WASHINGTON: The Coca-Cola Company said Thursday it was shaking up its product mix as part of an effort to revive sales which have been slumping during the coronavirus pandemic. The soft drink giant reported third-quarter sales down nine percent from a year ago to $8.7 billion, while profits tumbled 33 percent to $1.7 billion.
Coca-Cola said it saw an improvement in trends versus the prior quarter, stronger sales to consumers partly offsetting the decline in sales at bars, restaurants, stadiums and other channels. Shares rose three percent in pre-market trade on the results.
As part of its response to the pandemic, Coca-Cola said it was continuing its organizational and product changes. It now expects to cut the number of product brands to around 200, a 50 percent cut, phasing out some drinks like Zico coconut water and Tab diet cola. It has already shed other brands such as Odwalla juices.
"Throughout this year's crisis, our system has remained focused on its beverages for life strategy," said chairman and chief executive James Quincey.
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