Coca-Cola Hit a Big Milestone in March
Investors were bracing for another tough earnings report from Coca-Cola (NYSE: KO) to kick off its fiscal 2021. The beverage giant's sales tilt heavily toward on-the-go purchases, and that focus has kept volume lower throughout the pandemic.
But the company just announced some encouraging metrics that point to an imminent end to its demand slump. Let's dive right in.
Coke's growth rates improved from the prior quarter but are still being pressured by social distancing restrictions. Sales volumes were flat in the first quarter, compared to the 3% drop that marked the end of 2020. Management said the business lost ground to rivals like PepsiCo (NASDAQ: PEP) due to Coke's dominant position in away-from-home niches like restaurants and sporting events. That category shrank again as people stayed away from crowded environments.
Source Fool.com
