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PespsiCo Inc.’s second-quarter revenue slipped as consumers stocked up on snacks and bought fewer beverages amid the COVID-19 lockdowns.
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The Purchase, New York-based beverage and snack maker saw sales slump 3.1 percent versus a year ago to $15.95 billion, outpacing the $15.38 billion that analysts surveyed by Refintiv were expecting. Organic revenue, which accounts for foreign exchange and acquisitions, was down 0.3 percent.
“Despite being faced with significant challenges and complexities as a result of the COVID-19 pandemic, our businesses performed relatively well during the quarter, with a notable level of resiliency in our global snacks and foods business,” PepsiCo CEO Ramon Laguarta said in a statement.
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Sales at the company’s snack division, Frito-Lay, rose 6.6 percent year over year to $4.27 billion, helping to mitigate the 6.6 percent decline seen at its North American beverage unit.
PepsiCo earned a second-quarter profit of $1.65 billion, or an adjusted $1.32 per share. Wall Street analysts were anticipating adjusted earnings of $1.25 a share.
The company previously suspended its outlook due to uncertainties caused by COVID-19.
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PepsiCo shares were down 1.62 percent through Friday, slightly lagging the S&P 500’s 1.42 percent decline.
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