PURCHASE, NY. — Brands both large and small powered Frito-Lay North America, a division of PepsiCo, Inc., to 14% net revenue growth in the first quarter ended March 19. Double-digit net revenue growth came in Doritos, Lay’s, Ruffles and Cheetos as well as emerging brands PopCorners, Bare and Smartfood, according to prepared management remarks released April 26.
Net revenue was $4.84 billion. Frito-Lay’s core operating profit increased 3% to $1.3 billion, reflecting the impacts of higher commodity costs, incremental transportation costs, planned business investments and a double-digit increase in advertising and marketing spend.
Net revenue in Quaker Foods North America increased 11% to $713 million, driven by effective net pricing. High-single-digit net revenue growth came in the ready-to-eat cereal category while mid-single-digit net revenue growth came in oatmeal. Operating profit at QFNA increased 6% to $159 million and reflected the impacts of higher commodity costs, incremental transportation costs, and a double-digit increase in advertising and marketing spend.Net income attributable to Purchase-based PepsiCo in the first quarter ended March 19 was $4.26 billion, or $3.08 per share on the common stock, which was up from $1.71 billion, or $1.24 per share, in the previous year’s first quarter. Net revenue increased 9% to $16.2 billion from $14.82 billion.