Flowers Foods Sales Decline

It's Benzinga, bringing Wall Street to Main Street. Flowers Foods shares fell more than 9% in pre-market trading Friday after the company reported disappointing third quarter results and lowered its full year outlook. The company produces packaged bakery products under brands including Nature's Own, Dave's Killer Bread, Wonder, and Tasty Cake. Adjusted earnings of $0.10 per share missed expectations of $0.15. Revenue declined nearly 5% to $1.169 billion, below estimates of $1.18 billion. Sales volumes fell 7% as price-sensitive consumers shifted towards smaller loaves and alternative products. CEO Riles McMullian cited pressure on household budgets, changing consumer behavior, and increased promotional activity. Flowers Foods lowered its full-year revenue forecast to between $5.016 billion and $5.063 billion. The company also cut its adjusted earnings outlook to between $0.63 and $0.68 per share. Management expects challenging market conditions to continue. Shares were down 9.15% at $5.46 during pre-market trading on Friday, according to Benzinga ProData. For all things money, visit Benzinga.com.