Heineken Sales Missed Estimates, Hurt by Austerity
on 27/10/10 at 4:34 pmIndustry
Heineken NV, the world’s third- largest brewer, reported sales that missed analysts’ estimates as consumers bought less beer in developed markets because of austerity measures and weak consumer confidence.
Revenue fell 2.1 percent excluding acquisitions in the third quarter, compared with the median estimate of seven analysts surveyed by Bloomberg News for a 0.4 percent drop.
Heineken fell as much as 4.6 percent in Amsterdam trading, the steepest drop in more than a year. The brewer gets more than 50 percent of revenue from western Europe, where group beer volume fell 3.9 percent excluding acquisitions because of “unfavorable weather conditions and low consumer confidence” as governments across the region cut public spending.