Keurig Dr Pepper CEO Says Coffee Environment Remains Challenged
Dow Jones11-03
0905 ET - Keurig Dr Pepper CEO Tim Cofer says JDE Peet's delivered better-than-expected 3Q results, while its U.S. coffee business continued to navigate a challenging category environment. "Although segment performance improved sequentially from the first half, the U.S. single-serve subcategory has been softer than we anticipated, with value-oriented coffee formats continuing to outperform," he says on a call with analysts. "We view this dynamic as largely a reflection of the current macro backdrop, but it impacted our quarterly results." Keurig Dr Pepper falls 4.2%.
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