The giant food and beverage company said its net income for the three months ended Dec. 31 fell to $28 million, or 3 cents a share, from $181 million, or 11 cents a share, in 1995.
The company said that in addition to the losses suffered globally by its beverage business, its Pizza Hut and Taco Bell restaurant chains also posted lower profits in what it called a sluggish industry.
PepsiCo, based in Purchase, N.Y., near New York City, said its profits for all of 1995 declined 28 percent to $1.15 billion, or 72 cents a share, from $1.61 billion, or $1 a share.
The company reported slightly improved sales for the quarter and full year, mostly on the strength of sales of soft drinks and Frito-Lay snacks in North America.
PepsiCo said net sales for the quarter grew 4 percent to $9.53 billion from $9.21 billion while sales for the year expanded 5 percent to $31.65 billion from $30.26 billion.
“Our goal is to produce consistent earnings growth of about 15 percent a year. Despite remarkably strong performances by many of our businesses, we fell well short of that in 1996,” Chairman Roger Enrico said in a statement.
“On one hand, North American beverages, global snacks, international restaurants and KFC all made terrific progress and lots of money,” Enrico said.
“On the negative side, profits at Pizza Hut and Taco Bell were down in a sluggish industry.
“Far more significant, however, our international beverage business suffered dramatic losses, in part from an accumulation of unproductive investments in markets and in beverage-related activities outside our core business.”
Enrico outlined a number of initiatives that PepsiCo had taken in recent months to improve earnings, including a reorganization of its international beverage business to focus on its most promising markets.
PepsiCo announced in September that it would take more than $500 million in charges related to the restructuring. After taking $390 million of that amount in the third quarter, it took an additional $186 million in the fourth quarter.
Enrico also noted that PepsiCo previously announced plans to spin off its core restaurant business.
“Given the fundamental differences between packaged goods and restaurants, we believe both will better thrive as totally separate companies,” he said. “Together these actions will dramatically sharpen our focus as a corporation, position us for strong consistent growth and, ultimately, help us to create a bigger, more profitable future for PepsiCo and its shareholders.”
The company said its Pepsi-Cola North America unit had an excellent year, with sales growing 4 percent and profits advancing a strong 14 percent.
Internationally, however, beverage sales volume declined by 9 percent in the quarter and 2 percent for the year.
PepsiCo said three-quarters of the decline in the quarter came from Latin America, largely due to the company’s loss of its bottler in Venezuela.
“As expected, volume softness was a major factor in the decline in profits in the fourth quarter, coupled with decisions to reposition the division for future growth and the cost of meeting previous commitments for marketing spending,” the company said.
PepsiCo said U.S. restaurant sales declined 2 percent in the quarter and 1 percent for the full year, due primarily to lower sales at its Pizza Hut and Taco Bell chains.
Excluding the impact of franchising changes and store closures, PepsiCo said, U.S. profits fell 36 percent for the quarter and 12 percent for the year.
The company said these declines were due to higher labor costs as well as lower sales and higher costs at Pizza Hut and Taco Bell.
PepsiCo also reported that it repurchased 54.2 million shares of its stock at a total cost of $1.7 billion.
The company’s stock lost 75 cents to $33.375 in early trading on the New York Stock Exchange, where it was one of the most actively traded issues.
From Chandni Chowk: Who was first?
Elections for president and vice president will be held by July 24. That is why the political exercise has now begun. Dharmendra Pradhan’s visit to Bihar last month is said to be for testing. The BJP is trying to divert the votes of regional parties that do not want to join the Congress. Though Janata Dal (S) chief and Bihar Chief Minister Nitish Kumar is with the BJP, his dissatisfaction has been growing in recent times. He called on Prime Minister Nitish Kumar ahead of the presidential election to bridge the gap between the two parties and wager for votes. The BJP has focused on non-NDM parties like TRS, YSR Congress, Biju Janata Dal, BSP and Northeast. The debate began in the opposition as well. How else the Congress initiative will benefit! However, it is learned that the Congress is currently in informal talks with non-BJP regional parties. It is unknown at this time what he will do after leaving the post. Venkaiah Naidu is ready to clash with the BJP. Kerala Governor Arif Mohammad Khan is reportedly interested in becoming the Vice President. Who is interested in the opposition? Opposing candidates are less likely to win.
