CCE toasts Europe in Q1

CCE toasts Europe in Q1

Coca-Cola Enterprises (CCE) saw net profits soar in the first quarter of this year, boosted by volume growth in Europe.

For the three months to the end of March, the company said today (27 April), it earned US$106m compared to $61m in the prior year.

Sales, however, declined by 1.5% to $4.97bn.

Operating profits, meanwhile, increased to $274m from $241m in 2009.

In North America, overall operating conditions remained soft. Sales in volume terms fell by 2.5% and by 5.5% in value, year-on-year.

In Europe, sales were up by 8% and 1.5% in value and volume, respectively.

For the full year of 2010, CCE said it expects operating profits to increase in the high single-digit range, driven by mid single-digit growth in both Europe and North America and a reduction in year-on-year corporate operating expenses.

Sales are expected to increase at the low single-digit rate, driven by mid single-digit growth in Europe and a flat to low single-digit decline in North America.

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