive review of our brand portfolio, supply chain and financial strategy and I'm very encouraged by the progress we're making there. We sharpened our focus on our core brands including our nationwide relaunch of Nature's Own, while continuing to strengthen our position in Better-for-you segments. We also saw positive trends in premium bread and cake categories, helping us offset some of the ongoing softness in the traditional loaf category where we underperformed in the quarter. In addition, we took initiatives to drive efficiencies across our supply chain while further strengthening our balance sheet and our financial flexibility. Together, these efforts are positioning us to deliver more consistent and sustainable growth and profitability over the long term. Looking ahead, we'll remain focused on executing this strategy and positioning the business to drive value for shareholders and I want to thank our team for their continued focus and commitment. And so with that Marvin, we can open it up for questions. thank you.

好的，謝謝 J.T. 大家早上好。我們的團隊在挑戰性的背景和季度內頂線趨勢疲軟的情況下繼續執行，底線業績超出預期。我們推進了對品牌組合、供應鏈和財務戰略的全面審查，我對我們在這方面取得的進展感到非常鼓舞。我們更加專注於核心品牌，包括全國範圍內重新推出 Nature's Own，同時繼續加強在健康食品領域的市場地位。我們還在高端面包和蛋糕類別中看到積極趨勢，幫助我們抵消了傳統麪包類別的持續疲軟。在此基礎上，我們採取了措施推動供應鏈的效率，同時進一步增強我們的資產負債表和財務靈活性。這些努力共同使我們能夠在長期內實現更穩定和可持續的增長與盈利。展望未來，我們將繼續專注於執行這一戰略，併為股東創造價值，感謝我們的團隊持續的關注和承諾。因此，Marvin，我們可以開始提問了，謝謝。

OPERATOR

操作員

At this time, we'll conduct the question and answer session. As a reminder to ask a question, you need to press star 11 on your telephone and wait for your name to be announced. To withdraw your questions, Please press star 11 again. Please stand by while we compile the Q and A roster. Our first question comes from the line of Jim Solera-Stevens. Your line is now open.

此時，我們將進行問答環節。提醒您，提問時需要在電話上按星號 11，並等待您的名字被宣佈。要撤回問題，請再次按星號 11。請稍等，我們正在整理問答名單。我們的第一個問題來自 Jim Solera-Stevens。您的線路已開啓。

Jim Solera-Stevens

Anthony, good morning. Thanks for taking our question. I wanted to start off with your view on inflation, given how much commodities have moved since the start of the Ukraine conflict.

Anthony，早上好。感謝您接受我們的提問。我想先了解一下您對通貨膨脹的看法，考慮到自烏克蘭衝突開始以來商品價格的變化。

Anthony Scaglione (Chief Financial Officer)

Anthony Scaglione（首席財務官）

Could you just walk us through your outlook outlook on inflation, how that's changed since the beginning of the year and any details you can share around your hedging program and maybe internal inflation expectations for the remainder of the year? Sure, I'll take that. First off, recall that our hedging program really builds the cadence as we progress through the year. So we're virtually fully hedged for the balance of the year on the commodities in the program. So as we look forward, we see pressure primarily in other commodities and the impact that the price of oil has had on our distribution and resin, which has significantly impacted our packaging costs. And that's an area we didn't see as a cost concern when we started the year. That being said, the teams are looking at ways to mitigate that increase, including packaging configurations, alternatives, along with other productivity measures. So overall, I would say we're assuming a level of increase stays elevated, and that's built into our outlook. But if they should further increase, we'll probably look at other productivity measures to counter that,

您能否向我們介紹一下您對通脹的展望，自年初以來這一展望有何變化，以及您能分享的有關對沖計劃的任何細節，以及對今年剩餘時間的內部通脹預期？當然，我來回答。首先，請記住，我們的對沖計劃確實隨着年度的推進而逐步建立。因此，我們在計劃中的商品上幾乎完全對沖了今年剩餘時間的風險。展望未來，我們主要看到其他商品的壓力，以及油價對我們的分銷和樹脂的影響，這顯著影響了我們的包裝成本。這是我們年初時沒有預見到的成本問題。儘管如此，團隊正在尋找減輕這一增長的方法，包括包裝配置、替代方案以及其他生產力措施。因此，總體而言，我會説我們假設增長水平保持在高位，這已納入我們的展望中。但如果它們進一步上升，我們可能會考慮其他生產力措施來應對。

Jim Solera-Stevens

吉姆·索萊拉 - 史蒂文斯

particularly if we think about on the productivity side. Are you talking about cost that can come out of SG&A? Is that pulling back on promotional spend or maybe some other efficiencies you can find in the gross margin line? Can you kind of walk us through how you think the offsets would, where they would come in the model?

