Coca-Cola sees second-quarter sales hit from coronavirus lockdown [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Coca-Cola sees second-quarter sales hit from coronavirus lockdown Coca-Cola Co on Tuesday forecast a significant hit to current-quarter results as restaurants, theatres and other venues that represent about half of the company’s revenue remain closed because of the coronavirus pandemic. The rapid spread of the novel coronavirus, which was first detected in the Chinese city of Wuhan last December, has claimed the lives of nearly 170,000 across the globe and has forced restaurants, grocers, sports arenas and entertainment venues to shut doors. The group, which provides syrups and concentrates to several fast-food chains, theatres and amusement parks, said it saw volumes drop about 25% globally since the beginning of April, largely stemming from the loss of sales other than at retail stores. The Atlanta-based beverage maker, which last month said it would not be able to reach this year’s financial goals, now expects current-quarter comparable revenue to include a 4% to 5% hit from a stro
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