Aryzta's First Quarter Revenue Falls By 20.3%
Aryzta's total revenue in its fiscal first quarter has declined by 20.3% to €672.6 million, its latest financial results showed.
However, the Swiss-Irish food group said that it is seeing improvements in its QSR (quick-service restaurants) and retail channels, which were offset by COVID-19 related declines in the foodservice industry.
The Cusine de France-owner noted that the negative impact of the further restrictions in Europe introduced in November was mostly concentrated on its foodservice channels.
Urs Jordi, Aryzta AG Chair and Interim CEO commented: “The Q1 results were broadly in line despite the significant COVID-19 related disruptions and associated higher costs."
Jordi said that the next phase of Aryzta’s journey back to improved performance, reduced complexity and the empowerment of local teams has commenced.
"Our new business model changes to a simpler country focus model with deeper customer relationships," he said.
"This will lead to organic growth, lower costs and improved margins, and all of this guided by the significantly enhanced bakery, financial and turnaround experience at governance and operational level,” he added.
Last month, Aryzta announced that Kevin Toland had stepped down from his role as CEO.
In a statement, the company said that the board has appointed Urs Jordi, chair of the board, as interim CEO pending the recruitment of a permanent CEO.
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