Hiestand posts forecast beating nine-month sales of 542.5 mln sfr |
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Tue, 23 Oct 2007 19:09
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ZURICH (Thomson Financial) - Hiestand Holding AG posted forecast-beating nine-month sales of 542.5 mln sfr, a rise of 50 pct compared to a year earlier, and said it will exceed its full-year sales target of 700 mln sfr.Analysts had forecast the Swiss baked goods manufacturer's sales at 492.7-540.9 mln sfr, or 528.2 mln on average.'Hiestand substantially exceeded its growth targets in the first nine months of 2007,' the group said in a statement.The Fricopan acquisition contributed 34 pct to sales growth for the period, while organic sales grew by 15.8 pct, 2.3 pct of which came from currency effects.Sales growth in Europe rose by 52.8 pct compared to a year earlier, with the group recording organic sales growth in Asia of 6.9 pct.Hiestand reiterated full-year targets of organic sales growth of between 8-10 pct, EBIT margin of between 8-9 pct and a consolidated profit margin of over 5 pct.sarah.fenwick@thomson.comsf/vsCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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