Subscribe Login
Drinks

Coca Cola HBC's Third Quarter Sales Beat Estimates

By Dave Simpson

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.

Get a FREE Digital Subscription!

Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy

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.

Savings

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.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

Enjoy a FREE Digital Subscription
Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Enjoy a FREE Digital Subscription
Enjoy a FREE Digital Subscription
Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Enjoy a FREE Digital Subscription