(Reuters) – PepsiCo reported fourth-quarter revenue below expectations on Friday and forecast weak growth for 2024 as the U.S. maker’s multiple price hikes reduced demand for its sodas and snacks .
The company’s turnover reached $27.85 billion during the quarter (25.87 billion euros), compared to $28 billion a year earlier. Analysts on average expected $28.40 billion, according to LSEG data.
PepsiCo shares fell 2% in pre-market trading on Wall Street.
Large food companies have increased prices since the pandemic to cope with soaring costs of raw materials and transportation following disruptions in the supply chain.
At the beginning of January, Carrefour declared that it had withdrawn the group’s products, such as Pepsi soda and Lay’s chips, from its supermarkets in four European countries amid a price war between distributors and global food giants.
The company expects organic revenue growth of at least 4% in 2024, compared to 9.5% for fiscal 2023, and earnings per share of $8.15, compared to $8.14 expected by analysts.
(Written by Ananya Mariam Rajesh in Bangalore; Gaëlle Sheehan, edited by Kate Entringer)
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