If PepsiCo (PEP) can't dazzle investors with brilliant results, it seems the company is trying to baffle them with baloney.

The Purchase, N.Y., beverage giant announced Thursday that three of its brands -- Diet Mountain Dew, Brisk and Starbucks bottled beverages -- have each surpassed $1 billion in annual retail sales. There is less to this claim than meets the eye.

For one thing, PepsiCo didn't disclose how much these brands are adding to its bottom line. The company, of course, sells its products to convenience stores, grocers and chains like Wal-Mart (WMT) on a wholesale basis. The retailers probably add about a 100% mark-up to PepsiCo's sodas and snacks. In the case of some of these products, the picture is even muddier.

For instance, Brisk ready-to-drink ice tea is sold under the Pepsi Lipton Tea Partnership, a joint venture between PepsiCo and Unilever (UN). Starbucks bottled beverages are sold under a similar partnership with the coffee giant. The profit contributions of those products are probably modest at best. PepsiCo, which is in Wall Street's dog house, would have announced good news if had any.

These days, PepsiCo is losing the cola wars in the stock market to Coca-Cola (KO), gaining about 1% over the past year as its rival gained 9%. Pepsi reportedly is considering a slew of options to boost its stock price, including splitting the company's snack and beverage divisions. CEO Indra Nooyi is fighting these moves, according to a November 2011 report in the New York Post. The paper recently reported that Nooyi is considering other drastic measures, including laying off 4,000 workers, salary freezes and ending 401(k) matches.

PepsiCo reports earnings Feb. 9. Investors will be hoping for good news and not press release puffery like what was announced Thursday.

Jonathan Berr owns shares of Coca-Cola.