Coca-Cola HBC AG on Tuesday reported better-than-expected full-year operating profit and said it will increase prices this year to tackle an increase in costs.
Most companies have hiked prices in a bid to pass on some of these costs to their consumers. Although a cost of living crisis has seen a shift in consumer spending, packaged beverage and food makers have continued to see resilient demand.
“The environment in terms of input costs is very challenging and pricing is very important to manage inflation,” Ben Almanzar, chief financial officer at the soft drinks bottler, told Reuters.
The Switzerland-headquartered company, in which U.S beverage giant Coca-Cola owns 20 percent stake, said it expects 2023 organic operating profit growth in the range of +3 percent to -3 percent as glass manufacturing prices and input costs continue to rise….