Coca-Cola is scaling back the number of brands it sells.
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Coca-Cola Co. KO -0.52% ’s revenue declined in the third quarter as the company continued to see pressure from its sales to restaurants, bars, movie theaters and other public venues.
Net operating revenues fell 9% year over year to $8.65 billion. They were more than analysts’ consensus, according to FactSet, of $8.36 billion. Organic revenue also declined.
The company said the drop in revenue was “driven by ongoing pressure in away-from-home channels partially offset by sustained growth in at-home channels.”
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The soda company said profit for the third quarter was $1.74 billion, or 40 cents a share. A year earlier, net income was $2.59 billion, or 60 cents a share. The company logged adjusted earnings of 55 cents a share.
The beverage company in August said it planned to lay off staff. Coca-Cola is also scaling back the number of brands it offers.
Write to Allison Prang at [email protected]
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This post first appeared on wsj.com
