Coca-Cola Europacific Partners PLC (NASDAQ:CCEP) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET
Company Participants
Sarah Willett - VP of IR and Corporate Strategy
Damian Gammell - CEO
Nik Jhangiani - CFO
Conference Call Participants
Edward Mundy - Jefferies
Lauren Lieberman - Barclays
Bryan Spillane - Bank of America
Mitchell Collett - Deutsche Bank
Bonnie Herzog - Goldman Sachs
Eric Serotta - Morgan Stanley
Charlie Higgs - Redburn Atlantic
Simon Hales - Citi
Robert Ottenstein - Evercore ISI
Brett Cooper - Consumer Edge
Sarah Willett
Thank you all for joining us today. I'm here with Damian Gammell, our CEO; and Nik Jhangiani, our CFO. Before we begin with our opening remarks, reminder of our cautionary statements. This call contains forward-looking management comments and other statements affecting our outlook. These comments should be considered in conjunction with a cautionary language contained today as well as the detailed cautionary statements found in reports about the U.K., U.S., Dutch, and Spanish authorities.
A copy of this information is available on our website at www.cocacolaep.com. Prepared remarks will be made by Damian, we will then turn the call over to your questions. Unless otherwise stated, metrics presented today will be on a comparable and FX-neutral basis throughout. Following the call, a full transcript will be made available as soon as possible on our website.
So I will now turn the call over to our CEO, Damian.
Damian Gammell
Thank you, Sarah, and thank you to everyone joining us today.
I'm very pleased that 2023 continues to be a strong year for CCEP. We've delivered year-to-date revenue growth of 8.5%, reflecting solid growth in revenue per unit case as we continue to drive price and mix through our smart and successful revenue growth management strategy. Excluding our strategic portfolio alignment choices, primarily in Indonesia, but also the exit of bulk water in a number of markets, underlying volumes also grew around 0.5%.
And again, we grew transactions ahead of volume in Europe, Australia, and New Zealand. Following a strong first half, we achieved top line growth of 4% in the third quarter with solid revenue per case growth of 9%, reflecting positive headline price across all markets and our continued focus on promotional spend optimization. Favorable brand mix also contributed led by the outperformance of our Monster portfolio.
Volumes in Europe declined by 4%. As previously flagged, we were cycling a strong summer with volumes up 12% last year. This was largely driven by the weather which was mixed across Europe, most notably in G.B., Northern France, and Northern Europe across the key summer months of July and August.