The Coca-Cola Company has reported net revenue growth of 16% for its first quarter, driven by higher prices and growth in concentrate sales.
Net revenue increased from $9.0 billion in the year-ago quarter to $10.5 billion. On an organic basis, revenue grew 18%.
The first-quarter revenue performance was driven by 7% growth in price/mix and 11% growth in concentrate sales.
The owner of Fanta and Sprite recorded unit case volume growth of 8% during Q1, posting a double-digit rise for both its nutrition, juice, dairy and plant-based beverages category and its hydration, sports, coffee and tea segment.
Meanwhile, Coca-Cola’s soft drinks business saw unit case volume growth of 7%, driven by high demand for its namesake brand and its zero-sugar version.
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Unit case volume grew 11% in Europe, the Middle East and Africa, due to continuous investments in the market and “a benefit from cycling the impact of the pandemic in the prior year”.
In Latin America, unit case volume grew by 9% with a strong performance across most categories, driven by Mexico, Brazil, Argentina and Colombia.
Coca-Cola’s Asia-Pacific region saw unit case volume growth of 4%, led by India and the Philippines. Meanwhile, in North America, unit case volume increased by 5%.
The Coca-Cola Company’s chairman and CEO, James Quincey, said: “We are pleased with our first-quarter results as our company continues to execute effectively in a highly dynamic and uncertain operating environment. We remain true to our purpose and are staying close to consumers. We are confident in our full-year guidance, and we are well-equipped to win in all types of environments as we fuel strong top-line momentum and create value for our stakeholders.”
