(Reuters) - Coca-Cola Co (KO.N) said on Tuesday demand for its sodas was improving after reporting a 28% slump in sales in one of its “most challenging” quarters of the year due to coronavirus-led closures of restaurants, theaters and sports venues.
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| FILE PHOTO: A Coca-Cola truck makes its way through downtown Los Angeles, California, U.S., October 24, 2018. REUTERS/Mike Blake |
Shares of the world’s largest soda maker rose about 2% before the bell as it also beat second-quarter profit estimates.
Coca-Cola generates a sizeable portion of its revenues by selling its soft drinks and concentrates to restaurants and theater operators, such as McDonald’s Corp (MCD.N) and AMC Entertainment Holdings Inc (AMC.N), but most of them had to close some or all of their operations due to the health crisis.
The Atlanta-based company said unit case volume trends, a key demand indicator, improved sequentially, from a decline of about 25% in April to a fall of about 10% in June as lockdowns eased.
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