百事可乐在提升北美地区的业务增长与盈利能力方面面临重重困难。该公司周四表示，由于消费者对零食和饮料的需求持续疲软，该地区的复苏进程比预期要缓慢。百事可乐首席财务官史蒂夫·施密特指出，公司仍致力于推动北美业务增长并提升核心营业利润率，但复苏所需的时间超出了原先计划。为应对这一难题，百事可乐计划进一步削减成本。
PepsiCo is struggling to improve growth and profits in North America. The company said on Thursday that its recovery in the region is taking longer than expected, as demand for its snacks and drinks remains weak. PepsiCo CFO Steve Schmitt said the company is still focused on improving growth and its core operating margin in North America, but the recovery is taking more time than planned. The company plans more cost cuts to deal with the problem.
公司表示，未来几个月还将采取更多措施来降低开支。首席执行官拉蒙·拉瓜尔塔称，这些新的成本削减措施将有助于为各项投资提供资金支持，从而推动销售增长并缓解原材料价格上涨带来的压力。
PepsiCo said it will take additional steps to reduce costs in the coming months. CEO Ramon Laguarta said the new cost-cutting measures will help pay for investments aimed at increasing sales growth and reducing the impact of higher input costs.
百事可乐正同时面临多重压力。原材料成本居高不下、通货膨胀导致消费者需求疲软，再加上GLP-1类减肥药物的日益普及也构成了威胁。这类药物能够抑制食欲，可能削弱消费者对部分零食及其他食品的需求。为扭转局面，百事可乐一直在大力推行成本削减计划。大约一年前，激进投资者艾略特投资管理公司购入了百事可乐约40亿美元的股份，此后该公司便着手实施旨在提升生产效率的转型计划。
PepsiCo faces high costsPepsiCo is facing several pressures at the same time. The company is dealing with high costs for inputs, weaker consumer demand because of inflation and growing competition from GLP-1 weight-loss drugs. These drugs can reduce appetite and could affect demand for some snacks and other food products. PepsiCo has already been trying to cut costs heavily. The company is pursuing record productivity savings as part of a turnaround plan that began after activist investor Elliott Investment Management took a roughly $4 billion stake in PepsiCo about a year ago.
总体而言，百事可乐第三季度的营收表现优于预期。不过，北美市场依然是公司的一大难题。尽管整体业绩超出市场预期，百事可乐仍警告称，该地区的业务增长缓慢，盈利能力也承受着巨大压力。公司预计，第四季度北美地区的利润水平仍将面临较大压力。
PepsiCo revenue beats estimatesPepsiCo's overall third-quarter revenue was better than expected. The company reported revenue that beat market expectations. It also changed its 2026 forecast for organic revenue growth to about 3%, compared with its earlier forecast of 2% to 4% growth. Why are oil prices surging above $104? Hormuz attacks and Hurricane Isaias raise supply fearsBut North America remains a major problem.
首席财务官史蒂夫·施密特表示，由于经济复苏进程慢于预期，公司预计第四季度北美地区的核心营业利润率仍将面临压力。百事可乐的营业利润率此前已出现下滑：第三季度其核心营业利润率较去年同期下降了35个基点；今年迄今为止该利润率累计下降25个基点，目前占营收的16.5%。
Even though the overall business performed better than expected, PepsiCo warned that its North American business is still facing slow growth and pressure on profitability. North America profits under pressurePepsiCo expects North American profits to remain under pressure in the fourth quarter. CFO Steve Schmitt said the company expects North America's core operating margin performance to remain under pressure in the fourth quarter because the recovery is taking longer than planned.
此前百事可乐曾设定了更高的利润提升目标。去年12月，在与埃利奥特投资集团磋商后，百事可乐宣布计划在三年内将核心营业利润率提升100个基点。百事可乐下调2026年盈利预期百事可乐还下调了2026年的盈利预期。目前公司预计，经汇率变动因素调整后，2026年其核心每股收益仅会增长1%至2%。此前该公司的预期是每股收益增长幅度处于4%至6%区间的下限。
PepsiCo's operating margin has already fallen. Its core operating margin dropped 35 basis points in the third quarter compared with the same period last year. The margin was down 25 basis points so far this year, standing at 16.5% of revenue. The company had earlier set a bigger profit improvement target. In December, after talks with Elliott, PepsiCo said it was targeting a 100-basis-point improvement in its core operating margin over three years. PepsiCo cuts 2026 earnings outlookPepsiCo has also lowered its 2026 earnings outlook.
食品企业面临需求疲软困境这种疲软态势并不仅限于百事可乐。由于消费者愈发注重性价比，而食品企业又面临成本上涨压力，其他包装食品企业同样处境艰难。通用磨坊、麦考密克以及康尼格拉品牌等公司也都在努力吸引顾客回流。这些食品企业一方面加大促销力度、推出更多价格亲民的产品，另一方面还要应对原材料成本的持续上涨。
The company now expects core earnings per share, adjusted for currency movements, to increase by only 1% to 2% in 2026. Earlier, it had expected earnings growth at the lower end of a 4% to 6% range. Food companies face weak demandThe weakness is not limited to PepsiCo. Other packaged-food companies are also struggling as consumers look for better value while companies face higher costs. Companies such as General Mills, McCormick and Conagra Brands are also trying to bring customers back.
