Price hikes lifted PepsiCo’s profits in the third quarter, but the company says those increases are likely to moderate in the coming year.
The company said it has been shrinking package sizes to meet consumer demand for convenience and portion control. But there is also some consumer pushback on prices. Consumers are looking for value and, in some cases, are trading down to cheaper stores.“I do think that we see the consumer right now being more selective,” PepsiCo’s Chief Financial Officer Hugh Johnston said Tuesday on a conference call with investors.Johnston said Pepsi continues to see higher prices for commodities like grain and cooking oil.
In prepared remarks Tuesday, PepsiCo said consumers are gravitating toward smaller packages for convenience and portion control.
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