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Drain cherries, reserving juice. Pat cherries dry. Finely chop cherries; measure 1/3 cup. Spread chopped cherries on paper towels and pat dry; set aside.
Combine butter, shortening and cream cheese in a large bowl. Beat with an electric mixer on medium to high speed for 30 seconds. Add sugar and salt. Beat until combined, scraping sides of bowl occasionally. Beat in egg and almond extract until combined. Gradually add flour, beating until combined.
Divide dough into three portions. Leave one dough portion plain. Using another dough portion, knead in 1/2 teaspoon of the reserved cherry juice and enough red food coloring to make light pink. Knead chopped cherries into the remaining dough portion. Wrap each dough portion in plastic wrap or waxed paper. Chill dough portions for 1 to 2 hours or until dough is easy to handle.
Lightly flour three pieces of parchment paper. On each piece, roll a dough portion into a 6-inch square. Cover each dough square with plastic wrap and freeze about 30 minutes or until firm.
Brush plain and pink squares with milk. Place pink square, brushed-side up, on brushed top of plain square. Top pink square with cherry square. Evenly trim edges of dough stack, lightly pressing layers together. Cut dough stack into three rectangles. Cover each rectangle and freeze about 20 minutes or until firm.
Preheat oven to 375°F. Line cookie sheets with parchment paper. Cut each rectangle crosswise into 12 even slices. Place slices, cut-sides down, on prepared cookie sheets. If layers separate while slicing, lightly press back together.
Bake about 10 minutes or until edges are light brown. Transfer to a wire rack; cool completely.