Coca-Cola Europacific Partners records a slight increase in sales despite weaker demand and varied summer conditions.
- The company’s comparable sales rose by 2.4% to £4.50bn during the third quarter ending September 27, 2024.
- Although sales were up, global volumes remained stagnant, and volumes in Europe decreased by 1.4%.
- Full-year sales to date showed a modest growth of 2.7%, while full-year volumes in Europe saw a decline.
- CEO Damian Gammell attributes the stable performance to strategic pricing and promotions, with optimism for 2025.
In the third quarter of 2024, Coca-Cola Europacific Partners managed to achieve a modest sales increase of 2.4%, lifting sales to £4.50bn (€5.36bn). This was achieved despite challenges posed by fluctuating consumer demand and erratic summer weather, which contributed to a less favorable market environment.
Globally, the company’s volumes remained stable, with no significant change. However, European markets experienced a 1.4% decline in volumes, reflecting regional challenges. Despite a global full-year increase of 0.4% in volumes, the European market saw a more pronounced decrease of 2.3%, indicative of regional market pressures.
CEO Damian Gammell described the year as ‘solid’ but acknowledged the softer European volumes, attributing these to weather issues and reduced consumer demand. Gammell highlighted, ‘In the third quarter, we delivered top line growth despite mixed summer weather and softer consumer demand in away-from-home in Europe.’ His comments underscore the effective strategies in place, such as capitalizing on events like the UEFA Euros and the Olympics, which helped maintain underlying growth.
Furthermore, Coca-Cola Europacific focused on a revenue growth management strategy, emphasizing pricing and promotional tactics that catered to diverse consumer needs. This strategic emphasis was central to achieving solid gains in revenue per unit and ensuring the company’s offerings remained relevant.
Looking beyond 2024, the company maintains confidence in its capability to meet mid-term growth objectives, bolstered by a strong performance from other Coca-Cola bottling partners like Coca-Cola Hellenic Bottling Company, which also reported strong third-quarter results.
Coca-Cola Europacific Partners remains optimistic about future growth, leveraging strategic initiatives and effective market adaptation.
