Coca-Cola saw sales volumes of its soft drinks decline by a quarter so far in April, as people stay home to help stem the contagion of the new coronavirus.
Consumers appear to have stocked up on drinks to consume at home in March, as the orders went into effect, but with bars, restaurants and other venues closed, sales have declined.
“The impact to the second quarter will be material,” the company said in an earnings report, pointing to the broad range of industries being hit by the coronavirus pandemic.
The duration of the lockdowns as well as their severity will likely be the key drivers of consumption. However, the company said it ultimately expects a recovery.
First quarter net revenue for Coca-Cola declined by one per cent to $8.6 billion.
Other brands owned by the Atlanta-based company include Fanta, Sprite and Schweppes.
