Drinks like Coca-Cola Zero Zero are helping drive spending among consumers who are looking for more value in what they buy, Coke Chief Executive Henrique Braun said in an interview.

Coke Zero Zero, which has zero calories, sugar and caffeine, had success in Europe and is being expanded to other markets. The drink is focused on those who want less caffeine in the afternoon, Braun said. In the U.S., Mr. Pibb-with more caffeine and cherry flavor-has seen growth on the West Coast, and volumes are up some 20% across the U.S.

"We're trying to be closer to the consumer more intimate market by market," Braun said.

Shares of Coca-Cola are up about 5.5% in midday trading. Shares are on pace to close at a record after their largest single-day percent gain since 2020, according to Dow Jones Market Data. The Atlanta-based company reported higher profit and sales in the second quarter and raised its outlook for the year.