PepsiCo has credited a fresh round of price cuts on some of its biggest snack brands with helping to pull shoppers back into the category, after previous hikes prompted consumers to rein in spending.

The group said first-quarter net revenue rose 8.5 per cent to $19.44bn, after reducing prices by up to nearly 15 per cent on brands including Lay’s, Doritos, Cheetos and Tostitos ahead of the Super Bowl.

Chief executive Ramon Laguarta said the company’s “affordability initiatives” had helped improve performance, while Reuters reported that the move delivered the first rise in volumes in PepsiCo’s North America foods division in at least a year.

PepsiCo also beat Wall Street expectations on adjusted earnings, while maintaining its full-year outlook.

The snacks giant had come under pressure after pushing through repeated price increases in recent years as its own costs climbed.

That left more budget-conscious shoppers trading down, buying less or switching to cheaper alternatives, forcing PepsiCo to lean harder on value, brand refreshes and sharper pricing to revive demand.

PepsiCo said the stronger quarter came despite a tougher operating backdrop, with the business warning that the macroeconomic environment had become more volatile because of geopolitical conflict and cost pressures.

Even so, the company reaffirmed its guidance for organic revenue growth of two per cent to four per cent for the full year.

Sign up here to get the latest grocery and food news each morning