On the occasion of Udaipur ..
Congress spent three days trying to reform its own organization. You get what you want from it. It is not known why he had to go to Udaipur in the south of Rajasthan. There are two reasons for this. Congress has only two states. The idea should not happen in Delhi. It would be better to go to Chhattisgarh or Rajasthan i.e. ‘our’ state than to summon about 500 office bearers and discuss in the capital. Rajasthan is better than Chhattisgarh. It is always good to hold a meditation camp in a big state where Congress is in power. Elections will be held in Gujarat later this year. After that in Rajasthan. Rajasthan has also proved to be a conducive environment for the Congress. If you want to think in Rajasthan, do it in Jaipur. However, the Congress chose Udaipur. Udaipur falls in the Mewar region. It is said that Rajasthan will come to power if it dominates Mewar. Mewar must win the hearts of voters again if Congress is to stay in power. He says it will be difficult for the Congress to retain power if elections are held now. The issue of controversies and unemployment came to the notice of the people during the Congress regime! The second point is that Udaipur is near Gujarat. It is said that the Congress gave an indirect message to the Gujarat voters by holding a meditation camp there. Rahul Gandhi also held meetings in tribal areas. Of course, just texting means nothing!
What happened to Pike?
Political supremacist Prashant Kishore alias PK has slammed the Congress supremacy for his ambition. PK is befriending many senior Congress leaders. PK, a leader of the Congress is reported to be mediating. It is learned that at all the meetings held under the auspices of the Congress, PK himself expressed his desire to join the Congress. PK has reportedly made it clear at least three times that he wants to join Congress. If leaders like former finance ministers are conversing with PK, who will be responsible for PK coming into Congress? PK has been holding official talks with the Congress for ten days. He held four days of talks with the Congress leadership, leaders and the Chief Minister. It shows PK slides on 50 out of 500 strategies, as well as a large number of Congress leaders. So far so good. Pinky’s business acumen in Telangana and the clash of political aspirations in the Congress may have happened after that. PK I-Pack agreement with Telangana National Committee (TRS). You have nothing to do with it, but they may say that the company listens to you. How can Congress accept this contradiction? Issues such as ownership and liability are often raised.
In it, PK wants Congress to ally with the TRS. Since the Congress is the rival to the TRS in Telangana, how can there be an alliance? PK must be loyal to his company, to the TRS or to Congress. At the same time there may also be an argument about how to be obedient to everyone. Negotiations are said to be in full swing. But, that is the role of Congress. Instead of being obedient ‘let’s go alone’ said PK!
Leaders with laptops
If you are listening to the stories of Narasimha Rao period, a prominent journalist covering the Congress beat, then spokesperson Vithal Rao told about Gadgil. He was then at the Congress headquarters. Leaders-office staff and commoners used to come and go to the headquarters. Journalists also say that a round trip to headquarters all day brings two or four headlines. Vithal Rao Gadgil spoke informally with reporters who arranged the official press conference. He laid down the rules for not writing or publishing developments in the central government and in Congress. Any journalist is more interested in informal communication than formal communication. That is why the talk show with the Congress spokesperson was only ten minutes long.
Now the picture is reversed at the Congress headquarters. Rahul Gandhi admitted at the Chintan Shivir in Udaipur that the Congress media was much weaker than the BJP. This section is full of their loyalists, this section is different! There is no big debriefing from the delegates of this department and if there is, it does not make much sense. The time has come for a senior Congress leader to ‘explain’. Two days before the Chintan camp, a senior Congress leader called ten to fifteen selected journalists for ‘debriefing’.
‘Debriefing’ means unauthorized gossip. The reason for calling journalists is to inform them of the main points of the meditation camp. But there are so many things in this chat. For the first time in two years, a Congress leader spoke to reporters. As one of Sonia Gandhi’s loyalist debriefing leaders, her information is important. Due to the new rules in the thinking camp, no office bearer should hold the same position for more than five years. If this rule is strictly adhered to, changes will have to be made in the Congress media department as well. Those who like Rahul Gandhi will not leave this branch so easily. But if the same happens the party media section is likely to be run by depressing leaders. Discussions about his potential new responsibilities began before the meditation camp. The leader’s six-year term in the Rajya Sabha has also come to an end. Becoming the head of the media department can be seen holding a press conference with a laptop. Two-and-a-half years ago, the Mahavikas Aghadi government was in the process of being formed in the state. There, as Sonia Gandhi’s envoy, these senior leaders were seen taking notes with laptops. After the meeting, go straight to ‘Daha Janpath’ and give a briefing .. not to journalists, but to the party president!
