The Atlanta-based maker of Coke and Sprite soft drinks said volume performance included solid growth in sparkling soft drinks in China and India.
“In India challenges remain but at-home trends were strong; we saw signs of recovery in away-from-home channels through the holidays,” Coca-Cola chairman James Quincey said in a post-earnings call on Wednesday.
For the Asia Pacific region, Coca-Cola said its unit case volumes declined 4 per cent, which it attributed to adverse weather conditions in Southeast Asia and channels in out-of-home channels across most markets in the region.
The company reported a decline of 5 per cent in its global net revenue to $8.6 billion, with its global unit case volume down 3 per cent.
In the September quarter, minimal lockdown disruptions and reverse migration had led to acceleration of demand for soft drinks in semi-urban and rural markets, while in the October-December quarter, urban demand also picked up as a result of higher in-home consumption and a gradual pickup in travel services and dining out.
Analysts said category sales could see a healthy reversal in the upcoming summer with tourism services, eating out and cinemas reopening.
