Atlantic Grupa 1Q 20 - Savoury spreads sales skyrocketed
It seems like we have been too pessimistic on the impact of the lockdown on Atlantic Grupas figures in 1Q 20. Suspension of sales in the HoReCa channel in March and the decline in sales in on-the-go and impulse segments left their mark on Beverages unit (-7%) and to a lesser extent on Snack unit (-1.4%) performance. However, the negative impact has been more than offset by stockpiling in households, which especially concerns the Savoury Spreads portfolio that rose by as much as 39%, Donat MG (+ 12.5% - now a separate BU, previously reported within Beverages) and Coffee (+5.4%). If we exclude the impact of divested business, the top line went up by 12.2%. Marketwise, only the Serbian market posted yoy decline (-2.6%).
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