Canada Bread has said sales were consistent with its previous trading year figures, despite a 1.8% drop to $1.57bn (£1.03bn).
In the company’s financial results for the year ended 31 December 2012, the Canadian-based bakery manufacturer revealed a 2.4% fall in sales to $390.7m (£257.9m) during its fourth-quarter trading.
The firm revealed that after adjusting for the closure of its Walsall bakery in the UK, as well as currency translation on sales in the US, Canada Bread saw a 0.4% fall in Q4 sales.
As part of the results, Canada Bread said: “Higher prices and volumes in the North American and the UK frozen bakery businesses were offset by lower volumes and unfavourable sales mix in the fresh pasta business. Volumes in the fresh bread business were consistent with last year.”
Richard Lan, president of Canada Bread, said: “We delivered solid earnings growth in the quarter, reflecting an intense effort by our team and solid execution on a number of fronts, including cost reduction, innovation and campaigns to engage with consumers. We continue to see significant potential to deliver incremental value. A number of initiatives are planned or under way to further drive profitability in 2013 and beyond.”
The frozen bakery division, which includes par-baked bakery products, speciality and artisan breads, and bagels sold to retail, foodservice and convenience market, including its New York Bakery Co brand, experienced a 1.8% decrease in Q4 sales to $135.9m (£89.75m).
However, Canada Bread said after adjusting for the Walsall bakery closure and currency translation on sales in both regions, it increased 4.1%, primarily due to stronger volumes as well as higher pricing in the North American business.
The company said a 35.3% growth in adjusted operating earnings to $35.4m (£23.4m) were consistent with last year in its UK bakery arm. Its North American fresh and frozen business saw growth partly offset by lower earnings in the fresh pasta business.
Canada Bread operates 22 bakeries and employs more than 8,700 members of staff within the US and UK operations. It is 89.8% owned by North American-based Maple Leaf Foods.