Coke tops sales estimates due to demand for its sugar-free sub-brands
Bengaluru — Coca-Cola topped Wall Street estimates for quarterly sales and profit on Wednesday, as more consumers reached out for its Zero Sugar sub-brand and the new version of Diet Coke. Coke and its smaller rival PepsiCo have been focusing on healthier drinks to garner market share as health-conscious consumers shift away from sugary sodas. Earlier this year, Coca-Cola launched new flavours of its popular Diet Coke brand in slimmer packaging and debuted Coca-Cola Stevia No Sugar in New Zealand, and dairy-free smoothie AdeZ in Europe in the quarter. Organic revenue, or sales, from its core beverage business rose 5% in the quarter, with Diet Coke, Coke Zero and sparkling water contributing the most. Volumes, a key indicator of demand, grew 2% in the quarter on strong performance of its trademark Coca-Cola brand, and Fuze Tea. Organic sales in Europe rose 7% after the company reformulated its recipe for a few sodas in response to UK’s tax on sugar. "We were impressed with Coca-Cola’...
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