Coca-Cola forecast 2023 profit growth above Wall Street expectations after edging past fourth-quarter revenue estimates, as demand for its drinks remains steady in the face of multiple price hikes to tackle rising costs.
Coca-Cola's near duopoly in the global carbonated drinks market along with PepsiCo PEP.O has made it easier for the company to raise prices over the last few quarters to counter higher freight, commodity and labor costs.
Coca-Cola in October warned signs were emerging of inflation taking a bigger bite out of consumer spending power, especially in Europe with categories like juices and bottled water in the region seeing a shifting towards cheaper private label brands.
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