MILAN – Coca-Cola posted stronger-than-expected second quarter earnings Tuesday, but saw a steep decline in group revenues amid a sharp drop in restaurant and bar sales during lockdowns aimed at slowing the spread of COVID-19., the company said Tuesday.
The Atlanta-based beverage maker earned $1.78 billion, or an adjusted 42 cents per share, down 33.3% from last year, as revenue declined 28 percent from a year ago to $7.15 billion. Wall Street analysts were expecting adjusted earnings of 40 cents a share on revenue of $7.18 billion.
Tea and coffee declined 31%, driven by the impact of the temporary closures of nearly all of the Costa retail stores in Western Europe.
Coca-Cola said the revenue declines were “primarily driven by pressure in away-from-home channels, which represent approximately half of the company’s revenues” and include clients such as sports stadiums and restaurants.
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