Coca-Cola 2Q Sales Fall 28%
July 21 2020 - 7:44AM
Dow Jones News
By Dave Sebastian
Coca-Cola Co. said its sales for the latest quarter fell 28% as
consumers bought less Coca-Cola products at restaurants and
bars--many of which were still shut due to the Covid-19
pandemic.
The beverage giant Tuesday posted second-quarter sales of $7.15
billion, down from $10 billion a year earlier. Analysts polled by
FactSet were targeting sales of $7.21 billion.
About half of Coca-Cola's business comes from away-from-home
retail channels--the restaurants, bars, movie theaters and sports
stadiums that have been shut world-wide. But the company said it
saw an improvement in its away-from-home sales as lockdowns eased,
and it expects the trend to continue for the rest of the year.
The Atlanta-based company said organic revenue, which excludes
the effect of currency swings, acquisition and divestitures, was
down 26%.
For the quarter ended June 26, Coca-Cola recorded earnings of
$1.78 billion, or 41 cents a share, down from $2.61 billion, or 61
cents a share, in the comparable quarter last year.
Adjusted earnings were 42 cents a share, ahead of the 40 cents
analysts had expected.
The company's unit-case volume, or the number of 24 8-ounce
servings of finished beverages sold, was down mid-single digits
globally so far this month. That is better than the roughly 10%
decline in June and 25% in April.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 21, 2020 07:29 ET (11:29 GMT)
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