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US: Q1 volumes dip fails to hold back Coca-Cola Enterprises sales, profits

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  • Q1 net profits inch up by 2.8% to US$109m
  • Net sales in three months to end of March follow suit, rising by 1.3% to $1.87bn
  • Operating profits increase by 4.3% to $171m
  • Affirms FY guidance of 10% lift in EPS growth

Coca-Cola Enterprises has reported slight lifts in first-quarter net sales and profits, despite a 0.5% slip in volumes in the period.

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The US-based bottler said today (26 April) that net profits for the three months to the end of March climbed by 2.8% to US$109m, while sales increased by 1.3% to $1.87bn. Opertaing profits in the quarter were up by 4.3% to $171m.

The company said the volume slip was caused by excise tax in France and a stronger than usual prior year.

“Our results demonstrate our ability to deliver even as we worked through a challenging first quarter,” said CEO John Brock. “We have outstanding sales initiatives and operating plans in place that will enhance our marketplace presence, enable us to closely control expenses, and ultimately, deliver solid growth for the full year.”

The company said energy brands, driven by Monster and Powerade Energy in the UK, continued to post significant growth, while still beverages declined compared to a 14.5% increase a year earlier.

Volumes in the UK decreased 1% versus a 6.5% rise a year earlier, the company said, while highlighting the importance of upcoming summer events such as the London Olympics and the Euro 2012 football championships in Poland and Ukraine.

The company said it will stick to its 2012 outlook of EPS growth of about 10%.

CCE also said that it is still on track to repurchase at least $500m of its shares by the end of the year as part of its previously-announced $1bn share repurchase programme.

For Coca-Cola Enterprises' official announcement, click here.


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