Australasian food company Goodman Fielder is warning that volatile prices and a strong Australian dollar may hurt earnings.
Goodman Fielder's brands in New Zealand include Meadowlea, Vogels and Edmonds.
Chairman Max Ould has written to shareholders saying the company continues to face pressure from rising commodity prices.
Mr Ould says the challenge for the company is to ensure it recovers the increases thorough the sale of its goods, but that's going to be even more difficult because of extreme competition and discounting.
He is also warning the high Australian dollar will hurt its earnings outside Australia.
Meanwhile, the company's retiring chief executive, Peter Margin, says he will leave the company at the end of the month.
The board is still looking for a replacement and also for a new financial officer to replace David Goldsmith, who left in February.