The Atlanta-based company also said it was increasing its cost-cutting target by $800million in annualized savings and now expects to save $3.8 billion by 2019.
Coca-Cola and rival PepsiCo Inc’s soda sales have taken a hit as consumers in North America and Europe increasingly shun sugary drinks.
Global soda sales fell 1 percent in the first quarter ended March 31, Coca-Cola said on Tuesday. However, the company remains optimistic about the future.
‘We are not too worried about this quarter’s miss,’ RBC Capital Markets analyst Nik Modi said.
‘The important thing is that KO is raising its cost-saving estimates and we believe there is more to go.’
MORE HERE: Coca-Cola will cut 1,200 jobs as demand for soda decreases | Daily Mail Online
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