Coca-Cola Co reported weaker-than-expected sales volumes on Tuesday due to ongoing economic malaise and unusually poor weather, sending its shares down nearly 3 per cent, reports Reuters.
Coca-Cola said overall volume rose 1 per cent, which was below its expectations, and cited slow economies in Europe, Asia and Latin America. It also said historically wet and cold weather across various regions curbed sales of soft drinks and overall consumer spending.
Coke chief executive Muhtar Kent said he believes the company’s performance will improve in the second half of the year.
Quarterly net income dipped to $2.68 billion, or 59 cents per share, from $2.79 billion, or 61 cents per share, a year earlier.
-With New Age input
