Coca-Cola hit by accounting changes

Coca-Cola has revealed a first-quarter loss after being hit by a change in its accounting practices.

The company made a loss per share of five cents.

This compares with earnings of 35 cents per share a year earlier.

Excluding the accounting change and other costs, Coca-Cola said it would have earned 40 cents.

Sales rose by 3% to £2.8 bn (€4.5bn), driven by the company's biggest sales gain in North America in three years.

The company is expanding in the juice and water market, which is growing by as much as 10% a year.

Chairman and chief executive Doug Daft says: "We are encouraged by this good, solid quarter of performance in the face of a continuing challenging global economic environment.

"The execution of our strategic priorities is driving healthy growth from both our carbonated and non-carbonated brands."