Canadian soup maker Canyon Creek has booked an increase in losses for its third quarter, thanks to higher maintenance costs and falling sales.
The group said losses for the three months to 28 February fell to C$109,881 (US$115,184), compared to a loss of C$71,877 last year.
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While gross margin remained steady at 32%, the group was hit by falling sales – down 15% to $172,256 – and higher repair and maintenance costs, an increase in quality assurance along with a retail merchandising fee.
“Though we continue to be pleased about our improvements on an operational basis, we are disappointed with the performance on the revenue side of the equation. We continue to focus now on increasing our top line through innovative product offerings that we believe have wide consumer appeal and will attract both retailers and food service operators,” Canyon Creek president Terence Alty said yesterday (2 May).
