Coca-Cola revenue disappoints market, but volumes rise
The Coca-Cola Company last night reported a unit case volume increase of 2 per cent in the third quarter, but was unable to turn such growth into higher sales as revenues fell four per cent.
Internationally, the soft drink maker achieved unit case volume growth of 4 per cent, thanks to strong performances in key emerging markets – with 37 per cent growth in India, 15 per cent growth in China and 3 per cent growth in Brazil. However, sales were hurt by currency movements.
The Coca-Cola Company advised that they had again managed to increase market share on a global basis, with sales of the brand Coca-Cola one of the key contributors.
“I am pleased to report that we have again delivered solid results this quarter,” Muhtar Kent, chairman and chief executive officer of The Coca-Cola Company, said. “We continue to grow our currency neutral revenues, gain global nonalcoholic ready-to-drink volume and value share, expand our margins and invest in our business, all while generating tremendous cash flow.”
“Although we expect the consumer to continue facing economic uncertainties into 2010 and for consumer sentiment to recover slowly, we believe more than ever that we have the right strategies being executed, the right leadership team in place and have taken the right actions this year to drive continued growth and to make the most of the abundant opportunities before us.”