Coca-Cola HBC Q1 net sales down 1.7% on weak rouble, naira

First quarter net sales at Coca-Cola HBC fell 1.7% mainly due to currency hits from the Russian rouble and Nigerian naira, the company said on Thursday.

Forex-neutral revenue growth was 4.5% through a balance of volume growth and price/mix improvements, it added.

Volumes during the quarter were up 2.3% with “very strong growth in the developing segment and another quarter of expansion in the established segment”.

Coca-Cola said innovation in sparkling drinks helped drive 2.8% growth in the category.

FX-neutral revenue per case increased by 2.1%, with the rollover effect of 2017 price increases and mix improvements in the emerging and established segments, partly offset by some mix deterioration in the developing segment, the company said.

Chief executive Zoran Bogdanovic said product innovation and ongoing revenue growth management initiatives continued to deliver balanced growth through volume and price/mix improvements.

“With strong commercial plans in place and anticipated gradual economic recovery in Russia and Nigeria, we expect our revenue growth to accelerate as the year progresses," he said.