Heineken Sales Flat In First Quarter
Published on Apr 24 2013 2:40 PM in Drinks
Shares in Heineken have fallen after the brewer reported that demand for its beer had fallen during Q1 of 2013, when compared with the same period in 2012. While revenues at the Dutch brewer - the third largest in the world - actually rose by 8% over the first quarter to €4.1bn, much of the increase was actually largely down to Heineken's 2012 acquisition of Asia Pacific Breweries, makers of Tiger Beer, with overall results falling below consensus expectations of €4.3bn. Declines were offset slightly by a 1.8% growth in revenue per litre, displaying the results of an increased focus on premium brands.
Heineken attributed the poor results to the long winter across Europe, combined with weak economies and austerity measures across the region but cautioned that the first quarter is generally the least indicative for the rest of the year and noted that it had held or increased market share in all of its regions. Heineken shares fell by more than 5% to €54.77 on the Amsterdam exchange.