China sales add fizz to Coke鈥檚 Q1 revenue
Print Edition
Coca-Cola Co yesterday reported better-than-expected quarterly revenue as strong sales in China more than offset a drop in Europe and flat volumes in North America.
Global case volumes rose 2 percent in the first quarter, while those in China rose 12 percent due to increased marketing around the Chinese New Year, the company said.
“Our North America Group delivered even volume versus the prior-year quarter while gaining value share and maintaining volume share,” the company said in a statement.
North America is the company’s biggest market. Sales declined 4 percent in Europe, but rose 6 percent in both India and Russia.
The company’s net income attributable to shareholders fell to US$1.62 billion, or 36 US cents per share, in the first quarter ending on March 28 from US$1.75 billion, or 39 US cents per share, a year earlier. Excluding items, earnings were 44 cents per share, matching the average analyst estimate.
Revenue fell 4 percent to US$10.58 billion. Analysts on average were expecting US$10.55 billion.
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