Away-from-home sales, which accounts for almost 50% of the company's revenue, witnessed continuous improvement during the quarter.
"The improvement in away-from-home trends during the quarter closely correlated with the easing of lockdowns, and the company expects this correlation to continue in the second half of 2020".
The company is continuing to hold off on providing full-year guidance given the amount of uncertainty that remains, Murphy said.
The company did not name specific brands that will be discontinued.
Coca-Cola shares rose 2.8% to $47.42 midday Tuesday.
Coca-Cola recently axed its USA fruit juice, smoothie and food bar brand Odwalla. Organic revenues (non-GAAP) declined 26%.
Adjusted revenue fell to $7.18 billion in the three months ended June 26, while net income attributable to the beverage maker's shareholders tumbled about 32% to $1.78 billion. Not surprisingly, the categories faced impact from closures created to mitigate the spread of Covid-19.
Rival PepsiCo Inc PEP.O also reported a fall in beverage sales in North America, but a boost from at-home consumption of snacks helped the company beat quarterly revenue estimates. For example, California has banned indoor dining and movie theaters in much of the state.
"We believe the second quarter will prove to be the most challenging of the year; however, we still have work to do as we drive our pursuit of "Beverages for Life" and meet evolving consumer needs" said James Quincey, CEO of The Coca-Cola Company.
The announcement comes weeks after the Atlanta-based business said it would discontinue the Odwalla juice brand and its chilled direct-store delivery distribution network.
"We have not been assertive enough" in weeding them out, he said.
For the quarter, Coca-Cola recorded earnings of $1.78 billion, or 41 cents a share, down from $2.61 billion, or 61 cents a share, in the comparable quarter a year ago.
On a per share basis, Coca-Cola earned 42 cents, beating analysts' average estimate of 40 cents.
Coca-Cola is shifting marketing spending to its biggest brands and during the pandemic has pulled the plug on small R&D projects, Mr. Murphy said.