coke
New York (AFP) - Coca-Cola reported higher quarterly profits on Monday, boosted by price increases as it tweaks its product portfolio due to inflation in leading markets. Executives with the iconic soda brand described its home North American market as a "mixed bag," with inflation and higher mortgage rates countering low unemployment. While the company has benefited from the reopening of China's economy, they added that activity is still below pre-pandemic levels. And as higher consumer prices squeeze customers, Coca-Cola executives added in a call with analysts that some shoppers in Europe ...
AFP
New York (AFP) - Higher prices and a comeback in away-from-home sales helped Coca-Cola score solid quarterly profits Tuesday in spite of increased operating costs and the drag of the strong US dollar in international markets. Shares rose after the better-than-expected results, as executives described a relatively limited response to inflation thus far from shoppers. Among low-income consumers in developed markets, there are "some early signs of trading down... not necessarily in beverages yet," Chief Executive James Quincey said on a conference call. "But then if you're in the away-from-home ...
AFP
On Tuesday, McDonald’s, Coke and Apple confirmed that they will stop selling their products in Russia. All Apple products in Russia were listed as “unavailable” for purchase or delivery as of this week. Apple has taken a number of actions in response to the invasion besides stopping sales. “RT News and Sputnik News are no longer available for download. And we have disabled both traffic and live incidents in Apple Maps to ensure safety for Ukrainian citizens,” an Apple spokesperson said. Following Apple’s decision to stop sales in Russia. Companies such as Coke, McDonald’s, Dell, Nike and Ford ...
uPolitics.com
Washington (AFP) - Coca-Cola is preparing to take full control of the sports drink group BodyArmor in a deal worth $5.6 billion, the Wall Street Journal reported Sunday. Coca-Cola already holds a 30 percent stake in the sports drink group. The buyout, which would value BodyArmor at about $8 billion, would see the soda giant buy the remaining 70 percent from BodyArmor's founders and investors, as well as a group of professional athletes who have invested in the company. BodyArmor was backed at its founding in 2011 by basketball star Kobe Bryant, who died in a helicopter crash in early 2020 and ...
AFP
New York (AFP) - The resurgence of the coronavirus again weighed on Coca-Cola's quarterly results released Wednesday as the beverage giant expressed confidence it would prevail in a potentially costly US tax dispute. Coca-Cola suffered an "incremental" sales hit in December and through early February due to rising Covid-19 cases in key markets. However, the company managed to report better-than-expected profits due to cost-cutting measures that included a restructuring that will trim 2,200 jobs worldwide. Coca-Cola has also reduced spending on marketing during the pandemic, executives said. ...
AFP
New York (AFP) - Coca-Cola will soon begin selling sodas in completely recycled plastic in the United States for the first time, the beverage giant said Tuesday. The initial items will be introduced this month in a group of states that includes California and Florida, for items such as Coke and Diet Coke in 13.2-ounce bottles made from 100 percent recycled plastic. The company -- which has been named a top plastic polluter by a leading NGO -- will distribute additional soda and bottled water items from completely recycled packages in select markets this month and later this year. The US is the...
AFP
New York (AFP) - Coca-Cola said Thursday it will cut 2,200 jobs as part of a restructuring as it prepares for a better post-pandemic market in 2021 following this year's sales hit. The downsizing, the latest by a large US company amid the pandemic, will impact about 2.6 percent of Coca-Cola's global workforce and will eliminate 1,200 US jobs, a company spokesman said. The soda giant established a voluntary separation program but "some level of involuntary reductions" also will be needed, the spokesman said. "Our transformational work was well underway prior to the pandemic," he said. "The pand...
AFP
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