Carlsberg lifts 2024 growth outlook, Q2 sales lag forecasts

COPENHAGEN (Reuters) -Danish brewer Carlsberg (CSE:) on Tuesday lifted its forecast for full-year operating profit growth despite posting weaker-than-expected sales for the second quarter hit by bad June weather.

“As a result of continued solid execution and good cost control, we’re increasing our earnings expectations for the year despite volumes in Q2 being challenged by bad weather and weak consumer sentiment in some Asian markets,” CEO Jacob Aarup-Andersen said in a statement.

The company said it now expects full-year organic operating profit growth of between 4% and 6%, up from the previously guided range of 1% to 5%.

Carlsberg, the maker of brands such as Kronenbourg 1664, Tuborg and Somersby, said its China business continued to outperform the market despite a slowdown in the quarter due to heavy rainfalls in southern China and weak consumer sentiment.

Sales for the April to June period came in at 21.64 billion Danish crowns ($3.14 billion), slightly up from 21.38 billion a year earlier, and below the 22.1 billion forecast by analysts in a poll conducted by the company.

Carlsberg’s total volumes fell 3% in the three-month period, hit by poor weather in most markets in June, the company said.