Coca-Cola raised its annual sales and profit forecasts on Tuesday, as a round of price increases failed to deter consumers mainly in international markets from spending more on the beverage giant's sodas, energy drinks and juices. Shares of Coca-Cola rose nearly 1% in premarket trading as the company also posted a surprise increase in second-quarter revenue. Coca-Cola's average selling price rose 9% in the second quarter, the Sprite maker said, while unit case volumes increased 2%. However, Coca-Cola saw volumes in the North American region fall by 1% as consumers turned cautious about spending and dining out. The company expects annual adjusted profit to increase between 5% and 6%, compared to the prior forecast of a 4% to 5% rise.

Source: The Star July 23, 2024 14:28 UTC