Facing a declining soda market, Coca-Cola CEO Muhtar Kent isn’t looking to diversify or change is company’s offerings—he’s planning on getting people to come back to the bubbly, sweet drink.
Coke fell short of its growth goals last year, seeing revenue fall 2% to $46 billion while profit fell 17% to $7.1 billion, the Wall Street Journal reports. Some of that dip can be attributed to the fact that people are drinking less soda overall. Even Diet Coke is losing its hold, with U.S. consumption falling almost 15% over the past two years.
Kent wants to reverse that trend.
From the WSJ:
Mr. Kent’s risky strategy: Sell more soda. The 62-year-old CEO says he has a number of plans—such as increased marketing spending and an overhaul of the company’s U.S. distribution network—that will help Coke return to high-single-digit earnings growth in 2016. “I believe we have a great runway ahead of us,’’ says Mr. Kent.
For more on the plan, read the story in the Journal.
