The sales volume of giant beverage maker, Coca-Cola, has slid by a quarter in April, as result of the coronavirus-induced lockdown.
The company reports that since the beginning of April, sales volumes have dropped by about 25 per cent, with almost all the recent decline coming from away-from-home channels. They had been growing by about three per cent until the end of February.
Although sales were initially supported, as consumers stockpiled beverages for consumption, continued restrictions have since hit demands for drinks, as sales outlets such as stores, bars and restaurants have been affected by the lockdown and disruptions in the supply chains.
The company said in an earnings report that “the impact to the second quarter will be material,” which goes to indicate that a number of industries are affected by the pandemic.
According to the Chief Financial Officer of the beverage giant, while the company is attacking all discretionary operating expenses and challenging what is essential, it will prioritise dividend, which has seen an increase in the last 57 years.