Coca-Cola Amatil, whose business is being hit by changing tastes in Australia, is now facing more bad news from Woolworths.
At the close, the drinks company’s shares were down 3.8% to $$8.23 following reports that Woolworths will stop stocking most of its Mount Franklin water range.
Earlier this month Woolworths decided not to stock Coca-Cola “No Sugar” because it already had enough sugar-free soft drinks on shelves.
Now the supermarket has reportedly told suppliers it will be stocking only the two most popular Mount Franklin products from next month.
Australians are moving away from traditional flavoured fizzy drinks and toward still and energy drinks, dragging on Coca-Cola Amatil’s growth.
Coca-Cola Amatil expects full year underlying net profit after tax to be broadly in line with last year’s $417.9 million, which was then a 6.2% rise.