Heineken N.V. (EURONEXT:HEIA)’s beer sales volume declined by more than 4% in the third quarter as lower consumer spending and inflation-led price increases bit into all markets across the Americas, Europe and Asia.
Asia-Pacific was the worst-performing market for the Dutch brewer, while the Americas retained more of a taste for its range of lagers, which includes Heineken, Fosters, Amstel, Sagres, Birra Moretti and others.
Total revenues in the quarter came to €9.6 billion (£8.4 billion), up slightly from €9.4 billion in the third quarter of 2022, while net profit declined 12.5% to €1.9 billion.
Foreign exchange headwinds and Heineken’s exit from the Russian market for one euro appeared to be the root causes of the group’s lower bottom line.
In the UK, net revenue was stable on an organic basis, as a high-single-digit price mix was offset by the total volume decline.
In Heineken’s homeland of the Netherlands, net revenue declined by mid-single-digits as inflation-led pricing was more than offset by a high-teens beer volume decline.
Across all regions, Heinenek noted a trend towards premiumisation, which Heineken categorises as Heineken and Amstel in some jurisdictions, plus the new Cruzcampo authentic Spanish lager from Seville and Kingfisher Ultra in India.
Heineken also launched the new Heineken Silver beer during the period, typically served in a bespoke notched pint glass, which the group said had an “encouraging early start”.
Shares rose in early Wednesday trades, bolstered by the fact that the brewer is holding onto full-year guidance.