PepsiCo reported better-than-expected sales in the fourth quarter after hiking prices for its drinks and snacks, but it warned that consumers may be less willing to accept those increases as this year progresses.
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.
According to AP, 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.
© Copyright LaPresse