Lokmanas: Rejection of the debate, which is the immaturity of the idea Lokmanas Loksatta Readers’ opinion Lokasatta …
During his visit to Pune, Sharad Pawar arranged meetings with Brahmin organizations. This meeting was really timely. Because right now the issue of caste duality is spreading rapidly through social media. The Brahmin community is portrayed as the enemies of Chhatrapati Shivaji Maharaj and Shambhaji Maharaj. Also, Sharad Pawar is openly blaming millions of people for racism. In an environment of religious pollution, the meeting of Brahmin organizations with Sharad Pawar was very important. However, the news (Lok Satta – May 21) read that 12 to 15 Brahmin organizations will be attending the meeting and two organizations, the Brahmin Federation and Parashuram Seva Sangh, will not be attending the meeting. He demanded that Pawar clarify his stance on his ministers before the meeting. It is very unfortunate for the Brahmin community that these two institutions are away from the meeting. Sharad Pawar is not only a senior and experienced politician, he is also a very moderate and strategic leader. The decision to participate in the discussion after the completion of the preconditions is only the immaturity of the idea. Such a decision will not solve the problems and grievances of the Brahmin community. Public discussion is not required in advance. These two Brahminical institutions should try to find a way through open discussion with Pawar. The other 15 organizations participating in the conference belong to these Brahmins. The non-participation of two Brahmin organizations in this meeting will create opposition to the remaining 15 Brahmin communities. I think they should take part in the discussion keeping in view the interests of the Brahmins rather than the conditions.
– Sharad Bapat, Pune
This is a politically misguided move.
I read the article ‘History and Present (Greece Lessons-1)’ by Girish Kuber in ‘If Not’. ‘The burdens of history do not have to flow in the present ..’ This is a lesson that even a small country can teach India. India was ruled by Muslim and British rulers for about a thousand years. The whole country will be immersed in it for hundreds of years to correct the injustices they have committed in history under the slogan of reaction to action. It can only lead to religious riots in the society. The country goes back to the Stone Age. It is completely inappropriate to politicize religious identities for immediate political gain. Today, as inflation peaks in the last 22 years, the entire country is looking towards the Gnanavapi Mosque. This is a politically misguided path. Many ‘subjects’ such as the Taj Mahal, Qutub Minar and Mathura are being taken out of the ship. It is endless. These discussions should be paused and focused on development. Inflation, unemployment, inequality are the basic problems of the people. Achieving ‘Sab Ka Saath Sab Ka Vikas’ requires maintaining peace, tranquility, harmony and unity.
– Dr. Vikas Inamdar, Pune
Do you see positive effects on the economy?
‘RBI pays dividend of Rs. 30,307 crore to the Center ‘(May 21). The accompanying box also reads the details of dividends paid by the Reserve Bank to the Central Government over the last three years. With a budget deficit (Rs 15.91 lakh crore this year), it is clear that the government will look at different sources of revenue. Since coming to power in 2014, the government seems to have found new sources of revenue called the ‘excise tax on fuel’ or cess. The central government has mobilized Rs 3.73 lakh crore through this in 2020-21. It is also understood that Rs 10.72 lakh crore (unwritten) debts of the industrial world have been written off during the last seven years under the Central Government, which has been raising revenue in various ways. How can a government that oppresses the masses be so kind to industrialists? The question is whether all these positive effects are visible in the country’s economy! So whose, where and what is wrong?
Shailesh no. Purohit, Mulund East (Mumbai)
It is dangerous to think that religion is bigger than the country
You will notice that most of the controversies going on in the country right now are related to this religion. Many controversies have arisen as to why some conservative organizations and parties have succeeded in convincing the public to some extent of how their religion is in crisis. The mentality of believing religion to be greater than the nation is leading the country towards degeneration. Many speakers are calling for a debate and the news channels are committing the sin of further deteriorating the atmosphere. The country will have to pay a heavy price if the charities succeed in creating religious divisions and burning their nests. Can the next generation growing up in such a collective environment turn India into a superpower?
