Coca-Cola's global volume has tumbled 25% in April as the coronavirus pandemic gripped large swaths of the world population.
The year began strongly at Coke, with volumes up 3% through February excluding China, where the outbreak had locked down major cities, and the company was on track to reach its financial targets.
The deterioration, however, was rapid. Within a month the Tokyo Olympics, of which Coke is a major sponsor, were off. Theaters and restaurants closed from Europe to America and people sheltered in place.
Almost half of Coke's sales come from theaters, vending machines, shows, musical and other events. Almost all of the volume decline to-date in April came from sales at such events.