Baker Aryzta's Profit Warning Dents Recovery Hopes
Speciality baker Aryzta reduced its profit outlook on Thursday after recovery plans of its new-look management team were dented by renewed weakness in Europe, its biggest market.
Shares in Aryzta, brands of which include Otis Spunkmeyer and Cuisine de France, tumbled by 28 percent to a record low of 14.85 Swiss francs at 0732 GMT, taking year-to-date losses to 60 percent.
"While we have made a solid progress in what is a multi-year turnaround programme, we have clearly underestimated the extent of the challenges and the time required to address those challenges," chief executive Kevin Toland, who started last September, said in conference call with analysts.
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