Carlsberg Q2 sales below expectations as higher costs drag
2022.08.17 09:57
FILE PHOTO: A logo of Carlsberg beer is seen on the entrance of a pub in Brussels, Belgium March 10, 2016. REUTERS/Yves Herman/File Photo/File Photo
COPENHAGEN (Reuters) – Danish brewer Carlsberg (OTC:CABGY) on Wednesday reported second-quarter revenue below expectations as earnings were hit by higher commodity and energy prices despite a recovery of sales in bars and restaurants.
“Global uncertainty remains high, with the increasing input cost pressure a particular challenge for us in the coming quarters,” CEO Cees’t Hart said in a statement.
Carlsberg, which also produces brands such as Kronenbourg 1664, Tuborg and Somersby, stuck to its full-year guidance, after it earlier this month lifted its forecast for organic profit to “high single-digit-percentage” growth.
The world’s third-biggest brewer said sales in the quarter reached 20.51 billion Danish crowns ($2.81 billion), below the 21.6 billion forecast by analysts in a poll gathered by the company.
Rival Heineken (OTC:HEINY) said this month that consumers bought more beer in the first half of the year despite cost of living pressures, but that it expected rising costs to squeeze profit margins next year.
($1 = 7.3048 Danish crowns)