特別是如果我們考慮生產力方面。您是在談論可以從銷售、一般和行政費用中削減的成本嗎？是減少促銷支出，還是在毛利方面找到其他效率？您能否向我們解釋一下您認為這些抵消措施將如何在模型中體現？

Anthony Scaglione (Chief Financial Officer)

安東尼·斯卡利昂（首席財務官）

I think it would mostly come out of SG&A. And to the extent that we make progress on some of the packaging, as I mentioned, clearly that would be productivity as it relates to the cost going into COGS.

我認為這主要會來自銷售、一般和行政費用。至於我們在某些包裝方面取得的進展，顯然這將是與進入銷售成本相關的生產力。

OPERATOR

操作員

Great. I'll pass it on. Thanks. Thank you. One moment for our next question. Our next question comes from the line of Steve Powers of Deutsche Bank. Line is now open.

很好。我會把問題轉給下一個。謝謝。請稍等，我們的下一個問題即將到來。下一個問題來自德意志銀行的史蒂夫·鮑爾斯。請開始提問。

Steve Powers (Equity Analyst at Deutsche Bank)

史蒂夫·鮑爾斯（德意志銀行股票分析師）

Great. Thank you very much. Maybe just to follow up on Jim's question, is there a way to, you know, size or dimension the higher diesel and packaging costs that you're now seeing for the balance of 2026 versus before, and I guess also should costs remain high? Is there a way to think about how much carryover inflation we're now accruing into 2027 versus before.

非常感謝。也許只是跟進吉姆的問題，您能否對 2026 年剩餘時間內您現在看到的更高的柴油和包裝成本進行量化或描述？如果成本保持高位，您能否考慮一下我們現在在 2027 年累積的通脹有多少？

Anthony Scaglione (Chief Financial Officer)

安東尼·斯卡利昂（首席財務官）

Yeah. So we haven't started our planning process. We're just in the process of kicking that off for 2027, so I can't provide further color on that in isolation. Clearly, there's a lot of puts and takes as it relates to what we would address as we look into 2027 for 2026. As I mentioned, most of our core commodities that could have the highest impact are fully hedged. So we feel pretty good about the outlook as it relates to our position going into the back half. But as I mentioned, as it relates to oil, it's really a tale of two cities. There's the impact of oil on the consumer and that we'll have from a consumer sentiment, which we are obviously looking at providing value at price points, making sure that we're meeting the consumer demand. On the input side, it's primarily impacting resin, which is not a direct corollary to oil. It's a downstream impact. And in that, as I mentioned earlier, we're looking at ways through productivity to drive some of that headwind out in the back half. And that's all baked into our reaffirmation of guidance.

是的。我們還沒有開始我們的規劃過程。我們剛剛開始為 2027 年啓動這一過程，因此我無法單獨提供更多信息。顯然，關於我們在 2026 年展望 2027 年時需要解決的許多因素有很多權衡。正如我提到的，我們大多數核心商品的影響最大部分已經完全對沖。因此，我們對進入下半年的展望感到相當樂觀。但正如我提到的，關於油價，這確實是兩個城市的故事。油價對消費者的影響，以及我們將從消費者情緒中獲得的影響，我們顯然正在關注以價格點提供價值，確保滿足消費者需求。在輸入方面，主要影響的是樹脂，這與油沒有直接的相關性，而是下游影響。正如我之前提到的，我們正在尋找通過生產力來驅動一些下半年的阻力，這一切都已納入我們對指導方針的重申中。

Steve Powers (Equity Analyst at Deutsche Bank)

史蒂夫·鮑爾斯（德意志銀行股票分析師）

Okay. Okay, thank you. And then, Anthony, while you have you on the dividend reset,, you're freeing up around about $100 million of cash, which I think could reduce leverage by about 0.2 turns if fully directed there. Is that the right way to frame it or how should we think about the split between deleveraging versus other reinvestment priorities of that incremental cash?

