Coca-Cola Sales Volume Drops 25% As Restaurants Shutdown

The Coca-Cola Company said its sales volume had fallen by about 25% globally since the beginning of April, amid a global financial suicide, driven by a drop in the company's offshore markets, which account for about 50% of its revenues and a partial shutdown of restaurants.

The beverage giant revenue dropped during the last quarter after reporting an increase in sales in the first two months of the year before the Covid-19 pandemic escalated, leading to travel restrictions, restaurant closures and cancellation of sport events worldwide.

The US company reported on Tuesday a 1% drop in sales during to $ 8.6 billion, yet, the organic revenue, which excludes currency fluctuations, acquisitions and liquidations was flat.

For the time being, Coca-Cola reported earnings of $ 2.76 billion, or 64 cents per share, compared to $ 1.68 billion, or 39 cents per share, in the comparative quarter of last year. Adjusted earnings were 51 cents per share, breaking analysts expectations of 44 cents.

The company said it saw storage of supplies in some markets, followed by regular demand and an increase in e-commerce sales.

Last February, Coca-Cola said the unit case volume grew by 3% outside China, yet, it fell by 1% during the current quarter, after the deadly virus has eaten up sales in the Asia Pacific region and the US.

Unit-case volume for its sparkling soft drinks, which includes soda drink, Diet Coke, Fanta and Sprite fell by 2% after a drop was observed in the Asia Pacific, namely China.