April 29, 2010 / 1:52 PM / 8 years ago

UPDATE 1-Canada Bread's Q1 profit falls 15 percent

* Q1 EPS C$0.50 vs C$0.59 last year

* Sales fall 8 percent

April 29 (Reuters) - Bakery products maker Canada Bread Co Ltd’s CBY.TO first-quarter profit fell 15 percent, hurt by lower volumes in its frozen bakery business.

For the first quarter, net earnings fell to C$12.7 million ($12.6 million), or 50 Canadian cents a share, from C$14.9 million, or 59 Canadian cents a share, last year.

Sales fell 8 percent to C$381.9 million, with a 17 percent decline at the company’s frozen bakery segment.

The company said the frozen bakery business, which sells products to retail, foodservice and convenience channels in North America and the UK, was also hurt by a stronger Canadian dollar.

Shares of the company closed C$50.23 Wednesday on the Toronto Stock Exchange.

$1=1.009 Canadian Dollar Reporting by Aftab Ahmed in Bangalore; Editing by Anne Pallivathuckal aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5828; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net

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