Heineken, the world’s third largest brewer has attributed poor weather and the global climate for poor Q3 sales across the US and Europe.
With main brands Amstel and Heinekin, Europes number one and number three beers, the Dutch brewer said volumes rose in Latin America, Asia and Africa, but poorer performance in mature markets stifled results.
ING analyst Gerard Rijk said beer sales in western Europe, notably Britain, the Netherlands and Spain, and in Russia were weaker than expected, but the repeated outlook was a clear positive.
"I am relatively positive on beer due to the growing profit pools, revenue synergies and cost savings. This could be a buying opportunity," said Rijk, who has a "buy" rating for Heineken and a 47 euro price target