Philadelphia-based Tasty Baking Company yesterday [Wednesday] announced that its anticipated sales results for its Q1, ended 30 March, are well below budget and analysts’ expectations.
The company anticipates reporting gross sales of betweem US$64.1m and US$64.6m, compared to gross sales of US$65.7m year on year. Discounts and allowances are expected to be between US$23.4m and US$23.7m, resulting in net sales of between US$40.7m and US$40.9m.
Carl S. Watts, chairman and CEO said: “The lower than anticipated sales for the first quarter can be directly attributed to continued sluggish market conditions, along with intense competitive pressure in the marketplace. The largest impact on sales was felt in our route marketing areas.”