Interstate Bakeries has announced that based on preliminary results net sales for its fiscal second quarter to 15 November were down around 1% from the prior year.
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The Kansas City, Missouri-based company also said that operating income is projected to be approximately 30% lower than the prior year.
Interstate Bakeries said in a statement that operating results for the latest quarter include restructuring charges of approximately US$2m associated with the closure of the company’s Grand Rapids, Michigan bakery, and restructuring activities initiated in the prior fiscal year. Additionally, the company said its anticipated results include a second quarter year-on-year interest expense reduction of approximately $1m.
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By GlobalData
Interstate Bakeries is a wholesale baker and distributor of fresh baked bread and sweet goods, under various brand names, including Wonder, Hostess, Dolly Madison, Merita and Drake’s.
