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Coca-Cola Sales Decline by 25% in April

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Coca-Cola Company
  • Coca-Cola Sales Decline by 25% in April

Coronavirus pandemic plunged Coca-Cola’s sales by 25 percent in the month of April as stadium and bars were forced to shut down operations amid ravaging COVID-19.

Coca-Cola, one of the companies regarded as less vulnerable to recession, has started experiencing weak sales after reporting modest sales in the first quarter due to people stockpiling soft drinks ahead of lockdown.

According to the company’s financial reports for the first quarter, sales declined by 1 percent to $8.6 billion when compared to a year ago, while operating profits dipped by 2 percent to $2.38 billion.

However, the volume of sales has now dropped by a quarter as nations grapple with rising unemployment rates and zero earnings amidst lockdowns.

The company said sales dropped by 25 percent in April, down from about 3 percent growth recorded up until the end of February 2020. The decline was mainly from ‘away from home channels’ were Coca-cola sells 50 percent of its products. These are the cinemas, stadiums and other venues as well as bars and restaurants.

After the first-quarter results, the company had said: “The ultimate impact on the second quarter and full year 2020 is unknown at this time, as it will depend heavily on the duration of social distancing and shelter-in-place mandates, as well as the substance and pace of macroeconomic recovery.

“However, the impact to the second quarter will be material.”

Coca-Cola’s sales have already plunged by a quarter in the very first month of the second quarter. However, with the number of people filing for unemployment benefits in the US — one of Coca-Cola’s main markets — rising and presently stood at 22 million this month and lockdown still much in place in most countries, the company may record its worse performance in 57 years in this second quarter.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Brands

Huawei Reaffirms Commitment to Customer Satisfaction

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Huawei 5G

Huawei has released its 2020 annual report, which was independently audited by KPMG. According to the report, growth slowed but the company’s business performance was largely in line with forecast, as its sales revenue in 2020 rounded off at CNY891.4 billion, up 3.8 percent year-on-year, and its net profit reached CNY64.6 billion, up 3.2er cent year-on-year.

Analysing the report, the company’s Rotating Chairman, Ken Hu, said despite operational difficulties brought about by United States’ sanctions in 2019 and 2020, Huawei continued to invite KPMG to independently and objectively audit its financial statements, adding that the document produced by KPMG is a standard unmodified audit opinion. “No matter the circumstances, we will continue to embrace transparency by disclosing operational data to governments, customers, suppliers, employees, and partners,” Hu said.

The report explained that in 2020, Huawei’s carrier business continued to ensure the stable operations of more than 1,500 networks across more than 170 countries and regions, which helped support telework, online learning, and online shopping throughout COVID-19 lockdowns. Working together with carriers around the world, the company helped provide a superior connected experience and moved forward with more than 3,000 5G innovation projects in over 20 industries like coal mining, steel production, ports, and manufacturing.

“Over the past year, Huawei’s enterprise business stepped up efforts to develop innovative scenario-based solutions for different industries and create a digital ecosystem that thrives on joint creation and shared success. During the pandemic, Huawei provided technical expertise and solutions that were vital in the fight against the virus. One example is an AI-assisted diagnostic solution based on Huawei Cloud that helped hospitals the world over reduce the burden on their medical infrastructure. Huawei also worked with partners to launch cloud-based online learning platforms for more than 50 million primary and secondary school students,” the report said.

With the rollout of HarmonyOS and the Huawei Mobile Services (HMS) ecosystem, Huawei’s consumer business moved forward with its Seamless AI Life strategy to provide consumers with an intelligent experience across all devices and scenarios, focusing on smart office, fitness and health, smart home, easy travel, and entertainment.

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MTN Nigeria Sponsors 50th ICAN Conference

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MTN

In support of the accounting profession, MTN Nigeria sponsored the 50th Annual Accountants’ Conference that held from April 5 – 9, 2021 at the Abuja International Conference Centre (ICC), Abuja, Nigeria.

This year’s event themed “The Fourth Industrial Revolution: Boom for the Accounting Profession and Panacea for the Pandemic” hosts over 7,500 local and foreign delegates. The hybrid event (physical and virtual attendance) was streamed to participants who were unable to attend the event physically due to limitations posed by the COVID-19 pandemic.

