Coca-Cola profit slips on weaker North American pop demand
Sales weaker than expected
For the three months ended Dec. 31, Coca-Cola Co. earned $1.71 billion US, or 38 cents per share. Excluding one-time items, it earned 46 cents per share. That was in line with Wall Street expectations.Coca-Cola Co. has reported lower fourth-quarter profit as it sold less pop in North America.
Coke said its global sales volume rose by one per cent. But that was only because of overseas sales strength. In North America, carbonated drink sales fell three per cent.
Like Pepsi, which reported a "mid-single-digit" drop in soda volume last week, Coke has been battling declining pop sales in developed markets, especially in the United States.
Americans has been trimming their consumption of carbonated beverages for years amid worries over sugar or artificial sweeteners. There's also more competition from energy drinks.
Coke has been trying to grow its business in emerging markets. It also bought a stake in Green Mountain Coffee Roasters earlier this month.
For the three months ended Dec. 31, Coca-Cola Co. earned $1.71 billion US, or 38 cents per share. Excluding one-time items, it earned 46 cents per share. That was in line with Wall Street expectations.
A year ago, the company earned $1.87 billion, or 41 cents per share.
Revenue fell 3.6 per cent to $11.04 billion, short of the $11.31 billion analysts had forecast.
Coke said it hopes to save $1 billion by improving productivity. It said it would plow the savings into advertising.
With files from The Associated Press and Reuters