ATLANTA (WNCN) – Coca-Cola plans to discontinue 200 drink brands by the end of the year, slashing its portfolio in half by the end of the year.
The Coca-Cola Company announced Thursday several strategic initiatives that are designed to accelerate return growth and emerge stronger.
“Throughout this year’s crisis, our system has remained focused on its beverages for life strategy. We are accelerating our transformation that was already underway, shaping our company to recover faster than the broader economic recovery,” said James Quincey, chairman and CEO of The Coca-Cola Company. “While many challenges still lie ahead, our progress in the quarter gives me confidence we are on the right path.”
The beverage company had already announced last week that it would discontinue some beverages such as the once-popular diet soft drink, TaB, and ZICO coconut water.
Coca-Cola’s net revenues declined during the pandemic by 9% to $8.7 billion in the third quarter. Since the company’s last earnings update in July, volume trends have continued to improve. Reducing the portfolio with allow Coca-Cola to focus on it’s most profitable brands.
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