Heineken Warns Sticky Inflation Will Hit Beer Demand This Year
- CEO says beer volumes were hurt by price increases in 2023
- Company expects inflation and price hikes to moderate in 2024
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Heineken NV shares slumped after the world’s second-biggest brewer warned that persistent inflation and economic worries will weigh on beer demand in 2024.
The Dutch brewer gave a wide-ranging operating profit growth forecast of low to high single digits for 2024 as the premium beer market faces challenges. Earnings and sales rose less than expected last year as volumes declined. The stock fell as much as 6.5% Wednesday morning in Amsterdam, the steepest intraday drop in more than five months.