Underlying net profits at Swiss-Irish bakery group Aryzta, which owns Cuisine de France, dropped to €360m (£265m) in the 12 months to the end of July, a fall of 4.7%.
According to the company's results for its 2015 financial year, despite a 12.6% increase in sales to €3.8bn (£2.8bn), underlying revenue also dropped by 2.2%.
The company's European division recorded a 3.8% increase in revenue with 1% underlying growth, although its North American operations saw a 6.2% underlying decline, despite overall revenue increasing by 22.4% to almost €2bn (£1.5bn).
The rest of the company's operations recorded the strongest rate of underlying growth, of 3.3%, while revenue increased 4.7% to €231m (£170m).
Earnings before deductions were up by 5.7% to €514m (£378m) while underlying net profit from the group's continuing operations rose 1.7% to €330m (£243m).
Underlying fully diluted earnings per share from continuing operations increased by 1.6% to 368.9 cents, although overall underlying fully diluted EPS on a group basis was down by 4.7% to 402.2 cents.
Aryzta chief executive Owen Killian said: "The company has been in constant evolution to remain relevant to consumers as changing consumer trends negatively impacted parts of our business. This involved capital investment of €1.3bn (£1bn) and acquisitions of €2.4bn (£1.8bn) to reposition the business."