Internationally speaking, in — if you just break it down into — there’s a couple of different buckets, the ready-to-drink bucket, we’ve made some good progress in China. We made some good progress in Japan with launches of ready-to-drink Costa in the case of Japan complementing Georgia. And actually Japan had a pretty good start to the year growing both Georgia and Costa. So kind of a full coffee strategy in the ready-to-drink looking good and that’s still the most important ready-to-drink coffee market for us. And then the B2B, which is a mix of Express along with kind of we’re serving to providing machines and beans, starting to see that getting some traction in Europe with the bottling partners there and starting to kind of find its feet in the US, too.
And those are the ones I’ve called out as the most — as at front of the program in terms of geographic expansion.
Operator: Our next question comes from Dara Mohsenian from Morgan Stanley. Please go ahead. Your line is open.
Dara Mohsenian: Hey, good morning.
James Quincey: Good morning.
Dara Mohsenian: So I just wanted to follow-up on Bryan’s back half question. You did mention a weaker start in April post the Q1 call and then the stronger June volume performance, obviously, on this call. Is that engendering additional confidence internally around top line? And the reason I’m asking is it sounds like conceptually, you’re not necessarily guiding to the June volume strength continuing in the second half. I’m just trying to understand that. Is that more just prudence, given the inflationary environment you mentioned and consumer volatility? Or are there other factors there? And as we think about your full year organic sales growth guidance range as part of that question, was that just the upside in Q2? Was some of it maybe some upside from Q1? Did you change expectations at all for the back half within that full year organic sales growth guidance raise? Thanks.
James Quincey: I think, Dara, you might get the prize for the most questions in one question. Look, the — clearly, in the second quarter, as we had anticipated in the previous call, April has started softly. But then things kind of normalized towards the end of the quarter, and June was a good solid month of growth. But I think the easier way to think about it is take the whole of the first half because you’re always going to have some good months and some bad months. April happened to concentrate some price increases in developed countries and bad rains in India. Look, that will always happen on any given month. I think what is a question of what gives us confidence in the back half of the year by just saying January to June with its combination of good, middling and bad months, the growth rate in the first half, what we’re expecting is a similar sort of growth rate in the second half, whether you compare to 2022 or to 2019.
And so we think the momentum is there. We think in the developed markets, we’ve got through the pricing that needed to be taken in ’23. We don’t foresee substantive new pricing in the downhill. But we think this is going to be a well set up run through in the second half. And as I called out on that other answer with Bryan that the uncertainty factor is really around a concentrated in a few of these more inflationary marketplaces. Guidance going up, I guess there’s obviously some flow through. We had a good first quarter, obviously, versus consensus. About a second quarter — we clearly feel confident in our outlook for the full year, which is why we’re taking it up. So there’s some flow through. Obviously, there’s some timing factors in the relative performance in Q2.
