Danish brewer Carlsberg has reported second-quarter revenue below expectations as earnings were hit by higher commodity and energy prices despite a recovery of sales in bars and restaurants.
"Global uncertainty remains high, with the increasing input cost pressure a particular challenge for us in the coming quarters," CEO Cees't Hart said in a statement.
Carlsberg, which also produces brands such as Kronenbourg 1664, Tuborg and Somersby, stuck to its full-year guidance, after it earlier this month lifted its forecast for organic profit to 'high single-digit-percentage' growth.
Hart added, "In this environment, we’ll continue to seek the right balance between mitigating the short-term challenges and investing in the long-term opportunities behind our SAIL’27 priorities to deliver on our ambitions for top- and bottom-line growth. Despite challenging market conditions, we’re staying the course."
The world's third-biggest brewer said sales in the quarter reached DKK 20.51 billion ($2.81 billion), below the DKK 21.6 billion forecast by analysts in a poll gathered by the company.
Organic volume growth in the quarter was driven by good performance in Western Europe (+10.2%) and Asia (+13.2%), with its premium brands witnessing solid growth.
Tuborg saw organic volume growth of 14%, Carlsberg 20%, Grimbergen 11%, Somersby 2% and Brooklyn 44%, while 1664 Blanc saw a volume decline of 1%. Alcohol-free brews declined by 3% (excluding Ukraine: +4%).
The Central and Eastern European region witnessed growth of 0.3% (excluding Ukraine: +7%).
Rival Heineken said this month that consumers bought more beer in the first half of the year despite cost of living pressures, but that it expected rising costs to squeeze profit margins next year.