Feb 12 - With $11.46 billion, Coca-Cola revenues miss Wall Street's view, due to slower sales in Europe and China. Conway G. Gittens reports.
The Daily Digit is $11.46 billion, that's Coca-Cola's sales figure for the last three months of 2012. At almost $11-1/2 billion - that's a big number, but not big enough. Wall Street was expecting quarterly revenues of $11.53 billion. The world's largest soft drink maker, with brands such as Sprite, Fanta, Minute Maid, and of course it's namesake Coke - blames the shortfall on a global economic slowdown. Sales were down 5 percent in Europe and 4 percent in China, though up 3 percent worldwide. But more than just the economy is at work. Coke has a fierce competitor, PepsiCo, which recently has stepped-up marketing spending with a focus on core brands like Pepsi-Cola, and analysts say the renewed effort is working. Nevertheless, Coke's fourth-quarter net income rose to a better-than-expected $1.87 billion.