Higher prices result in profit for Coca-Cola | RetailDetail

Higher prices result in profit for Coca-Cola

Higher prices result in profit for Coca-Cola

Soda manufacturer Coca-Cola's second quarter net profit grew 20 % compared to last year, thanks to higher prices and cost-cutting measures.

Lower turnover

Coca-Cola's net profit grew 20 %, up to 3.1 billion dollars (2.8 billion euro), despite a strong dollar impacting its markets abroad. The dollar did push turnover down 3 % to 12.16 billion dollars (11 billion euro), but higher prices and cost-cutting measures managed to off-set that drop. Coca-Cola had announced a restructuring plan earlier this year, which would cost 1,800 people their jobs.

 

"Our second quarter results were in line with our expectations and mark continued progress toward restoring momentum in our global business," chief executive Muhtar Kent said. Coca-Cola Zero experienced the biggest growth, with 6 %, while Sprite managed 3 %, Fanta 2 % and Coca-Cola 1 %. Coca-Cola Light dropped 7 %, which may be because of its newer brands Zero and Coca-Cola Life.

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