The first-quarter sales of Carlsberg (CARLb.CO) fell by 7% on Thursday. While the Dutch brewing company anticipates further decline in its second-quarter sales due to beer demand in grocery stores, it failed to consider the closure of pubs and diners amid the virus lock down.
Earlier this month, Carlsberg postponed support after sales in pubs and diners particularly in Western Europe were severely affected amid the virus outbreak. Carlsberg is the third largest brewer in the world after Anheuser Busch InBev (ABI.BR) and Heineken (HEIN.AS).
“While we’re starting to see signs of recovery in our largest market, China, and initial signs of governments cautiously lifting restrictions in some Western European markets, other markets remain in lockdown,” said Cees t’Hart, Chief Executive Officer of Calsberg.
“Social-distancing requirements will continue and will impact consumer behavior. Consequently, volumes will decline further in the second quarter,” he added.
Carlsberg beer sales came in at 12.9 billion Danish Crowns ($1.88 billion) between January and March. According to the company, some analysts anticipated 12.8 billion sales via poll.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...