) in raising annual forecasts as the two top sugary soda makers benefit from resilient demand despite multiple price increases taken to blunt the impact of surging costs.
Lack of major competition in the global carbonated drinks market has encouraged Coke and PepsiCo to raise prices this year on expectations that their products were among the last to feel the pinch during an economic slowdown.Consumer goods giants Nestle and Procter & Gamble also reported better-than-expected sales last week, as shoppers continued to pay more for goods like Nescafe coffee and Gillette razors.
While investors have been concerned that a U.S. economic slowdown could hurt demand for new vehicles, Chief Financial Officer Paul Jacobson said on Tuesday: “We haven’t seen any direct impact on our products. Pricing remains strong. Demand remains strong.”