INCREASED consumer spending and a booming US jobs market has led to expectation-beating profits at Coca-Cola as shoppers celebrate with soda.
Sales in North America increased by two per cent to $5.37bn (£3.52bn) in the fourth quarter helping to offset weak foreign demand caused by the strengthening dollar and continued trouble in Venezuela.
Overall revenues at the company declined two per cent in the fourth quarter to $10.9bn on the prior year and net profit suffered a huge 55 per cent fall to $770m, down from $1.7bn the previous year.
These figures would have been worse if it was not for the return to growth of the company’s domestic US market which had seen consumers opting for healthier options.
Coke is targeting $3bn in cost savings by 2019 and has announced a timeline for selling its lower-margin bottling operations.