* Q1 sales rise 33.2 pct
* Confirms FY profit growth target
* Shares up 7.4 pct
ZURICH, Nov 29 (Reuters) Swiss-listed baker Aryzta (ARYN.I) (ARYN.S) confirmed its full-year profit goal on Monday as sales grew 33.2 percent in the first quarter, boosted by North American acquisitions.
Earlier this year Aryzta splashed out nearly $1.5 billion on two acquisitions in the United States [ID:nLDE65706W] and to take full control of Canadian venture Maidstone Bakeries. [ID:nLDE67B17Z]
“The contribution from strategic acquisitions should continue to underpin revenue growth and target EPS growth of 45 cents in FY 2011,” Aryzta said, adding that underlying sales had declined at a slower rate in the first quarter.
“The group is unlocking the opportunity and potential across its newly enlarged customer base,” Ayzta said.
Zurich-listed shares in Aryzta, which has a second listing in Dublin, traded 7.4 pct higher at 0948 GMT.
“The Q1 2011 sales were ahead of expectations and the moderation of organic growth decline confirms our positive view of the acquisitions made,” said Vontobel analyst Claudia Lenz
Aryzta, formed in 2008 after Irish baker IAWS bought Switzerland’s Hiestand, sells freshly baked bread and pastries under brands like Delice de France and Cuisine de France in Europe. Its main U.S. brands are Otis Spunkmeyer and La Brea Bakery. (Reporting by Jason Rhodes; Editing by Hans Peters)