Summary by Moomoo AI
Coca-Cola has reported a mixed financial performance for the quarter ended March 29, 2024. The company's net operating revenues increased by 3% to $11.3 billion compared to $10.98 billion in the same period last year. Operating income, however, decreased by 36% to $2.141 billion, primarily due to a decline in concentrate sales volume, higher commodity costs, and higher operating expenses. The company also recorded a significant asset impairment charge of $760 million related to the BodyArmor trademark. Despite these challenges, Coca-Cola's gross profit margin improved to 62.5% from 60.7% year-over-year, driven by favorable pricing initiatives and structural changes. The company's business development was marked by strategic refranchising activities in Vietnam, India, Bangladesh, and the Philippines, as well as the sale of an equity...Show More