Central European Distribution Corp., a leading international beer and spirits distributor, said on February 18 its 2003 earnings would be higher than expected as it benefits from lower rent prices and shuts down some of its Poland depots. Central European raised its 2003 guidance to $2.15 to $2.20 per share, up from $2.00 to $2.05 per share.

"We have been able to renegotiate a 30 percent rental decrease for our main distribution facility in Warsaw, which will start from May 1 of this year," Chief Executive William Carey said in a statement.

The company will also save money by closing up to 10 of its 47 other depots in Poland this year. Central European shares closed at $25.10 in Friday trading on the Nasdaq. U.S. stock markets were closed on Monday in observance of the President's Day holiday.

19 February, 2003