NEW YORK, Feb 14, 2024 (BSS/AFP) - Higher prices and volumes helped boost
Coca-Cola sales despite consumer weakness in some markets and a hit from the
Middle East war, according to company results releases Tuesday.

Revenues for the soda giant rose seven percent from the year-ago level to
$10.9 billion, reflecting a two percent rise in volumes and nine percent
increase in price/mix, a category that includes retail venue and product
size, in addition to sticker price.

Profits dipped three percent to $2.0 billion.

Chief Executive James Quincey described consumers in North America as
"holding up well," although he acknowledged "a little softening" through 2023
in the United States due to persistently higher prices that have pressured
low-income shoppers.

But economic indicators have strengthened again in early 2024 and consumers
"are starting to feel like the money coming is starting to contain and get
ahead of the inflation," Quincey said during an earnings conference call.

Quincey said consumers in Europe remain "cost conscious," while the macro
environment "remains uncertain" in Africa and China.

The ongoing conflict in the Middle East dented volume growth by about one
point in the fourth quarter, said Chief Financial Officer John Murphy.

Coca-Cola projected 2024 revenue growth of six to seven percent when foreign
exchange and the effect of acquisitions are excluded.

Shares of Coca-Cola dipped 1.2 percent in afternoon trading.