Dr Pepper Snapple has reduced its full-year sales growth target after higher prices hit demand in the third-quarter.
The maker of Dr Pepper, 7UP and Sunkist said that net sales in the quarter were down 1% year-on-year to £1.53 billion – lower than the $1.56 billion predicted by a Thomson Reuters poll of analysts. Sales volume was down 3% after higher prices and fewer promotions dented demand.
However, net income reached $179 million, up from $154 million during the same period last year.
"We continue to operate in an uncertain economic and cautious consumer environment," said Larry Young, Dr Pepper Snapple’s chief executive.
The firm adjusted its full-year sales growth target from 3% to 2% but maintained its profit forecast of $2.90 to $2.98 per share.