PepsiCo Inc.
(NASDAQ:PEP) said higher gasoline prices, partly driven by geopolitical tensions, weighed on consumer spending during the second quarter, particularly in convenience stores where impulse purchases slowed.
During the earnings call, management said consumers continued to visit convenience stores but were less likely to make purchases as higher fuel costs pressured discretionary spending.
The comments followed the company's mixed second-quarter results released Thursday.
Revenue rose 6.4% year over year to $24.18 billion, topping analysts' estimate of $23.96 billion.
