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ATLANTA (AP) - The Coca-Cola Co., the world's largest beverage maker, reported Wednesday a 22 percent drop in fourth-quarter profit despite a solid gain in sales.
The results reported by Coca-Cola followed results reported Tuesday by its largest bottler, Coca-Cola Enterprises. CCE said it would cut about 3,500 jobs, or 4.7 percent of its work force, as it reported a whopping $1.7 billion loss in the fourth quarter.
Analysts said CCE has struggled with higher costs for aluminum and other commodities and a shift in consumer tastes away from carbonated beverages to juices, teas and waters. CCE bottles Coca-Cola products and delivers them to market. The Coca-Cola Co. owns a stake in CCE.
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