just On Call - Coca-Cola Co CEO brands critics "wrong" over growth
Coca-Cola says its growth is on track
The Coca-Cola Co's CEO has hit back at critics who claim the company's growth story is over, saying the climate is ripe with opportunity.
In a conference call with analysts after the release of Coca-Cola's latest results, Muhtar Kent said low consumption rates in Africa and Asia show there is ample room for sales and volumes increases. “We believe the critics, whoever they are, are wrong,” Kent said today (15 October).
“I don't understand that sentiment. We're growing while others are not. And our portfolio is built for times like these, so we see it as a time of opportunity.”
Kent was responding to an analyst who cited declines in diet soft drinks in developed markets, “irrational pricing” and stalled growth in Mexico and the US as reasons for concern over Coca-Cola's long-term health.
According to Nielsen figures, unit sales of diet and low-calorie soft drinks in the US fell by 6.9% for the four-week period to 3 August, versus the same period last year.
But despite admitting to “some headwinds in emerging markets”, Kent said a boom in middle class consumers around the world will carry Coca-Cola forward.
“The whole demographic, the whole story of 1bn new middle class by 2020 still holds very strong in our opinion,” he said. “We believe we can continue to generate very healthy growth.”
In today's year-to-date results, Coca-Cola saw volumes rise but profits continue to fall after a tough H1 hampered by bad weather. Third-quarter results were better, with sales still down but net profits up by 6%.
We're just over two months away from the start of the biggest sporting event on earth: The FIFA World Cup kicks off on 12 June, when host country Brazil take on Croatia in the first match of the month...
The Coca-Cola Co (TCCC) is the leading player in both soft drinks and in HW soft drinks. The company’s strength is based on its diversity of category presence from HW carbonates to RTD tea and bottled...
The Coca-Cola Company slightly underperformed the world’s soft drinks market amid the recession in Western Europe and slow economic recovery in the US. It is actively expanding in low calorie carbonat...
Consumption of fruit/vegetable juice declined in 2012 in both the off-trade and on-trade channels. Off-trade volume sales of fruit/vegetable juice fell by 5% in 2012; a third consecutive year of decli...
- A tobacco analogy soft drinks will want to embrace
- Pernod's Portman Group penalty - a coincidence?
- just The Preview - SABMiller's Q1
- just Five Years Ago: A-B InBev sells Oriental
- Cleaning China's seedier side brings Remy balance
- Diageo faces public consultation over W&M sale
- Diageo's Captain Morgan Facebook ad banned
- William Grant silent on Drambuie bid talk
- Bacardi to fight US football team legal action
- Remy posts Q1 sales drop as Edrington loss bites