Fevertree Sales Ahead of Guidance as Covid Boosts Home Drinking
(Bloomberg) -- 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.
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