Coca Cola Sales Falls 25 Percent From COVID-19 Impact
Tuesday, April 28th, 2020 | 3036 Views
As the pandemic progresses Coca Cola Company has reported a 25 percent decline in global sales volume since the beginning of April, with nearly all of the decline coming from away-from-home channels.
The pandemic has changed consumer purchase patterns. With lockdown and social distancing measures ramped up across the world, at-home demand has risen as consumers are pantry stocking which has also caused a sharp increase in e-commerce. However, with many away-from-home channels such as entertainment centres, restaurants and bars remaining closed, this has impacted sales revenue of these channels as it represents approximately half of the company’s revenue.
“The ultimate impact on the second quarter and full year 2020 is unknown at this time, as it will depend heavily on the duration of social distancing and shelter-in-place mandates, as well as the substance and pace of macroeconomic recovery. However, the impact to the second quarter will be material,” said the company in a statement.
While the ultimate impact is still uncertain, the company “believes the pressure on the business is temporary and remains optimistic on seeing sequential improvement in the back half of 2020.”
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