Coca-Cola shows robust Q3 growth
Coca-Cola Company has posted a 9 per cent increase in net revenue for the third quarter and says that it will continue to focus on “effectiveness and efficiency”.
The news comes shortly after rival PepsiCo announced that it is to cut 3,300 jobs worldwide after reporting a 9.5 per cent fall in pre-tax profits for the third quarter.
Coca-Cola reported pre-tax profit for Q3 up 16 per cent to $2,445 million (£1,395 million) on operating revenues up 9 per net to $8,393 million (£4,789 million). Pre-tax profits for year-to-date are $6,289 million (£3,587 million).
Unit case volume increased 5 per cent in the third quarter and 4 per cent year-to-date. International operations delivered 7 per cent unit case volume growth driven by emerging markets.
Europe saw unit case volume up 3 per cent for the quarter and 2 per cent year-to-date with pre-tax profit up for year-to-date 15 per cent to $2,580 million (£1,471 million).
However, North America continued to see unit case volume drop with a 2 per cent fall for the quarter and 1 per cent for the year-to-date, with net revenues dropping 2 per cent.
President and CEO of the company Muhtar Kent says: “We once again demonstrated our ability to perform consistently, delivering our eighth consecutive quarter of double digit comparable earnings growth, despite an incredibly challenging economic environment.”
He said that there would be an increased focus on investment and efficiency and “continued investment” behind the brands and added: “Our system’s ability to adapt to changing economic and consumer environments was key to our success during the quarter, and we believe this adaptability will continue to be crucial to the business going forward.”
Coca-Cola is tying up with the new James Bond film Quantum of Solace to promote Coke Zero and has used an excerpt from the sound track by Jack White and Alicia Keys on the advertisement.
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