IRELAND: C&C Group cider sales rise false
Shares in C&C Group have dived after the cider group said it wrongly reported a 3% rise in net sales for the first four months of its fiscal year, when sales actually fell by 5%.
C&C Group's share price slipped by around 10% to EUR2 this morning (13 July) after the firm revealed its group sales revenue figures for the four months to the end of June were wrong.
The Ireland-based company, which owns Magners and Bulmers cider in UK and Ireland respectively, also gave the wrong cider sales figures.
Cider sales fell by 6% on a constant currency basis, the group said, after last week claiming that sales were up 3%.
The mistake indicates that C&C Group has failed to halt almost two years of consistent sales decline in its cider division.
A spokesperson for the group told just-drinks that the mistake was due to "a straight forward error in reporting lines".
A stated 4% slide in cider sales by volume remained unchanged, C&C said. Operating profits and earnings guidance were also left unchanged.
Operating profits for the full-year are expected to be at the high end of the group's guidance range of EUR77m to EUR82m, the spokesperson reiterated today.
While the economy dominated the news agenda in 2009, the coming year will see renewed pressure on soft drinks companies in areas such as sugar content, advertising and functional ingredients. Ben Coop...
Anheuser-Busch InBev plans to cut around 10% of its workforce in Western Europe, to reflect falling demand for beer in the region....
Drinks industry leaders have rejected claims by a powerful group of MPs that the UK needs a minimum price on alcohol and that drinks makers have too much influence on Government policy....
The top ten stories published on just-drinks this week:...
The wholesale arm of Heineken's Scottish & Newcastle arm in the UK has confirmed the replacement of two executives who have left to join C&C Group's Magners cider brand....
Dr Pepper Snapple Group has launched an interactive marketing campaign in conjunction with Electronic Arts....
Anheuser-Busch InBev plans to cut 10% of its workforce in its native Belgium, due to falling demand for beer in the country....
A lawsuit filed by Grupo Modelo against Constellation Brands does not jeopardise the future of the two firms' Crown Imports joint venture, Constellation president and CEO Rob Sands has said....
- What's so special about Islay anyway? - Comment
- Six key trends for alcoholic drinks in 2016
- Aus wine industry pays price for past failures
- Ten things to know about spirits in the US
- What do Bourbon and craft beer have in common?
- Alcohol industry warning over Kroger plan
- SABMiller hits back in UK corporation tax row
- Diageo's Orphan Barrel The Gifted Horse - NPD
- Suntory bids for Lucozade, Ribena Nigerian network
- American rye whiskey sales leap 600% in five years
- What Next for Beer and Brewers Following the MegaBrew Deal?
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global Beer Trends 2015 : Global Beer Trends and Long-term Forecasts
- Global Whiskey Market 2016-2020
- Global sparkling wine insights - market forecasts, product innovation and consumer trends research