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Coca - Cola Consolidated Reports First Quarter 2021 Results May 11 , 2021 • First quarter 2021 net sales increased 8.3 % versus the first quarter of 2020 , with physical case volume up 4.8 % ( a ) . • Gross profit increased $ 43.4 million , or 10.7 % , in the first quarter of 2021 versus the first quarter of 2020. Gross margin improved 70 basis points to 35.3 % primarily due to revenue management initiatives . • First quarter 2021 income from operations was $ 94.2 million , up $ 61.4 million , or 187.0 % , versus the first quarter of 2020 . Key Results ( in millions , except per share data ) Physical case volume Net sales Gross profit Gross margin Income from operations Basic net income per share Retail Beverage Sales ( in millions ) Sparkling bottle / can Still bottle / can Fountain ( b ) First Quarter 2021 2020 Change $ 86.9 1,269.9 83.0 4.8 % $ 1,173.0 8.3 % $ 448.7 $ 405.3 10.7 % 35.3 % 34.6 % $ 94.2 $ 32.8 187.0 % $ 5.69 $ 1.56 $ 4.13 First Quarter 2021 2020 Change $ 694.2 $ $ 420.1 $ 634.7 373.1 9.4 % 12.6 % $ 32.6 $ 41.9 ( 22.2 ) % First Quarter 2021 Review CHARLOTTE , N.C. , May 11 , 2021 ( GLOBE NEWSWIRE ) -- Coca - Cola Consolidated , Inc. ( NASDAQ : COKE ) today reported operating results for the first quarter ended April 2 , 2021 . " Our business performed incredibly well in the first quarter of 2021 thanks to the continued hard work and dedication of our teammates . While we face continued challenges in 2021 , we are building on positive momentum from 2020 to deliver strong operating results so far this year , " said J. Frank Harrison , III , Chairman and Chief Executive Officer . " As we approach the summer months , we believe our business is well - positioned to stay agile and responsive to our customers . Our Purpose remains front and center in all we do , as we continue to prioritize the health and wellness of our teammates , and to advance our commitment to diversity , sustainability and service in our communities . " Physical case volume increased 4.8 % in the first quarter of 2021. Sparkling beverages maintained steady growth and certain Still brands , including BodyArmor , AHA and Monster , also performed well versus prior year . Sparkling category volume increased 4.5 % in the first quarter of 2021 , while Still beverage volume increased 5.5 % . Sales of multi - serve packages in larger retail stores remained very strong , while single - serve sales improved in small stores and accounts where our products are consumed on - premise . Our first quarter of 2021 included one additional selling day compared to the first quarter of 2020 and we estimate it impacted our physical case growth rates by approximately 1 % . Revenue increased 8.3 % in the first quarter of 2021. The increase in revenue from our bottle / can Sparkling beverages was driven primarily by price realization on most Sparkling packages . Sales of multi - serve PET packages were especially strong in the quarter as we adjusted our commercial plans to emphasize these packages to complement our assortment of multi - serve can products in take - home outlets . Sales in take - home channels continue to outpace other channels , but we are seeing improvement in on - premise selling channels as COVID - related restrictions are being lifted throughout our territory . Gross profit increased $ 43.4 million , or 10.7 % , while gross margin increased 70 basis points to 35.3 % . The improvement in gross profit and gross margin was primarily due to price realization within our Sparkling category . In addition , favorable product mix , including the shift within Sparkling to multi - serve PET packages , helped to expand margins . We expect our major input costs , including aluminum , PET and high fructose corn syrup , to rise through the balance of the year which will put pressure on our gross margins . We currently plan to pass along price increases to our customers later this year in an effort to offset this expected cost pressure . " We are very pleased with our first quarter results as we built on the success of revenue and operating cost initiatives we established in 2020. Our results reflect the continued strong consumer demand for our future consumption products and were further boosted by improved sales in our immediate consumption channels , " said Dave Katz , President and Chief Operating Officer . “ Our results also benefited from strong execution of brand initiatives across our portfolio in the first 100 days of this year including Coca - Cola Zero Sugar , AHA , BodyArmor , smartwater and Coca - Cola with Coffee . " Selling , delivery and administrative ( " SD & A ” ) expenses in the first quarter of 2021 decreased $ 18.0 million , or 4.8 % . SD & A expenses as a percentage of net sales decreased 390 basis points in the first quarter of 2021. The decrease in SD & A expenses related primarily to lower labor costs as a result of adjustments we made to our operating model during the second quarter of 2020. Additionally , we generated favorable results in a number of expense categories due to the diligent management of our variable operating expenses , including delivery , marketing , and travel & entertainment expenses . As we progress through the year , we expect our operating expenses to increase as business channels reopen and we service our full portfolio of customers .