Coca-Cola’s fourth-quarter sales fizzed as shoppers remain loyal to the brand despite prices increasing.
The FMCG giant saw sales rise 7% to £8.6bn ($10.8bn) in the three months ending December 31, ahead of analyst forecasts of £8.4bn ($10.7bn).
Full year sales rose 6% to £36.4bn ($45.7bn) for the drinks giant, which also owns popular brands such as Fanta, Sprite and Innocent.
The Coca-Cola Company chairman James Quincey said: “During the year, our people and partners rose to meet new challenges, allowing us to excel globally and deliver in a dynamic world.”
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Quincey added: “In North America and Europe, while inflation is moderating, the cumulative impact of inflation is pressuring certain consumer segments who are seeking value.”
The sales jump comes despite price increases as Coca-Cola retained its customers, with its unit case volumes in its golden quarter increasing 2%.
“As we begin a new year, we’re confident that our all-weather strategy, powerful portfolio and harmonised system will continue to create value for our stakeholders in 2024 and for the long term,” added Quincey.
Coca-Cola’s results come as a sharp contrast to rival FMCG companies PepsiCo and Unilever’s underwhelming results last week, with the latter’s CEO adding that its “competitiveness remains disappointing and overall performance needs to improve”.
