(Reuters) – Coca-Cola said on Wednesday it was aiming for the upper limit of its organic sales forecast for 2024, supported by growing demand for its more expensive sodas and juices in the United States, but the American giant maintained its forecast growth in annual profit.
The group’s third-quarter revenue increased 12% in North America, while it fell 4% in the Asia-Pacific region, weak demand in China and conflict in the Middle East leading to a decline in volumes in these regions. Revenues in the EMEA region also fell by 7%.
Coca-Cola, however, left unchanged, despite the price increases, its forecast for adjusted annual profit growth, between 5% and 6%.
In pre-market trading on Wall Street, around 11:18 GMT the stock lost around 2.1%.
Coca-Cola has experimented with different packaging sizes to revive demand, including slim 12-ounce cans (about 354 milliliters) to attract customers on tight budgets in the United States, and released reimagined versions of its Sprite and Fanta in India and South Korea.
Its average sales price increased 10% in the third quarter, while locker volume fell 1%. The company expects annual organic sales growth of around 10%, compared to previously forecasting an increase of 9% to 10%.
In Europe, the company has ramped up spending to sponsor music festivals and sporting events such as the Euro 2024 soccer championship and the Paris Olympics.
Net revenue rose 0.3% to $11.95 billion (€11.09 billion), while analysts had forecast a 2.62% drop to $11.60 billion. dollars, according to LSEG data.
(Ananya Mariam Rajesh in Bangalore, Pauline Foret, edited by Augustin Turpin)
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