Heineken sales struggle across Europe and US

Heineken's sales were weaker than expected over the summer thanks to poor weather, austerity measures and low consumer confidence in Europe and the US.

The Dutch brewer, which makes Europe's No 1 lager Heineken as well as the No 3, Amstel, said volumes were down by 4% in Western Europe at 2.3 billion pints but only 1% across the world.

Third quarter volumes rose sharply in Africa, Latin America and Asia, but were lower overall on a like-for-like basis because of weakness in developed markets.

Consolidated volume rose by 24%, helped by Heineken's purchase of Mexican group Femsa's beer business, but like-for-like were down 2.2%. The total of 43.8 million hectolitres shipped was down on an analysts' forecast of 46.9 million. Volume fell 3.9% in the first half.

Revenue at 4.62 billion (£4 billion) was lower than the 4.85 billion average expected by analysts. Cost savings, changes in scope and currency profits meant operating profit grew by a mid-single digit percentage and net profit by more than 10%, also on a like-for-like basis, to 520 million (£454 million).

For the full year, Heineken repeated its forecast that net profit would grow by at least a low double-digit percentage, with further cost savings and price rises having an impact.

Heineken's shares were down 3% today.