好的。謝謝。然後，安東尼，既然您提到了股息重置，您將釋放大約 1 億美元的現金，我認為這可以將槓桿率降低約 0.2 倍，如果完全用於此。這是正確的表述方式嗎？我們應該如何看待這筆額外現金在去槓桿與其他再投資優先事項之間的分配？

Anthony Scaglione (Chief Financial Officer)

安東尼·斯卡利昂（首席財務官）

I think you nailed it. In terms of the split, clearly, our first priority is to deleverage, and the goal is to be below three times by the end of fiscal 27. So we're looking at that as the primary lever with the reset of the dividend, but continuing to invest in the brands, similar to what we did with the relaunch of our Nature's Own this quarter.

我認為您説得對。在分配方面，顯然，我們的首要任務是去槓桿，目標是在 2027 財年結束時槓桿率低於三倍。因此，我們將其視為股息重置的主要槓桿，同時繼續投資於品牌，類似於我們本季度重新推出 Nature's Own 時所做的。

Steve Powers (Equity Analyst at Deutsche Bank)

史蒂夫·鮑爾斯（德意志銀行股票分析師）

Yeah, yeah. And actually, if I could squeeze one more on that relaunch. Ryals, it very much makes sense relative to your strategy, broadly speaking, in terms of where the consumer is, simpler ingredients, non-GMO, big marketing push. Behind all that, I guess, what are your expectations and what would success look like over the next two to three quarters, whether in terms of velocity or household penetration. Just how you're thinking about the impact of this relaunch and how it may help bend the organic growth trajectory at all?

是的，是的。如果我可以再問一個關於重新推出的問題。Ryals，這與您的整體戰略非常契合，考慮到消費者的需求，簡單成分、非轉基因、大規模營銷推廣。在這一切背後，您對未來兩到三個季度的期望是什麼？成功的標準是什麼，無論是在銷售速度還是家庭滲透率方面。您如何看待這次重新推出的影響，以及它可能如何幫助改變有機增長的軌跡？

Ryals McMullen

瑞爾斯·麥克穆倫

Yeah, sure. Good question. Well, first of all, I just want to say we're tremendously excited about this. This was a huge pivot that the team took a lot of work to get this done. Reformulating, taking out another third of the ingredients, essentially being the cleanest label traditional loaf bread at scale in the country and non GMO verified. So it's a big deal for us. It took a lot of investment and of course, as we said, we've got the 360 degree marketing campaign behind it. Leveraging John Cena's celebrity, we just actually launched that yesterday. Some of you may have seen it in terms of what success looks like. I mean, obviously the traditional loaf category has been the soft spot for us. We've been talking about this for a number of quarters now. The rest of the business essentially is doing quite well on the premium and the value end. But traditional loaf is approximately 38% of our branded retail. So it's a big segment for us. And, you know, getting that, getting that part of the category stabilized, Steve, is how I would describe success. So at a minimum, you know, getting our volume stabilized in traditional loaf will do more for the business than any other lever that we can pull. Now, there is a lag. I don't necessarily expect this to have an immediate impact. You know, when you start a marketing campaign like this, you've got to get six months a year down the road before you can then look back and see how effective it was. But I do think between the increased marketing spend, so higher visibility, remembering that Nature's Own has the highest loyalty rate in the category and it's the number one brand and we have the number one SKU, getting consumers attention and bringing them back to that segment by, by delivering value in the sense of attributes that resonate with consumers. To me, that's what will drive ultimately our success. But to directly answer your question, success to me is stabilizing volumes in traditional loaf.

