Coke ups sales outlook after higher prices boost Q3 revenue

By DEE-ANN DURBIN
AP Business Writer

Coca-Cola booked stronger-than-expected sales in the third quarter as it hiked prices 7%. Revenue rose 10% to $11.1 billion and the beverage giant raised its revenue expectations for the second time this year. Coke Chairman and CEO James Quincey said consumers have been resilient in the face of food price inflation, which is at 40-year highs in some markets. But the company is starting to see some consumers trade down to smaller packages or private-label competitors. Coke said it introduced value packs to try to hang on to them. Coke’s earnings of 69 cents per share also beat Wall Street forecasts.