Fevertree Sales Ahead of Guidance as Covid Boosts Home Drinking

Bookmark

Fevertree Drinks Plc, the British maker of high-end tonic, said full-year earnings were ahead of expectations as more people drink at home during Covid-19 lockdowns.

Total sales fell about 3% in 2020, the company said Thursday, with gains in the U.S. making up for declines in the domestic market. E-commerce and supermarket sales lifted the results above guidance issued in September.

“The pandemic led to a sustained shift to at-home consumption in the U.S., reflecting the growing interest in making long mixed drinks,” the company said in a statement.

The shares have fallen about 9% so far this year after a 21% increase in 2020.

Fevertree said it’s confident about the year ahead despite uncertainties related to Covid.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.