是的，當然。好問題。首先，我想説我們對此感到非常興奮。這是一個巨大的轉變，團隊花了很多努力來完成這一點。重新配方，去掉了三分之一的成分，基本上成為全國範圍內最乾淨的傳統麪包標籤，並且經過非轉基因驗證。這對我們來説是一個大事件。這需要大量投資，當然，正如我們所説，我們有 360 度的營銷活動支持這一點。藉助約翰·塞納的名氣，我們實際上昨天剛剛推出了這個活動。你們中的一些人可能已經看到了成功的樣子。顯然，傳統麪包類別一直是我們的軟肋。我們已經談論了幾個季度這個問題。其他業務在高端和價值端表現相當不錯。但傳統麪包大約佔我們品牌零售的 38%。所以這是一個對我們來説很重要的細分市場。你知道，穩定這一類別的部分，史蒂夫，我會把它描述為成功。因此，至少，穩定傳統麪包的銷量對業務的推動作用將超過我們可以採取的任何其他措施。現在，確實存在滯後。我不指望這會立即產生影響。你知道，當你開始這樣的營銷活動時，你必須等六個月到一年才能回頭看看它的有效性。但我確實認為，隨着營銷支出的增加，提升了可見度，記住 Nature's Own 在這個類別中擁有最高的忠誠度，它是第一品牌，我們有第一的 SKU，吸引消費者的注意力，並通過提供與消費者產生共鳴的屬性將他們帶回這個細分市場。對我來説，這就是最終推動我們成功的因素。但直接回答你的問題，對我來説，成功就是穩定傳統麪包的銷量。

Steve Powers (Equity Analyst at Deutsche Bank)

史蒂夫·鮑爾斯（德意志銀行股票分析師）

Yeah, perfect. Thanks for the perspective. Very helpful. Appreciate it.

好的，非常感謝你的觀點。這非常有幫助。感謝你。

OPERATOR

操作員

Thank you. One moment for our next question. And our next question comes from the line of Scott Marks of Jefferies. Your line is now open.

謝謝。請稍等，我們的下一個問題即將開始。下一個問題來自傑富瑞的斯科特·馬克斯。你的線路現在開放。

Scott Marks (Equity Analyst at Jefferies)

斯科特·馬克斯（傑富瑞股票分析師）

Hey, good morning, guys. Thanks very much for taking our questions. First thing I wanted to ask about, in the prepared remarks, you noted a number of times about some of the consumer pressures and expectations for kind of headwinds to the top line to persist a bit. So just wondering if you can help us understand within your guidance for the year, what are you embedding in terms of assumptions for volume versus pricing and how should we be thinking about maybe cadence as we move through the year?

早上好，大家。非常感謝你們回答我們的提問。首先我想問的是，在準備的發言中，你多次提到了一些消費者壓力和對收入的預期，認為這些壓力會持續一段時間。所以我想知道你們在年度指導中嵌入了哪些關於銷量與定價的假設，我們應該如何考慮在這一年中的節奏？

Anthony Scaglione (Chief Financial Officer)

安東尼·斯卡利昂（首席財務官）

So we don't. Great question. We don't guide to volume, but our guidance assumes easier volume comps as we progress through the year. We do see some back half increased costs related to some of the input costs I mentioned in both of my prepared remarks and on the last call, I mean the last question. But we expect to continue to have good overhead and other cost management to help mitigate some of that risk, which is not hedged on the input side. So I would look at it as, you know, we don't expect a recovery necessarily from a volume perspective, but we do have easier comps as we progress throughout the year.

我們沒有。好問題。我們不對銷量進行指導，但我們的指導假設隨着年度的推進，銷量的比較會變得更容易。我們確實看到下半年與我在準備發言和上次電話中提到的一些輸入成本相關的成本增加。但我們預計將繼續保持良好的間接費用和其他成本管理，以幫助減輕一些未對沖的輸入風險。因此，我認為，我們不指望從銷量的角度恢復，但隨着年度的推進，我們確實有更容易的比較。

Scott Marks (Equity Analyst at Jefferies)

斯科特·馬克斯（傑富瑞股票分析師）

Understood, appreciate that. And then another question would be just on the promotional environment; you made a number of references in the prepared remarks, talked about a little bit more of an intense promotional environment that you believe is unsustainable. And I think you called out some improving trends in certain markets where that has eased a bit. Just wondering if you can dive a little bit deeper into that and help us understand, you know, maybe what supports your view that competitors will pull back on promotions and how long should we be thinking about this irrational environment to persist?

