The Coca-Cola Company (NYSE:KO) stock rose even after a major second-quarter sales slump due to coronavirus-related business closures, as the beverage giant indicated that a rebound was underway. 

The company makes a big chunk of its money from selling its soft drinks to restaurants, movie theaters and others, many of which had to close during the pandemic, according to a report from Reuters

However, there are indications that things are on the rise. Unit case volume, which is considered an indicator of demand, swooned 25% in April but dipped just 10% in June as restaurants in many states have begun to open in some capacity, Reuters reported. Thus far in July, the volume decline has ticked up to the single digits.

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For the quarter as a whole, volume dipped 16%, with its flagship Coca-Cola losing 7%. Teas and coffees dropped 31%, which the company attributed to the closing of Costa stores in Western Europe.

“I’m proud of the people of the Coca-Cola system as we continue to adjust and accelerate our strategies in this fast-changing landscape,” CEO James Quincey said in a statement. “We believe the second quarter will prove to be the most challenging of the year; however, we still have work to do.”

The Atlanta-based company saw adjusted revenue drop 28% to $7.18 billion, in line with analyst expectations, and earnings per share fall 32% to $0.42, which narrowly beat Street projections of $0.40. Net income dropped 32% year-over-year to $1.78 billion.

Coca-Cola shares rose 2.8% to $47.42 midday Tuesday.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

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