The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry

PepsiCo has reported net revenue growth of 9.3% for its first quarter, despite the "complex" operating environment created by the Russia-Ukraine conflict. The beverage and snack giant posted Q1 net revenue of $16.2 billion, up from the $14.82 billion recorded for the same period last year. Operating profit stood at $5.27 billion, up 128% from $2.31 billion the prior year. PepsiCo's Frito-Lay North America division reported a 14% rise in net revenue to $4.84 billion. Meanwhile, PepsiCo Beverages North America's net revenue rose by 5.5% to $5.35 billion, with the company recognising gains associated with a $3.3 billion juice divestiture in its PepsiCo Beverages North America and Europe divisions. The company has also highlighted charges related to property, plant and equipment impairment due to the ongoing conflict in Ukraine. Ramon Laguarta, chairman and CEO of PepsiCo, commented: “For the first quarter, we delivered strong results which reflect our presence in growing, global categories and the investments we have made towards becoming an even faster, even stronger and even better company with 'PepsiCo Positive (pep+)' at the centre of everything we do". He continued: "Given the strength and resilience of our businesses to date while reflecting higher than expected input cost inflation for the balance of 2022, we now expect our full-year organic revenue to increase 8% (previously 6%) and we continue to expect core constant currency earnings per share to increase 8%".