July 29, 2010 / 1:29 PM / 7 years ago

UPDATE 1-Canada Bread earnings fall on sales, currency

* EPS of 81 Canadian cents vs. 89 Canadian cents

* Revenue of C$402.1 mln vs. C$435.9 mln

(Updates with details)

TORONTO, July 29 (Reuters) - Canada Bread CBY.TO said on Thursday quarterly profit slipped due to a stronger Canadian dollar, a decline in sales in its frozen bakery operations and more costly restructuring.

The Toronto-based maker of Dempster’s bread said second quarter net earnings were C$20.7 million, or 81 Canadian cents a share, compared with C$22.5 million, 89 Canadian cents a share a year ago.

Excluding restructuring costs and other one time items, the company reported earnings of C$30.4 million, or 84 Canadian cents a share, down from C$33.1 million, or 89 Canadian cents a share a year ago.

Revenue was C$402.1 million compared with C$435.9 million.

The company, which is 89.8 percent owned by Maple Leaf Foods (MFI.TO), said increased earnings in its fresh bakery operations partially offset lower sales in the frozen bakery segment. It expected an improvement for the remainder of year. ($1=$1.03 Canadian) (Reporting by Solarina Ho; editing by Janet Guttsman)

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