The Coca-Cola Company recorded net revenue 6% higher in the second quarter than the same period 12 months ago, thanks in part to the strong performance of its soft drink brands.
In the three months to 28 June, net revenue was $10 billion, while operating income was up 8% to $2.99 billion.
The company enjoyed 4% volume and transaction growth in trademark Coca-Cola. Meanwhile, Coca-Cola Zero Sugar continues to perform well, with a seventh consecutive quarter of double-digit volume growth globally.
“Our strategy to transform as a total beverage company has allowed us to continue to win in a growing and vibrant industry,” said James Quincey, chairman and CEO of The Coca-Cola Company. “Our progress is positioning the company to create more value for all of our stakeholders, including our shareowners.”
In North America, the firm’s largest unit by sales, net revenue for the quarter was up 3% and operating income increased 10%.
Coca-Cola’s Global Ventures unit, which was set up at the end of last year, maintained its strong growth from the first quarter, recording a 201% increase in revenue to $635 million and benefitting the £3.9 billion acquisition of Costa Coffee.
During the second quarter, Coca-Cola released Costa Coffee ready-to-drink products in the UK, marking the first major introduction since the Costa acquisition. Last week, Coca-Cola HBC announced plans to launch Costa Coffee products in at least ten markets next year.
Coca-Cola also said that its Coca-Cola Energy beverage, which went on sale in April, has “shown early signs of success”. The drink, which features caffeine from naturally derived sources, guarana extracts, B vitamins and no taurine, is now available in 14 countries, including recent launches in Japan, Australia and South Africa.
Last month, Coca-Cola announced that its Honest, Glacéau Smartwater and Chaudfontaine brands will all be sold in bottles made from 100% recycled plastic across several Western European markets from 2020.
For 2019, Coca-Cola expects to record a 5% increase in organic revenue.
© FoodBev Media Ltd 2019