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Coca-Cola reports 6% increase in net revenue in Q2
FoodBev Media

FoodBev Media

27 July 2023

Coca-Cola reports 6% increase in net revenue in Q2

The Coca-Cola Company has reported a 6% rise in second-quarter net revenue to $12 billion, surpassing analyst estimates. The drinks giant recorded organic revenue growth of 11%, and revenue performance included 10% growth in price/mix. Meanwhile, the company's operating income grew 3% in the quarter, driven by currency headwinds and items impacting comparability. Unit case volume remained steady in Q2, with both developing/emerging markets showing even performance. In developed markets, the growth experienced in Mexico was offset by declines in the US and Spain. Similarly, the growth seen in India and Brazil was offset by the suspension of business operations in Russia during 2022 and a decline in Pakistan. In Q2, the unit case volume of sparkling soft drinks was even. The positive performance in Asia Pacific and Latin America contributed to this stability. However, the growth in these regions was offset by a decline in Europe, Middle East & Africa, primarily due to the suspension of business in Russia. Meanwhile, the unit case volume of juice, dairy and plant-based beverages was also steady, as strong growth of the Fairlife brand in the US and Minute Maid Pulpy in China was also offset by the suspension of business in Russia. Water was even as growth in Latin America was offset by Europe, Middle East & Africa and North America. Coffee grew 5%, primarily driven by the strong performance of Costa coffee in the UK and China, and tea grew 1%, led by growth in Latin America. Meanwhile, sports drinks declined 3%, primarily driven by Bodyarmor and Powerade in the US. James Quincey, chairman and CEO of The Coca-Cola Company, said: “I am encouraged that our all-weather strategy, working together with our bottling partners, has delivered strong second-quarter results. We are executing efficiently and effectively on a local level, while maintaining flexibility on a global level. The strength of our first half results and the resiliency of our business give us the confidence to raise our 2023 guidance.”

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