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The company explains such unsuccessful reporting by the COVID-19 pandemic, due to which bars, restaurants and other catering establishments in many countries of the world were closed. They usually account for about half of a beverage manufacturer's revenue.
The most affected markets were Europe, the Middle East and Africa: there, the company's revenue fell by 37% at once. In comparison, sales in North America sank by 16%. The total revenue of the company amounted to $ 7.2 billion, and the net profit decreased by a third, to $ 1.76 billion.
At the same time, Coca-Cola notes that the second quarter was most likely the most difficult, and then the company's indicators will improve. In April the drop in global sales was 25% compared to last year, in June this figure was already 10% worse than last year.
The reporting of Coca-Cola looks extremely unsuccessful against the background of the quarterly results of its main competitor in the market, PepsiCo, which reported last week on the decline in revenue for the quarter by only 3% compared to last year.
source: bloomberg.com
The most affected markets were Europe, the Middle East and Africa: there, the company's revenue fell by 37% at once. In comparison, sales in North America sank by 16%. The total revenue of the company amounted to $ 7.2 billion, and the net profit decreased by a third, to $ 1.76 billion.
At the same time, Coca-Cola notes that the second quarter was most likely the most difficult, and then the company's indicators will improve. In April the drop in global sales was 25% compared to last year, in June this figure was already 10% worse than last year.
The reporting of Coca-Cola looks extremely unsuccessful against the background of the quarterly results of its main competitor in the market, PepsiCo, which reported last week on the decline in revenue for the quarter by only 3% compared to last year.
source: bloomberg.com