Speaking at the conference, Chief Transformation Officer, MTN Nigeria, OlubayoAdekanmbi said,

“We at MTN Nigeria are so proud to be identified with this honourable profession and we are glad that we are helping to drive this conversation. This is our way of ensuring that in the wake of the pandemic, practising professionals remain up to date and add value to our nation in a changing world.”

Delivering his presentation on the importance of the Internet of Things (IoT) in the Fourth Industrial Revolution, Adekanmbi stated that “With IoT, things that take us years in our auditing, asset tracking and efficiency can be fast-tracked and accelerated. IoT allows you to reduce operational costs because you can track anything, everything, everywhere and you can serve your customers readily.”

“For IoT to work, there are certain things that are critical because it is one device talking to another device. It means that you need an internet that is super-powered and that is what broadband does effectively. MTN Nigeria has one of the fastest, accelerated broadband quality in Nigeria. A few months ago, through the honourable minister, we were able to test 5G in Nigeria.

“These are the enabling infrastructure we are already experimenting with within Nigeria. Once again, through the honourable minister, we experimented with what is called E-Sim, this means you no longer need a physical sim on your phone, you can virtualize your sim. We can say that Nigeria is on the path to start enjoying the benefits of the possibility of the Fourth Industrial Revolution based on superior policy support we have enjoyed,” he added.

MTN Nigeria continues to advance its Good Together philosophy, to support several Nigerian institutions to ensuring that they maintain the best standards of practice, which will lead to a better society for all.

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SKLD Launches New Campaign to Reward Retail & Wholesale Customers

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The SKLD Reward Promo seeks to reward 6 back-to-school shoppers every Friday for 5 weeks with N30,000 SKIT shopping vouchers. A draw will be held every Friday in-store and online (skit.ng) to select the 6 lucky winners.

The 1st draw will hold on Friday, April 23. The winners would be announced on the store’s social media platform. Customers also stand a chance to win several gift items at the store locations – Ikeja, Lekki, Ikota, Lagos as well as Wuse II, Abuja. In addition, primary and secondary school owners will be rewarded up to a 20% discount on school uniforms in the Marcel Hughes early bird campaign.

Speaking on the initiative, General Manager Commercials, SKLD Integrated Services, Seun Ogunjimi, reiterated the Company’s value proposition to customers.

She said: “Over and above our determination to build value for all of our stakeholders, such as ensuring that our consumers have one less thing to think about when it comes to their children’s education, we are currently aware of their difficulties, especially as a result of the pandemic, and we want to help alleviate them.

“The SKLD Reward Promo was created as a result of this. For 5 weeks during the promo, we will be rewarding 30 skit customers with over N1 million naira in discount, vouchers and gift items. We also identify with the challenges of running a business in this environment, as such, we are rewarding school owners 20% discount on school uniform purchase in our Marcel Hughes early bird campaign.”

Brands and Marketing Manager, SKLD Integrated Services, Wale Disu also stated that the SKLD Reward Promo represents one of the organization’s core values – ‘customer focused’.

“At the core of our operations is our dedication to our customers, be it wholesale or retail. Regardless of the economic challenges, we will remain committed to being customer-focused by ensuring that we are a seamless one-stop solution for our customers’ needs. We also understand the challenges our customers face, particularly in these times, for this reason, we will reward 30 lucky customers with N30,000 shopping vouchers for 3rd term back-to-school shopping. Also, reward schools with discounts worth over N5 million on school uniform orders as they plan for the new academic session” he said.

To qualify for the N30,000 voucher draw, customers are expected to make a minimum spend of N40,000 at the store in Ikeja, Lekki, Ikota. Wuse II, or online at skit.ng on back-to-school items such as bags, school uniforms & shoes, stationeries, food flask, calculators, books, art supplies, etc.

SKLD Integrated Services for over 20 years has provided educational, office, and lifestyle supplies, branded product distribution, technology, garment manufacturing and humanitarian aid procurement services through contracts, wholesale, retail and online channels.

SKLD is an integrated corporate entity providing educational and office supplies, branded product distribution, technology, Garment manufacturing and Humanitarian procurement services through contracts, wholesale, retail and online channels through its brands’ Skit, Marcel Hughes, SKLD Relief, and Weaveworx, as well as sole distributorship of Casio products and Qualatex balloons.

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