Heineken shares fell 7% after the company missed profit growth expectations for the first half 2024. Operating profit and beer sales grew organically but fell short of company expectations. Heineken experienced a significant profit growth shortfall in Europe due to increased promotional spending in a competitive market.
LONDON — Diageo , one of the world’s biggest drinks makers, has reported its first drop in sales since the pandemic, as cash-strapped consumers cut back on spending.
People are also reading… “The consumer environment continues to be challenging,” Diageo CEO Debra Crew said in a video posted to the company’s website Tuesday. “Consumers remain cautious and interest rates are high therefore retailers are likely to remain cautious too.” Shares in the company — which boasts almost 40% of the global Scotch whisky market — tumbled as much as 11% in London Tuesday, before paring losses to trade 6% lower by 9:10 a.m. ET.
Food & Cooking Chipotle’s CEO weighs in on the burrito bowl portion size debate “We believe demographic trends, rising incomes in the developing world, spirits gaining share from beer and wine, and long-term premiumization will drive attractive underlying growth in our industry,” she added.
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