US bakery Tasty Baking has reported a fourth-quarter loss, citing higher promotional spending, a shift in its product and sales mix and one-time charges.
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The Philadelphia-based maker of Tastykake snack cakes posted a net loss of US$6m, compared with a profit of $652,000 for the year-ago period.
The results included an after-tax restructuring charge of $3m and a pension expense of $2.8m, reported Reuters.
The company’s net sales for the fourth quarter rose slightly to $39.5m from $39.3m in the year-ago period.
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