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)

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