"The company behind Cheetos and Lay's plans to cut snack prices as many shoppers continue to feel financially pressured. PepsiCo is cutting the suggested retail price of some snacks, such as Lay's, Doritos, Cheetos, and Tostitos, by up to 15% this week, the company said on Tuesday. "We've spent the past year listening closely to consumers, and they've told us they're feeling the strain," Rachel Ferdinando, CEO of PepsiCo Foods US, said in a statement."
"The price cuts won't happen across the board, CEO Ramon Laguarta said on the company's fourth-quarter earnings call on Tuesday. PepsiCo will be "very surgical" and focus on products "where we see that the biggest friction for higher frequency is price," Laguarta said. PepsiCo's fourth-quarter results largely beat analysts' expectations. Shares of the beverage and snack maker were up about 5% on Tuesday morning after the company reported earnings."
PepsiCo is reducing suggested retail prices on selected snack brands, including Lay's, Doritos, Cheetos and Tostitos, by up to 15%. The company will target cuts selectively on products where price is the largest barrier to more frequent purchases. Fourth-quarter results largely beat expectations and shares rose about 5% after earnings. Inflation on many items has moderated, but many shoppers still face high grocery and restaurant prices, with financial pressure especially concentrated among lower-income consumers. PepsiCo expects middle- and low-income consumers to remain stretched and choiceful, and is relaunching major brands while addressing shoppers' health concerns.
Read at Business Insider
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