Coca-Cola posts mixed quarter as away-from-home sales slide

Coca-Cola (NYSE:KO) reports organic revenue fell 26% in Q2, driven lower by a 22% drop in concentrate sales and 4% decline in price/mix. Weakness in the away-from-home channel was only partially offset by strength in the at-home channel.
Concentrate sales were down 26% in the EMEA segment and were 18% lower in North America. Unit case volume declined 16% in North America, largely driven by pressure in the fountain business and away-from-home channels.
Coca-Cola lost value share in total nonalcoholic ready-to-drink beverages, as an underlying share gain was more than offset by negative channel mix due to pressure in away-from-home channels, where the company has a strong share position.
The company's operating margin fell to 30.0% of sales vs. 30.3% a year ago.
An improving trend is reported for July, as unit case volume month-to-date was down mid-single digits globally. Performance has been driven by improving trends in away-from-home channels, along with sustained, elevated sales in at-home channels. Coca-Cola withheld issuing full-year guidance due to the disruption from the pandemic.
Shares of Coca-Cola are up 1.13% premarket to $46.64.
Previously: Coca-Cola EPS beats by $0.01, misses on revenue (July 21)