World Cup could not help Coca-Cola's bottom line
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New York - Coca-Cola sold more beverages in the second quarter, worldwide brand Coca-Cola volume grew 1 per cent, Sprite rose 6 percent, and Fanta was up 2 per cent due to sponsorship of the FIFAWorld Cup, the company said Tuesday.
Improved gross margins in the quarter were largely offset by increased marketing costs and weaker foreign currencies, the company said.
The soda maker reported a 3-per-cent decline in profits to US$2.6 billion dollars, compared to $2.68 billion a year earlier.
Revenue slid 1.4 per cent to $12.6 billion.
"As we now reach the midpoint of the year, we have delivered sound financial performance year to date and demonstrated sequential improvement in our global volume growth," said Muhtar Kent, chairman and chief executive of the Coca-Cola Company.
"While I am pleased with our progress to date, we remain focused on the work required to return our business to the level of sustainable growth we and our shareowners expect.”
