Soft drinks bottler Coca Cola HBC AG reported higher third-quarter sales on Wednesday, helped by strong demand from fast-food chains and pubs as pandemic-related restrictions ease.
Coca Cola HBC said its out-of-home channel, which accounts for 40% of its total revenue, jumped a fifth with the reopening of public spaces and recovery of tourism in some markets.
While companies the world over grapple with labour shortage and rising input costs due to global supply chain disruptions, the bottler has continued to benefit from altered consumption patterns and high demand.
"Our actions in 2021, as well as the plans we have for Q4 and beyond will help us to mitigate the current challenging cost environment," Zoran Bogdanovic, chief executive officer , Coca Cola HBC said.
Switzerland-based Coca Cola HBC's revenue for the three months ended September was €2.12 billion ($2.45 billion), compared with company-provided estimates of €2.04 billion, and higher than the €1.83 billion it reported last year.
The company, which is one of Coca-Cola Co's many bottlers worldwide, holds local franchises to bottle and sell drinks produced by the U.S. beverage giant. Coca-Cola holds a roughly 23% stake in Coca Cola HBC.
News by Reuters edited by Donna Ahern, Checkout. For more Drinks stories click here. Click subscribe to sign up for the Checkout print edition.