- Nathan Myhrvold born (1959)
Americans Lose Thirst For Coca-Cola
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Americans just aren’t as thirsty for Coca-Cola as they used to be. The huge beverage company (the company also owns Sprite, Fanta, Powerade, and Dasani) is battling with a changing landscape of America’s beverage industry. It has been reported that there has been a decline in the second-quarter profit and growth in some key markets of the company.
Specifically, the net income has decreased from $2.79 billion to $2.68 billion in the past year. Stocks have decreased from 61 cents a share to 59 cents a share. The dynamics that contribute to this vary, but it has been noted that poor weather (less sunshine, less desire for a cold, bubbly drink) and increased knowledge about health (reports revealing that soda and many sports drinks are basically all sugar) have contributed to the decline in purchases of Coke. Sales have fallen 3%, falling short of the predicted $12.95 billion at $12.75 billion. The Wall Street Journal reported earlier this year that over the past eight years, soda consumption has been on the decline.
Despite the underperforming quarter so far, Coke CEO Muhtar Kent remains optimistic, saying that he expects there will be improvement as the year continues. Positivity also circulates around the fact that Coke is growing in new markets; expanding by 24% in Thailand, 18% in India, and 15% in Nigeria. Coke also plans on putting more effort behind some of their healthier drinks (Odwalla) and water (Smartwater and Aquafina), and adding more low-calorie options to continue expanding their market reach.
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