Coca-Cola Enterprises Inc shares fell after the company warned that persistent economic weakness in Europe, bad weather, a sharp excise tax increase in France and fierce competition in Britain have dampened its outlook for the second quarter.
Shares of the European bottler of Coca-Cola drinks fell 3 percent in morning trade to $36.06 on the New York Stock Exchange after it said those factors have been "unexpectedly persistent".
"Though we expect some of these challenges to abate as we move through the year, we will better understand the full-year impact of these factors as we move deeper into the prime summer selling season," said Chief Executive John Brock in a statement.
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