PepsiCo got a bump to fourth quarter profits thanks in part to lower charges and continued price hikes, but higher prices have weakened consumer demand for the company's snacks and drinks.
The
The company's stock ended Friday down 3.6%, even as the company announced a 7% boost to its annual dividend, and said that it would buy back about
For the three months ended
Excluding an impairment charge and other items, earnings were
Revenue slipped to
Those revenues retreated in tandem with volume as the company got more money for products, but sold less of them.
Volume for
Volume fell 8% in the
Pepsi has wrestled with higher prices and how to pass those costs along, raising prices by double-digit percentages for several quarters.
Global supermarket chain Carrefour said last month that it will stop selling PepsiCo products in its stores in
PepsiCo said at the time that it would continue to engage in good faith with Carrefour to try to ensure that it products remained available.
Its profits are up, though higher prices have dragged down sales as people trade down to cheaper brands. PepsiCo has been shrinking package sizes of some products in that environment.
PepsiCo has pointed to higher costs for grain and cooking oil as it has raised prices. Costs for those food commodities surged following Russia’s invasion in
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