James Quincey, CEO of Coca-Cola, said the company’s business is unlikely to fully recover from the coronavirus pandemic until a vaccine or other comprehensive solution is available.
"The business is still struggling to recover to pre-Covid levels, even in places where there is no real virus transmission and the vast majority of the sites can be opened," Quincey said in CNBC's "Squawk on the Tuesday." Street ". "We are still not at the level where it was most under control."
Countries such as New Zealand and Thailand have included Covid-19, while the US and others have seen cases increase again. The recent surge has caused many states and countries to reinstate restrictions on indoor bars, cinemas, and restaurants, which hit Coke's business.
The company typically generates about half of its sales from outside sales. Second quarter sales decreased 28% to $ 7.2 billion. This was the largest quarterly drop in sales in over 30 years.
The volume of units that can be used to measure growth without the impact of price and currency changes showed signs of sequential improvement as global locks weaken. After a decrease of 25% in April, the volume of units only decreased by 10% in June. So far, the volume has dropped in the mid single-digit range in July.
Coke's shares rose nearly 3% in midday trading. The $ 203 billion stock has dropped 14% so far this year.