Coca-Cola: profits falls as away-from-home sales drop
(CercleFinance.com) - Coca-Cola said its profit fell by a third in the last quarter, due to continued pressure in away-from-home sales, where the company has a strong position.
Earnings per share (EPS) fell by 33% to 0.40 dollar in the third quarter, on revenues that dropped by 9% to 8.7 billion dollars, the world's largest soft drinks maker said.
In organic terms, revenues declined by 6%.
The company said it has been seen high sales in at-home channels as away-from-home sales were affected by lockdowns in several markets.
On a brighter note, Coca-Cola said unit case volume trends continued to improve since its last earnings update in July.
Despite the sequential improvement, the Atlanta-based company cited "uncertainty" surrounding the coronavirus pandemic, noting the resurgence of the virus in several countries.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Earnings per share (EPS) fell by 33% to 0.40 dollar in the third quarter, on revenues that dropped by 9% to 8.7 billion dollars, the world's largest soft drinks maker said.
In organic terms, revenues declined by 6%.
The company said it has been seen high sales in at-home channels as away-from-home sales were affected by lockdowns in several markets.
On a brighter note, Coca-Cola said unit case volume trends continued to improve since its last earnings update in July.
Despite the sequential improvement, the Atlanta-based company cited "uncertainty" surrounding the coronavirus pandemic, noting the resurgence of the virus in several countries.
Copyright (c) 2020 CercleFinance.com. All rights reserved.