The soda giant will eliminate other small, underperforming brands around the world, Chief Executive James Quincey said in a call with analysts Tuesday, noting that more than half of the company's 400 brands are single-country brands with little to no scale. For example, California has banned indoor dining and movie theaters in much of the state.Ĭoca-Cola earlier this month said it was closing its Odwalla juice and smoothie business, as well as its refrigerated-truck delivery network. states have reported a rising number of Covid-19 cases, prompting some states to take steps to try to curb the pathogen's spread. last week posted flat revenue for the latest quarter, which ended June 13, as increased demand for its snacks and packaged foods largely offset a decline in beverage sales. Organic revenue, which excludes the effects of currency swings, acquisitions and divestitures, dropped 26%. Murphy said.Ĭoca-Cola said revenue fell 28% to $7.15 billion for the quarter ended June 26, down from $10 billion a year earlier. Meanwhile, smaller soda brands such as Fresca have suffered as retailers narrowed their offerings, Mr. The company's biggest soda brands - including Coke, Coke Zero Sugar and Sprite - have sold well in grocery stores but have taken a hit from a steep drop-off in soda fountain sales. Nearly 15 million people have been infected by the virus, including more than 2.1 million in Brazil and 3.8 million in the U.S., according to data compiled by Johns Hopkins University.Ĭoca-Cola's Fairlife milk and Simply orange-juice brands have sold well during the pandemic as people have eaten more at home. Latin America and Africa still present the greatest amount of uncertainty, Mr. The company's sales improved in May and June as shelter-in-place measures eased around the world. "Here in the U.S., we're seeing a spike in a number of places but the degree of lockdown is not nearly what it was." But China, Southeast Asia and Western Europe have done a "pretty good job in managing the worst stages of the pandemic" and sales there should continue to improve, Coke's finance chief, John Murphy, said in an interview.
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