Coca-Cola's Revenue Dropped 28% Last Quarter, but Believes the Worst Days Are Past

Away-from-home venues represent about half of beverage giant's business

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With restaurants, sports arenas and movie theaters closed due to the pandemic, the Coca-Cola Company’s net revenue decreased 28% to $7.15 billion for the quarter ending June 26. Away-from-home channels like these account for about half of the company’s business.

As shelter-in-place orders ease, however, Coca-Cola noted that performance has improved. Unit cases, which represent two dozen 8 oz. servings of product, were down 25% in April, but were down only 10% in June.

“We believe the second quarter will prove to be the most challenging of the year,” said James Quincey, CEO of the Coca-Cola Company, in a statement.

Last week, rival PepsiCo also reported

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