Bottler Coca-Cola HBC's April Sales Lose Fizz As Lockdowns Weigh
Soft drinks bottler Coca Cola HBC AG on Thursday said sales in April fell by more than a third as fast-food chains, theatres and other public arenas stayed shut to limit the spread of the new coronavirus during stay-at-home orders.
The company, a bottler for U.S.-based beverage firm Coca-Cola, said net sales revenue for April slumped 37.2% on a constant currency basis, with first-quarter sales slipping 1.2% to €1.41 billion euros.
"After a strong start to 2020, March and especially April have been more difficult. The strong performance in January and February ensured that we entered this crisis from a position of real strength," chief executive officer Zoran Bogdanovi said.
"We are also effectively managing the business for the conditions which will support our performance and ensure we are well-placed to move into the recovery phase when it comes."