Coke’s strong quarter fueled by higher prices, China rebound

By DEE-ANN DURBIN
AP Business Writer

Coca-Cola reported higher-than-expected sales in the first quarter as it continued to hike prices and saw its business in China improve. Coke said its revenue rose 5% to $11 billion for the January-March period. That beat Wall Street’s expectations. Coke said pricing and mix __ which includes changes in package sizes __ contributed 11% to its revenue growth while concentrate sales rose 1%. The company said it’s offering more promotions for buyers at the lower end but also expanding premium offerings, like cocktail mixers. Coke said sales in China have begun to rebound, but remain lower than pre-pandemic levels.