Coca Cola: ‘Optimism ahead’ for soft drink giant’s Europe business
Coca Cola said there is “optimism ahead” for its businesses in Europe, Australia and New Zealand as the coronavirus conditions begin to improve across the regions.
In the first quarter total revenue fell four per cent to €3,09bn, dragged down by a 7.5 per cent dip in European sales, which dropped to €2.29bn.
However, the drop was partially offset by an eight per cent jump in Australia, Pacific and Indonesia sales, which rose to €797m.
Despite the drop in European revenue, Coca Cola Europacific Partners chief executive Damian Gammell said he was “encouraged by an improving trend across the quarter, particularly in Great Britain, with good at-home consumption”.
“Trading conditions remained similar to the last quarter of 2020, with renewed restrictions in many of our markets impacting the away from home channel, he said in a statement this morning.
“We have been able to keep on winning, gaining value share in store and online, through our ability to adapt, strong execution and continued focus on our core brands.
“While the pandemic persists and the precise nature and timing of the recovery is unknown, there is optimism ahead.
Indeed, the strong post pandemic recovery in two of our new markets, Australia & New Zealand, highlight the positive impact of increased mobility, which will in time come to our other markets.”