Here’s an idea: STOP making so many freaking products and concentrate on your bigger selling brands because there’s a huge chance people will crave something new longer then the same old which in turn hurts the same old sales – PB/TK
Coca-Cola to slash 1,200 jobs after a challenging first quarter – By Brian Sozzi April 25 2017
Coca-Cola’s first quarter lacked a whole bunch of fizz, and incoming CEO James Quincey is wasting no time to try and protect the bottom line.
Quincey told analysts on a conference call Tuesday that Coca-Cola would soon slash 1,200 jobs as part of a new $800 million cost savings plan.The news comes after the company posted tepid 2017 first quarter results. Revenue fell 11% year over year to $9.1 billion. Still, Coke beat the $8.89 billion expectation on Wall Street.
“As anticipated, revenues in the quarter were adversely impacted by two fewer days and the shift of the Easter holiday,” Coke CEO Muhtar Kent said in a statement.
Meanwhile, the company posted earnings of 43 cents a share, compared to the 44 cents analysts surveyed atFactset anticipated. And, Coke said it sees full-year earnings per share declining 1% to 3%.
The results show why Wall Street is anticipating a fresh start for Coke. Kent who has been in the position since 2008 will be replaced by current COO Quincey on May 1, and investors are hoping he can boost sales and profits again, which have fallen due to a general consumer shift away from sugary drinks.
Continue to msn.com article: http://www.msn.com/en-us/money/companies/coca-cola-to-slash-1200-jobs-after-a-challenging-first-quarter/ar-BBAlbSS?li=BBnbfcN
