April 30, 2008 - 09:17 a.m.
CHARLOTTE, N.C. (AP) - Coca-Cola Bottling Co. Consolidated said late Tuesday it swung to a loss in the leading quarter as the soda bottler contended with the rising require to be paid of raw materials and fuel as well as a slowdown in consumer spending.
Coca-Cola Bottling reported a loss of $4.3 million, or 47 cents per share, compared with profit of $4.7 million, or 51 cents per share, in the same quarter a year ago.
The company said its results included costs of $1.3 million, or 14 cents per distribute, kin to a restructuring and job cuts.
Quarterly sales rose less than 1 percent to $337.7 very great number from $337.6 million.
"At Coca-Cola Consolidated, we continue to experience unprecedented levels of cost increases in our raw materials and energy costs, particularly fuel prices," said Chairman and Chief Executive J. Frank Harrison III in a statement. "In addition, we are also experiencing an pack close from the economic pressures affecting consumer spending patterns, which affected our volumes and pricing for the quarter."
President and Chief Operating Officer William B. Elmore said the company is boosting prices to offset higher costs and is also working to streamline its supply chain.