After an outcry over price increases, PepsiCo was able to win back snackers by lowering the price of Doritos and Lays crisps. The massive food and beverage company reported on Thursday that sales had increased by 8.5% to $19.4 billion (£14.4 billion) in the first three months of the year.
Prior to the Super Bowl, Doritos, Lays (known as Walkers in the UK), Tostitos, and Cheetos were among the brands that had price reductions of up to 15%. Ramon Laguarta, chairman and CEO of PepsiCo, claimed that the “affordability initiatives” had improved the company’s performance.
After infuriating consumers in 2022 with a string of price increases in reaction to its own skyrocketing expenses, the business has been having trouble. On February 8, one of the most profitable days of the year for snack manufacturers, it announced its latest round of price reductions in an attempt to win back snackers.
The corporation said on Thursday that operational profit increased by a quarter to $3.2 billion in addition to an increase in sales. In early trade, PepsiCo’s stock increased by 2% in response to the findings.
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