Overview of Coca-Cola Icecek’s Recent Sales Performance
In its latest financial filing, Coca-Cola Icecek AS reported a noticeable decline in sales volumes in Turkey and Pakistan during the July-September 2024 period, primarily due to ongoing boycotts against brands linked to Israel. This development led to a 12.2% drop in Turkey’s sales and a 22.9% decrease in Pakistan. Consequently, the company’s shares dropped by 7.1% to 45.12 Turkish liras, marking its largest single-day loss since May 2023.
Impact of Boycotts on Coca-Cola Icecek and Other US Brands
The boycott has extended beyond Coca-Cola, affecting US-based fast-food chains such as McDonald’s and KFC, as many consumers in Asia, the Middle East, and parts of Europe turn away from American brands over alleged ties to Israel due to ongoing conflicts.
Financial Performance Summary
Coca-Cola Icecek’s quarterly net income fell by 61% year-over-year to 5.17 billion liras ($151 million), falling short of analysts’ estimates of 5.72 billion liras. This prompted the company to revise its revenue growth guidance to adapt to the challenging market.
Table: Coca-Cola Icecek’s Sales Summary (July-September 2024)
| Region | Sales Volume Change | Key Factors |
|---|---|---|
| Turkey | -12.2% | Boycotts linked to Israel ties |
| Pakistan | -22.9% | Increased consumer boycott |
| Other Markets | +1.3% | Demand in Iraq, Azerbaijan, Kazakhstan |
Conclusion
With reduced guidance and market uncertainty, Coca-Cola Icecek and other brands linked to the US are navigating complex consumer sentiments across these regions.