Soft drink giant PepsiCo (PEP) is cutting 1,000 jobs across North America as the company’s sales continue to slow.
The maker of Pepsi and Mountain Dew said that it aims to streamline its operations and better connect teams across the company’s North American business.
PepsiCo employs 306,000 people worldwide, including 125,000 in the U.S., according to the company’s own data.
The job cuts come after PepsiCo recently lowered its full-year earnings forecast, citing declining sales in the North American market.
During this year’s third quarter, Pepsi’s North American beverage sales shrank 2% from a year earlier, while its food division reported flat sales.
The company has tried to boost sales by cutting prices and increasing its marketing. However, a turnaround in the business has yet to materialize.
In addition to soft drinks, PepsiCo makes the Gatorade sports drink, Lipton iced tea, as well as Ruffles and Doritos potato chips and Quaker Oats oatmeal products.
PEP stock has declined 13% over the past five years to trade at $141.88 U.S. per share.
