“That extra consumer interaction at home has created some new behaviors and engagement with brands that may well be enduring,” he said.
Increased advertising may have also boosted sales. Coke said it doubled its marketing spending in the second quarter compared to last year.
Case volumes grew 18% to a level that was even with 2019. Coke said some markets, like China, Brazil and Nigeria, are already running ahead of 2019 demand, while others, like India, continue to be under pressure due to the pandemic.
In North America, case volumes rose 17% as restaurants, movie theaters, stadiums and other venues reopened or dropped capacity restrictions. Coke has historically booked half its revenue from such businesses, which were crushed by the pandemic.
Demand for Powerade and other sports drinks was particularly strong, with case volumes up 35% from the same period last year. Coffee sales surged 78% as the company's Costa retail stores reopened in the United Kingdom.
The company's signature Coca-Cola brand also saw double-digit gains, led by Coke Zero Sugar. Quincey said the company's new recipe for Coke Zero Sugar __ which is designed to make it taste more like traditional Coke __ is getting positive feedback in the 50 markets where it has already been launched. It will start hitting U.S. store shelves this month.
Coke’s net income surged 48% to $2.6 billion. Adjusted for one-time items, the company earned 68 cents per share. Analysts had forecast earnings per share of 56 cents.
The company raised its full-year earnings forecast based on its results. It now expects organic revenue growth of 12% to 14% in 2021 __ up from high single-digit growth __ and earnings per share growth of 13% to 15%
Coke's shares were up 2% in morning trading.