US bakery firm Flowers Foods posted a decline in second quarter profit, hit by higher commodity costs.
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The firm that recently acquired Holsum Bakery and ButterKrust Bakery, closed the period to 12 July with a profit of US$23.9m, or 26 cents a share, down from $22.2m for 2007.
Net income saw a 7.9% increase on fiscal 2007 to $23.9m, or $.26 per diluted share, from $23.2m for the same period last year.
“Our steepest commodity cost increases for the year hit during the second quarter and had a short-term impact on margins,” said George E. Deese, Flowers Foods’ chairman. “However, as evidenced by our updated guidance, we expect to deliver good results for the full year.”
Total sales for the company, whose brands include Cobblestone Mill, Nature’s Own and ButterKrust, rose 13% to $540.7m.
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