US: Tasty Baking losses narrow

Tasty Baking Co. today (2 November) posted narrowing third-quarter losses as sales edged up on volume growth.

The Philadelphia-based baker said that losses decreased to US$0.5m in the three month period ended 26 September, down from losses of $1.4m in the comparable period of last year.

Tasty Baking said net sales rose 1.8% during the period, climbing from $42.8m last year to $43.6m this year.

The company said the increase in sales was driven by higher volumes and higher selling prices during the three-month period.

In a separate announcement Tasty Baking said that it had begun the transfer of all of its product lines to a new manufacturing facility, located in the Philadelphia Navy Yard. The move is expected to be completed by next summer, when it will begin generating cost-savings, Tasty Baking said.

Click here for the full earnings release, or click here for just-food's post conference call insight.