USA: Tasty Baking anticipates drop in Q2 sales on intense competition
Philadelphia-based bakery firm Tasty Baking Company has announced anticipated results for its Q2 ending 29 June 2002.
The bakery anticipates reporting gross sales of around US$65.4m to US$65.9m, compared to gross sales of US$66.5m in the prior year's Q2. After deducting discounts and allowances, net sales are expected to be about US$42.1m to US$42.4m, compared to net sales of US$43m reported last year.
John M. Pettine, executive VP and CFO, said: "Although sales results have improved over our Q1, intense competitive pressure continues in the marketplace throughout the Q2, particularly in our route marketing areas."
Pettine continued: "In order to address existing market situations, and looking to improve results in the H2, certain manufacturing and administrative positions have been eliminated. These changes took effect during the quarter.
"In addition, certain thrift stores, which have continued to under perform, will be closed in the Q2. The company anticipates a pre-tax charge not to exceed US$1.5m against its Q2 results. The annualised savings as a result of these changes is estimated to be US$1.5m to US$1.9m before taxes."
Pettine concluded, "The company anticipates reporting income on an operating basis in the range of about US$1.72m to US$1.97m (US$0.21 to US$0.24 per diluted share), compared to US$2.5m (US$0.31 per diluted share) for the same period a year ago."
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