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Coca-Cola, like rival PepsiCo Inc, has been building its
non-carbonated drinks portfolio and stepping up efforts to
reduce sugar in its beverages to cope with falling demand for
sugary drinks.
"Organic revenue growth in sparkling soft drinks was led by
innovation in and marketing support for our low- and no-sugar
options like Coca-Cola Zero Sugar," Quincey said in a statement.
Global volume sales of low and no-calorie soda drinks rose in
the mid-single digits in the second quarter ended June 30, the
company said.
The world's largest beverages maker said it plans to introduce
Coke Zero Sugar in the United States in August.
Coca-Cola said it also saw strong demand for its non-aerated
drinks such as innocent juice and smoothies in Europe.
Net income attributable to the company's shareholders fell to
$1.37 billion, or 32 cents per share, in the second quarter
ended June 30, from $3.45 billion, or 79 cents per share, a year
earlier.
The company incurred a charge of $653 million related to
refranchising its North America bottling operations.
Excluding items, Coca-Cola earned 59 cents per share, beating
the average analysts' estimate of 57 cents, according to Thomson
Reuters I/B/E/S.
Revenue fell 16 percent to $9.70 billion, hurt by the
refranchising of bottling territories and a strong dollar.
However, revenue beat the average analysts' estimate of $9.65
billion.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Arun
Koyyur)
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