Coca-Cola Europacific Partners PLC said Tuesday that revenue for the first quarter fell because of pandemic-driven declines in volume, but conditions improved during the period.
The London-listed beverage company said revenue fell 7.5% from a year earlier to 2.29 billion euros ($2.78 billion) on the back of lower volume sales. Revenue per unit fell to EUR4.70 from EUR4.77 on adverse pack-and-channel mix, it said.
Coca-Cola Europacific said that while the timing of the pandemic recovery is unknown, the company is optimistic. While first-quarter conditions were challenging in Europe, the company said it is encouraged by a trend of improvement, particularly in Great Britain.
The company said it will declare a dividend for the full year in the third quarter, to reflect the earnings of the enlarged company after its acquisition Monday of Coca-Cola Amatil. Fiscal 2021 guidance remains suspended given pandemic-driven uncertainty, it said.
“Early and decisive in-market actions taken by our colleagues, our disciplined investments in the longer term and our focus on driving efficiencies throughout our business, collectively ensure we will emerge stronger than before,” Chief Executive Damian Gammell said.