Summary
PepsiCo lowered prices on popular snacks like Doritos and Lays, which helped increase its sales by 8.5% in the first quarter of the year. The company also saw a 25% rise in profit and hopes its World Cup promotions will continue to boost sales.
Key Facts
- PepsiCo cut prices up to 15% on snacks such as Doritos, Lays, Tostitos, and Cheetos before the Super Bowl.
- These price cuts helped PepsiCo increase sales to $19.4 billion in the first three months of the year.
- Operating profit rose by 25% to $3.2 billion.
- PepsiCo had previously raised prices in 2022 due to higher costs, which upset some customers.
- The company is responding to changes in eating habits caused by weight-loss shots that reduce appetite.
- Most of PepsiCo’s US food products come in single-serving sizes to help with portion control.
- PepsiCo plans "fan of the match" promotions for Lays during the summer’s World Cup in the US, Mexico, and Canada.
- PepsiCo’s shares rose by 2% soon after the sales report was released.
