Mubasher: Coca-Cola's net revenues dipped by 28% to $7.2 billion during the second quarter (Q2) of 2020, marking the largest decrease in at least 25 years, according to the company's press release on Tuesday.
The drop in net revenues is attributed to pressure posed on away-from-home channels, which account for nearly half of the company’s revenues, due to coronavirus (COVID-19).
The company's chairman and CEO, James Quincey, said that Q2-20 was the most severely impacted period of the year.
However, the company referred that its performance began to improve amid an increase in the number of sales as COVID-19 lockdown is easing.
The global unit case volume has greatly improved from a decrease of around 25% in April to about 10% in June.
Meanwhile, the company has a strong balance sheet and liquidity position, which would help the company to emerge from the crisis.
The earnings per share (EPS) plunged by 32% to $0.41 in Q2-20.