US: Sales, profits slip but volumes rise in Q1 for Coca-Cola Co
- Net profits in Q1 fall by 8% to US$1.62bn
- Net sales in three months to end of March slide by 4% to $10.58bn
- Operating profits dip by 1%, hitting $2.38bn
- Total volumes rise by 2% driven by emerging markets, North America stays flat
The Coca-Cola Co released its Q1 figures earlier today
The Coca-Cola Co has seen the first quarter of this year mirror its performance in 2013, with sales and profits dipping as volumes held firm.
The company said earlier today (15 April) that net profits in the three months to the end of March were down by 8% year-on-year, coming in at US$1.62bn. Sales in the period also fell, by 4% to $10.58bn, with operating profits slipping by 1% to $2.38bn.
Group volumes increased by 2% in the quarter, thanks to healthy growth in China and Brazil. Volumes in North America, however, were flat for the period.
The numbers echo Coca-Cola's FY performance last year, when profits fell by 5% on a 2% decrease in sales. Volumes in 2013 were up by 2%.
The company flagged that volumes in its developed markets were down by 1% thanks in part to "the shift in the Easter holiday from the first quarter last year to the second quarter this year".
On a regional basis, Asia Pacific delivered a 7% rise in volumes, with Eurasia & Africa posting a 2% lift. Latin America was up by 1% in volume terms, although Europe fell by 4%.
"Our growth momentum is steadily improving in line with our expectations," said chairman & CEO Muhtar Kent, adding that Coca-Cola is "gaining global volume and value share in non-alcoholic ready-to-drink beverages".
"We are committed to delivering on our performance goals and generating increased shareowner value through improved productivity efforts and targeted investments," he added.
To read the company's official statement, click here.
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