Hyrra Features the Latest and Most Talked-About Topstories News and Headlines from Around the World.
⎯ 《 Hyrra • Com 》

Heineken Lowers Earnings Forecast as Beer Consumption Drops

2023-07-31 13:24
Heineken NV lowered its earnings guidance as consumers bought less beer after the brewer imposed major price increases,
Heineken Lowers Earnings Forecast as Beer Consumption Drops

Heineken NV lowered its earnings guidance as consumers bought less beer after the brewer imposed major price increases, especially in markets like Vietnam.

The Amsterdam-based brewer forecast stable to mid-single digit growth in adjusted operating profit this year. Revenue rose 6.3% on an organic basis in the first half, Heineken said Monday. Analysts expected an increase of 9.4%.

Previously Heineken had a forecast of mid- to high-single digit annual operating profit growth.

Beer volumes dropped 5.6% on an organic basis. Analysts expected a 3.2% decline. Last year, the company increased pricing by the most in at least a decade.