Coca-Cola reports annual revenue of $33 billion in 2020!
On Feb. 10, global beverage giant Coca-Cola released its results for the fourth quarter and full year of 2020.
Coca-Cola's fourth-quarter revenue was $8.61 billion, in line with market expectations, operating profit was $2.34 billion, up 8% from a year earlier, and earnings per share were $0.47, higher than market expectations of $0.42, according to financial data.
"the impact of the epidemic varies from country to country," said Zhan Kunjie, chairman and CEO of Coca-Cola. "in China, Coca-Cola increased its market share in the fourth quarter."
In addition, Coca-Cola released its full-year revenue for 2020.
Coca-Cola's full-year revenue in 2020 was $33 billion, down 11% from a year earlier, and its operating profit was $9 billion, or $1.95 per share.
It is worth mentioning that the financial report shows that Coca-Cola's market value share in China increased in the fourth quarter and the whole year of 2020 in both restaurant and takeout channels. In addition, the financial report mentioned that in the Asia-Pacific market, soda sales in China and India achieved steady growth.
In terms of products, in November 2020, Coca-Cola launched a hot drink product "Coca-Cola Ginger +" in the Chinese market. This is a product specially developed for the Chinese market, and it is also Coca-Cola's first soda that can be heated and drunk in the world.
In the fourth quarter, Coca-Cola also launched a number of new seasonal and warm winter products in the Chinese market, including COSTA Cajun English black tea latte tea beverage, COSTA coffee drink, Guixiang pear-flavored drink, Maid Miqin grapefruit-flavored beverage, etc., and took the lead in launching Apple Cider Vinegar juice beverage in the southern region where the climate is relatively warm.
In addition, due to the impact of the epidemic, Coca-Cola previously announced that it would cut 2200 jobs worldwide and cut 1200 jobs through layoffs and buyouts. At the end of August 2020, Coca-Cola decided to cut 4000 jobs in North America and announced a business restructuring strategy to reduce the number of related business units and stop producing low-sales and outdated beverages. It also plans to eliminate about 200 sub-brands, accounting for about half of the company's total number of brands, leaving only brands capable of doing large-scale work, while Coca-Cola has also accelerated the pace of portfolio optimization launched four years ago since its business restructuring was announced in August 2020.
In addition to ploughing into the area of product portfolio optimization, Coca-Cola China also opened a flagship clothing store in January 2021, which is Coca-Cola's first flagship clothing store in China. Coca-Cola said: through the launch of the flagship store, Coca-Cola hopes to extend the meaning of the Coca-Cola brand to lifestyle trends and provide wardrobe solutions for China's younger generation.
Coca-Cola said in its financial report that while there is still uncertainty related to the epidemic, it has greater confidence in the future business recovery, and it expects organic revenue to achieve high-single-digit growth in 2021. Earnings per share will achieve high-to low-double-digit growth.
* Image source: Internet
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