Coca-Cola European Partners Sees Revenue Drop 1.5% In Q3
Coca-Cola European Partners (CCEP) has reported total revenue of €3 billion in its third quarter, down 1.5% compared to the same period last year.
Volume declined by 3.5% on a comparable basis, however, comparable operating profit was up 2.5%, reaching €470 million.
Damian Gammell, CEO of CCEP, said that these results were in-line with the company's guidance.
“We remain focused on driving profitable revenue growth, expanding our portfolio, and continuing to invest in our business to capture the long-term growth opportunities ahead of us,” he added.
“This includes improving our sales force capabilities, evolving our routes-to-market, reducing low value promotions, and leveraging our digital abilities."
CCEP reports that third-quarter diluted earnings were share were €0.62 on a reported basis or €0.68 on a comparable basis, including a negative currency translation impact of €0.01.
For the full 2017 financial year, the company is anticipating diluted earnings per share in the range of €2.10 to €2.13.
CCEP also says that it remains on track to achieve pre-tax savings of between €315 million and €340 million through synergies by mid-2019.
Meanwhile, the Coca-Cola Company reported a 'solid third quarter' in its 2017 financial year, reaffirming its full-year outlook.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.