Coca-Cola HBC on Wednesday forecast full-year profit growth to be at the top end of its guidance, aided by robust demand for its soft drinks and executed price increases.
Beverage makers have raised prices in line with a rise in energy and commodity prices after Russia's invasion of Ukraine last year, but companies such as Coca-Cola HBC have witnessed sustained demand as customers continued to spend on soft drinks.
"Market shares improved for both non-alcoholic ready-to-drink (NARTD) and sparkling, while we effectively implemented thoughtful price and mix changes in the face of continued cost inflation," Zoran Bogdanovic, CEO said in a statement.
Value Share Increase
In the first quarter ended 31 March, HBC saw its value share increase by 70 basis points (bps) in the NARTD market, while sparkling value share increased by 10 bps.
The company's net sales revenue per case for the quarter grew 21% on an organic basis, while analysts on average expected a 16.7% growth, according to a company-compiled consensus.
Expected Organic Earnings
The company said that it expected organic earnings before interest and taxes (EBIT) growth to be at the high end of its forecast range of -3% to +3%.
It continues to expect organic revenue growth above its 5-6% average target range at a group level.
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