CABGY - Heineken sales fall 5.1% led by decline in Asia

Heineken (OTCQX:HEINY -0.5%) sales come in below expectations as Europe's top brewer sells 5.1% less beer in the third quarter, twice as worse as analysts expected. The company had lower sales in Asia, where lockdowns and lower travel caused alcohol product volume to drop by a third. Beer sales in Vietnam fell by more than 50% European sales also came in below expectations. Heineken executives blamed poor summer weather and supply chain disruptions. However, earnings could pick up in the final quarter of the year. Vietnam is gradually lifting COVID-19 restrictions as more and more people get vaccinated. Still, Refinitiv estimates that it won't be until 2023 that sales recover to pre-pandemic levels. The results indicate concern for peers Carlsberg (OTCPK:CABGY +0.3%) and Anheuser-Busch InBev (BUD +0.7%), the latter which reports earnings Thursday, Oct 28.

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Heineken sales fall 5.1% led by decline in Asia