The company also raised its revenue expectations Tuesday, saying that it now expects organic revenue growth of between 12% and 13% for the full year. That's up from earlier projections of a 7% to 8% increase.
Revenue grew 12% in the April-June period to
Coke said it has raised prices globally to compensate for higher ingredient and freight costs. Coke Chairman and CEO
But Quincey said it's difficult to get a clear read on consumers right now. There are early signs that lower-income buyers are trading down to cheaper food brands in groceries and convenience stores, for example, but travel and leisure demand __ at baseball stadiums and theme parks, for example __ is extremely strong.
“This post-COVID re-prioritization of spend by consumers is layered over what feels like a squeeze on purchasing power," Quincey said Tuesday on a conference call with investors. “How that’s all going to net out in the second half and going into next year, there are a lot of opinions, and I don’t think anyone’s going to know until we actually get there."
Coca-Cola Zero Sugar sales grew 12% in the quarter on strong global demand. Coffee sales rose 15% as Coke placed its Costa coffee brand in new markets.
In
Higher operating costs and increased spending on marketing impacted its profits. Coke said its net income fell 28% to
Excluding one-time items, Coke earned
Coca-Cola shares rose 1% in morning trading.
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