Coca-Cola reported shrinkage in both revenue and profits for 2020's fourth quarter, with a global sales volume of 3 percent year over year.
Sales lost at shuttered eateries and bars outweighed gains in sales from consumers drinking sodas at home, the company said.
The company has weathered the pandemic by shedding more than 200 minor brands and announced in December that it would trim 2,200 employees from its 86,000-strong global workforce.
In a statement reporting financial results, Coke also acknowledged that it faces a potential $12-billion charge by the U.S. Internal Revenue Service, which alleges that the company attributed too much of its profit to foreign operations instead of to its U.S. business, where profits are taxed at a higher rate.
TREND FORECAST: With more of the world addicted to junk food and junk drinks, while there will be ups and downs in the sector, the Coca-Cola future will perk up again as economies open up and the hospitality and restaurant sectors spring back.