Pepsico boss: majority of consumers accept price increases

17-Jul-2023 - USA

U.S. beverage and snack company Pepsico has been able to push through some significant price increases with consumers in the past quarter. "We're seeing the majority of consumers sticking with our brands," company CEO Ramon Laguarta said Thursday. At the same time, he said, some low-income consumers have clearly shifted their spending.

As a result, volume sold fell in the second quarter - but higher prices meant there were more sales and profits. Revenues were up ten percent to $22.3 billion (about 20.1 billion euros).

Profits almost doubled to 2.75 billion dollars.

Pepsico then raised its annual forecast again. Sales are now expected to grow by 10 percent on the back of organic growth instead of 8 percent. In the last quarter, organic sales growth amounted to 13 percent. In addition to its beverage business, Pepsico also owns snack brands such as Lay's and Cheetos. (dpa)

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https://www.yumda.com/en/news/1181079/pepsico-boss-majority-of-consumers-accept-price-increases.html