Coca-Cola emerges from lockdown blues
Coca-Cola’s home-bound consumers are still stocking up on sodas and other beverages, and that helped the world’s largest soda maker beat analysts expectations on both its top and bottom lines. Sales of its flagship Coca-Cola and Coca-Coal Zero Sugar turned positive.
Still, the company said its last quarter had been its most challenging. Coca-Cola derives roughly half of its revenue from sales at public venues such as restaurants, theaters and vending machines. It said the sales decline in that so-called, "away-from-home" segment has slowed down.
Back in August, Coca-Cola launched a restructuring plan. It’s cutting jobs, streamlining its beverage lineup, and focusing on popular products like its signature soda. But its rival, PepsiCo, has managed to rebound with improved sales at convenience stores and gas stations and increased demand for its snacks. Unlike Coca-Cola, its revenue and profit both rose.
Nevertheless, Coca-Cola shares bubbled up in early trading Thursday.
