Coca-Cola in 2020 posted sharpest volume drop since 1940s

Hit by the global pandemic, Coca-Cola has suffered its steepest annual decline in volume of drinks sold since just after World War II. While the Atlanta-based company’s business has improved since the early days of the coronavirus, nearly a year in, the beverage giant is still being pummeled by ripple effects. And Coke cautioned Wednesday it could face a massive income tax penalty tied to a years-long court battle with the Internal Revenue Service. The matter centers on where and how the company allocates profit between the United States and some lower-tax nations, particularly Brazil and Irel…

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