Global Brands Thrive in China, Despite Challenges
Global brands such as Coca-Cola, adidas, Apple, and L'Oréal reported strong quarterly earnings in China, with some achieving double-digit growth.
Coca-Cola's revenue rose by 7% to $13.38 billion, while net income increased by 17% to $4.438 billion. Global unit case volume grew 5%, led by China, India, the US, and Brazil, with Asia Pacific up by 8%. Currency-neutral sales in Greater China rose 15%.
Adidas posted record quarterly sales, with currency-neutral revenues up by 14% to 6.7 billion euros ($7.73 billion). In the first half, currency-neutral sales in Greater China increased 16%.
Apple's revenue reached $109.4 billion for its fiscal third quarter, a 16% increase. The Greater China region saw a 22% revenue rise to $18.816 billion. Apple CEO Tim Cook credited the iPhone for setting a June-quarter record in the region and the Mac for achieving its best quarter ever there.
L'Oréal reported record first-half sales of 23.77 billion euros, up by 6.8%. The North Asia region contributed significantly to growth, with double-digit expansion in China.