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These factors more than offset strong growth in prepared meats volumes from earlier in the year and solid improvement in the Bakery segment, which we expect will accelerate.

Maple Leaf Foods is Canada’s leading consumer packaged meats company, headquartered in Toronto, Ontario.

for the second quarter declined 3.7% from last year, or 2.2% after adjusting for the impacts of divestitures and foreign exchange, due to lower volumes which were partly offset by higher pricing.

For the first six months sales decreased 3.9% from the prior year to last year.

Overall, we are satisfied with our strategic progress, although we are now at the peak of change and expect earnings volatility through this transition.” Adjusted Operating Earnings, a non-IFRS measure, is used by Management to evaluate financial operating results.

It is defined as earnings before income taxes adjusted for items that are not considered representative of on-going operational activities of the business, and items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred.

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