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Coca-Cola says turnround plan on track（675words）
By Lindsay Whipp in San Francisco
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Coca-Cola has pointed to further signs that its turnround plan is starting to gain traction, as it reported higher earnings despite an increase in advertising costs and strong currency movements that hurt its revenues.
The US drinks company said on Wednesday that second-quarter revenues fell 3 per cent to $12.2bn, but net profit rose 19 per cent to $3.1bn, or 71 cents a share. This was in line with expectations and the group said it would maintain forecasts for the year.
Coca-Cola has been cutting costs, reducing the size of drinks bottles and cans, and increasing advertising spending as it responds to consumers’ shift away from fizzy drinks, especially those with artificial flavours, and packaged in large volumes.
The strong dollar hit Coca-Cola’s overseas operations and Muhtar Kent, chief executive, highlighted the difficult economic conditions that it and rivals were facing, particularly in China, Russia and Brazil. He noted that incomes in China had not improved significantly of late.
“Given the current overall macroeconomic environment in China we are still cautious for the near term, but are excited by the long-term prospects we see in this dynamic and important market,” Mr Kent said, adding Coke is continuing to increase value and volume share.
“We are continuing to invest heavily for the future,” he said.
Mr Kent said Coca-Cola’s turnround was proceeding at the right pace and it was on schedule with cost cuts. When asked about the company’s M&A strategy, he said that it was looking for “bolt-on targets that fit the company’s portfolio”.
Coca-Cola’s US performance improved, which the company said partly reflected the success of its advertising push and smaller packaging, which enabled it to charge more per ounce for its drinks.
Sales volume in North America increased 2 per cent in terms of unit cases, with a 1 per cent rise in sparkling volume and a 5 per cent upturn in still beverages.
Sandy Douglas, president of Coca-Cola North America, said the group’s strategy in the region was to have more people “enjoying more Coke more often for a little bit more money” and that it was working.
While smaller packaged drinks account for a limited portion of overall sales at the moment, they are growing at a double-digit pace, Coca-Cola said.
Consumers’ behaviour suggests that they are going back to Coca-Cola’s roots by wanting to drink Cokes in smaller bottles that stay cold to the end, something the brand was selling decades ago, the company said.
Its advertising push, while happening across several regions, has had a head start in the US, where an increased focus on social media has been paying off, it said.
However, Diet Coke disappointed again, with a 7 per cent decline in volume. Mr Douglas said the falls were beginning to stabilise and the company hoped to achieve growth again through product innovation. He acknowledged that the consumer shift toward fresh and natural was a “good dietary change for the country, but categories oriented to that have been pretty negative”.
While Coke has not followed PepsiCo’s route of replacing the sweetener aspartame, Mr Douglas reckoned that its rival’s move had helped generate a more educated debate around the topic of artificial sweeteners.
Pepsi has also been moving into the premium category of drinks known as “craft” beverages, or offering new flavour combinations and serving experiences as it attempts to ride the wave of millennial demand for more tailored products.
Coke said it believed the premium sector had a bright future, highlighting its Blue Sky soft drinks, which it acquired when it took over Monster Beverages, as fitting into that segment. It added that the types of packages the beverages came in were also key to the consumer experience.
Shares fell 0.7 per cent to $40.90 by close of trading in New York, continuing its halting performance since the start of the year.
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