Coca-Cola to hike prices again after already raising them 11% last year as it fights soaring costs
Coca-Cola will hike prices again this year as it fights soaring costs. The world’s second biggest soft drinks firm, behind Pepsi, pushed up prices by 11 per cent last year.
Boss James Quincey said that will continue but at a more moderate pace. In contrast, Pepsi, which put up prices 14 per cent last year, will not pass on further hikes.
Coca-Cola’s sales in 2022 hit £35billion, an 11 per cent jump from a year earlier. Profit rose to £9billion, a 6 per cent increase.
Price hikes: Coca-Cola’s sales in 2022 hit £35bn, an 11% jump from a year earlier. Profit rose to £9bn, a 6% increase. The brand is backed by UK singer Rita Ora (pictured)
Hargreaves Lansdown analyst Aarin Chiekrie said that the sales jump showed why Coca-Cola is a ‘global powerhouse’.
He added: ‘Iconic brand power was to thank for this, as loyal customers have kept coming back for more fizzy drinks.’
Coca-Cola struggled during the pandemic with the closure of restaurants and bars, which usually account for around half its sales.
But it hailed a strong bounceback when customers returned to social venues.
The US giant’s results came as its Greek bottling partner, hiked its dividend after a bumper year. Coca-Cola HBC increased its payout to shareholders by a tenth after sales soared.
Sales at the FTSE 100 firm jumped 28 per cent to £8.1billion, while profits rose 8 per cent to £550million. Shares rose 5 per cent, or 96.5p, to 2038p