PepsiCo Inc beat analysts' estimates for quarterly revenue and profit on Monday, helped by a surge in demand for snacks including Fritos and Cheetos during lockdowns triggered by the COVID-19 pandemic.
FILE PHOTO: Bottles of Pepsi are pictured at a grocery store in Pasadena, California, U.S., July 11, 2017. REUTERS/Mario Anzuoni/File Photo
Consumers stocked up on snacks, from potato chips to dips, as many were forced to work from home and students attended classes online to curb the spread of the virus.However, revenue at PepsiCo’s North America beverages unit fell 7% as restaurants and vending machines remained closed, while sporting events were delayed.Chief Executive Officer Ramon Laguarta signaled an improvement in trends as the quarter progressed due to the easing of restrictions.
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