Tasty Baking Co.’s fourth-quarter losses deepened the US bakery group’s full-year profit deficit, the company has revealed.
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An increase in pension costs and higher ingredients and packaging expenses contributed to a fourth-quarter loss of US$4.6m, down from a year-earlier profit of $100,000.
The maker of Tastykake said the fourth-quarter results included a $7.8m charge related to post-tax pension expenses. The company also recorded an after-tax gain of $4.8m related to changes in the retiree medical plan during the quarter.
For the full-year, ended 27 December, the company reported losses totalling $6.8m, down from a profit of $2.1m in the previous fiscal year.
Nevertheless, the group was able to report sales of $43.7m in the fourth-quarter, up 11.4%. Full-year sales were also up, rising to $281.2m from $272.3m.
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