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☆ European markets set to open mixed in lackluster short trading week; fresh euro zone data due
▼ + stars: | 2024-04-05 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

European markets look set for a mixed open on Friday as investors wrap up a lackluster first trading week of the new quarter. Markets have struggled to gain traction this week, with the Stoxx 600 index closing just slightly higher Thursday. During Friday's session, investors will digest fresh data on euro zone construction and retail sales, as well as U.K. house prices. Markets in Asia-Pacific moved lower Friday, led by declines for Japan's Nikkei 225, after comments from U.S. Federal Reserve officials fueled worries that the central bank could hold off on rate cuts. U.S. stock futures also turned lower on the comments, with the Dow Jones Industrial Average having notched its worst trading day in more than a year Thursday.

Organizations: Nikkei, U.S . Federal Reserve, Dow Jones Locations: Asia, Pacific, U.S

☆ Sodexo CEO: We need to change the mindset of people around sustainable food systems
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSodexo CEO: We need to change the mindset of people around sustainable food systemsAdopting a more sustainable way of eating is an urgent matter for 79% of people, according to a study from Sodexo and Harris International. Sophie Bellon, CEO of Sodexo, spoke to CNBC's Squawk Box Europe to discuss innovations and technologies needed to achieve sustainable food systems.

Persons: Sophie Bellon Organizations: Harris International, Sodexo

☆ How New York’s Public Hospitals Cut Carbon Emissions: More Vegetables
▼ + stars: | 2023-08-31 | by ( Cara Buckley | More About Cara Buckley | ) www.nytimes.com time to read: +1 min

On the menu at New York City’s 11 public hospitals is pasta with Bolognese sauce, without the meat. NYC Health + Hospitals, the country’s largest municipal health system, has made plant-based food the default for inpatient meals. That means the food contains no meat, dairy or eggs. Now, a year after it made those sweeping changes, the hospital system has reduced its food-related carbon emissions by 36 percent, according to the mayor’s office. And, jokes about hospital food aside, the changes seem to be a hit with patients.

Persons: cornbread, Samantha Morgenstern Organizations: New York City’s Locations: New, American, Sodexo

☆ Sodexo raises outlook for voucher business a second time
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

June 30 (Reuters) - French catering and food services group Sodexo (EXHO.PA) on Friday raised the full-year outlook of its voucher business for the second time this year as it benefits from companies' attempts to get employees back to the office. Employers have also turned to companies like Sodexo to offer vouchers to staff to help them cope with the rising cost of living. Sodexo last raised its forecast for the voucher business in April, targeting organic growth close to 20% and an operating margin near 32%. Sodexo also tweaked the group's full-year outlook, seeing an underlying operating margin of 5.5%, versus "close to" 5.5% previously. Total group revenue was 6.03 billion euros ($6.55 billion) in the third quarter, slightly ahead of the 6.02 billion euros expected by analysts polled by the company.

Persons: Sophie Bellon, Bellon, Sodexo, Diana Mandiá, Milla Nissi, Jane Merriman Organizations: Employers, Thomson Locations: Gdansk

Sodexo, which is benefiting from the cost-of-living crisis as employers look for ways to support staff without hiking wages, announced in April a plan to spin off and list its voucher unit on the stock exchange in 2024, betting on the good performance of the business. Smaller French rival Edenred (EDEN.PA), which joined France's blue-chip index CAC 40 (.FCHI) on Monday, posted in April first-quarter operating revenue growth as employers used its meal tickets and fuel cards to help staff cope with inflation. Pluxee, which employs 5,000 in 31 countries, targets full-year organic revenue growth of close to 20% and an underlying operating profit margin of around 32%. Sodexo's voucher business reported a core profit of 162 million euros ($177 million) in the first half of 2023. Reporting by Federica Mileo and Diana Mandiá in Gdansk, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Aurelien Sonet, Pluxee, Sonet, Edenred, Federica Mileo, Diana Mandiá, Louise Heavens Organizations: Thomson Locations: Gdansk

April 5(Reuters) - French catering and food services group Sodexo (EXHO.PA) plans to spin off and list its Benefits & Rewards Services (BRS) business during 2024, it said on Wednesday, as it focuses on divisions that serve faster-growing markets. The BRS business reported a core profit of 162 million euros ($177 million) in the first half of 2023, up 46.4% from a year ago excluding currency impacts. Core profit for the group was 704 million euros, beating analysts' average forecast of 679 million euros, according to a company-compiled consensus. Price increases will remain above 5% in the second part of 2023, Sodexo said. It also raised its full-year forecast for its BRS business, targeting organic revenue growth of close to 20% and an underlying operating profit margin of close to 32%.

☆ Sodexo to spin-off Benefits & Rewards Services business
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5(Reuters) - French catering and food services group Sodexo (EXHO.PA) plans to spin-off and list its Benefits & Rewards Services (BRS) business during 2024, it said on Wednesday. The move will leave its two main businesses better placed to benefit from fast growing markets, the company added. Sodexo, which last May scrapped a plan to sell a minority stake in BRS, said it now plans to spin off and list BRS by distributing shares in the business to Sodexo shareholders. The business, which delivers vouchers and benefit cards to businesses for employees, reported a core profit of 162 million euros ($177 million) in the first half of 2023, 46.4% up from a year ago excluding currency impacts. Core profit for the group was 704 million euros, beating analysts' average forecast of 679 million euros, according to a company-compiled consensus.

