Coca-Cola’s second-quarter sales exceeded expectations as the company raised its full-year guidance, encouraged by buoyant demand of soda, despite higher prices.
In its second quarter, the FMCG giant reported an 8% global unit case volume increase, which was attributed to growth in both developed and emerging markets, while selling prices rose to around 12%.
Net revenue rose 12% to $11.3 billion (£9.38 billion) in the quarter ended July 1, while organic revenues (non-GAAP) grew 16%.
However, the results laid bare the impact of higher expenses, with comparable operating margins decreasing to 30.7% from 31.7%.
“Our results this quarter reflect the agility of our business, the strength of our streamlined portfolio of brands, and the actions we’ve taken to execute for growth in the face of challenges in the operating and macroeconomic environment,” The Coca-Cola CEO and chairman James Quincey said.
“We are staying true to our purpose, executing on our strategy and delivering value for our stakeholders.”
The news comes as Coca-Cola, PepsiCo, Nestlé, Unilever and Procter & Gamble, have been called out by over 400 organisations across the world including Greenpeace, Friends of Earth and Single Use Alternatives to do more to tackle plastic pollution.
In an open letter, the organisation’s have demanded the FMCG giants to tackle their plastic pollution impact by switching from single-use to affordable and accessible refillable and reusable packaging.