HINKF - A Tough Quarter For Heineken As Bar Closings Bite
Heineken (HEINY) (HKHHF) surprised investors on Thursday by publishing preliminary highlights of its H1 earnings. The market reaction was negative because it looks like Heineken is underperforming market expectations that were partly set by early data from a peer. I believe that there is more pain to come for Heineken and that its 12.5% loss so far this year is justified.
H1 results
Most significantly, revenue declined by 16.4% on 13.4% lower volumes in H1. In Q1, the company saw a volume decline of just 3.9%. Mathematically, this means that consolidated volume was down 22%