Charlotte, NC-based Coca-Cola Consolidated Inc. (Nasdaq: COKE), the largest Coke bottler in the United States, on May 11 reported operating results for its first quarter, ended April 2.
KEY POINTS
- First-quarter 2021 net sales increased 8.3%, versus the first quarter of 2020, with physical case volume up 4.8%.
- Gross profit increased $43.4 million, or 10.7%, in the first quarter of 2021 versus the first quarter of 2020. Gross margin improved 70 basis points to 35.3% primarily due to revenue management initiatives.
- First-quarter 2021 income from operations was $94.2 million, up $61.4 million, or 187.0%, compared with the first quarter of 2020.
"While we face continued challenges in 2021, we are building on positive momentum from 2020 to deliver strong operating results so far this year,” said J. Frank Harrison, III, chairman and chief executive. “As we approach the summer months, we believe our business is well positioned to stay agile and responsive to our customers."
Coca-Cola Consolidated's physical case volume increased 4.8% in the first quarter of 2021. Sparkling beverages maintained steady growth and certain still brands, including BodyArmor, AHA and Monster, performed well, versus prior year. Sparkling category volume increased 4.5% in the first quarter of 2021, while still beverage volume increased 5.5%.
Revenue increased 8.3% in the first quarter of 2021. The increase in revenue from bottle/can sparkling beverages was driven primarily by price realization on most sparkling packages. Sales of multi-serve PET packages were especially strong in the quarter.
Sales in take-home channels continue to outpace other channels, CCCI said. but it is seeing improvement in on-premise selling channels as COVID-related restrictions are being lifted throughout its 14-state territory.
See the full CCCI's full Q1 report at Globe Newswire.