百事可乐承诺进一步削减成本如今百事可乐承诺将实现更多成本节约。首席执行官拉蒙·拉瓜尔塔称，公司正在制定更多结构性成本削减措施，并将于未来数月内实施。这些节省下来的资金将用于推动销售增长，并抵消原材料价格上涨带来的影响。百事可乐饮料业务销售下滑百事可乐的国际业务表现相对较好，公司的问题主要集中在北美地区，该区域已成为其业绩的明显短板。
These food companies are spending more on promotions and affordability measures while dealing with higher input costs. PepsiCo is now promising even more cost savings. CEO Ramon Laguarta said additional structural cost-reduction measures are being identified and will be introduced in the coming months. The company wants to use these savings to invest in sales growth and deal with inflation in input costs. PepsiCo beverage sales fallPepsiCo's international business is doing better. The company's problems are mainly concentrated in North America, making the region a key weak spot for the company.
今日美股期货为何下跌？油价引发通胀担忧，道指、标普500指数及纳斯达克指数均走低北美地区的食品销量则基本持平。
Why are US stock futures falling today? Dow, S&P 500 and Nasdaq slip as oil fuels inflation fearsFood sales volumes in North America were flat.
第三季度，百事可乐在北美地区的食品销量与去年同期持平。其饮料业务的表现则更为糟糕：北美地区的饮料销量同比下降了2%。分析人士认为，饮料业务是百事可乐面临的最大难题之一。加拿大皇家银行资本市场公司的分析师尼克·莫迪指出，百事可乐的饮料业务持续表现不佳，预计该公司还将继续丧失市场份额，输给竞争对手可口可乐和柯瑞格胡椒博士。
In the third quarter, PepsiCo's North American food volumes showed no growth compared with a year earlier. Its beverage business performed even worse. North American beverage volumes fell 2% from a year earlier in the third quarter. Analysts see the beverage business as one of PepsiCo's biggest problems. Nik Modi, an analyst at RBC Capital Markets, said PepsiCo's beverage business continues to disappoint. He expects the company to continue losing market share to rivals Coca-Cola and Keurig Dr Pepper.
莫迪认为，百事可乐或许需要对饮料业务进行重大调整；若想扭转市场份额下滑的趋势，公司可能不得不将饮料业务全面转交给独立特许经营商经营。所谓“转交特许经营”，即把业务的部分控制权交还给这些独立经营者。百事可乐调整产品价格为吸引消费者，百事可乐此前曾尝试降价策略。今年2月，该公司将乐事薯片、多力多滋等产品的售价下调了最高15%。
PepsiCo may need a major change in its beverage business, according to the analyst. Modi said PepsiCo may have to fully refranchise its beverage business if it wants to stop losing market share. Refranchising means giving more control of parts of the business back to independent franchise operators. PepsiCo changes product pricesPepsiCo has already tried lowering prices to attract customers. In February, the company cut prices by as much as 15% on products including Lay's and Doritos.
不过目前百事可乐又开始上调部分产品价格。上个月，公司宣布将提高部分薯片产品的售价，以抵消不断上涨的原材料成本压力。这一举措让百事可乐陷入两难境地：降价虽有助于吸引顾客回流，但成本上升又令公司难以维持利润水平；而提价虽能缓解成本压力，却可能导致消费者购买意愿下降。自有品牌加剧竞争压力此外，百事可乐还面临着超市货架空间竞争加剧的问题。
But PepsiCo is now raising some prices again. Last month, the company said it would increase prices on some chips to keep up with rising input costs. This creates a difficult situation for PepsiCo. Lower prices can help bring customers back, but higher costs make it harder for the company to protect its profits. Raising prices can help cover those costs but may make consumers less willing to buy the products. Private-label brands add pressurePepsiCo is also facing strong competition for supermarket shelf space.
公司表示，零售商及采购联盟正在调整向消费者提供商品的方式。如今，自有品牌产品正成为越来越大的威胁：零售商正逐步撤下百事可乐的部分产品，或减少其货架陈列空间，转而大力开发并推广自有品牌商品。由此可见，百事可乐目前在北美市场正面临多方面的严峻挑战。
The company said retailers and buying groups are changing the way they offer products to customers. Private-label products are becoming a bigger threat. PepsiCo said retailers are removing some of its products or giving them less shelf space while focusing more on developing and selling private-label brands. This means PepsiCo is fighting on several fronts in North America.
其面临食品和饮料需求疲软、投入成本上升、利润率承压、主要饮料公司竞争以及门店自有品牌竞争加剧等问题。
It has weak food and beverage demand, higher input costs, pressure on profit margins, competition from major beverage companies and growing private-label competition in stores.
主要问题是百事公司的北美业务扭亏为盈所需时间比预期更长。该公司正在削减成本和调整价格，但食品销量持平，饮料销量下滑，利润率承压。
The main issue is that PepsiCo's North American turnaround is taking longer than expected. The company is cutting costs and changing prices, but food volumes remain flat, beverage volumes are falling and profit margins are under pressure.
目前，百事公司的国际业务有助于抵消部分疲软。然而，北美市场持续存在的问题仍是该公司在努力恢复增长和提高盈利能力时面临的重大挑战。
For now, PepsiCo's international business is helping offset some of the weakness. However, the continued problems in North America remain a major challenge for the company as it tries to restore growth and improve profitability.