PepsiCo has reported a 5% fall in third quarter sales after it was hit by restructuring costs and the high price of the dollar.

The company said its sales had been affected by the cost of refranchising the business in China and Mexico.

And like rival Coca-Cola, which reported its third-quarter results earlier this week, unfavorable currency exchanges bit into its sales.

PepsiCo reported organic growth of 7% in Europe, but reported net sales down 6%.

It also said sales were up 10% in Asia, the Middle East and Africa, and reported 13% growth in its Latin America Foods group.

“Our disciplined pricing and sustained investment in brand building drove 5% organic net revenue growth,” said PepsiCo chairman and CEO Indra Nooyi.

”We will continue to invest aggressively to build our brands, accelerate innovation, focus on execution and deliver our productivity agenda.”