Swiss bakery group Aryzta today (8 June) posted an 8% fall in quarterly sales due to continued weak consumer confidence in North America.
The company, which alongside reporting its third-quarter numbers announced two acquisitions for US$1.08bn, booked an 8.4% fall in underlying revenue to EUR2.22bn (US$2.65bn).
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However, Aryzta said a “modest improvement” in trading conditions, a positive impact from the two acquisitions and a boost from the strong US dollar meant it could up its earnings forecast.
The company did not issue a specific target but said it expected “an increase in underlying earnings per share” for the year.
Like-for-like sales in North America were down 5.4% thanks to “weak economic conditions across most channels” but also as the business lapped a strong comparison against last year’s third quarter, Aryzta said.
Like-for-like sales in Europe showed some improvement despite a 4.6% fall in the 13 weeks to 30 April.
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By GlobalDataGrowth from new customers on the continent helped partialy offset falling sales in the UK and Ireland.
