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Coca-Cola Company experienced growth in Q2 despite price hikes that have led some consumers to switch to private labels.
The company’s organic revenue grew 11% year over year, beating analyst expectations. It revised its full-year organic revenue growth to 8%–9%, up from its 7%–8% prediction last quarter. In its earnings report, Coca-Cola noted that it increased marketing investments in Q2.
It also said it’s “reinvigorating iconic brands through innovative products, refreshed designs and consumer-centric marketing,” pointing to Minute Maid, whose recent global rebrand was accompanied by an ad campaign called “Filled with Life.”
The company touted the Cannes Lions awards it won for its marketing as well. For instance, it won a bronze lion for its “best” campaign by advertising agency VMLY&R Kansas City.
Speaking of Cannes, the company’s global CMO, Manuel Arroyo, implied that the soda giant won’t be making any political statements or advertising ahead of the 2024 election.
“As it relates to public or political potential controversy and how we play there, it is a very simple answer: We don’t play in that,” Arroyo told Yahoo Finance. “From a brand safety standpoint, we have very, very clear guidelines—very clear guidelines. We’re going to stay away from any major controversy because there’s a principle here: We are the most inclusive brand.”