Coca-Cola emerges from lockdown blues as out-of-home demand recovers [Toronto Globe and Mail (Ontario, Canada)]
Coca-Cola Company (The) (KO)
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Source: Toronto Globe and Mail
Coca-Cola emerges from lockdown blues as out-of-home demand recovers Coca-Cola reported quarterly results Thursday. REGIS DUVIGNAU/Reuters Coca-Cola reported quarterly results Thursday. Coca-Cola Co. beat revenue and profit expectations on Thursday as a partial reopening of theaters and restaurants boosted demand and helped the world’s largest soda maker bounce back from a shattering second quarter. Declines in “away-from-home” sales eased to mid-teens range in the third quarter from about a 50% slump in April at the height of lockdowns, while demand for its trademark Coca-Cola and Coca-Cola Zero Sugar also rose. Coca-Cola makes about half of its revenue by selling its soft drinks at public venues and their closure had forced it to offer voluntary job cuts to about 4,000 workers in the United States. Chief Executive James Quincey said the situation is “dynamic”, as rising cases during the winter could result in regional lockdowns, adding the recovery in “away-from-home” sales had s
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