Canada Bread Reports Second Quarter Results

Commodity Prices Pressure Earnings; Improvements Expected in 2nd Half '08 TORONTO, July 24 /CNW/ - Canada Bread Company, Limited (TSX: CBY) today announced its financial results for the second quarter ended June 30, 2008. > "High commodity prices continued to have a significant impact on our margins and financial results," said Richard Lan, President and CEO. "We believe these effects, while material, are short-term with improvements to come in the second half of the year as markets stabilize and we continue to pass on costs by way of price increases to offset the effects of commodity inflation." Financial Overview ------------------ Sales for the second quarter increased 16.4% to $437.4 million compared to the same period last year due to higher selling prices and contributions from acquisitions. Excluding acquisitions,... [read full story]