– G. M. Deshramukh, Parbhani
Theoretical Legacy of Jijavu, Ahilya Devi ..
What escapes the debate over the Gnanvapi Mosque is related to Maharashtra. The Kashi Vishwanath Temple near this place was restored in 1750 by Ahilyabai Holkar. Aurangzeb demolished the temple of Kashi Vishwanath fifty years ago. During the reconstruction of the temple, Queen Ahilyabai established the Shivilga. Ahilyabai is the ruler of Indore Sansthan. Does it mean that they do not have the idea / knowledge to be civil even in ‘Gnanavapi’ or do they have information and ignore it? Maharani Ahilya Devi has done many public works all over the country. He and his dynasty rejected the then method of sati. Earlier, Jijavu, the mother of Chhatrapati Shivaji Rani, also rejected the Sati ritual. It was a step towards great social progress at that time. Ahilyabai was also mentioned during the inauguration of the ‘Corridor’ of the Kashi Vishwanath Temple in Varanasi. Why is there anger against Jijavu and Ahilyabai for breaking the bonds imposed on women by Manusmriti? The Herwad Gram Panchayat in Maharashtra has decided to put an end to the misconduct of widows. The Herwad Gram Panchayat has carried forward the tradition of Rajmata Jijavu and Punyashlok Ahilyabai. Widow (VPM-2022 / Pr. No. 192 / Pt. Ra-3) The Rural Development Department issued a circular on May 17 to stop the practice of widowhood. There is less talk about it but the same talk on the news channels about Gnanvapi in the chatterbox!
– Jaiprakash Narkar, Pachal (Tal. Rajapur, District. Ratnagiri)
Let’s greet Jyotiba first ..
Read the ‘Next Step ..’ editorial (May 21). Decisions like Hervad prove the importance of the social reforms made by social reformers throughout history. How did men get the right to impose unjust restrictions on women when nature gave them equal rights to live as human beings? Thanks to the tireless efforts of these great social reformers, today’s generation has emerged from this undesirable norm. They should pay tribute to the struggle of Mahatma Phule to stop the cruel and insulting practice of hairdressing. Imagine for a second you were transposed into the karmic driven world of Earl.
– Gopal Routh, Parbhani
Respected members of the community ..
Read the ‘Next Step ..’ Saturday editorial (May 21). The village of Hervard was truly idealized by the decision to honor women. While it is true that the wife’s condition deteriorated after her death, changes have taken place in urban areas. Rural regulations are still outdated. Joining a widow in a joint family is often unfortunate. At such a juncture, reformist ideas such as wearing saffron and wearing a bracelet as a tribute to Tilanjali’s misdeeds after the death of her husband in a town like Hervad are proof that they are coming true. Society will prosper further if the mentality that widows are to be respected in society is not wasted.
– Maya Hemant Bhatkar, Charkop Gaon (Mumbai)
From the front bench: Show courage again .. | Samorchya Bakavrun Chidambaram Inflation …
As inflation, unemployment and inequality rise on many levels, Dr. The courage shown by Manmohan Singh in 1991 is needed again today. But how dare the government, which is stuck in the ‘Hindutva’ wind, recommend employment for ‘frying’?
Thirty-one years have passed since the unbelievable thing happened. On July 1, 1991, the rupee depreciated and economic changes began! It was truly a dramatic step towards a radical change in the system of the day. He was vehemently opposed. Prime Minister P Chidambaram’s next step in this economic transformation process is serious. V. Narasimha Rao was a bit embarrassed. According to him, the then Finance Minister Dr. Starring Manmohan Singh. Reserve Bank Deputy Governor Dr. C. Rangarajan became ‘unavailable’ but in the next 48 hours the rupee depreciated again and the trumpet of economic reforms rang again. It is a skillfully performed dance with the motto ‘One step back, only after that’.
What happened after that can only be described in the word ‘courage’. Then the government did one thing after another. Announced trade policy reforms. Brought in a new industrial policy. And in the same month (July 24) the new government presented a budget that would take the country in a whole new direction. The world immediately noticed these moves of the government. The whole world has noticed this courage of the government, its clarity and its speed. The country’s economy is booming. The Indian economy is as big as an elephant. The world now knows that the elephant looks beautiful as it dances!
