Coca-Cola, the Atlanta-based beverage group that is the Olympic Movement's oldest sponsor, has announced a sharp decline in revenues and operating income as COVID-19 continues to scar the corporate landscape.
Net operating revenues for the three months to June 26 tumbled 28 per cent from a year earlier from $10 billion (£7.7 billion/€8.5 billion) to $7.15 billion (£5.5 billion/€6.1 billion).
Operating income was down by 34 per cent from $2.99 billion (£2.3 billion/€2.5 billion) to $1.98 billion (£1.5 billion/€1.68 billion).
James Quincey, chairman, said he believed the quarter would "prove to be the most challenging of the year".
Global unit case volume trends were said to have improved from a decline of about 25 per cent in April, to a decline of 10 per cent in June, with July so far showing a decline in the "mid single digits".
The company said, however, that "ongoing uncertainty" surrounding the pandemic and levels of lockdown meant that the "ultimate impact" on full-year results was "unknown".
Coca-Cola's home market of the United States has been particularly hard-hit by coronavirus with more than 130,000 deaths, with Latin America also much afflicted.
The company sponsored the 1928 Olympics in Amsterdam, and has supported every Games since.
It is also a top-tier sponsor of FIFA, the football body.
Its latest deal with the International Olympic Committee (IOC), announced last year, will see it share ownership of the worldwide beverage category of The Olympic Partner programme with China Mengniu Dairy Company, a Chinese dairy producer.
The agreement extended Coca-Cola's support for the IOC for a further 12 years until 2032.
The 2022 Winter Olympics and Paralympics is set to be hosted by China.