Pepsi price hikes fuel 10% jump in the fourth-quarter sales

By DEE-ANN DURBIN
AP Business Writer

PepsiCo reported better-than-expected sales in the fourth quarter after hiking prices for its drinks and snacks, but it warned that consumers may be less willing to accept those increases as this year progresses. The Purchase, New York-based company said its net revenue rose more than 10% to $28 billion. That was better than the $26.8 billion Wall Street had forecast. Pepsi CEO Ramon Laguarta says consumers have been resilient despite higher prices, and continue to gravitate toward familiar brands like Cheetos. But the company says that could change if the U.S. or other developed markets see a mild recession later this year.