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Coca-Cola said on Tuesday that global volumes plunged 25 percent since the start of April due to the coronavirus-related closure of movie theatres, restaurants, and stadiums.
The beverage company said in its first-quarter earnings report that the closure is hurting its business, expecting a significant impact on its second-quarter results.
“The ultimate impact on the second quarter and full-year 2020 is unknown at this time, as it will depend heavily on the duration of social distancing and shelter-in-place mandates, as well as the substance and pace of macroeconomic recovery,” Coca-Cola said in a statement.
“However, the impact to the second quarter will be material.”
