Strong Euro Hits Sodexo 1Q Numbers

Sodexo reported a drop in fiscal first-quarter sales of 1.9% due to exchange rate effects brought on by a strong Euro.

Sodexo reported a drop in fiscal first-quarter sales of 1.9% due to exchange rate effects brought on by a strong Euro relative to the dollar, British pound and Brazilian real, reports [2] the Wall Street Journal. The currency swing cost the company a 4.9% hit on its revenue figure, which more than offset an actual sales growth (minus exchange rates and mergers/acquisitions) of 2.7%. The best performance overall was posted by the dollar-based U.S. unit, which saw a sales rise of 5.1% during the quarter.