Coca-Cola HBC worsens outlook due to Russian market situation
MOSCOW. Aug 7 (Interfax) - Coca-Cola Hellenic Bottling Company, Coca-Cola's exclusive distributor in Russia, has worsened its full-year sales forecast, due partly to the situation in the Russian market, where sales fell in Q2.
"The prevailing difficult economic and trading conditions, the sudden deterioration in Russia and the evolving trends in a small number of other markets have led us to review our volume outlook. We now expect the volume decline trend we have seen in the first half to persist in the remainder of the year," Coca-Cola HBC said in a statement.
"As the year progresses, there is increasing evidence that the trading conditions we have seen so far are unlikely to improve during 2014. Although macroeconomic forecasts are being revised marginally upwards in some of the countries where we operate, unemployment levels remain high and disposable income is still constrained. Moreover, the escalation of the geopolitical situation in Russia and Ukraine has affected consumer spending in this region," it said.