Heineken slips in Q3 blames bad weather & Russia
on 02/11/10 at 6:54 pmIndustry
Europe’s biggest brewer Heineken has blamed disappointing third quarter sales volumes on bad weather and continued struggles in the Russian market.
CFO René Hooft Graafland told investors that consolidated organic volumes declined 2.2 per cent compared to the equivalent quarter last year but would have been “more or less stable” had it not been for the Russian effect.
Graafland said the performance in Russia was better than in the first half of the year when the brewer was hit by a 200 per cent hike in excise taxes.
But the company’s financial spokesperson said the figures were still not good as Heineken continues to lose market share. In an effort to persuade lost customers to return it has realigned its pricing and upped marketing spend.