1032 GMT - Trends across PepsiCo's North American business improved from last quarter, but there's still a long way to go. "Our business in North America performed below our expectations and represents a meaningful opportunity for improvement," CEO Ramon Laguarta says in prepared earnings remarks on Thursday. New product launches and affordability initiatives have resonated well with consumers, helping boost the frequency and velocity of sales across PepsiCo's snacks business. And in beverages, sales of functional hydration and zero-sugar offerings performed well, while sales of carbonated soft drinks trailed category performance. "We continue to operate with a high sense of urgency to sustainably improve the company's financial and marketplace performance, most notably in North America," Laguarta says.