Wet summer hits Heineken's sales

Wet summer hits Heineken's sales
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There was little summer cheer for Heineken as it reported lower than expected sales in the third quarter.

The Dutch brewer, which is the world’s third largest, blamed a wet summer for Europeans drinking less.

It said beer sales barely changed in the July-Sept period, with declines in both eastern and western Europe, but increases elsewhere.

August, a normally key summer drinking month, was exceptionally wet.

While in eastern Europe, Russian laws on alcohol sales and a weakening economy and competitor price pressure in Poland, had a negative impact.

However Heineken, which enjoyed a solid first six months, helped by the soccer World Cup, good weather and deep cost cuts, is sticking by its full-year profit outlook.

Heineken is the market leader in Europe, responsible for half of group revenue and about a third of its operating profit in the first half, although has significant exposure to Africa, Latin America and Asia.

It makes Europe’s best-selling Heineken lager as well as Sol, Tiger and Strongbow cider.

with Reuters