Updates throughout

By Ozan Ergenay

May 7 (Reuters) - Swiss duty-free retailer Avolta AVOL.S reported quarterly results in line with estimates on Thursday, despite the conflict in the Middle East.

The company said the results have been supported by its strong execution, global footprint and the ability to adjust costs, allowing the Swiss firm to protect its profitability and cash flow amid geopolitical uncertainties.

Avolta, which runs shops at airports, on cruise liners, in seaports, and other tourist locations worldwide, said the Middle East conflict continues to represent the primary headwind for its markets.

Shares in the company rose 3.3% as of 1050 GMT, and were among the best performers of Switzerland's mid-cap index .SMIM, which was down 0.4%.

"Avolta delivered a solid set of Q1 numbers in a challenging environment and current trading in North America is encouraging and underpins some resilience, partly offsetting weak travel activity in the Middle East," Manuel Lang, an analyst from Vontobel, said.

"Organic growth of 3% since the escalation of the conflict should help alleviate concerns around a broader global travel slowdown, although consumer spending remains fragile amid rising jet fuel prices," he said.

Avolta's core turnover stood at 2.90 billion Swiss francs ($3.72 billion) for the first quarter, down from 3.05 billion a year earlier.

However, the figure met market expectations.

Analysts at Jefferies said in a note to clients that Avolta's results were in line with the consensus estimate of 2.92 billion Swiss francs.

The company maintained its medium-term forecasts, aiming for 5%-7% organic growth and a gradual rise in core profit margins by 20-40 basis points a year.

($1 = 0.7787 Swiss francs)