US: CEDC toasts Polish economy for quarterly lift
Central European Distribution Corporation has posted a slight rise in sales and operating income for the second quarter.
The US-based company, which operates in Eastern Europe, said yesterday (31 July) that operating income for the three months to 30 June rose by 14% to US$25.1m. Net sales for the period increased by 21% to $269m.
The company credited the continued strong growth of the Polish economy in the second quarter of this year for driving demand for its products.
For the first six months of this year, operating income increased to $44m from $36.6m a year earlier, on the back of sales up to $496.8m from $412m.
"Our record organic growth of 17% and the double digit volume growth of our core vodka brands has led to the strong top to bottom line performance in the second quarter," said company CEO and president William Carey. "Our import portfolio continues to outperform the market with second quarter growth of over 42%.
"With our recent signing of new distribution agreements in Poland, we look forward to continue to execute on our core business model for the second half of the year. Overall, we are extremely satisfied with our continued development of our core business."
Last month, CEDC upped its full-year net sales forecast to between $1.1bn and $1.15bn from between $1.05 and $1.1bn.
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