- Revenues tick 2% higher as a result of price hikes as volumes fall 4.2%
Heineken says that it sold less beer over the summer as the wet weather and higher prices took their toll.
The Dutch brewer, which also makes Amstel lager and Strongbow cider, saw total revenues increase by 2pc for the third quarter of 2023 to £8.4bn, primarily buoyed by higher prices after beer volumes dropped 4.2pc.
Revenues ticked 2 per cent higher as a result of price hikes as volumes fell 4.2 per cent
Over the first nine months of the year, the amount of beer sold fell by 5.1pc. There was a sharper fall in volumes of its premium beers, partly caused by poor weather across Europe, with sales trends picking up again in September as conditions improved.
Dolf van den Brink, chairman and chief executive, said that the company had seen a gradual improvement in its overall business performance but he highlighted that this has been ‘somewhat slower than our ambition’.
Its Heineken brand’s sales volumes increase by 2.3pc for the quarter.
In the UK, revenues were stable as it sold fewer drinks but income was offset by an increase in price.
Mr van den Brink said: ‘While inflation-led pricing is tapering, we observe a slowdown of consumer demand in various markets facing challenging macro-economic conditions.
‘All in all, the operating profit guidance range for 2023 remains unchanged.’