A combination of a rotary knife blade and a trim guide for a power operated rotary knife. The annular rotary knife blade supported for rotation about a central axis of rotation in a direction of rotation and rotating with respect to the trim guide, the knife blade including a blade section extending from an annular body, the lower end of the blade section defining a plurality of circumferentially spaced apart notches including an opening at the lower end and a central open portion defined by a peripheral wall, the peripheral wall including an arcuate cutting portion adjacent the lower end of the blade section. The trim guide including a guide section defining a plurality of circumferentially spaced apart notches extending from a lower end, each of the plurality of notches including a shearing portion in overlapping axial alignment with the arcuate cutting portions of the blade section.
