ATLANTA -- Coca-Cola's profit dropped 4% in the second quarter and volume growth declined in several key markets. Net income was $2.68 billion, or 59¢ a share, down 4% from $2.79 billion, or 61¢ per share, a year earlier. Revenue slid 3% to $12.75 billion.
The beverage giant blamed sales declines in America and Europe on bad weather that hampered cold drink consumption, poor economic conditions and the shift away from sugary drinks. Overall sales volume dropped 4% in Europe and 1% in America. U.S. soda volume declined 4%.
Africa, the Middle East and Russia together saw a 9% gain in volume. Volume in Asia rose 2%; volume in China was the same. Coke is increasingly focusing its growth efforts on emerging markets, where volume expanded 24% in Thailand, 18% in India and 15% in Nigeria.
Looking ahead to the second half of the year, executives expressed confidence that improved weather would bolster performance, helped by Coke's planned investments in marketing, new packaging and other tactics.
Coke and rival Pepsi are experimenting with new low-calorie soda formulas to attract diet-conscious consumers both in the U.S. and developed markets abroad. Coke is also putting more marketing muscle behind drinks like Dasani and SmartWater in the U.S., where volume for its noncarbonated beverages increased 5% in the second quarter.