Carlsberg has recorded total sales of approximately €1.75 billion for the first quarter of 2021.
Analyst Expectations Beaten
A rebound in Chinese beer sales in the first quarter helped Carlsberg to beat analyst expectations, even as lockdowns depressed markets in western Europe, the Danish brewer said.
Volumes Sold In China
The world's third-biggest brewer, after Heineken and Anheuser Busch Inbev (AB InBev), said that volumes sold in China increased by more than 50% compared with the first three months of last year and by 20% from the same period in 2019.
Carlsberg Chief Executive Statements
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"This is more than just an easy comparison to last year," Carlsberg chief executive Cees 't Hart said at a conference call referring to the outbreak of the novel coronavirus that locked down China early last year.
"It shows that we are more than back on track in China and that we have regained our momentum," he said.
Volumes In The Western Europe Market
Volumes declined by 6% in the more profitable western European market, although the company had a "relatively good start to April" and saw "good progress" in the UK, where pubs reopened this month, Hart said.
Total Sales Figures
Total sales between January and March stood at 13.0 billion Danish crowns, or approximately €1.75 billion, compared with 12.8 billion estimated by analysts in a poll gathered by the company.
2021 Profit Growth Expectations
The positive start to the year led Carlsberg to increase minimum expectations for profit growth for this year. It expects operating profit to grow between 5% and 10%, compared with its previous guidance of 3% to 10% growth.
The brewer has also launched a share buy-back programme, aiming to purchase shares worth one billion crowns until August 13.
Carlsberg's shares are up 10% since the start of the year.
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