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Sales of iPhone hit by Covid supply chain disruptions in China but company avoids mass lay-offs
...Additional refinements we are implementing today include: - Eliminating roughly 7% of roles globally, the vast majority of which are in North America, primarily in our go-to-market and G&A organizations...
...Patrick McGee is the FT’s San Francisco correspondent....
...The results showed resilient demand for salty snacks, with Frito-Lay’s organic sales in North America rising 6 per cent....
...In the first quarter, organic sales of Frito-Lay and Quaker products in North America rose 3 per cent and 1 per cent year on year, respectively....
...North American sales of Frito-Lay and Quaker Foods products increased 5 per cent and 8 per cent in the quarter, respectively....
...The trend continued in the third quarter, when sales at the group’s Frito-Lay and Quaker units in North America both rose 6 per cent on an organic basis....
...North America up 6 per cent in the second quarter on an organic basis....
...more than 90 per cent since March, and a V-shape recovery is no longer in the cards....
...Despite its name, Pepsi gets most of its bite from the snack group, Frito Lay North America. The division generated a quarter of group sales but over half of total operating profit last year....
...Earlier this year Uber, Lyft and Doordash pledged to spend $90m on a ballot initiative in November 2020 that would seek to exempt the companies from reclassification and lay out alternatives....
...The rise was led by the company’s Frito-Lay snacks business in North America, which helped offset volume declines at its domestic PepsiCo Beverages business....
...Sales in the quarter were led by Frito-Lay North America, whose brands include Doritos and Cheetos. Revenues at the division rose 5 per cent on an organic basis to $4bn....
...Organic sales at PepsiCo’s all-important North America beverage unit rose for a third straight quarter, climbing 2.5 per cent....
...However, Frito-Lay North America generates nearly one quarter of the company’s operating profit....
...Frito-Lay North America increased operating profits 3.5 per cent in the 12-week period....
...It will continue to operate independently while reporting to PepsiCo’s Frito-Lay division....
...Despite its name, Pepsi’s strongest unit is its snack group, Frito Lay North America. This generates a quarter of group revenue but more than 40 per cent of profit....
...The better than expected quarterly revenues were instead driven by growth in the Frito-Lay North America snacks division and its overseas divisions....
...It was boosted by another strong quarter for its Frito-Lay snacks business, which reported organic sales up 5 per cent....
...After several years of crushing lay-offs, cost-slashing and penny-pinching by the newspaper’s owner, it wasn’t possible to sink any lower....
...Carbonated sugary soft drinks have been in decline in North America for the best part of two decades....
...At Frito-Lay North America, the group’s snack business and second largest unit, sales rose 3 per cent to $3.6bn....
...Cebile Capital, a private equity placement agent, has hired Steven Westerback as president, head of the Americas....
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