New tax package and strategies pull down Coca-cola sales
The world’s largest beverage manufacturer Coca-Cola was in the red in the fourth quarter of 2017 as a result of sweeping U.S. tax overhaul and continued transformation of its operations worldwide.
But the company has somehow remained upbeat, thanks to higher sales of its non-traditional beverages like teas, coffees and vitamin water.
During the October to December 2017 period, the company’s net operating revenues went down to $7.51 billion from $9.41 billion a year ago. Analysts forecasted a $7.3 revenue for the period.
Coca-Cola CEO James Quincey said that the fourth quarter results is “encouraging” and will continue to ride the momentum as they continue to reshape operations, focusing more on its beverage making tradition.
“We are assertively shifting our culture. It’s been a lot of change and much of it is only just starting to show tangible results,” the official said, citing volume growth in its global sales.