Coke sales have lost their fizz amid the ongoing economic squeeze and poor weather in many key markets.
Maker Coca-Cola said yesterday that overall volumes rose by just 1 per cent – below its expectations – citing slow economies in Europe, Asia and Latin America. It also blamed wet and cold weather across various regions.
However, chief executive Muhtar Kent said he believed that the soft drinks giant’s performance would improve in the second half of the year.
Quarterly revenues dropped 3 per cent to $12.8 billion (£8.5bn). By region, sales volume fell 1 per cent in North America and 4 per cent in Europe, but rose 2 per cent in Latin America, 9 per cent in Eurasia and Africa, and 2 per cent in the Pacific region.
In China, volume was flat due in part to poor weather and an economic slowdown, which is expected to continue to impact results throughout the year. But the firm expects growth to return in the second half as it “evolves” its strategy in China. It did not elaborate.