PepsiCo reported first-quarter sales of $19.4 billion, an 8.5% increase from the prior-year period, and operating profit of $3.2 billion, a 25% rise, as the company announced price reductions on some of its best-known snack brands ahead of the Super Bowl on Feb. 8.

PepsiCo reduced prices by up to 15% on Doritos, Lays, Tostitos and Cheetos before the game. Lays is sold under the Walkers brand in the United Kingdom.

Chief Executive and Chairman Ramon Laguarta said the affordability initiatives had helped improve the company's performance.

The first-quarter revenue of $19.4 billion and operating profit of $3.2 billion both represented increases over the year-earlier quarter. Operating profit grew at a rate faster than revenue during the period, with profit rising 25% against the 8.5% gain in sales. Following the results announcement, PepsiCo's shares rose by 2% in early trading.

The price reductions marked a shift from the company's approach in 2022, when PepsiCo raised prices across its product lines in response to rising costs.

PepsiCo launched the price cuts to coincide with the Super Bowl, one of the highest snack-consumption periods in the U.S. calendar. The cuts covered four brands — Doritos, Lays, Tostitos and Cheetos — and reached up to 15% off regular prices. Laguarta said the affordability measures had contributed to the company's improved results. The quarterly figures showed both top-line growth and expanding margins, with operating profit rising at three times the rate of revenue growth.