Coronavirus lockdowns to hurt Coca-Cola’s second quarter sales [Toronto Globe and Mail (Ontario, Canada)]
Coca-Cola Company (The) (KO)
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Source: Toronto Globe and Mail
Coronavirus lockdowns to hurt Coca-Cola’s second quarter sales Coca-Cola Co said on Tuesday its expected current-quarter results to take a hit as restaurants, theatres and other venues that represent about half of the company’s revenue remain closed because of the coronavirus pandemic. The soda maker’s shares, a Dow 30 component, were down about 4%. They have lost about 16% so far this year. Coca-Cola makes syrups and concentrates and through its bottlers distributes them to fast-food chains, theatres, amusement parks and other venues, most of which have either closed all operations or limited their businesses. Several concerts and sporting events, including the company-sponsored Tokyo 2020 Olympics, have been postponed or cancelled. As a result, volumes fell about 25% globally since the beginning of April, largely stemming from the loss of sales other than at retail stores, the company said. The hit to second-quarter results will be material, it said, though the ultimate impact on th
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