Heineken Q3 growth defies estimates

on 26/10/11 at 12:59 pm

Industry

Dutch brewer Heineken has defied estimates by recording third quarter revenue growth as sales in western Europe unexpectedly remained relatively flat.

Revenue at the world’s third-biggest brewer by volume grew 3% in the quarter, the Amsterdam-based company said today.

Beer volumes slipped by just 1.7% in western Europe, where analysts were expecting a more significant decline.

Russia, the world’s fourth-biggest beer market, saw a “strong” rebound in volume compared with last year, when the government raised taxes on beer by 200%.

Beer sales rose in Africa, the Middle East and central and eastern Europe, the company said.

The company’s figures compare favourably with those of UK-based rival SABMiller, which last week reported first-half sales that missed estimates, saying that “particularly poor” weather in Europe and China held back growth.

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