In more typical times, Coke generates half its worldwide business in places like restaurants, convenience stores and gathering and event spots.
“We are encouraged by improvements in our business, especially in markets where vaccine availability is increasing and economies are opening up,” Quincey said in a prepared written statement.
Still, despite improvements in March and early April, the trend might not hold, he told analysts.
Countries vary widely on the pace of vaccinations and surges in new COVID-19 cases. Further out, “there’s no guarantee there won’t be some extra degree of lockdowns in May or September or December,” Quincey said.
For the first three months of the year, the company reported a 5% increase in net revenue to $9.02 billion versus $8.6 billion the same period a year ago. Net income fell 19% compared to a year earlier, to $2.25 billion compared to $2.78 billion. Also, the company announced it plans to make Coca-Cola Beverages Africa a publicly traded company and sell a portion of its shares in the bottler.