Coke Sees Slower Sales Outside N. America

Coca-Cola Co. said it expects first-quarter unit case volume to drop in every market except North America. The news surprised even Wall Street analysts who had forecast weak numbers. Coke shares declined in after-hours trading to $66, off $1.19 from their New York Stock Exchange close of $67.19. Coca-Cola spokesman Rob Baskin said the projection was affected by exceptionally strong numbers in the first quarter of 1998. Coke said worldwide volume growth, up 9% then, will be down 1% to 2% for the current quarter. Figures released by the company show declines in every market except North America and only a 2% projected increase there. Analysts had forecast 5% growth for the continent. The company does not expect to reach its traditional target of 7% to 8% worldwide volume growth this year.