Heineken sales lower than expected
Dutch brewing giant Heineken reported a steeper than expected decline in third-quarter beer sales on Wednesday (Oct 27).
That's after restrictions cut volumes in Vietnam, one of its top three markets, by more than half.
The world's second-largest brewer said it sold over 5% less beer on a like-for-like basis than a year earlier.
Asia-Pacific sales were down over 37% as restrictions hit Cambodia, Indonesia, Malaysia and Vietnam.
The maker of Heineken, Tiger and Sol retained its forecast of full-year results finishing below those of pre-health crisis 2019.
Vietnam, consistently one of Asia's fastest-growing economies, suffered a record contraction in the third quarter due to a strict lockdown in the commercial hub of Ho Chi Minh City.
European sales also disappointed.
Heineken said the weakness partly reflected poor summer weather in northern Europe, though it also faced logistics disruptions in Britain.
