US: The Coca-Cola Co sees profits, sales fall in 2013
- Full-year net profits slide by 5% to US$8.58bn
- Net sales in 2013 dip by 2% to $46.85bn
- Operating profits also down, by 5% to $10.23bn
- Global volumes increase by 2% in 2013
It's been a tough year for The Coca-Cola Co
The Coca-Cola Co has posted slides in both profits and sales last year, with Q4 dragging down performance.
The company said earlier today (18 February) that net profits in 2013 came in 5% down on 2012, at US$8.58bn. Net sales in the year slid by 2% to $46.85bn, while operating profits decreased by 5% to $10.23bn.
Although Coca-Cola saw total volumes increase by 2% in the year, the performance was "below our expectations and long-term growth target", the firm noted.
In the final quarter of the year, Coca-Cola saw net profits fall more markedly, by 8% to $1.71bn. Sales were down by 4% in the three months to the end of December, at $11.04bn, with operating profits sliding by $2.11bn.
In the first nine months of 2013, Coca-Cola saw its net profits and sales both fall, by 4% and 2%, respectively.
“2013 was marked by ongoing global macroeconomic challenges in many markets around the world," said chairman & CEO Muhtar Kent. "While our business was not immune to these pressures leading to moderated global volume growth, we delivered sound financial results in line with our long-term profit targets."
Turning to 2014, Coca-Cola warned that last year's bottling transactions in North America will have an unfavorable 1% structural impact on both full-year net sales and operating profits.
To read the company's official statement, click here.
For a more in-depth look at Coca-Cola's Q4 and FY results, click here.
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