Coca-Cola hit by disappointing sales, weak outlook
NEW YORK (AFP) - Soft-drink giant Coca-Cola on Tuesday reported a dip in fourth-quarter profits due to lower-than-expected sales and offered a 2014 outlook that disappointed analysts.
The US beverage maker said weak economic conditions had pinched consumption, leading to an overall 3.6 per cent decline in global revenues in the October-December period.
Sales in North America, which account for nearly 50 per cent of revenues, slid 4.2 per cent to US$5.27 billion (S$6.69 billion). Sales in the region are under pressure in part due to consumer avoidance of high-calorie beverages.
The Coca-Cola Company expressed confidence in its long-term prospects despite the lackluster fourth quarter.