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Coca-Cola HBC posts third quarter recovery
StockMarketWire.com
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Coca-Cola HBC, a strategic bottling partner of The Coca-Cola Company, said it saw a strong improvement in trading in the third quarter with a recovery in the out-of-home channel and further growth in the at-home channel as markets continued to re-open following local and national lockdowns.
Emerging markets were the best performing segment on a like-for-like basis boosted by growth in Nigeria and Russia. This was followed by the Developing market segment where half of its markets returned to volume growth in the quarter.
The Established market segment saw the fastest recovery of volumes between Q2 and Q3. However, since more countries in the segment earn a higher proportion of their revenues from the out-of-home channel and are exposed to international tourism, volumes declined in the quarter.
The improvement in performance in the third quarter was most notable in the out-of-home channel, which accounts for just over 40% of revenues. During lockdown, volumes declined in the out-of-home channel by between 70% and 90%. In May and June this improved to declines in the range of 25% to 50% and during the third quarter to declines in the high single digits.
Story provided by StockMarketWire.com
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