PURCHASE, N.Y. >> A shift by PepsiCo from sodas to more healthy and low-calorie drinks crimped sales in the third quarter, even with strong snack sales pushing profits up 8 percent compared with last year.
PepsiCo has attempted to walk in step with American tastes, which potentially means less Pepsi and Mountain Dew.
CEO Indra Nooyi acknowledged Wednesday that the company gave too much shelf space to its newer, low-calorie drinks and spent too much marketing them.
The transformation at PepsiCo will continue, but the company plans to return more of its focus to the brands that drive sales, including Pepsi and Mountain Dew, and it will promote them accordingly. Snacks offset some of those declining sales on the drink side, however.
The company reported net income of $2.14 billion, or $1.49 a share, in the 12 weeks that ended Sept. 9. That compares with $1.99 billion, or $1.37 per share, in the same quarter a year ago. Revenue rose 1 percent to $16.24 billion.
Hurricane damage to blur jobless report
WASHINGTON >> Damage from two catastrophic hurricanes means that the government’s September jobs report being released Friday will provide a blurrier-than-usual snapshot of the economy.
With Harvey and Irma having inflicted destruction on Florida, Texas and other parts of the Southeast, thousands of businesses had to shut their doors and left many people temporarily out of work. Yet the decline in employment should be short-lived. A hiring rebound is expected for October or November.
ON THE MOVE
G70, a design firm formerly known as Group 70 International Inc., has hired the following employees for its Architecture Division:
>> Craig Collado has joined G70 as a job captain. Collado has extensive experience in various commercial developments and residential homes.
>> Elim Ng has joined G70 as a designer. Ng will be responsible for assisting project teams with design processes and conceptual involvement for projects.
Honolulu Cookie Co. has hired Brandon Suyeoka as director of marketing. He will be responsible for managing the placement, personality, character and development of the Honolulu Cookie Co. brand. Suyeoka has more than 20 years of marketing and advertising experience locally and nationally, including serving as a marketing brand manager at ALTRES, Inc., as well as a senior account executive and social media director for Hendrix Miyasaki Shin Advertising.