明白了，感謝你的解釋。另一個問題是關於促銷環境；你在準備的發言中提到了一些關於你認為不可持續的更激烈的促銷環境的內容。我認為你提到了一些市場中改善的趨勢，促銷活動有所緩解。想知道你能否深入探討一下，並幫助我們理解，是什麼支持你認為競爭對手會減少促銷的觀點，以及我們應該考慮這種不理性的環境會持續多久？

Ryals McMullen

瑞爾斯·麥克穆倫

Right. Well, first of all, I would say this. I mean, we've been through periods like this before. I mean, this is, it's not our first rodeo, as they say. We've seen this happen before. It typically has not been sustainable in the past. I think we're all familiar with the affordability issues that the country seems to be going through right now, particularly with the recent spike in gas prices. You know, some commentary yesterday from a large retailer on softening consumer sentiment. We saw the Michigan's consumer sentiment report come out at a record low. And so it is a concern and it's, it's something that we're just going to have to navigate our way through. Having said that, we're taking a long term view. This company is about building strong brands that deliver significant value to consumers. And when I say value, I don't mean heavily leaning into price. I mean delivering quality, great service, innovation and differentiation to the consumer. That's our play. We'll continue to run it. Having said that, I know you all have been watching the share and volume dynamics in the syndicated data. I would just remind everyone we did take pricing late last year and the pricing gaps have remained a bit wider than we would like in the short term and that has somewhat affected our volume performance, particularly as you look in the traditional loaf category. However, we did pull back some on promotions and marketing spend in the first quarter because we were saving our dry powder for this big relaunch of Nature Zone. So our calendar will start to heat up to a more normal level as we move through the remainder of the year. And I would expect some of those share trends to begin to improve and in fact where we have seen in a few channels, where we have seen the price gap start to narrow to a more normalized level where we're already beginning to see those share improvements.

沒錯。首先，我想説的是，我們以前經歷過這樣的時期。這不是我們的第一次 rodeo，正如他們所説的。我們以前見過這種情況。過去通常沒有持續性。我想我們都熟悉這個國家目前似乎面臨的可負擔性問題，尤其是最近油價的飆升。你知道，昨天一家大型零售商對消費者情緒減弱的評論。我們看到密歇根州的消費者信心報告創下歷史新低。因此，這是一個令人擔憂的問題，我們必須找到應對的方法。話雖如此，我們還是採取了長期的視角。我們公司致力於建立強大的品牌，為消費者提供顯著的價值。當我説價值時，我並不是指過於依賴價格。我是指為消費者提供質量、優質服務、創新和差異化。這是我們的策略。我們將繼續執行。話雖如此，我知道你們一直在關注共享和交易量的動態。我想提醒大家，我們去年年底確實進行了提價，短期內價格差距仍然比我們希望的要大，這在一定程度上影響了我們的交易量表現，特別是在傳統麪包類別中。然而，我們在第一季度確實減少了一些促銷和營銷支出，因為我們在為 Nature Zone 的大規模重新推出儲備乾粉。因此，隨着我們在今年剩餘時間的推進，我們的日曆將開始回暖到更正常的水平。我預計這些市場份額趨勢將開始改善，實際上在一些渠道中，我們已經看到價格差距開始縮小到更正常的水平，我們已經開始看到這些市場份額的改善。

Scott Marks (Equity Analyst at Jefferies)

Scott Marks（傑富瑞的股票分析師）

Appreciate the caller. I'll pass it on.

感謝來電者。我會轉達的。

OPERATOR

操作員

Thank you. One moment for our next question. Our next question comes the line of maximum part of BNV Paris review line is now open.

謝謝。請稍等，我們的下一個問題。下一個問題來自 BNV 巴黎評論的 Maximilian Part，您的線路已開啓。

Maximilian Part

Thanks. Appreciate the question. You mentioned you're largely covered for quantities that you hedge for in 2026. I'm not sure that would include diesel fuel. I don't think it would include transportation. So can you talk about the rising impact there of those rising costs on your P and L and what's embedded in your outlook for 26 on that front?

