Coca-Cola: Sales decline as demand slows

Coca-Cola’s second-quarter sales missed estimates yesterday as the largest beverage company reported sluggish demand for juice and Diet Coke in North America. Revenue fell 1.4 percent to $12.6 billion (R134bn) in the quarter to June, Coca-Cola said. Analysts had estimated $12.8bn on average. The shares fell 3.1 percent by 10am in New York. Chief executive Muhtar Kent is cutting costs and overhauling marketing to contend with a slowdown in the market for fizzy drinks. The firm is increasingly relying on overseas markets to maintain growth. Kent said:“We remain focused on the work required to return our business to the level of sustainable growth we and our shareowners expect.” – Bloomberg