US: Cott Corp sees H1 loss as CSD market stays tough
- First half net losses come in at US$7.1m
- H1 net sales slip by 4% to $1.03bn
- Operating profits fall 36.7% to $30.2m
Cott Corp has reported a first-half loss as a decline in the US CSD segment continued to bite.
The private-label CSD producer said today that net losses in the six months to the end of June came in at US$7.1m, compared to a profit of $19.1m in last year's first-half. Net sales in the six months fell by 4% to $1.03bn.
Operating profits slipped by 36.7% to $30.2m in the period.
In Q2, sales fell by 2% to $551m, while net losses were $4.6m. This came on top of losses and a slip in sales in Q1.
However, Jerry Fowden, Cott's CEO, said the group's global volumes “stabilised” in the quarter after 18% growth in its juice and drinks business and a 140% jump in North American contract manufacturing volumes. Fowden said this offset the “continuing decline in North American carbonated soft drinks”.
Looking ahead, he added: "This improving volume trend, alongside new contract manufacturing wins and our continued diversification, should put the business in a better position as we go forward.”
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