15th May 2015 06:25
LONDON (Alliance News) - Coca-Cola HBC AG on Friday said its net sales revenue rose in the first quarter, with volumes higher due to extra selling days and an early Easter, though it faced a mixed effect from currency fluctuations across its operations.
The company, the second-largest bottler of products made by US drinks group The Coca-Cola Co, said its net sales revenue in the first quarter to the end of March was EUR1.35 billion, up from EUR1.33 billion a year earlier. The group's volume rose by 7.2% in the quarter, up to 439 million unit cases from 409.6 million a year earlier, though its net sales revenue per unit case fell to EUR3.08 against EUR3.25.
Coca-Cola HBC said volumes increased in all three of its segments, covering established, developing and emerging markets, in the quarter, largely due to four extra selling days and the timing of the Easter holiday, with good performances for the group in Nigeria, Poland, Romania, Hungary and the Czech Republic.
Established market revenue was boosted by positive currency movements in the quarter, while developing market revenue grew despite negative pricing and mix effects. Emerging markets volume growth, however, was offset by adverse currency fluctuations in the quarter, despite a good performance in Nigeria.
"Trading was in line with expectations, delivering a solid quarter. The plans we put in place to stabilise volumes in Europe, and the pricing initiatives we implemented to mitigate the adverse impact of currencies in certain emerging markets have been effective," said Chief Executive Dimitris Lois.
"While there is still some uncertainty ahead, the initiatives we can deploy to mitigate the potential headwinds have been successful and we are encouraged by the results the business has delivered in the quarter," Lois added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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