US confectionery firm Tootsie Roll Industries has posted flat second-quarter income despite a rise in sales resulting from the timing of the Easter holiday and higher prices.
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The Chicago-based sweet maker reported income of US$12.3m for the second quarter to 28 June, unchanged from $12.3m a year earlier.
The company’s sales rose slightly to $77.7m from $77.1m in the year-ago period.
The company said that income was helped by the later Easter holiday, higher prices and cost cuts, but hurt by the weak economy, lower sales in Canada and Mexico, higher ingredients costs and a customer bankruptcy, reported Dow Jones News Service.
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