📈 Coke, Vita Coco Report Q1 Earnings

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Vita Coco grew revenue, net sales and net income during a strong first quarter, as its dominant position in coconut water continues to sustain broader business goals. Here’s a look at the top-line numbers:

💵 Net sales were up +2% to $112 million from the same period last year, driven by higher pricing and growth in private label case equivalency. Sales volume was down around 1% during the quarter.

📈 Adjusted EBITDA rose to $21 million ($9 million last year) on the back of gross margin gains (42%, compared to 30.7% last year). Gross profit was also strong, increasing from $34 million last year to $47 million in Q1 2024.

🔮 Net sales guidance was lifted +1% to $500-510 million, with Adjusted EBITDA pegged at $76-82 million.

BevNET Insiders can also access a recap of Coca Cola's results and the full Vita Coco rundown.

The country’s largest grocery retailer is setting up to capitalize on consumers’ growing affinity for private label offerings amid continued, heightened food prices. This week, Walmart debuted its new store brand, bettergoods, with over 300 unique products.

🛒 The new store brand includes three categories – Culinary Experiences, Plant-based and “Made Without” – that feature items spanning frozen, dairy, snacks, beverages, pasta, soups, coffee, chocolate and more. 

💸 The bettergoods portfolio also aims to align lower prices with demand for the premium, upscale items. According to Walmart, the offerings will sit on-shelf for between $2 to $15; the vast majority of products will be available for around $5.

🗣️ According to Kelly Criswell, founder and principal of strategic creative and brand design agency Mudge, her initial reaction to the launch was that “Walmart made a more approachable version of Target’s Good & Gather.”

BevNET Insiders get more details on the product range and positioning as well as insight from Criswell.

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Hollywood multi-hyphenate Elizabeth Banks and entrepreneur Marian Leitner, the co-owners of fast-growing canned wine brand Archer Roose, speak about the origins of their relationship; incorporating a sense of adventure, breaking rules and relatable humor into Archer Roose’s marketing strategy; and why entering Target meant being about “to swing at a pitch they could hit.”

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• A full rundown of Coke's latest earnings results
• Highlights from the revamped Beverage Forum taking place this week in L.A.
• News of the new name for a multi-national spirits conglomerate
• A roundup of the latest product collaborations, new looks and celebrity partnerships from around the beverage business

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