☆ Brazil meal payments overhaul delayed by central bank standoff
▼ + stars: | 2023-03-31 | by ( Marcela Ayres | ) www.reuters.com time to read: +5 min

The Finance Ministry says the central bank has jurisdiction to regulate payment systems, but sources said the central bank resisted early proposals to shake up the market and sought to keep its hands off the segment. The bank's staff believes the voucher market presents no systemic risk. The standoff has added to already high tensions between the Finance Ministry and central bank, the sources said on condition of anonymity. The central bank declined to comment on its reported resistance to regulating the market. The ministry told Reuters such regulation "goes beyond its competencies," and should be handled by the Finance Ministry and the central bank.

☆ Food at your favorite ballpark is probably going to be more expensive
▼ + stars: | 2023-03-30 | by ( Jessica Golden | ) www.cnbc.com time to read: +1 min

Sodexo Live, a food and hospitality company, says food inflation is also hitting the ballparkThose peanuts and Cracker Jacks may soon cost you more at the ballpark, thanks in part to food inflation, the CEO of a top hospitality company told CNBC. "It doesn't matter what industry you're in, everybody is noticing prices going up, and scarcity being an issue in certain product lines," said Belinda Oakley, Sodexo Live CEO. Still, higher costs have forced Sodexo Live to get creative with its menus and food selection. One big item that could see sticker shock: ballpark franks, which also happen to be a top-selling concessionary item for Sodoxo Live. Oakley cited higher supply chain costs, including packaging and labor, for driving up meat prices.

☆ Wall Street downgrades European banks and names stocks to buy 'in case markets turn sour'
▼ + stars: | 2023-03-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Wall Street is downgrading European banks after stresses in the sector led to the emergency merger of the two largest lenders in Switzerland. The bank's strategists said — in a report titled "A dozen stocks in case markets turn sour" — their list of 12 buy-rated stocks would prove resilient during broad market sell-offs. The list includes companies such as Nokia , Sodexo , and SAP among others that strategists at Deutsche Bank Research said could outperform broader markets during recessionary environments. Meanwhile, they said that Sodexo's defensive growth profile is also expected to lead to top-line growth of 8-10% this year. Deutsche strategists Maximilian Uleer and Caroline Raab added that the German tech giant SAP had finished its costly cloud investments and is now starting to see benefits from the transformation.

☆ Sodexo sees demand for catering and vouchers lifting margins
▼ + stars: | 2022-11-02 | by ( Diana Mandia | ) www.reuters.com time to read: +2 min

[1/2] The logo of French food services and facilities management group Sodexo is seen at the company headquarters in Issy-les-Moulineaux near Paris, France, March 18, 2016. The company delivered a 5% margin in its last fiscal year and last week forecast an increase to 5.5% for 2022-2023. B&R will target capital spending close to 10% of revenue per year between 2022 and 2025, Sodexo said. Sodexo, whose businesses also include workplace design, sterilization of medical devices, reception and cleaning services, said it would step up its focus on food services as rising inflation leads more companies to outsource catering. However, Sodexo forecast organic sales growth of between 6% and 8% for fiscal 2024-2025, lower than its forecast of 8% to 10% for 2022-2023.

☆ Catering group Sodexo targets operating margin above 6% in 2025
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of French food services and facilities management group Sodexo is seen at the company headquarters in Issy-les-Moulineaux near Paris, France, March 18, 2016. REUTERS/Gonzalo FuentesNov 2(Reuters) - French catering and food services group Sodexo (EXHO.PA) on Wednesday forecast organic revenue growth of between 6% and 8% for fiscal years 2024-2025 and a margin above 6% in 2025, as it aims to refocus on food services and accelerate growth in its voucher business. One of the world's biggest catering companies alongside Britain's Compass (CPG.L), Sodexo said it expected its voucher business to deliver low-double-digit organic revenue growth for fiscal 2024 and 2025 and an underlying operating profit margin exceeding 30% in 2025. The group had decided not to open the voucher division to external capital in May. Reporting by Diana Mandiá in Gdansk; editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

☆ Caterer Sodexo sees rebound in 2023 to pre-pandemic levels
▼ + stars: | 2022-10-26 | by ( Federica Mileo | ) www.reuters.com time to read: +3 min

Sodexo's share price was up 2.7% by 0730 GMT to the highest level since March 2020, having gained nearly 20% this year. The Paris-based firm posted annual revenue of 21.1 billion euros ($21.1 billion), compared with 20.7 billion euros forecast by analysts polled by the company. After being hit by COVID-19 lockdowns, caterers are trying to renegotiate tariffs and supplier agreements as the sector faces soaring energy and food prices triggered by Russia's invasion of Ukraine, both major wheat exporters. It said revenue from its main on-site services unit reached 99% of its 2019 levels in the fourth quarter. Sodexo forecast organic revenue growth of between 8% and 10% for 2023, driven by further progress in new business and inflation, and underlying operating profit margin around 30%.

☆ Waymo workers form union in the latest push to organize Silicon Valley
▼ + stars: | 2022-10-10 | by ( Eli M. Rosenberg | Eli Rosenberg Is An Investigative Tech Reporter For Nbc News. | ) www.nbcnews.com time to read: +6 min

Food service employees at the autonomous driving company Waymo are forming a union, the latest push by support workers to organize at Silicon Valley's most prominent companies. The workers are employed by Sodexo, which contracts service work for Google and other companies. "We are confident this one will also reach an amicable agreement for workers, the union, and our client very soon." The workers are part of Silicon Valley's ranks of contractors who support and supplement the work at tech companies. Her team unionized in 2020, and some of them have been joining meetings with the Waymo workers to show them the ropes of organizing and talk up the union.

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