October 28, 2010 / 1:19 PM / 7 years ago

UPDATE 1-Canada Bread profit falls on weak sales

* EPS C$0.55 vs C$0.99

* Sales fall 3 percent to C$411.4 million

TORONTO, Oct 28 (Reuters) - Canada Bread’s CBY.TO quarterly earnings fell 44 percent, hit by weak sales volume, a stronger Canadian dollar and higher expenses, the Toronto-based baker said on Thursday.

For the three months ended Sept. 30, the maker of Dempster’s bread said it earned C$14 million, or 55 Canadian cents a share, compared with C$25.1 million, or 99 Canadian cents, a year earlier.

Sales fell 3 percent to C$411.4 million, mostly on a decline in its frozen bakery business.

Canada Bread, which is 89.8 percent owned by Maple Leaf Foods MFI.TO, said its fresh bakery business benefited from price increases, but added that the rising cost of wheat may mean more pricing adjustments.

$1=$1.02 Canadian Reporting by Solarina Ho; Editing by Frank McGurty

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