Pepsi says drinkers are pulling back and buying less of its namesake beverage
Bottles of Pepsi are displayed in a grocery store, Ill., Thursday, Feb.
10, 2022. (AP Photo/Nam Y.
Huh) Nam Y.
Huh/AP We're drinking less Pepsi these days.
Sales volumes of PepsiCo sodas declined in the third quarter, the company said on Thursday.
Pepsi doesn't expect consumers to suddenly be in a better place in the next 12-18 months, CEO says.
Pepsi is losing its fizz.
Sales volumes in PepsiCo's North American soft drinks business fell 2% during the company's third quarter, it said on Thursday.
The company also cut its sales growth forecast for the fourth quarter.
"We do not feel good about the beverage business," CEO Ramon Laguarta said on the company's earnings call.
The soda slowdown is the latest indication that many consumers are spending more carefully.
US consumer sentiment recently dipped below pandemic levels as wages have failed to keep up with inflation.
Rising interest rates could end up stretching consumers even more.
The consumer pullback showed up in PepsiCo's results.
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