Home Business News Brewing giant sells less beer amid ‘slowdown of consumer demand’

Brewing giant sells less beer amid ‘slowdown of consumer demand’

by LLB Finance Reporter
25th Oct 23 1:32 pm

Heineken has said that their sales have fallen the last quarter due to inflation drive price increases which saw a “slowdown of consumer demand.”

The Dutch brewer saw in the third quarter revenues increase by 2% to €9.6 billion and net revenues had organic growth of 4.5%.

Beer volumes fell by 4.2% in the quarter and for the first nine months of 2023 there was a drop of 5.1%.

Dolf van den Brink, chairman and chief executive officer said that there has been a “gradual” improvement of the overall business performance , but he admitted it has been “somewhat slower than our ambition.”

van den Brink said: “Whilst inflation-led pricing is tapering, we observe a slowdown of consumer demand in various markets facing challenging macro-economic conditions.

“In this context, we will stay the course on executing our strategy, remain vigilant on costs and focus on rebalancing our growth.

“All in all, the operating profit guidance range for 2023 remains unchanged.”

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