Coca-Cola Quarterly Sales Slide as Pandemic Progresses
April 21 2020 - 7:17AM
Dow Jones News
Coca-Cola Co. reported lower revenue for the latest quarter,
reflecting growing sales for the first two months of the year
before the Covid-19 pandemic escalated and resulted in reduced
travel, restaurant closures and sports cancellations outside of
China.
The beverage giant on Tuesday posted first-quarter sales of $8.6
billion, down 1% from a year earlier. Analysts polled by FactSet
were targeting sales of $8.3 billion.
The Atlanta-based company said organic revenue, which excludes
the effect of currency swings, acquisition and divestitures, was
flat.
For the quarter, Coca-Cola reported earnings of $2.76 billion,
or 64 cents a share, compared with $1.68 billion, or 39 cents a
share, in the comparable quarter last year.
Adjusted earnings were 51 cents a share, ahead of the 44 cents
analysts had expected.
Coca-Cola said its sales volume has fallen about 25% globally
since the beginning of April, led by a decline in the company's
away-from-home channels, which represent about half of its revenue,
as efforts to contain the pandemic intensified in March. The
company said it witnessed pantry loading in certain markets,
followed by normalized demand and an increase in e-commerce
sales.
Unit-case volume outside of China was growing 3% through the end
of February, Coca-Cola said.
Unit-case volume fell 1% for the quarter, as the company said
declines in the Asia Pacific due to coronavirus offset growth in
North America.
Unit-case volume for its sparkling soft drinks, which include
its namesake soda drink, Diet Coke, Fanta and Sprite, fell 2% for
the quarter, led by a decline in the Asia Pacific, particularly
China.
(END) Dow Jones Newswires
April 21, 2020 07:02 ET (11:02 GMT)
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