Price Cuts on Frito-Lay Brands Restore North American Food Volume Growth

North American food volume grew 2% in the first quarter, marking the first increase in more than two years. The growth follows price cuts of up to 15% on Lay’s, Tostitos, Doritos, and Cheetos implemented in February. The division, which includes Frito-Lay and Quaker Oats, generated $6.33 billion in revenue. This volume recovery contributed to first-quarter revenue of $19.44 billion, which exceeded the $18.94 billion consensus estimate. Adjusted earnings per share were $1.61, beating the $1.55 analyst estimate.