PepsiCo (NASDAQ:PEP) Inc beat market expectations for quarterly revenue on Thursday, helped by homebound consumers adding more salty chips, sodas and oatmeal to their pantries.
Consumers have been stocking up snacks and sodas as they work from home even as some restaurants, theaters and malls partially reopen against the backdrop of speedy vaccinations.
Sales of snacks under the company’s Frito-Lay North America unit rose 4%, while those of sodas and other beverages rose 5% in North America, its biggest market.
Net revenue rose 6.8% to $14.82 billion in the first quarter ended March 20, above analysts’ average estimate of $14.55 billion, according to IBES data from Refinitiv.
Net income attributable to the company rose to $1.71 billion, or $1.24 per share, from $1.34 billion, or 96 cents per share, a year earlier.
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