Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }

Pepsi bottles are on display for sale at a supermarket in Haverhill, Mass. PepsiCo announced quarterly results Monday.

Elise Amendola/The Associated Press

PepsiCo Inc. beat analysts’ estimates for quarterly revenue and profit on Monday, as people stocked up on its snacks including Tostitos, Cheetos and Doritos before hunkering down in their homes owing to coronavirus-related restrictions.

The company’s shares, which are down 1.6 per cent to date in a tumultuous year for Wall Street, were up about 2 per cent before the bell as investors shrugged off a fall in sales of its soft drinks because of widespread restaurant closings.

“Consumer eating habits continued to evolve, with consumers spending more time at home, which benefits the at-home breakfast, snacking and dinner occasions,” chief executive Ramon Laguarta said in prerecorded remarks.

Story continues below advertisement

“We gained market share in salty, savoury and macro-snacks in the quarter.”

Online sales of potato chips jumped 93.5 per cent and tortilla chips 101.2 per cent for the week ended June 20, according to market data from Nielsen.

For PepsiCo, sales of snacks under the Frito-Lay North America unit rose 7 per cent in the second quarter ended June 13, while Quaker Oats surged 23 per cent.

Revenue at PepsiCo’s North America beverages unit, its largest, fell 7 per cent as restaurants and other points of sale remained closed, while sporting events were delayed.

Mr. Laguarta signalled an improvement in convenience stores and gas stations, but expects the recovery in food-service channels, which include restaurants, to take a bit more time.

The company sees snacks and food businesses remaining resilient, with the beverages unit expected to perform better during the second half of the year.

Over all, net revenue fell about 3 per cent to US$15.95-billion, but beat analysts’ estimates of US$15.38-billion, according to IBES data from Refinitiv.

Story continues below advertisement

Net income attributable to the company fell about 19 per cent to US$1.65-billion.

Excluding items, the company earned US$1.32 a share, beating Wall Street estimates of US$1.25.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies