Net earnings declined by 7.3 per cent – from $30.1 to $27.9 million – for the first quarter for Maple Leaf Foods Inc.
Sales were up marginally from $811.2 to $817 million from the same quarter last year.
But president and chief executive officer Michael McCain pinned a silk purse on the results, saying ‘we are now launching the most extensive food and brand renovation in our history, which will be one of our strategic growth foundations for years to come.
"We realized excellent commercial and operating gains in the prepared meat portfolio, offset by the much-anticipated headwinds of market conditions,” he said.
