Coca-Cola Says Covid-19 Impact on Second Quarter to Be ‘Material’
- Beverage giant says impact on second quarter will be material
- Company posts earnings and organic sales that beat estimates
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Coca-Cola Co. said the impact of the Covid-19 pandemic has made it impossible to predict what 2020 holds, although it warned that the effect on the second quarter will be “material.”
Volume, which is closely tracked by beverage companies to gauge demand, has declined about 25% globally since the start of April, the beverage giant said in its earnings statement Tuesday. The effects of social-distancing measures and lockdowns have hurt sales primarily outside the home, as stadiums and entertainment centers, where the company gets about half of its revenue, remain closed. The ultimate impact on full-year results will depend on the duration of those measures, Coke said.