Carlsberg Says Price Increases Gave Solid Start To 2024

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.

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.