Coca-Cola HBC keeps its fizz on robust demand
Coca-Cola HBC raised its full-year profit forecast on Tuesday, as the soft drinks bottler benefited from resilient demand and said price rises and promotions would protect profits. Inflation at multi-year highs has pinched household budgets and forced consumers to cut their spending, but Coca-Cola is among the packaged food makers enjoying steady demand.
Chief Executive Zoran Bogdanovic said trading in the fourth quarter and 2023 “might get harder because of consumer demand suppression,” but added the company planned to overcome it with pricing and promotional plans. CCHBC shares at the Athens Stock Exchange soared 3.85% on Tuesday.
The bottler expects double-digit organic revenue growth at a group level in 2022, after reporting a 19.6% rise for the third quarter, excluding Russia and Ukraine. HBC stopped production and sales of Coca-Cola products in Russia, which was one of its biggest markets, after the exodus of Western companies following Russia’s invasion of Ukraine began in February.
[Reuters]
