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Flowers Foods 1Q Profit Rises About 5 Percent

The Associated Press

THOMASVILLE, Ga. (AP) — Bakery goods company Flowers Foods Inc. said Wednesday its first-quarter profit rose almost 5 percent, helped by more consumers eating at home to save cash.

The maker of Nature's Own bread earned $37.4 million, or 40 cents per share, in the quarter ended April 25, up from $35.8 million, or 39 cents per share, a year ago.

Analysts polled by Thomson Reuters expected profit of 41 cents per share.

Sales grew 19 percent to $807 million from $676.7 million. Analysts predicted revenue of $789.2 million.

The company attributed its sales increase to a rise in at-home eating as consumers attempt to save money by not going out to eat.

Higher prices and acquisitions also helped boost sales.

The company also said it expects 2009 profit between $1.37 and $1.48 per share. Analysts anticipate profit of $1.45 per share for the year.