MILAN – Coca-Cola posted stronger-than-expected second quarter earnings Tuesday, but saw a steep decline in group revenues amid a sharp drop in restaurant and bar sales during lockdowns aimed at slowing the spread of COVID-19., the company said Tuesday.
The Atlanta-based beverage maker earned $1.78 billion, or an adjusted 42 cents per share, down 33.3% from last year, as revenue declined 28 percent from a year ago to $7.15 billion. Wall Street analysts were expecting adjusted earnings of 40 cents a share on revenue of $7.18 billion.
Tea and coffee declined 31%, driven by the impact of the temporary closures of nearly all of the Costa retail stores in Western Europe.
Coca-Cola said the revenue declines were “primarily driven by pressure in away-from-home channels, which represent approximately half of the company’s revenues” and include clients such as sports stadiums and restaurants.
you are not required to purchase anything for certain limited use of Comunicaffe International.
However, if you do not purchase a subscription, your access to our contents will be limited.
For further information about our subscriptions please visit the subscription page.
If you are already subscribed please type here your credentials: