ZURICH, SWITZERLAND — Two acquisitions completed this year were major factors in Aryzta Food North America posting 30.5% revenue growth in the first quarter ended Oct. 31.
Acquisitions, including Pineridge Bakery and Cloverhill Bakery, contributed 31.2% of the Food North America revenue growth while currency contributed 2.5%. Underlying revenue growth declined by 3.2% as Food North America revenue came in at €475.5 million ($589.7 million) in the quarter. A stock-keeping unit (s.k.u.) rationalization process in North America continues to aim at freeing up capacity for larger customers and optimizing medium-term margin delivery