By Jonathan Spicer

TORONTO (Reuters) - Cott Corp (BCB.TO: Quote, Profile, Research) (COT.N: Quote, Profile, Research), which swung to a loss and missed estimates in the first quarter, said on Monday slowing economic growth in the U.S. had so far failed to boost its low-cost private-label brands.

The Canadian soft-drink maker said the "disappointing results" were due to dwindling North American demand and more expensive ingredients and packaging, which offset its strategy of cutting costs and hiking the prices of some products.

In response, shares of the world's biggest producer of private-label soft drinks fell 1.5 percent to their lowest in a month, and analysts questioned the stock's ability to recover.

Interim Chief Executive David Gibbons said it should be "prime time" for low-cost private-label drinks, which Cott produces and sells under a partner's brand name, and which typically shine when consumers tighten their purse strings.

"I certainly hope that we are able to take advantage of the economy," Gibbons said during a conference call. "It's never good when the economy is struggling, but for a company like Cott, there should be some opportunities."

Gibbons, who took the reins at Cott last month, said that key customer Wal-Mart Stores (WMT.N: Quote, Profile, Research) had begun trimming shelf space devoted to private-label soft drinks produced by Cott.

He said Wal-Mart's move, which had hammered Cott's shares when initially announced in February, would hurt sales volumes this year, particularly in the second quarter. The stock has lost more than 45 percent of its value since the February announcement.

The retail giant is also revamping its stores, which has led to a $1.1-million charge for Cott in the first quarter relating to outdated vending machines, and will mean further charges in the coming quarters, Gibbons said.