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Sales and Profits Down at Coca-Cola Enterprises

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Sales and Profits Down at Coca-Cola Enterprises

Sales and Profits Down at Coca-Cola Enterprises
February 11
11:51 2013

Coca-Cola Enterprises has reports a 2.5% fall in full year net sales to $8.1billion and a 10% drop in oerating income to $928 million. Comparable operating income totaled $1.0 billion, up 2.5% on a comparable and currency neutral basis versus a year ago as currency translation negatively affected earnings.

Full-year volume declined 3%. Sparkling brands declined 3.5%; however, Coca-Cola Zero continued to perform well with growth of 6.5%, and energy grew over 15%, led by Monster. Still brands were flat for the year, as growth in Capri-Sun, Nestea, and Chaudfontaine and Abbey Well waters was offset by declines in juices, juice drinks, and sports drinks. On a territory basis, volume was down 3% in both Great Britain and continental Europe.

“We achieved solid earnings per share growth in 2012 while working through significant marketplace challenges and the ongoing macroeconomic softness that continues to affect our territories,” says John Brock, chairman and chief executive of CCE. “Managing through these factors, we also delivered modest comparable, currency neutral net sales and operating income growth, and strong free cash flow. We remain confident in our ability to restore, over time, our sales and operating income growth to levels in line with our long-term targets.”

He adds. “Our optimism is fueled by the popularity of our brands, the effectiveness of our marketplace initiatives, the benefits of our Business Transformation Program, and the skill and dedication of our people. Going forward, we will continue to focus on value-creating opportunities in order to achieve sustained growth and to deliver on our most important goal – creating value for our shareowners.”

For 2012, excluding the impact of the French excise tax increase, net pricing per case grew 3% and cost of sales per case grew 2.5%. Operating expenses were flat as volume declines and expense controls offset increases, including incremental costs associated with the company’s support of the Olympic Games

“In a year marked by unique operating challenges, we continued to focus on marketplace excellence while positioning our company to take advantage of the growth opportunities we see ahead,” says Hubert Patricot, executive vice president and president, European Group. “We expect a return to volume growth in 2013 through a combination of marketing efforts, solid customer plans, and effectiveness initiatives. We also are on track to realize benefits from our Business Transformation Program, including a restructured commercial organization that we believe will deliver increased productivity, operating efficiency, and enhance best practices while maintaining our world class levels of customer service.”

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