Coca-Cola to hike prices again after already elevating them 11% final yr as it fights soaring costs
Coca-Cola will hike prices again this yr as it fights soaring costs. The world’s second largest comfortable drinks agency, behind Pepsi, pushed up prices by 11 per cent final yr.
Boss James Quincey mentioned that may proceed however at a extra average tempo. In distinction, Pepsi, which put up prices 14 per cent final yr, won’t go on additional hikes.
Coca-Cola’s gross sales in 2022 hit £35billion, an 11 per cent leap from a yr earlier. Profit rose to £9billion, a 6 per cent improve.
Price hikes: Coca-Cola’s gross sales in 2022 hit £35bn, an 11% leap from a yr earlier. Profit rose to £9bn, a 6% improve. The model is backed by UK singer Rita Ora (pictured)
Hargreaves Lansdown analyst Aarin Chiekrie mentioned that the gross sales leap confirmed why Coca-Cola is a ‘international powerhouse’.
He added: ‘Iconic model energy was to thank for this, as loyal clients have saved coming again for extra fizzy drinks.’
Coca-Cola struggled through the pandemic with the closure of eating places and bars, which normally account for round half its gross sales.
But it hailed a powerful bounceback when clients returned to social venues.
The US big’s outcomes got here as its Greek bottling accomplice, hiked its dividend after a bumper yr. Coca-Cola HBC elevated its payout to shareholders by a tenth after gross sales soared.
Sales on the FTSE 100 agency jumped 28 per cent to £8.1billion, whereas income rose 8 per cent to £550million. Shares rose 5 per cent, or 96.5p, to 2038p