Determination of the open economy
After the Congress-led government ushered in the era of liberalization, the country has benefited immensely in various fields in the last 30 years. In this context, wealth creation, new businesses, new entrepreneurs, a large number of newly created middle classes, the creation of millions of jobs, increased exports and 270 million (27 crore) people out of poverty can be mentioned. However, it is undeniable that a large number of people are still living in extreme poverty. According to the World Hunger Index 2021, India ranks 101st out of 116 countries. According to the National Family Health Survey-5, a large number of women and children are still suffering from malnutrition. According to annual academic reports, our level of education is worse. Unemployment is high in our country. Inflation is steadily rising. There is a huge difference in people’s income, people’s wealth and this is widening the gap. We have a lot of discrimination at the gender level. There is a huge imbalance at the regional level. Fair and equal opportunities are denied to many sections of society.
We can no longer stray from the path of an open, liberal and market-based economy that began 30 years ago. Doing so after such a long journey would be suicidal. Even so, owning one is still beyond the reach of the average person. We need to periodically review domestic and global developments and redefine our economic policies, taking into account the situation at these levels. For this, the courage, clarity and speed shown by the then government in 1991 must be increased.
Domestic and global development
Note the global developments first. Rich countries have become rich and the gap between some countries has widened. For example, India and China. In 2022, China’s gross domestic product (excluding inflation) will be US 16 16.7 trillion, while India’s will be US $ 3 trillion. Digital technology pervades every aspect of human life. Vida (data) becomes the new property. Automation, robotics, machine learning and artificial intelligence will rule the world and the role of man in this world will be reconstructed. In this new world, FiveG, Internet 3.0, Blockchain, Metawares and more will take place. Mankind will have to face the effects of climate change. You have to work hard to get out of it. Fossil fuels will be depleted and renewable sources of pure energy will have to be forced to grow to sustain life on Earth.
Now consider the domestic developments. Total fertility rate (TFR) dropped to 2.0. This is less than the replacement rate (replacement rate). The proportion of under-15 population in 2015-16 was 28.6 per cent. Decreased to 26.5 percent in 2019-21. When the country has a large young population, its production process benefits. The declining population of the youth is a sign that this benefit is likely to decrease in the coming period. Although the average farmer produces more, his standard of living has not changed. The belief that agriculture is not profitable is getting stronger day by day among the farmers. Their children do not like farming. Urbanization is accelerating and an army of urban unemployed is forming. The expanding speed of digitization; At the same level the gap between rich and poor is widening. The prevalence of the plural in our public life is slowly increasing. The politics of hatred and polarization are likely to affect our economy. No country excludes 20 percent of its population from its political and economic structure.
The exception is self-defeat
With all of this in mind, the time has come to do Hari Om again – the same courage, the same speed of decision and the same courage – to show again. It is not acceptable for a country to develop without creating new jobs. Employment development needs to be a cornerstone, while the rest is done automatically through job creation. From the lofty promises of creating two crore jobs a year to the language of ‘betting’ employment, the Modi government has disappointed working families. Because parents in these families have invested heavily in their children’s education rather than dreaming of a brighter tomorrow and now the same children are not getting employment.
The Modi government may be temporarily free from Hindutva temptations, but the youth of the country will soon realize that the BJP is Hindutva (and a certified and divided society) whether he / she is a Hindu, Muslim, Christian, Sikh or any other religion or atheist. ) None of them can get employment due to ‘Hindutva’.
This debate will inevitably lead to a changed balance in center-state relations. There has never been so much distance in this relationship; The financial condition of the states has never been so miserable. States are left without their own resources. The Goods and Services Tax (GST) has become very confusing. It is better not to talk about the way it is being implemented. Confidence between the center and the states was completely shattered. The GST exit is being debated, as is Brexit (Britain’s exit from the EU economy). By encroaching on the statutory jurisdiction of the states, the Center is using its administrative as well as economic powers to make the states head before them. Not only the policies of the Modi government but also the path they have chosen is leading to federal destruction.
The author is a former Finance Minister of India.
From Chandni Chowk: Who was first?
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