As Coca-Cola slides despite Sochi, drinks giant earmarks extra $1 billion media spend
With the Winter Olympics in full swing at Sochi, no brand has been more prominent than Coca-Cola. But now it looks as if we can expect even more of a media spend from the soft drinks giant. Coca-Cola said it is looking for ways to "restore momentum" as it posted lower fourth-quarter results at the end of a “challenging year”. Coke's revenue for the quarter missed Wall Street expectations, while profit declined, said the Wall Street Journal. Chairman and chief executive Muhtar Kent said the company was expanding its productivity and reinvestment program, - with a goal of generating an incremental $1bn in savings that will be put into media investments. "We are committed to accelerating marketing investments in our brands, further advancing our innovation strategies and maximizing productivity and reinvestment for growth," said Kent. PepsiCo also reported lower fourth-quarter beverage sales last week. Earlier this month Coke said it took a 10 per cent stake in Green Mountain Coffee Roasters. For the fourth quarter, Coke posted a profit of $1.71bn, or 38 cents a share, compared with a profit of $1.87bn, or 41 cents a share, a year ago. Revenue fell 3.6 per cent to $11.04bn. Analysts polled by Thomson Reuters had expected earnings of 46 cents a share and revenue of $11.31bn.