New York — Facing stagnant sales volumes, PepsiCo CEO Indra Nooyi is turning to a well-worn playbook to fuel growth: charge higher prices and cut expenses. The company is focusing on more premium products such as Poppables, LifeWTR and Quaker Overnight Oats, rather than old standbys such as Lay’s and Diet Pepsi. And the strategy is showing up in PepsiCo’s bottom line: it contributed to second-quarter earnings that handily topped Wall Street estimates, and the food giant boosted its annual forecast. The question now is whether Nooyi can maintain earnings without a broad resurgence in demand from consumers. By shifting to higher-end snacks and beverages, PepsiCo is looking to thrive even if the amount of product it’s selling doesn’t rebound. "As we do more premium, volume is going to be a less relevant metric," chief financial officer Hugh Johnston said in an interview. The premium segment of the snack industry increased about 8% last quarter, while PepsiCo’s Frito-Lay business was up...
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