Coca-Cola Co. recently reported increased sales figures for the first quarter of 2021. The company benefited from higher prices, as well as a resurgence in its business in China, with revenue rising five per cent to USD 11 billion for the January-March period. This number beat the expectations of analysts by a considerable margin. The success was also due to a combination of higher prices and changes in package size, as well as increases in concentrate sales.
Coca-Cola’s unit case volumes were higher than expected, jumping 10 per cent in Asia due to the end of COVID-related shutdowns in China. There was also a rise in the company’s business in India, courtesy of the addition of retail partners offering promotions on multi-packs. In North America, the company saw flat growth in its sales, while Europe experienced a dip due to less business in Russia and the February earthquake in Turkey. Despite the dip in operating income by 1 per cent due to heavy marketing, Coke’s shares saw a 1 per cent rise in premarket trading.
Coca-Cola Co. is one of the largest beverage companies worldwide, owning and marketing numerous non-alcoholic brands. The company was founded in 1886 by pharmacist John Stith Pemberton in Atlanta and rapidly gained popularity. Headquartered in Atlanta, Georgia, the company boasts of a number of well-known beverage brands like Fanta, Sprite, Coca-Cola, Dasani, Minute Maid, and Powerade, among others. In recent times, the company has diversified into the non-alcoholic ready-to-drink beverage segment, along with tea, coffee, and athletic and energy drinks.
Muhtar Kent is an American businessman who is the current chairman and former CEO of The Coca-Cola Company. He began his career with the company in 1978 as a marketing employee and rapidly rose through the ranks, eventually taking over as CEO in 2008. During his time as CEO of the company, he is credited with driving improvements in business performance and the efficiencies made in the manufacturing, marketing, logistics, and sales of the company. Outside the corporate sector, he is a supporter of multiple initiatives relating to education and sustainability.
