Soft drinks bottler Coca Cola HBC has beaten third quarter sales estimates and said that it will be raising its advertising spending in 2021 to target returning events.
The company, which bottles and sells Coca-Cola drinks in 28 countries, recorded sales of €1.83 billion, which was above a consensus of €1.79 billion.
HBC's at-home channel, which contributes nearly 60% of HBC's revenue, grew by mid-single digits in the quarter, while business consumption also improved, HBC said.
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Chief executive officer Zoran Bogdanovic told Reuters that there will be more marketing funds in 2021 versus this year as the company expects to see "some kind of new normal."
"We will be activating Easter, Euro cup (European soccer championship) - which was moved from this year to 2021 - and we also hope that there will be the Olympics sometime in the third quarter from where we stand now," he said.
HBC has also cut costs to cushion the blow from the pandemic, and its finance chief Michalis Imellos told Reuters that "a good proportion" of its €120 million of savings it made are going to be permanent because of the shift in office working.
US-based Coca-Cola owns a 23.2% stake in Coca-Cola HBC, Refinitiv data showed.