Heineken has retained its full-year outlook, after the world's second largest brewer sold less beer in the third quarter but still took in more money due to higher prices and consumers opting for more expensive lagers.
The Dutch maker of Europe's top-selling lager Heineken, as well as Sol and Tiger, said Brazil and Mexico were strong, Asia was improved from earlier but still down, Africa volumes were hit by declines in Nigeria and South Africa, and Europe was affected by poor summer weather in July and August.
In a statement, Heineken said that it was seeing improved volume trends in half of its markets and was holding market share in just over half.
'Whilst inflation-led pricing is tapering, we observe a slowdown of consumer demand in various markets facing challenging macro-economic conditions,' the company said.
Heineken said beer volumes fell by 4.2% on a like-for-like basis in the July-September quarter, with declines in all regions except the Americas. Net revenue before one-offs rose 4.5%.
The figures were in line with expectations, with a 4.3% decline in volumes and a 4.8% increase in revenue seen by analysts in a company-compiled poll.
Heineken repeated its forecast for operating profit growth in 2023 of between zero and a mid-single-digit percentage.
"We continue to focus on our EverGreen priorities and see gradual improvement in our business performance, although somewhat slower than our ambition. In half of our markets, volume trends are improving," commented Heineken chief executive Dolf van den Brink.
"Similarly in just over half of our markets, we are gaining or holding market share."
Van den Brink added that the company is committed to "staying the course" on executing its strategy, as well as being remaining vigilant on costs and focusing on rebalancing its growth.
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Additional reporting by ESM