PepsiCo reported better-than-expected revenue in the first quarter on strong international demand for its snacks and beverages. The Purchase, New York-based company said revenue rose 2% to $18.3 billion for the January-April period.
PepsiCo reported better-than-expected revenue in the first quarter on strong international demand for its snacks and beverages.
That may have disappointed investors who have grown used to stronger growth at PepsiCo. Last year organic revenue grew 9.5%, for example. PepsiCo's shares fell more than 2.5% in morning trading Tuesday. In Europe, sales were driven by demand in Eastern Europe, Laguarta said. In Western Europe, consumers saw fewer PepsiCo snacks and drinks on grocery shelves during the quarter. Carrefour, one of Europe’s largest supermarket chains, announced in January that it was pulling PepsiCo products from stores in France, Belgium, Spain and Italy due to unacceptable price increases. The two companies resolved their pricing dispute and Carrefour began restocking PepsiCo products in early April.
“The lower-income consumer in the U.S. is stretched,” he said. “That’s a consumer that we are emphasizing in our commercial programs and we are learning how best to keep that consumer in our categories.”
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