PepsiCo Sales Snap Back From Pandemic

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“PepsiCo Sales Snap Back From Pandemic”By Jennifer Maloney | October 1, 20201. Briefly describe the breadth of PepsiCo’s product lines.2. How well or poorly are PepsiCo’s various product lines performing in the midst of the pandemic?3. What consumer behavior trends are directly affecting PepsiCo’s business?4. What are the primary opportunities and threats to PepsiCo’s business as a result of the pandemic and changing consumer behavior trends?5. What challenges would PepsiCo face if it were to enter the U.S. alcohol market?


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11/9/2020 PepsiCo Sales Snap Back From Pandemic – WSJ 1/3
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PepsiCo Sales Snap Back From Pandemic
Soda giant explores potential move into alcoholic drinks
PepsiCo’s third-quarter revenue grew 5.3% amid strong snack and packaged-food sales and
improvement in its beverage business.
Updated Oct. 1, 2020 1„59 pm ET
Jennifer Maloney
People are grabbing a soda at the convenience store again.
PepsiCo Inc.’s revenue grew 5.3% for the latest quarter as its beverage
business rebounded and strong demand continued amid the pandemic for its snacks and
packaged foods.
“Mobility has clearly risen,” the company’s finance chief, Hugh Johnston, said in an
interview. “People are getting comfortable with how to protect themselves in the new
environment and live their lives.”
The company’s namesake sodas and other drinks have been hurt during the Covid-19
pandemic by the closures of offices and restaurants, and a decline in trips to gas stations
and convenience stores. But that changed in the third quarter: Revenue for PepsiCo’s
North American beverage division climbed 6% to $5.96 billion, bouncing back from a
decline of 7% in the previous quarter.
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11/9/2020 PepsiCo Sales Snap Back From Pandemic – WSJ 2/3
Sales in restaurants and offices remain down by a lot, but revenue grew in convenience
stores and gas stations, Mr. Johnston said. The company’s food business, meanwhile, has
benefited as Americans cook and snack more at home. Among the products selling well:
Tostitos, pancake mix and Cheetos Mac ’N Cheese.
Constellation Brands Inc., the brewer of Corona beers for the U.S. market,
reported a 4% drop in revenue for the quarter ended Aug. 31. The company said a
production slowdown in Mexico earlier in the pandemic hurt inventory levels and
shipment volumes, but it expected volumes to return to more normal levels in the current
Constellation executives have said strong retail-store sales of beer and liquor have helped
offset declines from the temporary closures or capacity limits on restaurants and bars as
the virus continues to spread in parts of the world. This week, New York City reopened
limited indoor dining, while North Carolina said it would allow bars to open with outdoor
seating starting Friday.
In PepsiCo’s Frito-Lay North America division, which makes Doritos, Lays and other
snacks, sales rose 7% to $4.4 billion in the third quarter. And sales ticked up 6% for its
Quaker Foods North America division, which makes Rice-A-Roni and Aunt Jemima
The snacks-and-beverage company also is exploring an entry into the U.S. alcohol market,
after rival Coca-Cola Co. said it planned to launch a boozy version of its Topo Chico
sparkling water in a partnership with Molson Coors Beverage Co.
PepsiCo Chief Executive Ramon Laguarta said his company is looking at the three-tier
system of alcohol sales in the U.S., where products must be made, distributed and sold by
separate companies.
“Given the three-tier system, it’s not obvious how you capture a lot of value,” he said on a
call with analysts Thursday. “First I would say, Do we play or not? Second, very
important, is who do we play with and who do we partner to maximize the value for
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• Heard on the Street: Pepsi, Conagra Still Riding Pandemic Food Wave
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11/9/2020 PepsiCo Sales Snap Back From Pandemic – WSJ 3/3
Appeared in the October 2, 2020, print edition as ‘PepsiCo Sees Rebound In Store Sales.’
Copyright © 2020 Dow Jones & Company, Inc. All Rights Reserved
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PepsiCo on Thursday issued new financial guidance for the year, after withdrawing its
2020 guidance in April. The company now projects organic revenue growth, which
adjusts for currency effects and strips out acquisitions, of about 4%. On that basis,
revenue rose 4.2% in the quarter, which ended Sept. 5.
“The consumer trends in mobility and behavior around away-from-home versus in-home
are stable enough” to predict how the company will fare through the end of the year, Mr.
Johnston said.
Another major food maker, Chicago-based Conagra Brands Inc., said
Thursday that while demand for food at home has moderated since the spring, it will
likely remain higher than normal as consumers continue to spend more time out of public
places. “They were forced into a lockdown, but then they discovered that they like
cooking; they like watching movies together,” Conagra CEO Sean Connolly said in an
interview. Conagra, which makes Healthy Choice frozen meals, Slim Jim meat snacks and
Hunt’s tomatoes, said its comparable sales rose 15% in the quarter ended Aug. 30. It
expects growth of 6% to 8% in the current quarter.
For the latest quarter, net income attributable to PepsiCo was $2.29 billion, or $1.65 a
share, up from $2.1 billion, or $1.49 a share, a year earlier. The results were better than
analysts’ forecasts and PepsiCo shares rose 0.9% in afternoon trading.
Constellation executives said they wouldn’t provide financial guidance for the rest of its
fiscal year because of uncertainty around the pandemic. The company continues to take
hits from its $4 billion bet on Canadian marijuana grower Canopy Growth Corp. In its
latest quarter, the value of Constellation’s investment in Canopy declined by $48 million.
—Annie Gasparro contributed to this article.
Write to Jennifer Maloney at
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