Coca-Cola says the “love and trust” consumers have in its brands means it is well positioned to deliver long-term growth despite reporting a dip in revenues and pre-tax profit for the first quarter.
The soft drinks giant says net revenues for the three months ended April 3 fell 3% to $7.2bn (£5bn) while pre-tax income fell 7% to $1.8bn (£1.2bn), hit by currency affects and restructuring charges respectively.
Rival PepsiCo posted a 1% fall in profit and sales respectively for the first quarter of the year yesterday (April 20).
Muhtar Kent, president and chief executive officer of the company, says that the beverage company is “well positioned” for long-term growth despite the “challenging” economic environment due to its “strong” brands.
“Our business was built for times like these,” he says, adding “consumers around the world love and trust our brands and turn to us to provide simple moments of refreshment nearly 1.6bn times every day”.
In Europe, net revenues dipped 13% and operating income fell 6% although on a currency neutral basis operating income climbed 8%.
Coca-Cola, which in the UK confirmed last week it is taking a £30m stake in Innocent Drinks, unveiled its latest global advertising campaign and new strapline ‘Open Happiness’ for its core Coca-Cola brand in January.