PepsiCo reported better-than-expected sales in the fourth quarter after hiking prices for its drinks and snacks. Revenue rose more than 10% to $28 billion.
Revenue rose more than 10% to $28 billion. That was better than the $26.8 billion Wall Street had forecast, according to analysts polled by FactSet.
Pepsi raised prices 16% in the October-December period __ and 14% overall in 2022 __ as it battled double-digit percentage cost increases for ingredients like cooking oil, potatoes and seasonings. The price increases boosted results; Frito-Lay snacks and Quaker products booked double-digit revenue gains in North America even though sales volumes were down 1% and 3%, respectively.
In Europe, where Pepsi hiked prices by 20%, the company said costs for packaging materials, cooking oil and other commodities surged 141 percentage points. Revenue and sales volumes both fell in that market. Revenue and sales volumes rose elsewhere, including Asia and Latin America.Pepsi says consumers have been resilient so far in the face of higher prices, and continue to gravitate toward familiar brands like Doritos and Cheetos.
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