Bengaluru — PepsiCo reported a better-than-expected rise in quarterly profit despite a drop in demand for its beverages in the US as it sold more snacks under the Frito-Lay brand and benefited from lower costs. Revenue from its Frito-Lay business, which includes snacks such as Cheetos and Doritos, rose 3.2% in the third quarter ended September 9. Total selling and general costs fell 0.7% to $5.87bn. However, revenue from its North America beverage unit, the company’s largest, fell 3.4% to $5.33bn in the quarter, hurt partly by weak performance of its Gatorade brand, PepsiCo said on Wednesday. While volume sales in the business, which also sells Diet Pepsi and Lipton tea, was down 6%, net pricing rose 1%. Soda consumption has been falling for the last 12 years as more consumers choose healthier options, but dollar sales have risen as soft-drink makers aggressively pushed smaller packs at higher prices per ounce. Net income attributable to the company rose to $2.14bn, or $1.49 per sha...
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