8-K

                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 8-K

                                CURRENT REPORT
    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


         Date of Report (Date of earliest event reported): September 3, 2003


                        THE PEPSI BOTTLING GROUP, INC.
            (Exact name of registrant as specified in its charter)


Delaware                           1-14893                   13-4038356
(State or other jurisdiction       (Commission               (IRS Employer
of incorporation)                  File Number)              Identification No.)

                       One Pepsi Way, Somers, NY 10589
             (Address of principal executive offices) (Zip Code)

      Registrant's telephone number, including area code (914) 767-6000

Item 5. Other Events and Regulation FD Disclosure.

         The Pepsi Bottling Group, Inc. (NYSE:PBG) today will confirm its
third quarter 2003 financial guidance and will provide an update for its full
year 2003 forecast as described in the  press release attached hereto as
Exhibit 99.1, which is incorporated herein by reference.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)      Not Applicable.

(b)      Not Applicable.

(c)      Exhibit 99.1      Press release dated September 3, 2003.







                                  SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                       THE PEPSI BOTTLING GROUP, INC.
                                               (Registrant)

                                            /s/ Steven M. Rapp
                                            ---------------------
Date: September 3, 2003                          (Signature)
                                  Steven M. Rapp, Vice President, Senior Deputy
                                         General Counsel and Assistant Secretary

EX-99.1

                                                                   Exhibit 99.1

Contact:    Kelly McAndrew                          Mary Winn Settino
            Public Relations                        Investor Relations
            (914) 767-7690                          (914) 767-7216


                                                     FOR IMMEDIATE RELEASE
                                                     ---------------------

               THE PEPSI BOTTLING GROUP CONFIRMS THIRD QUARTER
                           2003 FINANCIAL GUIDANCE
              Company Provides Update to Full Year 2003 Forecast

    Somers, N.Y., September 3, 2003- The Pepsi Bottling Group, Inc. (NYSE:PBG)
today will confirm its previously stated earnings per share guidance for the
third quarter of 2003. Speaking at the Prudential Back-to-School Conference in
Boston later this morning, PBG Chairman and Chief Executive Officer John T.
Cahill will confirm that PBG expects to generate earnings per share (EPS) of
$0.66 to $0.70 in the third quarter of 2003, coming in at the low end of the
range. Mr. Cahill will state that those results reflect flat volume in the
U.S., but weaker volume in Mexico where the Company expects to finish the
quarter with volume down five percent. European volume will be up six to seven
percent and worldwide volume is expected to be flat for the quarter.

    Consistent with its previous guidance, PBG expects to achieve rate
increases in its U.S. markets of two percent for the third quarter. The
negative mix effect from the lack of cold drink growth, as well as PBG's
adoption of FASB's EITF Issue No. 02-16, will lower the Company's reported U.S.
net revenue per case results by about four percentage points to down two
percent for the quarter.

    Mr. Cahill also intends to update PBG's full year EPS guidance to $1.55 to
$1.57, excluding the cumulative effect of the adoption of EITF Issue No.
02-16. This new guidance is based primarily on the softer volume trends in
Mexico, which have been impacted by a marked increase in competitive activity
during the past few months. Due to these competitive dynamics, PBG expects full
year EPS accretion from its Mexico business to be $0.06 to $0.08 per share and
volume for the year to be flat. Worldwide volume for 2003 is also expected to
be flat.

                                    -MORE-

          PBG CONFIRMS THIRD QUARTER 2003 FINANCIAL GUIDANCE/ 2 of 2


Operating profit in 2003 is expected to grow approximately seven percent.
The Company is maintaining its strong full year cash flow guidance, with cash
from operations less capital expenditures to be approximately $400 million.

    Mr. Cahill's remarks will be webcast live at 11:15 a.m. (EDT) at
http://www.pbg.com.
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    The Pepsi Bottling Group, Inc. is the world's largest manufacturer, seller
and distributor of Pepsi-Cola beverages with operations in the U.S., Canada,
Greece, Mexico, Russia, Spain and Turkey. To receive news releases by e-mail,
please visit http://www.pbg.com.
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Statements made in this press release that relate to future performance or
financial results of the Company are forward-looking statements which involve
uncertainties that could cause actual performance or results to materially
differ. PBG undertakes no obligation to update any of these statements. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as to the date hereof. Accordingly, any forward-looking
statement should be read in conjunction with the additional information about
risks and uncertainties set forth in PBG's Securities and Exchange Commission
reports, including its annual report on Form 10-K for the year ended December
28, 2002.