Nov. 29 (Bloomberg) -- Aryzta AG, a Swiss supplier of bakery products to restaurants, advanced the most in more than five months in Zurich trading after saying fiscal first-quarter sales gained 33 percent.
Sales increased to 970.8 million euros ($1.3 billion) in the three months through Oct. 30, boosted by acquisitions, the Zurich-based company said on its website today. Food revenue excluding acquisitions and currency swings declined 1.7 percent, following a 6.7 percent drop in the year ended July 31.
“Sales were ahead of expectations and the moderation of organic growth decline is confirming our positive view of the acquisitions,” wrote Claudia Lenz, an analyst at Bank Vontobel in Zurich. She rates the stock “buy.”
The Swiss baker agreed in August to buy Tim Horton Inc.’s 50 percent stake in Maidstone Bakeries for C$475 million ($466 million). Aryzta agreed in June to buy California-based Fresh Start Bakeries for $900 million.
Aryzta rose as much as 8.2 percent, the biggest intraday gain since June 9, and traded at 43.50 francs, up 7.9 percent, at 10:32 a.m. local time.
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