BRUSSELS (Reuters) – Heineken reported a steeper than expected decline in first-quarter beer sales, with a sharp decline in major markets Nigeria and Vietnam, but maintained its forecast for profit growth in 2023.
The world’s second-largest brewer said on Wednesday that business in Europe and the Americas was encouraging, with consumer demand holding up better than expected.
However, it described results in the Asia Pacific and the region comprising Africa, the Middle East and Africa as disappointing.
The brewer – whose namesake brand is Europe’s top-selling beer – said overall beer volumes fell by 3.0% in the January-March period, below the average expectation of a 1.9% decline in a company-compiled poll.
However, revenue before exceptional items grew by 8.9% to 6.38 billion euros ($6.99 billion), exactly in line with expectations, as the company offset higher input costs with price hikes and as some consumers shifted to more expensive beers.
The brewer still expects its operating profit this year to increase by a mid- to high- single-digit percentage.
($1 = 0.9132 euros)
(Reporting by Philip Blenkinsop; Editing by Andrew Heavens and Louise Heavens)
