Coca-Cola Amatil Volumes Declined Sharply Amid Lockdowns
May 25 2020 - 7:22PM
Dow Jones News
By Mike Cherney
SYDNEY--Australian bottler Coca-Cola Amatil Ltd. said Tuesday
that volumes declined sharply in April and the first three weeks of
May due to coronavirus lockdowns.
The company didn't offer specific guidance for the rest of the
financial year, but said it anticipates having a clearer view at
its half-year result in August.
The company said group volume declined by 33% in April and 26%
in the first three weeks of May. Margin declines were more
pronounced given shifts in channel and portfolio mix, particularly
in its main market in Australia, Amatil said.
It expects tight cost management and reduced capital expenditure
to partially mitigate the earnings impact.
"Whilst it is encouraging to see lockdown restrictions gradually
being eased and some green shoots of improvement in trading
conditions emerge, the reality is that economic recovery will take
time and uncertainty remains," Managing Director Alison Watkins
said.
She added that December quarter trading will be imperative to
the company's full fiscal-year performance.
Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
May 25, 2020 19:07 ET (23:07 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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