Snacks Demand Fuels Pepsico's Quarterly Revenue
PepsiCo Inc beat market expectations for quarterly revenue on Thursday, helped by homebound consumers adding more salty chips, soft drinks and oatmeal to their pantries.
Consumers have been stocking up snacks and soft drinks as they work from home even as some restaurants, theaters and malls partially reopen against the backdrop of speedy vaccinations.
Sales of snacks under the company's Frito-Lay North America unit rose 4%, while those of soft drinks and other beverages rose 5% in North America, its biggest market.
Net revenue rose 6.8% to $14.82 billion in the first quarter ended 20 March, above analysts' average estimate of $14.55 billion, according to IBES data from Refinitiv.
Net income attributable to the company rose to $1.71 billion, or $1.24 per share, from $1.34 billion, or 96 cents per share, a year earlier.