And where we have inefficiencies to get rid of those inefficiencies to reinvest back, where the – where we’re going to get the best ROI in terms of growth and flow through. Listen, I think, we’re happy that we had that framework going into these pandemic, right, both The PepsiCo Way is with very clear behaviors for our people and has helped us a lot in managing through the pandemic, especially when we have now a more kind of empower organization making more decisions in the frontline. P.S: If you liked this article, you might enjoy the just-food newsletter.

It’s hard to compete with freedom, right, given the advantages that the company has the scale of the brands, the distribution systems, the cost advantage, everything else.

So people are starting to – there’s a bit more unemployment.

Just a quick one on Frito and the competitive dynamics in that space. Indra Nooyi - wants India to become healthier. PepsiCo, Inc. (NASDAQ:PEP) Q3 2020 Investors Q&A Earnings Conference Call October 1, 2020 8:15 AM ET, Ravi Pamnani - Senior Vice President, Investor Relations, Ramon Laguarta - Chairman and Chief Executive Officer, Hugh Johnston - Vice Chairman and Chief Financial Officer, Bryan Spillane - Bank of America Merrill Lynch.

Q4 2019 PepsiCo Earnings . We’re also quite focused on improving all our environmental footprint. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. +44 (0)1527 573 736 or complete this form.. ©2020 All content copyright just-food.com I mean, is this something that you want to really see happen quickly? I did want to ask you about your openness to moving into the alcohol space, specifically hard seltzer. Hey, this is actually Grant on for Bill. And we’ve seen the governments making very – a bit more balanced decisions between keeping the economy going and trying to protect everybody against the spread of the pandemic. So I know you won’t guide explicitly for next year. I think, as I said earlier, is a multi-vector strategy that requires, both Rockstar doing very well. First, just a clarification of your pre-recorded tape, in which you said, you expect the U.S. to be fairly steady, but international being somewhat choppy. I had a question on your FY 2020 guidance, which implies that organic sales growth should, I guess, modestly accelerate to, I think, around 5% in Q4 versus the 4.2% you recorded in Q3. So far we haven’t seen that. And – but make sure that we don’t sacrifice their investments that are required for a company of our scale to remain competitive long-term, given what’s going on externally. In addition to that, you know that where our A&M spend is booked on a curve. So just a clarification, maybe on PBNA’s results, strong results in the quarter, especially in the on-premises, as the on-premises in there continued to suffer. So I was curious if you’ve made any progress on that front, of course, knowing COVID kind of interrupted business as usual. The Brazilian savory snacks sector was led by processed snacks category in both value and volume terms in 2019. And how you expect to use those direct-to-consumer channels in the future? Read just-food's analysis: "It's going to be a marathon and it's going to be worth it" - weighing up the prospects for plant-based meat in India. Nooyi was CEO of Walkers and Lay's crisps maker PepsiCo for 12 years, from October 2006 to October 2018. But I would also tell you, we spent a lot of time and energy around identifying new low-cost sources of capital and doing things in a much more efficient way that clearly is going to benefit the level of spending going forward. Our – we can adjust our price points quite fast and we have good playbooks on how to play in recessions, how to adjust entry points to the category, how to deliver good value on some of the family sizes that are now preferred as well. It has rebounded from the very lows of April, May, right? Thanks very much. Your next question comes from the line of Andrea Teixeira of JPMorgan. So we see a lot of positives for growth in the portfolio and then we’re happy with Mountain Dew. Hi. They had managed to control the pandemic pretty well. So I just really wanted to understand how conservative your guidance might be, especially as I think about you facing maybe even fewer COVID-related headwinds as you round up the year. So wondering if you guys have seen anything different so far in the competitive dynamics we’re pricing in that space? Clearly, we’re becoming more competitive in the marketplace. Will Ahmed ... PepsiCo, and president, PepsiCo Foundation. Is this an area that PepsiCo is looking at? Your next question comes from the line of Bryan Spillane of Bank of America. And thank you for the confidence you’ve put in the company and your investments in PepsiCo.

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