Carlsberg Expects Moderate Profit Growth as Drinkers Spend Less [BNN Bloomberg (Canada)]
HEINEKEN N V S/ADR (HEINY)
NASDAQ:AMEX Investor Relations:
theheinekencompany.com/investors
Company Research
Source: BNN Bloomberg
The maker of Tuborg and its namesake beer said it expects operating profit to grow between 1% and 5% this year amid a continued “uncertain” environment even as inflation pressures ease. This is lower than analysts were expecting. The company said organic sales grew 9.2% in 2023, with organic operating profit up 5.2%. Organic sales were slightly higher than analysts were expecting. Like other major brewers, the Danish company is grappling with high inflation that has forced consumers to rein in spending. Premium beer is suffering as drinkers spend less on pricier products. Chief Executive Officer Jacob Aarup-Andersen, the former Goldman Sachs banker who took over the top job last year, has vowed to spend more on marketing and continue raising prices to offset higher input costs and lower volumes as consumers drink less premium beer or switch to cheaper brands. Sales in Asia haven't recovered as strongly as expected coming out of the pandemic, with consumers remaining cautious
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