Goodman Fielder renegotiates private label bread deal

by Eric Schroeder
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NORTH RYDE, N.S.W. — Goodman Fielder said it has renegotiated a private label bread contract within its Australian Baking division to make house brand bread for Coles Supermarkets. Coles has more than 700 stores in Australia, including 45 BI-LO Supermarkets that also stock Coles private label brands.

“The contract represents the achievement of another strategic milestone in the continued turnaround of our baking business,” said Chris Delaney, chief executive officer.

Goodman Fielder also provided an update on its financials, noting that second-half earnings before interest and tax from continuing operations are expected to climb 15% to 20% compared with the first half of 2013.

The company cited the continued turnaround in the baking division, as well as stable to positive earnings growth in its grocery and dairy divisions.

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