Amid the coronavirus pandemic, Coca-Cola said the shuttering of eateries, stadiums and cinemas has negatively impacted its business. The firm’s worldwide volumes have plummeted 25 percent as of the beginning of April, CNBC reported.
Coke said it began the year with “solid momentum” following strong results last year. The firm’s unit case volume, with the exception of China, was increasing by 3 percent through the end of February, before countries worldwide started putting social distancing and stay-at-home mandates into place.
Coke experienced increased demand from online shopping and supermarket channels in March in some markets due to stockpiling. Approximately 50 percent of the firm’s revenue typically comes from people consuming the beverages in their residences.
Volumes were flat in the Middle East and Africa, as well as Latin America and Europe, because of the virus. Asia-Pacific registered decreasing volumes of 7 percent. North America was the only region to experience a volume increase.
Coke registered fiscal Q1 net income of 64 cents per share or $2.78 billion, which was higher than the 39 cents per share ($1.68 billion) from a year prior. The company earned 51 cents per share with the exception of asset impairment and other items. Net sales fell 1 percent to $8.6 billion.
In separate news, some restaurants are tapping into grocery sales amid stay-at-home and social distancing orders. Many eateries have been forced to close, while others are just getting by. One popular Michigan restaurant serves as a grocery store, offering essentials such as milk and bread in addition to meat and fish from its own supply. While some eateries are providing items that they have in their inventory, others are providing a more extensive supply. One establishment in St. Louis, for instance, has begun to offer locally made products such as jams, milk, eggs and meats.