Coca-Cola Amatil (CCA) has said it will cut the price of beverages outside of its soft drink portfolio in a bid to to boost sales and meet financial forecasts.
The price cuts, which are part of a $40 million sales drive, aim to grow the company's market share of non-soft drink products, which includes brands like Mount Franklin water, Fuze Tea, and Zico coconut water, as demand for soft drinks fall, according to a Fairfax Media report.
"We're probably overweight in sparkling beverages, which has been declining slightly, and underweight some of those categories that we really want to accelerate our investment in," Coca-Cola Amatil (CCA) group chief financial officer Martyn Roberts reportedly said.
CCA's chief Alison Watkins said this week at the update on the company’s strategy that CCA's Australian beverages business had strong fundamentals, but she also acknowledged the need to move faster to rebalance its portfolio.
“Our Accelerated Australian Growth Plan brings forward around $40 million in reinvestment of cost savings to 2018, to deliver increases in marketing, execution, cold drink equipment, digital technology and price,” Watkins
