Coca-Cola’s revenue plunged 28% in the second quarter, but the company says things are improving as lockdowns ease globally.
Coke Chairman and CEO James Quincey says sales improved sequentially in May, June and July despite surging cases in key markets like the U.S., Iran and Australia.
While the path forward is unclear, Quincey said it’s unlikely that the world will see another global lockdown as it did earlier this spring.
April case volumes fell 25% worldwide, but by June, that decline narrowed to 10%. Coke reported a profit of $1.8 billion for the April-June period, down 32% from the same period a year ago.
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