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Coca-Cola looks to energize growth amid pandemic slump

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/reuters/10/22/hungary-lgbt-book.jpg"/><figcaption>A billboard, part of a campaign by Coca-Cola promoting gay acceptance, which has prompted a political backlash is seen in Budapest, Hungary, August 5, 2019. The writing on the billboard reads: &quot;Zero sugar, zero prejudice.&quot; <em>Bernadett Szabo, Reuters/File</em></figcaption></figure></div><p>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.</p><p>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.</p><p>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.</p><p>Shares rose three percent in pre-market trade on the results.</p><p>As part of its response to the pandemic, Coca-Cola said it was continuing its organizational and product changes.</p><p>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.</p><p>&quot;Throughout this year&#x27;s crisis, our system has remained focused on its beverages for life strategy,&quot; said chairman and chief executive James Quincey.</p><p>&quot;We are accelerating our transformation that was already underway, shaping our company to recover faster than the broader economic recovery.&quot;</p><p>The company will accelerate its moves into hard seltzers, including products developed jointly with Molson Coors such as &quot;Topo Chico Hard Seltzer,&quot; set to maunch in the US market next year.</p><p>No financial forecast was given because of the uncertain economic outlook.</p><p>&quot;While the company is pleased with the sequential improvement, given the uncertainty remaining surrounding the coronavirus pandemic including a resurgence in various markets, the ultimate impact on its near-term results is unknown,&quot; the company said in its statement.</p><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/rAlf6M0wJhM?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>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.</p>

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.