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Cott Corp losses widen in YTD

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  • Nine-month net losses of US$9.5m
  • YTD net sales slip 3.2% to $1.56bn
  • Operating profits slide 34.7% to $48.1m
  • Q3 net profits fall 96.7%, sales down 1.5%

Cott Corp has seen its net losses widen in its year-to-date, but the company has said its global volumes are continuing to stabilise.  

Cott Corp has remained in the red in its year-to-date

Cott Corp has remained in the red in its year-to-date

The private label CSD producer reported today that net losses in the nine months to the end of September came in at US$9.5m, compared to profits of $28.5m in the same period the prior year. 

The Florida and Ontario-headquarterd company's half-year net losses were $7.1m, as the company blamed the on-going decline in the North American CSD market. 

Today it said sales in the year-to-date fell by 3.2% to $1.56bn, while operating profits slid 34.7% to $48.1m. 

Cott's total volumes in the nine months were flat, with its US business seeing a 4% drop. However, UK volumes were up 4.4%. 

Third-quarter volumes were also flat, with sales down 1.5% and net profits falling 96.7% to $0.4m.

“Our global volume continued to stabilise in the quarter due to an 80% growth in North American contract manufacturing volumes, the addition of Aimia Foods volumes, and a slightly less aggressive large format retail National Brand promotional environment,” said CEO Jerry Fowden. 

Looking ahead, he added:  “Our more stable volume, revenue and gross margin, alongside new contract manufacturing wins and our continued diversification, better positions the business for the future.” 

Cott also declared a quarterly dividend today of $0.06 per common share. 

To read the company's full statement, click here 


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