Coca-Cola Jumps on Profit Beat as China Fuels Beverage Sales
- Competition with rival PepsiCo remains intense in home market
- New players means ‘we have to up our game,’ CEO Quincey says
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Coca-Cola Co., locked in a renewed battle for global beverage sales with rival PepsiCo Inc., rose as its push beyond sugary drinks helped it beat on profit in the first quarter.
The beverage giant got a boost from better sales in China, where Chief Executive Officer James Quincey said bottled water and trademark Coke are performing well. Global unit case volume, a key measure for Coke, rose 2 percent, fueled by a 7 percent spike in Asia Pacific.