謝謝。感謝您的提問。您提到您在 2026 年的對沖數量基本上是覆蓋的。我不確定這是否包括柴油燃料。我認為它不包括運輸。那麼，您能談談這些成本上升對您的損益表的影響，以及您在這方面對 26 年的展望中包含了什麼嗎？

Anthony Scaglione (Chief Financial Officer)

Anthony Scaglione（首席財務官）

So it's fully embedded in our outlook. And as I mentioned, you're correct, the diesel does have an impact primarily for our fleet. But recall from a DSD network that cost that's actually in our partners, not that we don't, we ignore it, but it's not something that's going to show up necessarily on our P and L as it relates to the hedging programs we are looking at, you know, potentially hedging that on a go forward basis is not included in our guide. So everything right now as it relates to the oil impact and again it's twofold, it's both on the distribution side as well as on the resin side fully captured in the guide that we provided.

這完全包含在我們的展望中。正如我提到的，您是對的，柴油確實對我們的車隊產生影響。但請記住，從 DSD 網絡的角度來看，這部分成本實際上在我們的合作伙伴那裏，而不是説我們忽視它，但這並不是會在我們的損益表上直接反映的內容。至於我們正在考慮的對沖計劃，未來可能會對沖這部分內容，但並未包含在我們的指導中。因此，目前與石油影響相關的一切，實際上是雙重的，既涉及分銷方面，也涉及樹脂方面，完全包含在我們提供的指導中。

Maximilian Part

Okay. And any way to just help provide investors with some context in terms of the magnitude we're talking about, in terms of how much incremental costs you are now working to mitigate given everything that's changed since your fourth quarter results where you first gave us 26 outlook,

好的。有沒有辦法為投資者提供一些背景，以便了解我們所談論的規模，即鑑於自您第四季度結果以來發生的一切變化，您現在正在努力緩解多少額外成本？

Anthony Scaglione (Chief Financial Officer)

Anthony Scaglione（首席財務官）

I would say, I mean there's a lot of puts and takes and as I mentioned we have productivity measures as it relates to the packaging, which is an area that entering the year we didn't expect cost increases. And as you can imagine, we have inventory that we're burning through at a much lower cost. I would say it's roughly about 2 or 3 cents of headwind in the back half of the year associated with generally speaking, oil and derivatives of oil.

我想説，有很多因素需要考慮，正如我提到的，我們在包裝方面有生產力措施，這是一個在年初我們沒有預期成本增加的領域。正如您可以想象的那樣，我們有庫存正在以更低的成本消耗。我認為在下半年與石油及其衍生品相關的阻力大約是 2 到 3 美分。

Maximilian Part

Okay, got it. And then similar line of thinking. But I just want to finish out this line of thinking which would be since you gave guidance, the top line environment has gotten much more challenging, as you've noted. We just talked about how these key commodity costs are rising. It feels like you're saying you're covered for a lot of it. There's some incremental costs coming in the back half, but that you are reaffirming the outlook. And I'm just trying to get a sense for what's allowing you to. It sounds like it's maybe a little bit more visibility on productivity, but anything else I'm missing there?

好的，明白了。然後類似的思路。但我只是想結束這個思路，因為自您給出指導以來，頂線環境變得更加具有挑戰性，正如您所提到的。我們剛剛討論了這些關鍵商品成本的上升。聽起來您説您在很多方面都得到了保障。下半年會有一些額外成本，但您仍在重申展望。我只是想了解是什麼讓您能夠這樣做。聽起來可能是對生產力的可見性更高，但還有其他我遺漏的內容嗎？

Anthony Scaglione (Chief Financial Officer)

Anthony Scaglione（首席財務官）

Yes, I would and I'll pass it to Rawls. I think our confidence in reaffirming is anchored on a couple things. The Nature's Own relaunch, expansion of half loaves with varieties that are becoming out in the back half of the year., which is an area that we've seen good growth, continued growth in our snack and better for you options. The pricing, to Ralph's point, the pricing promotional environment stabilizing. So there's a lot of things that we have in the back half assumed within our guidance. But we are also looking at the margin pressure as it relates to the commodity increase. We also recognize there's going to be near term margin pressure and we were very clear at ERN with our marketing investments. So we have captured what we feel are all the relevant inputs as well as the relevant tailwinds as it relates to the balance of the year.

