Danish brewer Carlsberg has reported third-quarter sales broadly in line with expectations but warned that weak consumer sentiment in Europe and Southeast Asia could impact beer markets negatively.
The world's third-biggest brewer said sales rose 0.3% to DKK 20.3 billion (€2.72 billion) from DKK 20.2 billion (€2.71 billion) a year earlier, slightly below an estimated DKK 20.4 billion in a company poll.
'We delivered solid revenue growth in a challenging environment,' the drinks giant said in a statement. 'The growth was driven by continued strong revenue per hectolitre improvement and outperformance by our premium portfolio.'
Volume Declines
Volumes were down 3.0% in the quarter, with Western Europe seeing volumes down 5.2%, central and Eastern Europe down 5.3%, and Asia up 1.5%.
Carlsberg reiterated its full-year organic operating profit of 4% to 7% after it hiked its outlook for a second time in August this year.
'A Strong Foundation'
“The company has a strong foundation and a healthy financial position," commented Carlsberg CEO Jacob Aarup-Andersen. "We’re well positioned to invest in our brands and in our markets to capture attractive long-term growth opportunities. I'm confident that we can accelerate growth in line with the SAIL’27 priorities and continue to drive year-on-year sustainable and profitable results.”
Aarup-Andersen joined the business in September, and added that he is "enthusiastic about our brands, our teams, the commitment of our employees and the strong performance culture, which I have experienced across the entire company" since he took up his new role.
Carlsberg also announced the launch of a new quarterly share buy-back program of DKK 1 billion.
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Additional reporting by ESM
