Canadian soup maker Canyon Creek Food Co. today (27 November) reported deeper quarterly losses after a slump in sales.
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The company said “softness” in the retail sector and the end of a co-packing agreement with an unnamed “large food manufacturer” meant first-quarter sales tumbled 35% to C$1.2m (US$1.1m).
The group’s first-quarter net losses widened to C$296,352, compared to C$196,288 a year earlier. “Canyon Creek continues to work on driving efficiencies and has continued to reduce its staffing requirements,” the company noted.
President Terence Alty added: “We believe that the relentless focus on reducing our cost base will result in higher margins and stronger financial performance for the balance of fiscal 2010.”
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