The world’s biggest retailer of energy drinks is reporting record sales in its second quarter after the launch of the latest product line.
The energy drink giant Monster Energy Drink has been hitting sales records for the past four quarters, with sales at its New York City and Florida stores up over 80 per cent this year, the company said in a statement on Thursday.
Monster Energy Drink CEO David Smith told investors that he hoped sales would continue to grow and said the new products would appeal to consumers seeking a bit of energy boost.
The company has launched the new Energy Boost line of drinks with its latest product, which will cost $2.49 a bottle, and a new energy drink called Mega Energy Boost, which is priced at $2 per 10ml.
The new products are being introduced in the US and the UK.
The new products will be available in the second half of this year.
Monster says its sales grew by 55 per cent to $5.6bn ($4.1bn in the UK).
The company is now on track to exceed the $1bn sales target it set for 2017, which it hopes to reach in 2021.
Monster said that the energy drink sales increase was driven by consumers choosing energy drinks as their main energy drink choice.
It said that energy drinks accounted for about 45 per cent of the overall energy drink market in the first half of 2018.