Coca-Cola HBC Shares Drop After Quarterly Revenue Miss
Coca-Cola HBC missed quarterly revenue estimates as customers bought cheaper bundled drinks. The bottler kept its annual growth forecasts despite rising costs.
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Coca-Cola HBC AG-DI reported 11.6% organic revenue growth for the quarter ended March 28, missing the 11.8% analyst consensus. Shares in the Switzerland-based bottler fell 5.3% during morning trading on May 7 following the announcement. Consumers opted for cheaper multi-serve bundles during the early Easter holiday, pressuring revenue growth.
