Coca-Cola expects sales growth to return in 2021 as profit exceeds forecasts

The health crisis has accelerated the soda maker’s efforts to trim hundreds of its underperforming brands and shift toward popular products such as sparkling waters and zero-sugar sodas, while also influencing a major restructuring that included thousands of job cuts. “The progress we made in 2020, including the actions taken to accelerate the transformation of our company, gives us confidence in returning to growth in the year ahead,” Chief Executive Officer James Quincey said in a statement. Meanwhile, the company warned it expects a liability of about $12 billion related to a dispute with the U.S. Internal Revenue Service (IRS) on how much it charged foreign affiliates for the rights to make and sell Coke products abroad.

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