Coca-Cola Enterprises income up 7% in Q1

by Stephanie Bloyd
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ATLANTA — Softening single-serve package sales contributed to modest first-quarter results for Coca-Cola Enterprises, Inc. The company posted net income of $8 million, equal to 2c per share on the common stock, up from $15 million, or 3c per share, during the same quarter of 2007.

Net sales were $4.9 billion, up 7% from $4.5 billion during the first quarter of the previous year.

"While weaknesses in North America’s economic environment tempered our first-quarter results, we remain focused on executing against our three strategic objectives, ensuring the continued success of our restructuring programs, and controlling our operating expenses," said John F. Brock, chairman and chief executive officer. "We continue to believe that our operating and brand initiatives, coupled with outstanding marketplace execution generated by our skilled, dedicated work force will create increasing levels of growth."

Other key factors in first-quarter results were continued European operating improvements, as well as restructuring programs and operating expense initiatives, the company said.

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