PepsiCo swallows nearly $500m in charges after Russia invades Ukraine
Beverage maker PepsiCo has taken a hit of nearly $500m in charges relating to Russia’s invasion of Ukraine.
The soft drinks giant told investors on Tuesday that it had been forced to swallow $241m “brand portfolio impairment charges” and a separate $241m in “Russia-Ukraine conflict charges”.
While the group suspended sales of soft drinks brands including Pepsi and 7Up in Russia last month, it has insisted that it has a responsibility to continue sales of essential items in Russia.
Organic revenue for the 2022 financial year was anticipated to rise eight per cent, surpassing an initial forecast of a six per cent increase.
In a quarterly update ended 19 March, the New York-based firm said its net revenue rose 9.3 per cent to $16.20bn.
More to follow…