是的，我會把這個交給 Rawls。我認為我們重申信心的基礎有幾個方面。Nature's Own 的重新推出、下半年推出的多種半條麪包的擴展，這是我們看到良好增長的領域，以及我們在健康零食和更健康選擇方面的持續增長。正如 Ralph 所提到的，價格促銷環境的穩定。因此，我們在下半年假設了很多內容在我們的指導中。但我們也在關注與商品成本上升相關的利潤壓力。我們也意識到短期內會有利潤壓力，我們在 ERN 中對我們的營銷投資非常明確。因此，我們已經捕捉到我們認為所有相關輸入以及與年餘額相關的所有有利因素。

Maximilian Part

Okay, thanks very much. I can leave it there.

好的，非常感謝。我可以就此結束。

OPERATOR

操作員

Thank you. One moment for our next question. Again, as a reminder to ask a question, you will need to press Star one one on your telephone. Our next question comes from the line of Mitchell Pinera of Sterbian and Co. Your line is now open.

謝謝。請稍等，我們的下一個問題。再次提醒，要提問，您需要在電話上按星號 11。我們的下一個問題來自 Sterbian and Co. 的 Mitchell Pinera，您的線路已開啓。

Mitchell Pinera (Equity Analyst at Sterbian and Co.)

Mitchell Pinera（Sterbian and Co. 的股票分析師）

Yeah. Good morning. On the cost management side, you know, and you know, your supply chain savings, is that the extent of your cost efforts or you know, are there also, you know, maybe some fixed asset, you know, or capacity changes that are you looking at? So anything more substantial sort of to your sort of baking

是的。早上好。在成本管理方面，你知道，你們的供應鏈節省，這是否是你們成本努力的全部，或者你們是否還在考慮一些固定資產或產能的變化？所以有沒有更實質性的內容可以分享？

Ryals McMullen

platform? Yeah. Mitch Mitch,, good morning. I think Anthony covered it well. There's cost opportunities in SG&A, obviously there's productivity gains that we expect to deliver this year. And I would just first of all like to commend the team for their cost management efforts. Frankly, over the last two or three years. I think they've done a remarkable job of managing our costs in a difficult environment in terms of the overall supply chain optimization work.. Not anticipating anything major this year, Mitch, but that is as we've discussed in the past, that is in our longer term plans.

平台？是的。Mitch，早上好。我認為 Anthony 講得很好。顯然，在銷售、一般和行政費用（SG&A）方面有成本機會，我們預計今年會有生產力提升。我首先想表揚團隊在成本管理方面的努力。坦率地説，在過去兩三年裏，我認為他們在困難的環境中管理我們的成本做得非常出色，尤其是在整體供應鏈優化工作方面。今年沒有預期會有重大變化，Mitch，但正如我們過去討論的那樣，這在我們的長期計劃中。

Mitchell Pinera (Equity Analyst at Sterbian and Co.)

Mitchell Pinera (Sterbian and Co.的股票分析師)

Okay. And then on the CapEx, you know, 115 to 125 million. Could you break that down in the buckets of how that's going to be used this year? Sure.

好的。那麼關於資本支出（CapEx），你知道，1.15 億到 1.25 億。你能詳細説明一下這些資金今年將如何使用嗎？當然。

Anthony Scaglione (Chief Financial Officer)

Anthony Scaglione (首席財務官)

I think I mentioned it on the last call. So the way to think about it is roughly plus or minus around $$2 million per bakery on maintenance. So that should be viewed on a consistent basis as we continue to provide productivity measures within our bakery maintenance measures, around $$2 million. The remaining CapEx is going to be dedicated to growth and we see opportunities around product line extensions where we can drive additional value to the customer as well as productivity measures. So that's the way I would break out the bucket of the guide as it relates to CapEx.

