Coca-Cola sees significant hit to second-quarter sales from lockdowns
"The ultimate impact on the second quarter and full year 2020 is unknown at this time"
FILE PHOTO: Coca-Cola bottles are pictured in Lagos, Nigeria November 5, 2019. REUTERS/Temilade Adelaja
Coca-Cola Co said on Tuesday its current-quarter results would take a severe hit from low demand for sodas due to the lockdowns imposed to fight the spread of the coronavirus.
"The ultimate impact on the second quarter and full year 2020 is unknown at this time ... However, the impact to the second quarter will be material," the company said in a statement.
Net revenue fell 1 percent to $8.6 billion in the first quarter ended March 27.
