(Reuters) -Coca-Cola raised its annual organic sales forecast on Tuesday, signaling strong global demand for its pricey sodas and juices, sending the company’s shares up 2% in premarket trading.
The company is seeing demand in the U.S. surge mainly in the away-from-home category as consumers venturing out for movies and dining are willing to spend on its higher-priced sodas and juices.
Both Coca-Cola and PepsiCo are also enjoying buoyant demand for their products in international markets such as Europe and Asia where relaunches of Georgia Coffee, Sprite reformulations and a foray into newer markets have helped bump up sales.
Coca-Cola’s average selling prices rose 13% in the first quarter, the company said, while unit case volumes increased 1%.
The soda giant expects fiscal 2024 organic sales to grow between 8% and 9%, compared with a previous forecast of a 6% to 7% rise.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shounak Dasgupta)
Comments