我想我在上次電話中提到過。可以這樣理解，大約每個烘焙廠的維護費用在 200 萬美元左右。因此，這應該被視為一個持續的基礎，因為我們繼續在烘焙廠的維護措施中提供生產力指標，約為 200 萬美元。剩餘的資本支出將用於增長，我們看到在產品線擴展方面有機會，可以為客户創造額外的價值，以及生產力措施。所以這就是我對資本支出指導的分類方式。

Mitchell Pinera (Equity Analyst at Sterbian and Co.)

Mitchell Pinera (Sterbian and Co.的股票分析師)

Okay, and then I guess this final question on food service. Can you just talk about what's going on in your food service business? Sure.

好的，那麼我想最後一個問題關於食品服務。你能談談你們的食品服務業務的情況嗎？當然。

Ryals McMullen

You know, I think just like everything else, Mitch, consumers pressured. And so there's, you know, there's certainly some traffic pressure. As you know, we've done a lot of work over the last several years to improve the profitability of our food service business. And that continues. So it continues to do well, I would say, you know, more recently it has done a bit better from an overall top line standpoint. So we believe we've got a very solid, as you know, it's a scaled business for us. We think we've got a very solid food service away from home business and we'll continue to work to grow it.

你知道，我認為就像其他一切一樣，Mitch，消費者面臨壓力。因此，確實有一些客流壓力。正如你所知道的，我們在過去幾年中做了很多工作來改善我們的食品服務業務的盈利能力。這種情況仍在繼續。所以我會説，最近它在整體收入方面表現得更好。因此，我們相信我們有一個非常穩固的食品服務業務，正如你所知道的，這是一個規模化的業務，我們將繼續努力發展它。

Mitchell Pinera (Equity Analyst at Sterbian and Co.)

Mitchell Pinera (Sterbian and Co.的股票分析師)

Are you seeing any. So are you seeing any improvement there or is it just sort of same pressure and maybe anticipate. Would you anticipate, you know, potential improvement sort of coinciding with what you see on the branded retail side?

你看到有什麼改善嗎？還是説只是同樣的壓力，可能會預期到你在品牌零售方面看到的潛在改善？

Ryals McMullen

Yeah, I mean, like I said, I think, you know, more recently from a top line standpoint, it has improved a little bit. And again, the profitability work that we've done over the last several years has definitely paid some dividends because profitability is quite a bit better than it was. I think what we'll be watching overall is overall restaurant traffic and where the trends are headed that way, just given the overall inflationary pressures that the consumer is feeling today.

是的，我的意思是，正如我所説的，最近在整體收入方面確實有所改善。而且，過去幾年我們所做的盈利能力工作確實帶來了回報，因為盈利能力比以前好得多。我認為我們將關注整體餐廳客流量以及趨勢的走向，考慮到消費者今天所感受到的整體通貨膨脹壓力。

Mitchell Pinera (Equity Analyst at Sterbian and Co.)

Mitchell Pinera (Sterbian and Co.的股票分析師)

Okay, all right, that's all for me. Thank you very much.

好的，好的，這就是我所有的問題。非常感謝。

OPERATOR

操作員

Thanks. Thank you. Thank you. I'm sure. No further questions at this time. I'll now turn it Back to Ryals McMullen, chairman and CEO, for closing remarks.

謝謝。謝謝。謝謝。我確定目前沒有進一步的問題。現在我將把時間交給 Ryals McMullen，董事長兼首席執行官，進行結束髮言。

Ryals McMullen

Okay, great. Thanks everybody for taking time today and joining us for questions. And we very much appreciate your interest in our company. And as always, we'll look forward to talking to you again next quarter.

好的，非常感謝大家今天抽出時間參加我們的問答環節。我們非常感謝您對我們公司的關注。和往常一樣，我們期待下個季度再次與您交談。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免責聲明： 本文檔僅供信息參考。雖然我們努力確保準確性，但此自動轉錄可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 文件和官方新聞稿。公司參與者和分析師的聲明反映了他們在本次電話會議日期的觀點，可能會隨時更改，恕不另行通知。

Flowers Foods 2026 年第一季度財報電話會議：完整文字記錄