Heineken's Sales Slump as Russia Exit and Price Hikes Take Toll
Heineken, the world's second-largest brewer, reported a decline in beer sales in the third quarter due to its exit from Russia and higher prices. Volumes were down 4.2% compared to the previous year, resulting in a 5.1% decline for the first nine months of 2023. However, revenue increased by 2% to 9.604 billion euros ($10.17 billion) in the quarter, driven by price hikes. While sales in the Americas increased by 2.2%, Europe and the Africa, Middle East & Eastern Europe regions experienced declines. Heineken reiterated its full-year operating profit growth forecast and successfully completed the sale of its Russian business to Arnest Group.