Volume growth stagnated at Heineken last quarter. As a result, the brewer missed revenue expectations and promised to invest more in its brands.
Less beer in Asia and Americas
Heineken’s third-quarter net sales clocked in at 7.7 billion euros. Excluding acquisitions, that meant growth of 3.3%, less than the 5.4% analysts were counting on, according to Bloomberg.
Volume rose just 0.7%, accounting for 61.9 million hectolitres. In Europe, the producer sold 1.4% more beer, although analysts were expecting 3.6% more. In America and Asia, there was even a volume decline. In Vietnam, for instance, Heineken is struggling with new regulations restricting alcohol sales.
Still, Heineken is sticking to its annual forecast for 2024. The group plans to invest more in its brands and assumes 4% to 8% more operating profit this year.