News International Coca-Cola’s profit climbs
Coca-Cola’s profit climbs
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- Published on Thursday, 14 February 2013 00:00
- Written by AP
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NEW YORK— Coca-Cola is facing a tough time: people are drinking less soda in the U.S. and Europe and uncertain economic conditions around the world are weighing on the world’s biggest beverage maker.
The Atlanta-based company said Tuesday that its profit rose in the fourth quarter, as it benefited from growth in emerging markets and a shift in the calendar that resulted in two extra selling days for the period. But sales volume fell in China and Europe, reflecting a pullback in consumer spending.
In North America, its biggest market by revenue, volume rose just 1 percent, boosted by its Powerade sports drinks and bottled teas. The company sold 2 percent less soda.
In a conference call with analysts, CEO Muhtar Kent said he expects 2013 will “once again be a year of challenges” but that the company nevertheless expects to hit its long-term target of 6 percent to 8 percent growth in operating income.
