Danish brewer Carlsberg sold more of its premium beer brands and saw price increases in all its main markets during the first quarter, its CEO said, as the company reported sales slightly above expectations.
Carlsberg, the maker of brands such as Kronenbourg 1664, Tuborg and Somersby, said sales of premium beer brands grew 8% between January and March.
Total volumes were up 2.1% in the period, driven by 5% growth in China as well as positive developments in Laos and Malaysia.
'A Solid Start'
"We've had a solid start to the year with volume and revenue growth in all three regions," CEO Jacob Aarup-Andersen said in a statement, referring to Carlsberg's main markets in Western and Eastern Europe and Asia.
"We're particularly satisfied with the growth of our premium portfolio and the volume and revenue growth in Asia, both of which are important strategic growth drivers for the group," he said
Sales Performance
Sales rose 4.4% to DKK 17.13 billion (€2.3 billion), compared with DKK 17 billion forecast by analysts in a poll gathered by the company.
Revenue per hectolitre rose by 4%, with a 'positive contribution' from all the group's regions, it said in a statement. Organic revenue growth of 5.1% was seen in Western Europe, with Asia up 7.6% and Central & Eastern Europe and India (CEEI) seeing a 7.3% increase.
The company on Tuesday launched a new share buyback programme of DKK 1 billion that will run until August 9.
The company still expects organic operating profit this year at between 1% and 5%.
"Q1 performance was in line with expectations, and we maintain our full-year earnings outlook," Aarup-Andersen added.
Additional reporting by ESM
