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Price hikes lifted PepsiCo’s profits in the third quarter, but the company says those increases are likely to moderate in the coming year.

Pepsi raised prices 11% in the July-September period, the seventh straight quarter that the Purchase, New York, company has increased prices by double-digits.

The higher prices took a toll on demand, with sales volumes down 2.5%.

PepsiCo said some of that volume decline is strategic.

The company said it has been shrinking package sizes to meet consumer demand for convenience and portion control.

Units are growing much faster than volume, PepsiCo Chairman and CEO Ramon Laguarta said Tuesday in a conference call with investors.

But there is also some consumer pushback on prices. Consumers are looking for value and, in some cases, are trading down to cheaper stores.

I do think that we see the consumer right now being more selective, PepsiCo’s Chief Financial Officer Hugh Johnston said Tuesday on a conference call with investors.

Still, Johnston said convenience store sales and food service sales, which usually weaken in times of high consumer stress, are strong.

Johnston said Pepsi continues to see higher prices for commodities like grain and cooking oil.

In 2024, Pepsi expects inflation to be slightly higher than the 2% to 3% it was accustomed to before the pandemic.

Consumers should expect to see price increases roughly in line with inflation, he said.

Pepsi is watching the growing use of weight loss drugs like Ozempic, but so far their impact on the business has been negligible, Laguarta said.

They could be outweighed by other trends, including rising incomes in many countries and the growing popularity of snacking in place of meals.

Were seeing a lot of tailwinds that will continue to drive our categories, he said.

Pepsi shares were up 1.5% in morning trading.

In the third quarter, Frito-Lay North America sales volumes dropped 0.5% during the July-September period as net prices rose 8%.

North American beverage sales volumes dropped 6% as prices rose 12%.

Sales volumes in Europe were flat. Sales volumes in Latin America dropped 5%.

Net pricing includes price hikes as well as changes in the mix of products sold and smaller package sizes.

In prepared remarks Tuesday, PepsiCo said consumers are gravitating toward smaller packages for convenience and portion control.

Net revenue was $23.4 billion, the company said Tuesday. That was in line with Wall Streets expectations, according to analysts polled by FactSet.

Net income for Pepsi rose 14% to $3.1 billion, or $2.24 per share.

That beat the $2.15 per share that analysts had forecast.

Pepsi now expects its full-year earnings per share to increase 13%, up from previous projections of 12%, due to the strength of its sales and cost-cutting efforts.

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NHL coaching carousel: Tiers of candidates for the five open jobs

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NHL coaching carousel: Tiers of candidates for the five open jobs

This NHL season might have been the greatest example of, “Well, you can’t fire the players.”

Going back to Sept. 2023, there were 13 coaching changes made in the NHL. Stretch it back to Jan. 2023, and 19 of the league’s 32 teams have changed coaches.

After Travis Green signed on with the Ottawa Senators this week, that left five current coaching vacancies in the NHL: The New Jersey Devils, San Jose Sharks, Seattle Kraken, Toronto Maple Leafs and Winnipeg Jets. The Leafs joined the list on Thursday when they fired Sheldon Keefe.

One wild card this cycle is Joel Quenneville, who resigned in 2021 as Florida Panthers coach. His resignation came after an independent investigation into how the Chicago Blackhawks handled a sexual assault allegation in 2010 against video coach Brad Aldrich that implicated Quenneville and other then-Blackhawks leaders for their inaction in the case. One NHL source tells me they wouldn’t be surprised to see him return next season if a team petitioned the NHL to allow it.

To say there are other options would be an understatement. Here’s a look at the other head-coaching options inside and outside the NHL, from the new stars to the trusty veterans to the out-of-the-box choices.

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Fight night flicks: Bruins, Panthers square off multiple times in Game 2

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Fight night flicks: Bruins, Panthers square off multiple times in Game 2

As evidenced by Game 2 of their Eastern Conference second-round series, there’s no love lost between the Florida Panthers and Boston Bruins.

With Florida’s dominant 6-1 win on Wednesday, the series is even at one game apiece. The Panthers scored six straight goals after the Bruins took a 1-0 lead, the most unanswered goals scored in a playoff game in franchise history.

A whopping 136 penalty minutes were handed out in the third period. It was the first playoff game in which both teams accumulated over 70 penalty minutes since 2015.

The Bruins had 87 penalty minutes, their most in a playoff game since 1988 — 79 came in the third period. Meanwhile, 67 of the Panthers’ 71 penalty minutes came in the third period.

Both teams combined for 17 penalties in the final frame, highlighted by a multiplayer brawl that included a fight between the Panthers’ Matthew Tkachuk and Bruins’ David Pastrnak.

While the numbers certainly jump off the score sheet, these photos tell the tale of the intense third period.


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Leafs fire coach Keefe after first-round exit

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Leafs fire coach Keefe after first-round exit

The Toronto Maple Leafs relieved Sheldon Keefe of head-coaching duties on Thursday.

According to a statement from the club, a search for Keefe’s replacement will begin immediately.

“Today’s decision was difficult,” said Leafs’ general manager Brad Treliving. “Sheldon is an excellent coach and a great man; however, we determined a new voice is needed to help the team push through to reach our ultimate goal. We thank Sheldon for his hard work and dedication to the organization over the last nine years, and wish him and his family all the very best.”

No determination has been made about the rest of Toronto’s coaching staff, which includes assistants Manny Malhotra, Dean Chynoweth and Guy Boucher.

Keefe has two years remaining on a contract extension Treliving signed him to in August, which doesn’t officially kick in until the 2024-25 season.

Treliving is scheduled to meet with the media alongside president Brendan Shanahan and Maple Leaf Sports & Entertainment CEO Keith Pelley on Friday.

Keefe was promoted to Toronto’s head-coaching role in November 2019 to replace the fired Mike Babcock. Keefe had previously been coach of the Leafs American Hockey League affiliate Toronto Marlies since 2015 and guided them to a Calder Cup championship in 2018.

Through 4½ NHL seasons, Keefe led the Leafs to a 212-97-40 record — with consecutive seasons of 50 or more wins — and playoff appearances in each full campaign. Toronto never found postseason success under Keefe though, bowing out of the first round in three of the past four seasons, including in this year’s first-round loss to Boston in Game 7 overtime.

That defeat in particular appeared to seal Keefe’s fate. The Leafs were down 3-1 in the series and battled back to force a decisive final contest, but Toronto’s perennial underachievement forced management into making a change.

This is the first major adjustment for Treliving since he joined Toronto’s staff last May. Shanahan had parted ways with former GM Kyle Dubas — who originally hired Keefe to replace Babcock after also bringing Keefe to the organization when he was GM of the Marlies’ prior to that — and introduced Treliving in the role shortly after. Treliving opted to extend Keefe before last season began, touting Keefe’s “clear vision and direction for where the team needs to go.”

Now the hunt for Keefe’s successor will get underway in what could be a busy offseason for the Leafs. Toronto has key skaters including Auston Matthews and William Nylander signed to long-term contracts. They want to capitalize on that core with success right now, particularly in the playoffs. The other pieces of the Leafs’ designated Core Four — Mitch Marner and John Tavares — will be entering the final year of their current deals this season. Both would be eligible to sign extensions in Toronto on July 1.

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