Sodexo slides as Q1 sales weighed by main market North America

Shares in Sodexo EXHO.PA slide around 3% after the French caterer's Q1 organic revenue declined in North America, its biggest market

"Negative organic revenue growth in North America is driving shares lower," says Morningstar analyst Ben Slupecki

Organic revenue in the region dropped 1.5%, compared with 5.9% growth in the year-ago period, even as overall revenue rose 1.8%

J.P.Morgan describes the 1.8% growth as "relatively muted," saying it reflects contract losses in Education and Business & Administration in the region

Ongoing weakness in the core North American market and significant currency headwinds due to a weaker USD hindered the group's growth in the quarter, adds Alphavalue