In this photo illustration, bottles of Heineken beer are displayed on July 31, 2023 in San Anselmo, California.
Heineken shares opened nearly 7% lower on Monday, after the brewing giant's first-half profit growth came in weaker than analysts had expected.
In an update that had been keenly-awaited by analysts, Heineken revised its operating profit organic growth forecast for the year to a range between 4% to 8%.
The major miss was in Europe, which saw just 0.2% profit growth versus an expectation of 15.1%, largely because of increased promotional spending in a competitive market, Barclays said.
Heineken said it "consolidated leadership" in low and no-alcohol beer sales, with Heineken 0.0 — a no-alcohol beer — up 14%.
Persons:
Heineken, Dolf van den Brink, CNBC's, Van den Brink
Organizations:
Heineken, Beer, CR, Barclays, CNBC
Locations:
San Anselmo , California, London, China, Europe, Brazil, Egypt, Vietnam