Maple Leaf Foods Q2 Sales Decline
Maple Leaf Foods, a Canada-based food processing company, has reported sales of CAD1.27bn for the second quarter of fiscal 2010, a decrease of 4% compared to CAD1.32bn in the same quarter last year.
Net earnings for the quarter was CAD2.96m or CAD0.02 per diluted share compared to CAD4.8m or CAD0.04 per diluted share in the previous year quarter.
Sales in the Bakery Products Group declined 8% from CAD435.4m to CAD401.6m due to currency translation impacts of a Canadian dollar on bakery sales in the US and the UK and lower sales volumes in the UK and North American frozen bakery businesses.
Sales in the Meat Products Group declined 2% to CAD815.7m from CAD830.4m in the second quarter last year.
For the six month period, net sales were CAD2.46m compared to CAD2.6m in the last year period. Net earnings for the period was CAD11.7m compared to CAD7.7m in the prior year period.
Michael McCain, president and CEO of Maple Leaf Foods, said: We are very pleased with the continued steady improvements across our business in spite of challenging market conditions. The protein business saw healthy improvements in financial performance while facing significant raw material cost increases.
“We expect this trend of improvement to continue. While our bakery business earnings were off slightly from year ago, there was a solid recovery in margin towards more normal levels that we expect to continue in the second half of the year.
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