TMCnet News
China helps fizz up first quarter sales at Coca-Cola as Europe falls(City A.M. (UK) Via Acquire Media NewsEdge) COCA-COLA reported better-thanexpected quarterly revenue yesterday as strong sales in China more than offset a drop in Europe and flat volumes in North America. Coke's shares, which have fallen 3.4 per cent in the last 12 months, rose around four per cent yesterday. Global case volumes rose two per cent in the quarter, while those in China rose 12 per cent due to increased marketing around the Chinese New Year, the company said. Coke does not break out China sales separately. The business falls under its Asia-Pacific region, the company's second-biggest market by revenue. In 2013, the region accounted for 13 per cent of overall sales. Sales in North America, the company's biggest market, were stable despite an unusually cold winter and the general consumer shift away from fizzy drinks. Sales declined four per cent in Europe, but rose six per cent in both India and Russia. The company's net income fell to $1.62bn (£970m), or 36 cents per share, in the first quarter ended 28 March from $1.75bn, or 39 cents per share, a year earlier. (c) 2014 City A.M. |