Are Coke sales going flat?

(FIle)
(FIle)

Coca-Cola's share price has fallen four and a half percent after flat sales of its fizzy drinks.

The Coca-Cola Co reported a four percent fall in profit to US$1.89 billion (NZ$2.71 billion), for the first three months of the year.

It says sales volume for drinks like Diet Coke and Cherry Coke fell in North America, Europe, the Middle East and Africa.

Coca-Cola was also hurt by a rise in the value of the US dollar, which eroded revenue in foreign markets like South America.

The company is seeing growth in its stills drinks as people turn towards products like teas, fruit juices and smoothies.

But that has not been enough to prevent sales from falling for four quarters in a row.

Coca-Cola was a drag on what was otherwise a positive day for Wall Street.

The Dow Jones Industrial Average closed at a nine month high. It rose 46 points to 18,096. That was an increase of 0.24 percent.

The S&P500 eked out a 0.08 percent gain, closing 1.6 points higher at 2102.

The tech heavy Nasdaq added seven points, closing 0.16 percent higher at 4948.

The European markets had earlier closed higher, helped by a rise in oil prices.

The FTSE rose 0.08 percent, the German DAX index added 0.69 percent and France's CAC 40 added 0.56 percent.

Oil rallied to its highest point for the year.

The global benchmark, Brent, closed three percent higher at US$45.42.

West Texas crude rose three percent to US$42.74.

Prices were lifted by a smaller than expected stockpile of product in the United States, as well as talk that the major oil producers might meet again in May to attempt to agree on curbing output.

Newshub.

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