• Q1 net profits slide by 13.3% to US$5.9m
  • Net sales in the three months to end of March dip by 1.9% to $523.8m
  • Operating profits also decrease, by 14.3% to $21m
  • Cott looks to repurchase $35m of shares in next year
Cott Corp issued its Q1 results earlier today

Cott Corp issued its Q1 results earlier today

Cott Corp has posted a fall in both sales and profits in the first three months of 2012, as volumes struggled in North America, the US and Mexico.

The US-based soft drinks producer said earlier today (2 May) that Q1 net profits fell by 13.3% to US$5.9m, while operating profts also dropped, by 14.3% to US$21m. Sales in the period dipped by 1.9% year-on-year to $523.8m.

Volumes in North America fell 8.3% to 156m cases. However in the UK volumes were up 4.6% to 41m cases

Jerry Fowden, Cott's CEO, said: "I'm pleased with the overall financial performance during the quarter, despite continued commodity pressures. Gross margin in the first quarter improved 270 basis points from the fourth quarter of 2011, reflecting the implementation of our 2012 strategy of gradual gross margin restoration by focusing on operational efficiencies and adjusting the balance between volume and margin."

The company also announced that it plans to commence a share repurchase programme for up to US$35m in common shares over the next 12 months.

For the company's official announcement, click here.