Swiss-based bakery group Aryzta has said it is in line to hit full-year expectations, having booked a “satisfactory” third-quarter performance.
In the three months to 30 April, the company said total food revenue rose 3.6%. In North America, total food sales were up 3.4% to EUR361.1m (US$472.4m) and in Europe food sales gained 4.3% to EUR329.6m, boosted by the positive contribution of German baker Klemme. Rest of world revenues edged up 0.9% to EUR57.9m.
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However, the group conceded underlying sales were hit by price hikes in Europe. As a result, comparable sales were down 0.4%.
Revenues at Origin, Aryzta’s 68.6%-owned subsidiary and separately listed company, declined by 5.2% to EUR428m, the group added.
Aryzta reiterated its 5-7% underlying EPS growth guidance for the full year and stated that it expects to return to double-digit EPS growth in 2014.
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