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Premier Foods lowers year profit forecast after weak Q3
January 18, 2017 / 7:41 AM / a year ago

Premier Foods lowers year profit forecast after weak Q3

Jan 18 (Reuters) - Premier Foods Plc, the maker of British brands such as Mr Kipling cakes and Bisto gravy, cut its full-year profit forecast by 10 percent on Wednesday after saying its third-quarter sales had been weaker than expected.

Premier Foods, which had already cut its full-year sales expectations in October, now expects profit for the year to be about 10 percent below previous expectations.

The company faces cost inflation in commodities such as sugar and chocolate as well as higher imported input costs due to a weaker pound, it said.

Group sales in the quarter to Dec. 31 fell 1 percent to 251.4 million pounds ($310.43 million) while volumes increased 3.4 percent, the company said.

$1 = 0.8098 pounds Reporting by Rahul B in Bengaluru; editing by Jason Neely

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