Coca-Cola Co. raised its outlook for the year, as rising Covid-19 vaccination rates and the reopening of restaurants, stadiums and movie theaters boost sales of soft drinks around the globe.
The beverage giant’s sales plummeted in 2020 when the Covid-19 pandemic closed dining and entertainment venues. The company’s revenue in the most recent quarter soared above levels from a year earlier and topped revenue in the same period in 2019.
Coke Chief Financial Officer John Murphy said the results show that consumers are starting to return to pre-pandemic consumption patterns. “There was a lot of conversation a year ago on whether social behavior was going to be permanently impacted by the pandemic,” Mr. Murphy said. “What we’re seeing is that is actually not the case. People want to get out and about.”
Coke’s sales volume for the quarter ended July 2 grew ahead of 2019 levels in markets such as China and Brazil but trailed in India, which was battered by the pandemic this spring. Overall, volume was down slightly from 2019.
The company’s net revenue for the quarter was $10.1 billion, a sharp rise from a year ago and up slightly from $10 billion in the same period in 2019.