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French catering group Sodexo lags Q3 sales expectations
Global Banking & Finance Review®
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(Reuters) – French food caterer Sodexo reported slightly lower than expected third-quarter sales on Tuesday, citing a change in how it accounts for project works related to a large contract in its Rest of the World segment.
(Reuters) – French food caterer Sodexo reported slightly lower than expected third-quarter sales on Tuesday, citing a change in how it accounts for project works related to a large contract in its Rest of the World segment.
Its third-quarter revenue rose 6.8% organically from a year earlier to 6.07 billion euros ($6.51 billion), missing a consensus forecast of 6.11 billion euros provided by the company.
The group, which will provide catering for the Paris Olympic Games and the Paralympics this summer, also confirmed its 2024 outlook.
($1 = 0.9319 euros)
(Reporting by Dimitri Rhodes and Diana Mandiá in Gdansk; editing by Milla Nissi)
Organic revenue growth refers to the increase in sales generated from existing operations, excluding any revenue from acquisitions or divestitures.
Project works in catering involve specific contracts or events where catering services are provided, often requiring unique accounting and operational strategies.
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