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Coke revenues continue to lose their fizz

Coca-Cola signImage copyright Getty Images

Coca-Cola’s global revenues slid 7% in the three months to September as consumers kept the lid on fizzy drinks.

The fall to $10.6bn (£8.67bn) was the sixth consecutive quarterly decline in revenue for the world’s biggest soft drinks company.

The Latin America and Europe, Middle East and Africa regions both posted a 4% slide in revenues, although North America had 3% growth and Asia rose 4%.

Water and sports drinks helped drive a 3% rise in still beverage sales.

Net profit also fell 28% to $1.05bn (£859m) in the quarter.

Both revenue and profits were slightly better than analysts had expected, helping shares to rise almost 1% in New York to $42.88. The stock is flat for the year to date.

Volume sales of carbonated drinks such as Sprite, Fanta and Coca-Cola Zero were behind the 3% rise in North America to $2.66bn, while Diet Coke sales fell.

Sales of non-carbonated drinks, including iced tea, juices and energy drinks, rose 2% in North America.

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The launch of Coca-Cola Zero Sugar in the UK, which replaced Coca-Cola Zero, enjoyed «strong double-digit unit case volume growth».

The company’s new «One Brand» strategy, which gives Coca Cola, Coke Zero, Diet Coke, and Coca Cola Life a common visual identity, has now been introduced to 12 of its top markets.

James Quincey, Coca-Cola president and chief operating officer, told a conference last month that a new global marketing campaign called Taste the Feeling was beginning to boost sales.

«We see encouraging results in terms of retail sales growth of the Coca-Cola brand in total,» he said. «We believe that marketing takes its time to build up. It is a huge business, and the Coca-Cola business is not going to suddenly change overnight.»