Coca-Cola says goodbye to 200 of its brands

25 Octobre, 2020, 14:43 | Auteur: Auguste Feret
  • Coca-Cola says goodbye to 200 of its brands

Nevertheless, it was a better-than-expected third quarter. In the second quarter, Coca-Cola still sold 28% less.

Operating income for the latest period fell just eight per cent to $2.3 billion (£1.725 billion/€1.9 billion), although a sharp run-up in interest expense took its toll on pre-tax income, which was down 29 per cent at $2.18 billion (£1.6 billion/€1.8 billion).

On a per share basis, the company earned 55 cents per share, 9 cents above expectations, according to IBES data from Refinitiv. That also outpaced analyst forecasts of 46 cents.

The company said consumers were buying more sparkling soft drinks and juices from grocery stores and online. Although sales in all regions dropped compared to past year, this was a better performance than analysts had expected. His feedback got here as Coke reported an 11 p.c drop in quarterly gross sales volumes for its waters and sports activities drinks, which embrace the Dasani and Powerade manufacturers. In the USA, sales at convenience stores ticked upward after a slump.

In a comment to investors, CEO James Quincey said they had finalized the list of which brands will remain, but he would not give specifics. "We are prepared for setbacks due to the local spikes in cases and targeted restrictions and closures". But Chief Financial Officer John Murphy said Coke is confident it will recover faster than the broader economy because of its ongoing corporate reorganization.

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There's a stark difference between Coca-Cola's successful brands and its struggling ones, Quincey said over the summer.

The Coca-Cola Company said Thursday it was shaking up its product mix as part of an effort to revive sales which have been slumping during the coronavirus pandemic.

The news comes almost a week after the beverage giant announced it would discontinue its once popular sugar-free soft drink Tab after more than 60 years on shelves across the world.

Coke boasts more than 500 brands worldwide, including Sprite, Minute Maid, Honest Tea, Simply and others.

Coca-Cola announced last week it would streamline its portfolio of brands, removing a series of products from sale including Tab, its first diet soda (which predated Diet Coke).

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