{"id":31377,"date":"2020-07-21T16:58:00","date_gmt":"2020-07-21T13:58:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coca-cola-earnings-sales-plunge-28-percent-amid-coronavirus-lockdown\/"},"modified":"2020-07-21T16:58:00","modified_gmt":"2020-07-21T13:58:00","slug":"coca-cola-earnings-sales-plunge-28-percent-amid-coronavirus-lockdown","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coca-cola-earnings-sales-plunge-28-percent-amid-coronavirus-lockdown\/","title":{"rendered":"#Coca-Cola earnings: Sales plunge 28 percent amid coronavirus lockdown"},"content":{"rendered":"

“#Coca-Cola earnings: Sales plunge 28 percent amid coronavirus lockdown<\/strong>”<\/p>\n

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July 21, 2020 |<\/span> 9:58am |<\/span> Updated July 21, 2020 | 10:13am<\/span><\/p>\n

\n Coca-Cola\u2019s global sales plummeted 28 percent in the second quarter as coronavirus lockdowns\u00a0continued to crimp consumption, the company said Tuesday.<\/p>\n

The soft drink giant said pressure on \u201caway-from-home channels\u201d such as restaurants, bars and movie theaters drove the decline.\u00a0Officials around the world have shut down such venues \u2014 which account for roughly half of Coke\u2019s revenues \u2014 to control the COVID-19 pandemic.<\/p>\n

The $7.2 billion in net sales that Coke raked in from April to June was roughly in line with Wall Street\u2019s expectations despite falling from about $10 billion a year ago, according to Bloomberg data. The Atlanta-based conglomerate expects sales to improve through the rest of the year as the lockdowns ease \u2014 though the pandemic makes that far from certain.<\/p>\n

\u201cWe believe the second quarter will prove to be the most challenging of the year; however, we still have work to do as we drive our pursuit of \u2018Beverages for Life\u2019 and meet evolving consumer needs,\u201d Coke Chairman and CEO James Quincey said in a statement.<\/p>\n

The pandemic has also hammered Coke\u2019s profits, with adjusted earnings per share plunging 33 percent year-over-year to 42 cents. But that was better than Wall Street\u2019s dim expectations for 40 cents a share, according to Bloomberg data.<\/p>\n

The earnings beat helped lift Coke\u2019s stock price as much as 4 percent to $47.99 in early trading Tuesday.<\/p>\n

Coke indicated that \u201csustained, elevated sales\u201d of its products for at-home consumption have helped it recover since the pandemic forced consumers to hunker down at home this spring.<\/p>\n

The number of cases of drinks sold by Coke and its bottling partners was down about 10 percent in June, a marked improvement from April\u2019s roughly 25 percent decline, the company said.<\/p>\n

But sales volume was still off 16 percent for the quarter \u201cas all operating groups experienced coronavirus-related pressure,\u201d Coke said. That included a 12 percent drop in the sparkling soft drinks segment, with Coke\u2019s eponymous cola falling 7 percent, the company said.\n <\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Coca-Cola earnings: Sales plunge 28 percent amid coronavirus lockdown” July 21, 2020 | 9:58am | Updated July 21, 2020 | 10:13am Coca-Cola\u2019s global sales plummeted 28 percent in the second quarter as coronavirus lockdowns\u00a0continued to crimp consumption, the company said Tuesday. The soft drink giant said pressure on \u201caway-from-home channels\u201d such as restaurants, bars and…<\/p>\n","protected":false},"author":1,"featured_media":31378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[41872],"class_list":["post-31377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coca-cola-earnings-sales-plunge-28-percent-amid-coronavirus-lockdown"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/31377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=31377"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/31377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/31378"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=31377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=31377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=31377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}