0658 GMT - Avolta's first-quarter update points to a solid performance in tough environment, in which the Swiss company managed to offset Middle East headwinds partly through an improvement in North America, Vontobel's Manuel Lang says. The operator of retail outlets at airports and other travel hubs reported organic turnover growth of 4.7% for the first quarter, slightly above consensus expectations of 4.5%, the analyst says. Excluding the Middle East, organic growth was 5.9% and the performance in North America is encouraging, he says. The company's organic growth decelerated to 3% in March and April, which should help alleviate concerns around a broader global travel slowdown, according to Vontobel. However, the consumer spending remains fragile due to rising jet fuel prices and weakening sentiment, the analyst says. (adria.calatayud@wsj.com)

(END) Dow Jones Newswires

May 07, 2026 02:58 ET (06:58 GMT)

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