Coca-Cola HBC AG on Wednesday reported that its revenue fell 4.0% in the first quarter, but it met market expectations.
The FTSE 100 Coca-Cola bottler, which is 23% owned by Coca-Cola Co., generated net sales revenue of 1.35 billion euros in the three months to March, down from EUR1.41 billion a year earlier. The figure was broadly in line with the market consensus of EUR1.35 billion, taken from Vuma and based on 16 estimates.
Volume rose 1.5% to 490.8 million unit cases, but net sales revenue per unit case decreased 5.4% to EUR2.75. A unit case contains 5.68 litres, or 24 servings. "The speed and shape of recovery from the pandemic remains uncertain, but the first quarter puts us on track to achieve our 2021 guidance for a strong recovery in FX-neutral revenues, along with a small increase in EBIT margin," Chief Executive Zoran Bogdanovic said.
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