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Coke revenues continue to lose their fizz | |
(about 9 hours later) | |
Coca-Cola's global revenues slid 7% in the three months to September as consumers kept the lid on fizzy drinks. | |
The fall to $10.6bn (£8.67bn) was the sixth consecutive quarterly decline in revenue for the world's biggest soft drinks company. | The fall to $10.6bn (£8.67bn) was the sixth consecutive quarterly decline in revenue for the world's biggest soft drinks company. |
The Latin America and Europe, Middle East and Africa regions both posted a 4% slide in sales, although North America had 3% growth and Asia rose 4%. | The Latin America and Europe, Middle East and Africa regions both posted a 4% slide in sales, although North America had 3% growth and Asia rose 4%. |
Water and sports drinks helped drive a 3% rise in still beverage sales. | Water and sports drinks helped drive a 3% rise in still beverage sales. |
Net profit also fell 28% to $1.05bn (£859m) in the quarter. | Net profit also fell 28% to $1.05bn (£859m) in the quarter. |
Both revenue and profits were slightly better than analysts had expected, helping shares to rise almost 1% in New York to $42.88. The stock is flat for the year to date. | Both revenue and profits were slightly better than analysts had expected, helping shares to rise almost 1% in New York to $42.88. The stock is flat for the year to date. |
Volume sales of carbonated drinks such as Sprite, Fanta and Coca-Cola Zero were behind the 3% rise in North America to $2.66bn, while Diet Coke sales fell. | Volume sales of carbonated drinks such as Sprite, Fanta and Coca-Cola Zero were behind the 3% rise in North America to $2.66bn, while Diet Coke sales fell. |
Sales of non-carbonated drinks, including iced tea, juices and energy drinks, rose 2% in North America. | Sales of non-carbonated drinks, including iced tea, juices and energy drinks, rose 2% in North America. |
The launch of Coca-Cola Zero Sugar in the UK, which replaced Coca-Cola Zero, enjoyed "strong double-digit unit case volume growth". | The launch of Coca-Cola Zero Sugar in the UK, which replaced Coca-Cola Zero, enjoyed "strong double-digit unit case volume growth". |
The company's new "One Brand" strategy, which gives Coca Cola, Coke Zero, Diet Coke, and Coca Cola Life a common visual identity, has now been introduced to 12 of its top markets. | The company's new "One Brand" strategy, which gives Coca Cola, Coke Zero, Diet Coke, and Coca Cola Life a common visual identity, has now been introduced to 12 of its top markets. |
James Quincey, Coca-Cola president and chief operating officer, told a conference last month that a new global marketing campaign called Taste the Feeling was beginning to boost sales. | James Quincey, Coca-Cola president and chief operating officer, told a conference last month that a new global marketing campaign called Taste the Feeling was beginning to boost sales. |
"We see encouraging results in terms of retail sales growth of the Coca-Cola brand in total," he said. "We believe that marketing takes its time to build up. It is a huge business, and the Coca-Cola business is not going to suddenly change overnight." | "We see encouraging results in terms of retail sales growth of the Coca-Cola brand in total," he said. "We believe that marketing takes its time to build up. It is a huge business, and the Coca-Cola business is not going to suddenly change overnight." |