French voucher and benefits company Pluxee EURONEXT:PLX posted on Friday a lower-than-expected organic drop in sales in the third quarter, beating expectations, supported by new client wins in spite of an uncertain environment.
The company's sales dropped 3.3% organically to €312 million ($357.1 million) from €310 million a year earlier, above the €299 million that was expected in a company-compiled consensus.
Benefits providers like Pluxee and Edenred EURONEXT:EDEN are increasingly relying on regions like Latin America to drive profits, as they cope with slowdowns in their main business areas.
As anticipated, third-quarter performance in the region was mostly impacted by the 3.6% regulatory cap on merchant discount rates in Brazil.
"In Brazil, our teams remain fully mobilized in delivering our action plan," Pluxee CEO Aurélien Sonnet said in a statement.
The company also confirmed its financial objectives for the full year.
($1 = 0.8738 euros)