US: Dr Pepper Snapple Group stands still in "challenging" FY
- FY net profits slip by 1% to US$624m
- Net sales in 2013 stay flat at $6bn
- Operating profits fall by 4% to $1.05bn
- Bottler-case-sale volumes down by 2%
DPSG saw CSD volumes fall
Dr Pepper Snapple Group has posted flat full-year sales and profits growth as volumes of its core brands declined in a tough year for CSDs.
Net profits in the 12 months of 2013 were down by 1% to US$624m, the US soft drinks maker said today (12 February). Net sales came in flat at $6bn, while operating profits dipped by 4% to $1.05bn.
Brand Dr Pepper bottler-case-sale volumes decreased 2% and DPSG's “Core 4” brands, which include the low-calorie Ten range, declined 1%.
DPSG president & CEO Larry Young said: “I am proud of the team’s ability to remain focussed and execute against our strategy during a challenging year. We continued to gain distribution and availability across our key brands and packages and grew volume share and held dollar share in the highly competitive CSD category.”
Fourth-quarter results were slightly worse, with net profits falling by 8% to $156m and sales down by 1.4% to $1.46bn. Operating profits also fell, by 10% to $264m. Bottler-case-sale volumes in the quarter dipped by 2%.
Looking forward, DPSG said it expects net sales for this year to increase by 1%. Young said: “As we move into 2014, our teams will continue to build the Ten platform with programming focussed on driving awareness and trial, provide consumers with balanced beverage options and execute with excellence in the marketplace.”
North American CSD volumes have been under pressure for the past few years. PepsiCo's most recent quarter saw its CSD volumes fall by mid-single digits, while the Coca-Cola Co's stayed flat.
Today DPSG said its Mexico and Caribbean volumes both increased by 3% in the full year.
To read the company's results statement, click here.
For an in-depth look at Dr Pepper Snapple Group's performance by brand, click here.
For coverage of the company's post-results conference call, click here.
Click here for an analysis of DPSG's results.
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