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Higher prices boost Coca-Cola sales despite Middle East hit

Coca-Cola bottles on display at the 31st international exhibition of food, beverages and raw materials for their production 'Prodexpo-2024' in Moscow, Russia, 06 February 2024. The exhibition, which runs from 05 to 09 February 2024, is the largest international food and beverage exhibition in Russia and Eastern Europe. The 'Prodexpo-2024' features foodstuff from across the globe, from essential food and beverages to exquisite specialities. EPA-EFE/MAXIM SHIPENKOV

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Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/20240214-Coca-Cola-bottles-epa.jpg" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner">Coca-Cola bottles on display at the 31st international exhibition of food, beverages and raw materials for their production &#x27;Prodexpo-2024&#x27; in Moscow, Russia, 06 February 2024. The exhibition, which runs from 05 to 09 February 2024, is the largest international food and beverage exhibition in Russia and Eastern Europe. The &#x27;Prodexpo-2024&#x27; features foodstuff from across the globe, from essential food and beverages to exquisite specialities. <em>EPA-EFE/MAXIM SHIPENKOV</em><br id="isPasted"/></span></span></span></div><p>NEW YORK, United States - Higher prices and volumes helped boost Coca-Cola sales despite consumer weakness in some markets and a hit from the Middle East war, according to company results releases Tuesday.</p><p>Revenues for the soda giant rose seven percent from the year-ago level to $10.9 billion, reflecting a two percent rise in volumes and nine percent increase in price/mix, a category that includes retail venue and product size, in addition to sticker price.</p><p>Profits dipped three percent to $2.0 billion.</p><p>Chief Executive James Quincey described consumers in North America as &quot;holding up well,&quot; although he acknowledged &quot;a little softening&quot; through 2023 in the United States due to persistently higher prices that have pressured low-income shoppers.</p><p>But economic indicators have strengthened again in early 2024 and consumers &quot;are starting to feel like the money coming is starting to contain and get ahead of the inflation,&quot; Quincey said during an earnings conference call.</p><p>Quincey said consumers in Europe remain &quot;cost conscious,&quot; while the macro environment &quot;remains uncertain&quot; in Africa and China.</p><p>The ongoing conflict in the Middle East dented volume growth by about one point in the fourth quarter, said Chief Financial Officer John Murphy.</p><p>Coca-Cola projected 2024 revenue growth of six to seven percent when foreign exchange and the effect of acquisitions are excluded.</p><p>Shares of Coca-Cola dipped 1.2 percent in afternoon trading.</p><div><br/></div><p>jmb/st</p><div><br/></div><div><strong>© Agence France-Presse</strong></div>

<p>Higher prices and volumes helped boost Coca-Cola sales despite consumer weakness in some markets and a hit from the Middle East war, according to company results releases Tuesday.</p>

Higher prices and volumes helped boost Coca-Cola sales despite consumer weakness in some markets and a hit from the Middle East war, according to company results releases Tuesday.