Coca-Cola has been forced to take a $1.1bn (£548.9m) writedown, reducing its earnings per share by 40 cents to 61 cents, as a result of a $5.3bn writedown by Coca-Cola Enterprises (CCE), the group’s largest bottler. CCE, which is 35% owned by Coca-Cola, has felt the direct impact of rising commodity prices and a slowdown in consumer spending in the US, resulting in loss of $3.17bn on net revenues of $5.9bn during the second quarter. John Brock, chief executive of CCE, said: “Continued significant declines in the North American economy, coupled with unprecedented escalating commodity costs, are negatively impacting our results and restricting our outlook for near-term growth.” Coca-Cola, which generates 20% of its profits from the US, reported flat sales volumes in the three months to June, with a 23% fall in profit to $1.42bn. It said that sales volume in sparkling beverages declined 4% as a result of continued weakness in demand from restaurants and fast food outlets. The drinks giant saw operating income at its North American division fall by 9% during the same period. Worldwide, Coca-Cola has nevertheless performed better, with sales growing 17% to $9.05bn and volume up by 3% outside the US. The company has seen sales remain strongest in emerging markets such as Latin America and China, while volumes fell 1% in Japan and the European Union.