Any way you slice it, we stack up. - AnnualReports.com

1 FLOWERS FOODS 2004 ANNUAL REPORT2004 ANNUAL REPORT1919 Flowers CircleThomasville, Georgia way you slice it,we stack Flower Cvr 4/25/05 12:36 PM Page 1 OUR REACHF lowers fresh bakery foods are availableto approximately 35 percent of the population in17 states in the Southeast, Southwest, and Mid-Atlanticregion, including the District of Columbia. Our frozenbakery foods and our Mrs. Freshley sbrand of snack cakesare available $1,551,308,000 $1,452,995,000 from continuing operations $54,260,000 $52,804,000 income$50,774,000 $14,658,000 income per share from continuing operations $ $ net income per share$ $ dividends per common share$ $ YEAR20042003% CHANGE(52 weeks) (53 weeks)Flowers Foods, Inc.

2 (NYSE: FLO), headquartered in Thomasville, Ga., is one of the nation s leading producers and marketers of packaged bakery foods for retail and foodservice company s 34 highly efficient bakeries produce breads, buns, rolls, snack cakes, and pastries that are distributed fresh throughout the Southeast, Southwest, and Mid-Atlantic region and frozen to customers nationwide. Flowers brands include Nature s Own,Cobblestone Mill,ButterKrust,Evangeline Maid,Mary Jane,European Bakers,BlueBird,Mrs. Freshley s,Mi Casa,Tesoritos, as well asregional franchised brands.

3 Such as Sunbeamand HIGHLIGHTSNATIONALF rozen bakeryfood/fresh snackcake distributionOUR STRATEGIES Grow branded retail and foodservice sales Grow organically and through acquisitions Develop bakery products to meet customer and consumer needs Provide extraordinary customer service Operate the country s most efficient bakeries Innovate to improve business Foster team spirit and encourage professional growthREGIONALF resh bakery food distributionSTOCK LISTINGF lowers Foods common stock is listed on the New YorkStock Exchange under the ticker symbol SITEI nformation on Flowers Foods is posted on the Internet INFORMATIONF lowers Foods annual report, Form 10-K, press releases,and other financial documents are available through thecompany s Web site.

4 Investor packets may be requestedthrough the Web GOVERNANCEThe following corporate governance documents are avail-able on the company s Web site: Corporate GovernanceGuidelines, Audit Committee Charter, CompensationCommittee Charter, Nominating/Corporate GovernanceCommittee Charter, Finance Committee Charter, andCode of Business Conduct and Ethics for Officers andMembers of the Board of documents arealso available by writing to our investor relations depart-ment at the corporate address noted on this CERTIFICATIONSF lowers Foods Chief Executive Officer provides the New York Stock Exchange (NYSE)

5 With certification in atimely manner as required by NYSE Rule s Chief Executive Officer and Chief FinancialOfficer have each filed the required certifications regard-ing the quality of the company s public disclosure withthe Securities and Exchange Commission as exhibits toour Annual Report on Form MEETINGF lowers Foods annual meeting of shareholders will beheld at 11:00 on Friday, June 3, 2005 at theThomasville Cultural Center in Thomasville, Foods broadcasts quarterly earnings conferencecalls and other live presentations over the of these webcasts and archived webcasts areposted on the Flowers Web site.

6 Individuals can sign up to receive e-mail notification of webcasts on the FlowersWeb site. Upcoming 2005 webcasts are scheduled forMay 26, June 3, August 18, and November 10. For moreinformation on these events, please visit the InvestorCenter at SERVICESAs Flowers Foods transfer and dividend reinvestmentagent, SunTrust Bank offers shareholders a variety ofservices, including change of address, replacement of loststock certificates, and assistance with stock may call SunTrust toll free at write to SunTrust Bank, Stock Transfer Department,Mail Code 0258, Box 4625, Atlanta,GA RELATIONS CONTACTM arta Jones TurnerSenior Vice President of Corporate or RELATIONS CONTACTLisa R.

7 HayShareholder Relations or INFORMATION/MEDIA CONTACTMary A. KrierVice President of or OFFICE1919 Flowers CircleThomasville, GA InformationConcept and Design: Flower Cvr 4/25/05 12:36 PM Page 21 America s best-selling soft variety breads and bunsSpecialty breads,buns, and rollsWhite breads and bunsSnack cakes and pastriesOUR BRANDSF lowers Foods brands are among the most well-known in the baking are backed by the consistent quality,value, and good taste of Flowers bakery MIXF lowersproduces a wide variety of bothfresh and frozen bakery of Flowers bakery foods are sold direct to retail and foodservice customers in 17 statesthrough a network of independentdistributors.

8 Frozen bakery items andsnack cakes are delivered to customers warehouses CHANNELSF lowers bakeryproducts are sold through multiple saleschannels. Our bakery foods can be foundin traditional supermarket bread aisles,convenience stores and mass merchandis-ers as well as in restaurants, fast-foodoutlets, and vending machines. 15%fresh andfrozen snackcakes77%fresh breads,buns, and rolls8%frozenbreadsand rolls78%direct store delivery (DSD)22%direct to customers warehouses44%retail supermarkets27%foodservice19%mass merchandisers7%3%conveniencestoresvendin g13162 Flowers Narr FROM 4/25/05 2:56 PM Page 12(left to right)GEORGE E.

9 DEESE President and Chief Executive OfficerAMOS R. McMULLIAN Chairman of the Board Letter to ShareholdersFlowers Foods again outperformed the baked foods industryin 2004, delivering a increase in sales and recordearnings. Any way you stack it, our 2004 results were 52-week year ended with sales of $ billioncompared to the $ billion reported for the company s53-week fiscal 2003. Income from continuing operationsfor 2004 was $ million, or $ per share, comparedto the $ million, or $ per share, reported for generated good cash flow for the year with $ million in cash provided by operations.

10 Our balancesheet is strong, allowing us the financial flexibility tocontinue our organic growth, strategic acquisitions,dividends, and share OF THE YEAR: We extended our geographic territory for direct-store-delivery into Oklahoma, Missouri, Kentucky,Virginia,Maryland, and Washington, initiative, announcedin September 2003, will continue as we stretch our boundaries into states that adjoin our current 2004, the new territories added about one percent toour Bakeries Group s sales. Currently, sales from the newareas are annualizing at about one and one-half percentgrowth for the group.