PepsiCo forecasts weak annual profit as soda, snacks demand slows
- Pepsico forecast annual profit below expectations and missed quarterly revenue estimates on Tuesday, as the Quaker Foods maker faces weakening demand for its sodas and snacks such as Lay's in the U.S., its largest market.Americans are still paring back spending on soft drinks and salty treats to save their dollars for essential purchases, forcing PepsiCo to tap promotions for volume growth after several quarters of slowdown wrought by price hikes.
"We expect our North American performance to gradually improve as the year progresses, and our commercial activities take hold," executives said in the company's prepared remarks. Frito-Lay North America, its second-largest unit, posted a 0.5% fall, compared with 9% growth last year. PepsiCo also promised heavy investments into overhauling its existing products and introducing new items to spur slowing demand from lower-income customers.
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