Shares in fizzy drinks giant Coca-Cola fall more than 4% after the firm reports a fall in profits. 36,943, © 2021 NYP Holdings, Inc. All Rights Reserved Your California Privacy Rights A massive backlash against Coca-Cola sparked after the Georgia-based company’s CEO, James Quincey, said the recently-passed Georgia voting laws aimed at improving state election integrity are “unacceptable,” “wrong,” and “a step backward.”. Sorry, your blog cannot share posts by email. But bottled water sales declined globally. With many restaurants, bars and cinemas closed, Coca-Cola has seen its sales collapse at the height of the containment measures imposed in the face of the pandemic, but the American non-alcoholic drinks giant is cautiously optimistic for the rest of the ‘year. On Wednesday, July 1st, The Coca-Cola Company announced they would be discontinuing an entire beverage brand and laying off over 300 employees. Confinement measures have caused sales of soft drinks in hospitality venues and vending machines, what Coca-Cola calls the “out-of-home channel,” to have dropped considerably. The American soft drink maker The Coca-Coca Company has warned that so far in April its sales volume has fallen by around 25% as a result of measures taken in several countries to try to curb the coronavirus spread curve Covid-19. LinkedIn cutting jobs as coronavirus slams recruiting, This story has been shared 193,607 times. Sign up for our special edition newsletter to get a daily update on the coronavirus pandemic. The company’s revenue until March contracted 1%, to 8,601 million dollars (7,938 million euros), while the cost of products sold remained practically stable at 3,371 million dollars (3,111 million euros). Privacy Notice Coca-Cola's worldwide sales of soda are dropping — but the company says there is no need to panic. But sales volume was still off 16 percent for the quarter “as all operating groups experienced coronavirus-related pressure,” Coke said. Confinement measures have caused sales of soft drinks in hospitality venues and vending machines, what Coca-Cola calls the “out-of-home channel,” to have dropped considerably. The $7.2 billion in net sales that Coke raked in from April to June was roughly in line with Wall Street’s expectations despite falling from about $10 billion a year ago, according to Bloomberg data. The pandemic broadsided the company. Coca-Cola, another of Georgia’s largest companies, which had also declined to take a position on the legislation before it passed, made a similarly worded statement. Sales of juice and milk also rose. Coca Cola said almost all the recent decline has been in "away-from-home channels", where the company generates half of its sales. 193,607, This story has been shared 51,763 times. But now Coca-Cola is set to lose its local flavour. Figures by Nielsen show UK Coca-Cola Life value sales for the six months ending 2 July 2016 were £5.6m, down 54.5% on the same period last year. “Since the beginning of April, the company has experienced a drop in volume globally of approximately 25%, with the majority of this decrease coming from the channel away from home,” Coca-Cola has warned. During the year to 18 March 2017, Coca-Cola Life’s volume sales fell 73.1% and dropped 74.6% in value terms, according to Nielsen data seen by Marketing Week. July 21, 2020 | 9:58am | Updated July 21, 2020 | 10:13am. Coke indicated that “sustained, elevated sales” of its products for at-home consumption have helped it recover since the pandemic forced consumers to hunker down at home this spring. Selling, general and administrative expenses contracted 4% to 2,648 million dollars (2,444 million euros). THE SUN POST is your news, entertainment, music fashion website. Coca-Cola on Monday morning said volume has returned to the pre-pandemic levels of March 2020. Coca-Cola (NYSE:KO) shareholders lost ground to a declining market last month. Online portal to apply to the Orlando Township Emergency Rental Assistance Program opens Tuesday, May 18 at 8 a.m. Facebook brings Artificial Intelligence closer to the human brain and teaches it to forget, Biden Signs Order to Improve Cybersecurity Following Colonial Pipeline Attack. But after four quarters of … This change lagged the S&P 500's 0.74% gain on the day. The drop was driven by the recent spike in … The Atlanta-based conglomerate expects sales to improve through the rest of the year as the lockdowns ease — though the pandemic makes that far from certain. The number of cases of drinks sold by Coke and its bottling partners was down about 10 percent in June, a marked improvement from April’s roughly 25 percent decline, the company said. Sales of soft drinks rose, fueled by new products like Coca-Cola Zero Sugar. 51,763, This story has been shared 39,333 times. Do Not Sell My Personal Information. Do Not Sell My Personal Information, Your California Privacy Rights 39,333, This story has been shared 36,943 times. We've received your submission. Shares dropped 12% in January compared to a 1% downtick in the S&P 500, according to … Coca-Cola’s global sales plummeted 28 percent in the second quarter as coronavirus lockdowns continued to crimp consumption, the company said Tuesday. In the first quarter of the year, the results of which were published this Tuesday, The Coca-Cola Company recorded an attributable net profit of 2,775 million dollars (2,561 million euros), which is equivalent to an increase of 65% compared to the same period last year. Gary Hershorn/Getty Our fact-check sources: ABC News: John Donegan. ) Joe Biden is proving even more of a 'master of disaster' than Jimmy Carter, Sarah Silverman bares her behind on Instagram and more star snaps.
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