• 📈 Coke Raises FY 2024 Sales Outlook 
• ✨ Walmart Debuts bettergoods Private Brand

• 🌟 Revamped Beverage Forum Kicks Off in LA

• 🥃 Beam Suntory Rebrands to Suntory Global Spirits
• 👀 Marketing: OLIPOP Links With Barbie and more
• 🍷 For Elizabeth Banks, Entrepreneurship Is Like Acting: Unconventional Is The Only Way

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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.

Stay tuned to BevNET for the full earnings recap later today.

The Coca-Cola Company raised its full-year organic sales guidance after reporting first quarter 2024 earnings this week with revenue beating out analysts’ projections due to strong global demand. Here’s what you need to know:

• Coke saw net sales grow 3% year-over-year to $11.3 billion and organic revenues of 11% for the quarter, ending March 29. Global unit case volume grew 1%. 
• Meanwhile, operating margin was 18.9% versus 30.7% in the prior year period. This was driven by a charge of $765 million related to the acquisition of Fairlife in 2020 and a non-cash impairment charge of $760 million tied to the BODYARMOR trademark.
• Looking ahead, the beverage giant now expects to deliver FY 2024 organic revenue (non-GAAP) growth of 8% to 9%, up from its previous range of 6% to 7%. 

Take a look at the full earnings recap on BevNET.

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.

Rabin, Aaron Industrial Solutions and AllSurplus will conduct the auction for Faubourg Brewing, including: Brewhouse, Fermenters & Brite Tanks, Bottling & Canning, Facility & Refrigeration, Material Handling, General Plant Equipment, Lab, Taproom and More!Bidding is May 30th thru June 6th. Learn more

The first day of the 2024 Beverage Forum, hosted in Manhattan Beach, California by L.A. Libations (their first time leading an industry conference) began with a group of schoolchildren leading the audience in the Pledge of Allegiance and closed with Hilton Schlosberg talking about shock jocks and booty calls. If you couldn’t make it, here’s what you missed:

🕶️ The day’s speaker panels featured a large roster of CPG industry experts from investor Rohan Oza to KDP and Walmart executives, interwoven with a number of celebrity and influencer guests who cemented the Hollywood feel of the event, including Chamberlain Coffee founder Emma Chamberlain, comedian Nigel Ng, and Oscar winner/budding beverage entrepreneur Robert Downey, Jr.

💼 While the A-List panels gave the event star power, speakers from SPINS, Goldman Sachs and 7-Eleven also offered deeper insights into what’s going on inside the heads of retailers as the industry evolves to a changing consumer landscape more influenced by social media than ever and where brands can “go viral in hours,” in the words of Walmart VP Will McDonald.

⚡ Monster Energy co-CEOs Rodney Sacks and Hilton Schlosberg finished out the day by reflecting on the 30-year history of the company and the journey from embracing controversial radio hosts like Tom Leykis and speaking solely to men with sexually charged marketing to bringing in more female consumers with new brands and inclusive messaging, while staying true to the in-your-face Monster ethos.

Ten years after acquiring a bourbon giant, Japanese spirits conglomerate Beam Suntory is rebranding as Suntory Global Spirits. 

⏪ The move reflects back on the decade since the Japanese spirit giant acquired the maker of Jim Beam, as well as the company’s continued evolution into a global premium spirits and ready-to-drink competitor. 

💻 Suntory announced the rebrand this week, which includes the launch of a new website and visual identity, and is expected to help the company “drive value as one global team” and focus on key priorities including American whiskey, Japanese spirits, scotch, tequila and RTDs. 

Get all of the details in the full story on BevNET.

April showers, bring May…marketing activations? Take a look at the latest product collaborations, new looks and celebrity partnerships from around the beverage business:

🍑 Celebrating the 40th anniversary of the Peaches and Cream Barbie Doll, OLIPOP has partnered with Mattel to launch a new Peaches and Cream prebiotic soda. The product contains 4 grams of sugar per 12 oz. can and is available on Amazon for $35.99 per 12-pack and at Walmart, Target, and Whole Foods for $2.49 per can. 

💧 Powdered hydration enhancer Liquid I.V. unveiled its first-ever brand refresh featuring modernized packaging that spotlights the products’ functional benefits. The rebrand coincides with Liquid I.V.’s summer campaign, “Tear. Pour. Live. More.” which will include partnerships with events like Neon Carnival and the Governors Ball Music Festival. 

⚡ GURU Organic Energy has locked in Quebec comedian and host Jay Du Temple as its latest shareholder and brand ambassador. Through the partnership, GURU will serve as the comedian’s the content partner for his “FIN” one-man show Canadian tour. 

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.”

Listen to the episode now.