The company makes a big chunk of its money from selling its soft drinks to restaurants, movie theaters and others, many of which had to close during the pandemic, according to a report from Reuters.
However, there are indications that things are on the rise. Unit case volume, which is considered an indicator of demand, swooned 25% in April but dipped just 10% in June as restaurants in many states have begun to open in some capacity, Reuters reported. Thus far in July, the volume decline has ticked up to the single digits.
For the quarter as a whole, volume dipped 16%, with its flagship Coca-Cola losing 7%. Teas and coffees dropped 31%, which the company attributed to the closing of Costa stores in Western Europe.
"I'm proud of the people of the Coca-Cola system as we continue to adjust and accelerate our strategies in this fast-changing landscape," CEO James Quincey said in a statement. "We believe the second quarter will prove to be the most challenging of the year; however, we still have work to do."
The Atlanta-based company saw adjusted revenue drop 28% to $7.18 billion, in line with analyst expectations, and earnings per share fall 32% to $0.42, which narrowly beat Street projections of $0.40. Net income dropped 32% year-over-year to $1.78 billion.
Coca-Cola shares rose 2.8% to $47.42 midday Tuesday.
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