Food group Aryzta has reported a 3.3% fall in revenue for the three months to the end of October.
The company specialises in baked goods and owns the Cuisine De France brand.
It said it revenues came to €962.3m in its first fiscal quarter, with underlying revenue down 1.2%.
Aryzta said its European operations saw a "solid performance" but revenues dipped 1.4% to €436.3m, partly due to negative currency movements.
It also said its North American revenues were down 7.5% in the first quarter to €462.5m, which mainly reflected the impact of volume losses from the renewal of long term contracts completed the previous year.
However, revenues in the Rest of the World markets jumped by 21.1% to 63.5m in its fiscal first quarter. The company said his was down to strong underlying growth of 9.7% and a positive currency impact of 11.4%.
The company's chief executive Owen Killian said that group's fall in overall revenues was in line with Aryzta's expectations.
"The weaker underlying revenue development reflects the impact of expected contract renewal volume declines in North America, timing of new business listings, as well as a subdued European performance disrupted by consolidation of manufacturing activities in Germany," Mr Killian added.
"Aryzta remains focused on unlocking the underlying revenue development of its well invested assets and demonstrating its strong cash generating capacity," he stated.
The company said its outlook for both free cash generation and for underlying fully dilute earnings per share remains unchanged.
