coca-cola: Coca-Cola logs 6 pc unit case volume growth in Q3 on better sales in India, other emerging markets
The company has reported a “solid performance” by its fruit drink brand Maaza in India and Minute Maid Pulpy in China markets, the company said while announcing its earnings on Wednesday.
“Unit case volume grew 6 per cent in the quarter, resulting in volume ahead of 2019, primarily led by developing and emerging markets,” The Coca-Cola Company said. The growth in developing and emerging markets was led by India, Russia and Brazil, while growth in developed markets was led by the United States, Great Britain and Mexico, it added.
In the Asia Pacific Market, in which India falls, Coca-Cola’s unit case volume grew 3 per cent in the third quarter (three months ended September), resulting in an even performance on a two-year basis.
“Growth was driven by India and China, partially offset by pressure in Southeast Asia due to the impact of the pandemic,” the company said. “Growth was led by trademark Coca-Cola and sparkling flavours”.
Unit case volume means the number of unit cases of company beverages directly or indirectly sold by the company and its bottling partners to customers.
India is one of the leading markets for Coca-Cola.
The company is witnessing a recovery in its out-of-home channels, which was impacted after the pandemic-induced travel restrictions in the country.
Overall, the Coca-Cola Company’s net revenues grew 16 per cent to USD 10 billion, and organic revenues (non-GAAP) grew 14 per cent.
“Our strategic transformation is enabling us to effectively navigate a dynamic environment and emerge stronger from the pandemic,” the company’s Chairman and CEO James Quincey said.
“We are updating our full-year guidance to reflect another quarter of momentum in the business.
“While the recovery continues to be asynchronous around the world, we are investing in growth to drive long-term value for the system. Our strong system alignment and networked organisation are helping us unlock enormous potential in our brands and across our markets,” he added.