The
It was a very different story than the second quarter of 2020, when Coke's sales sank 28%. Coke Chairman and CEO
“We’ve always believed that humans are social creatures and that once the restrictions come down and the panorama of the virus allows people the confidence to go out, they will go back out,” Quincey said Wednesday during a conference call with investors. “You can see very much beginning to happen in the second quarter.”
Even as people go out more, sales for home consumption remain elevated, Quincey said. The company is watching to see if habits that developed during the pandemic stick.
“That extra consumer interaction at home has created some new behaviors and engagement with brands that may well be enduring,” he said.
Increased advertising may have also boosted sales. Coke said it doubled its marketing spending in the second quarter compared to last year.
Case volumes grew 18% to a level that was even with 2019. Coke said some markets, like
In
Demand for Powerade and other sports drinks was particularly strong, with case volumes up 35% from the same period last year. Coffee sales surged 78% as the company's Costa retail stores reopened in the
The company's signature Coca-Cola brand also saw double-digit gains, led by Coke Zero Sugar. Quincey said the company's new recipe for Coke Zero Sugar __ which is designed to make it taste more like traditional Coke __ is getting positive feedback in the 50 markets where it has already been launched. It will start hitting
Coke’s net income surged 48% to
The company raised its full-year earnings forecast based on its results. It now expects organic revenue growth of 12% to 14% in 2021 __ up from high single-digit growth __ and earnings per share growth of 13% to 15%
Coke's shares were up 2% in morning trading.
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