Aryztas food sales in Europe grew “strongly”

Aryzta's food sales in Europe grew “strongly”

Switzerland-based bakery group Aryzta booked an increase in sales in the first quarter of its financial year.

The company, which supplies bakery products to retailers and foodservice outlets, saw sales edge up 0.4% in the three-month period to EUR1.10bn (US$1.48bn). Aryzta said the development and execution of its "customer-centric business model" underpinned "further expansion" in underlying growth in all regions during the period.

The firm's food division grew sales by 6.5% to EUR796.3m, which comprised underlying growth of 1.8 percentage points and acquisition-related growth of 9.5 points, offset by negative currency movements of 4.8%.

Food sales in Europe grew "strongly", by 17.6% to EUR377.6m. However, sales in North America fell 0.9% to EUR364.2m. In the firm's rest of world division, sales were down 7.4% to EUR54.5m. Both declines were due to negative currency movement.

Nonetheless, Aryzta reiterated its guidance for double-digit earnings per share growth for the full year.

Click here to view the full earnings release.