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Heineken reported a significant drop in beer sales in the third quarter on the back of a “challenging” quarter in which economic volatility weighed on consumer sentiment.
The volume of beer the Dutch brewing giant sold in the three months to September fell 4.3 per cent, a deeper decline than the previous quarter, driven by weakening consumer demand and “trade uncertainties” in North and South America, and continued slow growth in Europe.
It also warned annual profits would be at the lower end of its forecast range of 4 to 8 per cent.
“Macroeconomic volatility persisted as anticipated and became more pronounced in the third quarter, creating a challenging environment, resulting in a mixed performance,” said chief executive Dolf van den Brink.
Brewing majors AB InBev and Carlsberg, which report next week, are also forecast to announce falling beer sales, as consumers around the world cut back on spending.
Heineken, which brews Amstel, Birra Moretti and Cruzcampo, said revenues fell 1.4 per cent on an organic basis to €8.7bn, although net revenue fell 0.3 per cent to €7.3bn, a lower than expected decline.
The brewer’s results come ahead of its capital markets day on Thursday, when the company is expected to present a plan to reboot its faltering sales.