Word: pepsis
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...Beyond its trademark cola, Pepsi has 17 distinct brands, ranging from Lay's and Doritos to Cheetos and Quaker Foods, that each generate more than $1 billion a year in sales. That's a power portfolio by any measure. But this year has taken a big bite out of the company's profitability. Cost inflation of close to 10% in 2008 means each bag of chips has cost Pepsi more to produce, even as belt-tightening consumers resist paying more for their food. Earlier this year, skyrocketing prices for corn, rice, wheat, vegetable oils and other key ingredients further added...
...Coke also looked ahead with greater acuity. Analyst Erin Ashley Smith of Argus Research, an independent New York City research firm, says Coke impressed investors with its presciently conservative outlook on the economic climate, while Pepsi started the year with overly optimistic assessments. Smith says Pepsi has had some operational problems as well, noting that the company has periodically had a tough time meeting demand for Gatorade and keeping store shelves stocked - an uncharacteristically subpar performance from a company that prides itself on operational excellence...
...Maybe Pepsi's spiffy new logo will help restore normal service. The No. 2 sodamaker spent more than $1 million developing its latest look and may soon spend as much as $1 billion changing all its vending machines and global signage to the new design. It's the 11th time in Pepsi's 110-year history that the company has revamped its logo, and the first since 1987. Some have likened the look to President-elect Barack Obama's rising-sun-over-the-horizon campaign iconography. Although there's no evidence that Pepsi modeled its logo on Obama...
...keys to Coke's current strength is its sales growth overseas, particularly in Latin America and emerging markets. Its operating income in Latin America rose 30% in the third quarter, and sales are up 17% in China and 18% in India. Sales fell 2% in North America, while Pepsi's took a 4% drop. Sales of Coke's noncarbonated drinks flattened out last quarter, but Pepsi's sank 5%. (See pictures of the global financial crisis...
...Pepsi, the good news is that the commodity cycle eventually turns in your favor, and this time it is happening in a hurry. Corn prices were down more than 50% by November from their summer peak. Aluminum prices were down 20%, which makes can stock cheaper, and oil costs have fallen a third. That will help make international expansion less costly...