Coca-Cola Sales Surge Despite Rising Costs, Russia Exit; Powered By Live Music, Sport, Affordable Bottling

The world’s largest beverage maker, based in Atlanta, Georgia in the United States, beat Street estimates when it declared on Monday posted revenue of USD 10.49bn and a net income of USD 2.78 billion. 

The company was one of the American companies to suspend its operations in Russia as a retaliatory measure to the country's invasion of Ukraine. However, the company was able to exceed its projections powered by crowds returning to movie theaters, music venues, and sports stadiums.

The Thums Up, Sprite, and Minute Maid maker reported a unit case volume growth of 4% in the Asia Pacific region, powered by its performance in India and the Philipines.

In India, the company expanded its consumer base by adding affordable product offerings as well as reaching more outlets by adding 240,000 outlets and installing 50,000 coolers within the quarter. “In the first quarter, our strategy yielded strong results with more than 500 million incremental transactions added in India, up nearly 20% versus the prior year. Approximately 70% of these incremental transactions were driven by small packages such as returnable glass bottles and affordable, single-serve PET packages," the company said in an earnings statement.

“Developed markets as well as developing and emerging markets grew in high single digits. Growth in developed markets was led by the United States, the United Kingdom and Mexico, while growth in developing and emerging markets was led by Brazil and India," the company said.