Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
FILE PHOTO: The logo of French food services and facilities management group Sodexo is seen at the company headquarters in Issy-les-Moulineaux near Paris, France, November 30, 2018. REUTERS/Gonzalo Fuentes/File Photo

Sodexo tops Q1 sales estimates as people return to offices

(Reuters) -French caterer Sodexo on Friday beat market estimates for first-quarter sales, as a return to the workplace and other venues helped its On-site business surpass pre-pandemic levels, while price hikes also helped.

Group sales came in at 6.33 billion euros ($6.65 billion) to top analysts’ consensus estimate of 6.17 billion euros, provided by the company, while its On-site business surpassed 2019 levels and grew 11.9% organically.

“On-Site Services continued to benefit from … a higher level of attendance, in all geographies, in the workplace, in stadiums, in convention centers and in Universities,” Chief Executive Sophie Bellon said, adding that price hikes also helped the division.

Caterers are trying to renegotiate tariffs and supplier agreements as the sector faces rising costs. Sodexo previously said it had passed much of the higher costs to clients, but has had difficulties with some, particularly in the public sector and schools.

Its Benefits & Rewards division, which delivers vouchers to businesses for employees, grew as much as 23.4% in the quarter.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

Sodexo had said in November it would look to expand its vouchers business as companies seek more ways to retain staff in tight labour markets and greater flexibility as more employees work remotely.

The caterer on Friday confirmed its guidance for the year 2023.

($1 = 0.9515 euros)

(Reporting by Olivier Sorgho; Editing by Tom Hogue and Vinay Dwivedi)


Recent Post: