US: Coca-Cola Bottling Co Consolidated H1 profits rise
- H1 net profits climb 5% to US$16m
- Sales stay flat at $812.5m
- Operating profits drop by 10% to $42.4m
CCBCC wants to take on more territory
Net profits increased by 5% to US$16m in the six months to the end of June, the North Carolina bottler said today (6 August). Net sales stayed mainly flat, up 0.5% to $812.5 over the same period while operating profits dropped by 10% to $42.4m.
Second-quarter numbers were similar, with net profits up 4.5% to $11.2m and net sales flat at $429m. Operating profits were down 6% at $26.9m.
Hank Flint, CCBCC president and COO, said: “The trends we experienced in the second quarter were similar to those in the first quarter with softer than expected volume and revenue. We continued to experience much cooler and wetter weather compared to recent historical patterns, which adversely impacted some of our most important selling periods including the Memorial Day holiday and early summer.”
Cooler weather also impacted th company's first quarter, which Flint described as “challenging”. Q1 net profits climbed by 6.5% to $4.9m and net sales increased by 1.7% to $385.6m
Meanwhile, the group's chairman & CEO J. Frank Harrison said the company hopes to acquire new bottling territories in Eastern Tennessee and Kentucky from Coca-Cola. “Our team is making good progress and we continue to be excited about the possibility of bringing these employees and new markets into the company in late 2014,” he said.
Coca-Cola Bottling Co Consolidated was one of five US bottlers included in a Coca-Cola plan, unveiled in April, for a new distribution system that will offer the bottlers the chance to expand their territories.
Looking ahead, Flint said today the company is “prepared for a more favourable selling environment in the second half of 2013, which should allow us to grow revenue and earnings”.
To read the company's official statement, click here.
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