has issued a word of warning to anyone who drinks its soft drinks – ahea dof price increases of 12 percent. Popular fizzy drinks are set to make a major change, and fans are going to be upset.
Despite the excellent results, James Quincey, Coca-Cola’s CEO, said: “There will be price increases around the world in 2023.” Prices in Europe had risen 15 percent in the three months to the end of December compared to a year earlier, the manufacturer announced.
Coca-Cola’s revenue increased 7% to $10.1 billion in the October-December period, the company said Tuesday. That was slightly ahead of Wall Street forecasts, according to analysts polled by FactSet. Total sales grew 7 percent to £8.2 billion. The company reported revenue growth of 11 percent for the full year 2022 to reach $43 billion this year.
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“While 2022 brought many challenges, we are proud of our overall results in a dynamic operating environment. We keep consumers at the center of our innovation and marketing investments, while leveraging our expertise in managing and executing revenue growth. Our culture of growth is driving new approaches, more experimentation and greater agility to drive growth and value for our stakeholders,” said James Quincey, CEO of The Coca-Cola Company. Coca-Cola expects to achieve group revenue growth of 8 percent by 2023, he said today.
“Inflation is likely to moderate as the year progresses and therefore we expect the rate at which prices are going to rise to start to moderate and become more normal by the end of the year,” Quincey added. “It looks like the European economy is going to avoid a technical recession, but clearly consumer demand is weakening and I think that is likely to continue for the rest of the year,” he said on Tuesday.