Flowers Foods, Inc. announced that it has entered into an accelerated share repurchase agreement with Deutsche Bank AG to repurchase an aggregate of $120 million of the company's common stock. On an annual basis, the company expects the repurchase of shares through the ASR to have an accretive impact on earnings in the range of $0.02 to $0.03 per share.

President and CEO Allen Shiver said, "The accelerated share repurchase is a further expression of confidence in Flowers' cash flow, long-term prospects, and ability to generate additional shareholder value. Our trusted brands, experienced team, and efficient bakeries have increased our operating cash flow over the past three years by over $100 million, supporting investments in our business and generating strong free cash flow. As evidenced by recent dividend announcements and today's ASR, the company is committed to enhancing total shareholder return over the long term."