Subscribe Login
Drinks

Carlsberg Raises 2020 Outlook On Strong Sales In China, Eastern Europe

Danish brewer Carlsberg on Thursday raised its full-year earnings expectations after positive momentum last month, buoyed by solid sales in Eastern Europe and an improved outlook in China.

The world's third-biggest brewer after Anheuser Busch InBev and Heineken now expects a 'high-single-digit percentage' fall in organic operating profit versus its previous expectation of a 10%-15% decline.

Carlsberg said the new outlook reflected 'better than expected August results, continued solid volume development in Eastern Europe and an improved outlook in western China after the recent relaxation of second-wave COVID-19 restrictions.'

Subdued Sales Likely

The Copenhagen-based brewer warned last month that although drinkers had started to return to bars and restaurants in China and Western Europe over the summer, lockdowns were likely to keep sales subdued in the second half of the year.

Shares in Carlsberg traded 3.5% higher following the news. At 1243 GMT, they were up 1.5% at 883 Danish crowns, up from a March low of 650 crowns.

News by Reuters edited by Checkout. Edited by Donna Ahern. Click subscribe to sign up for the Checkout print edition.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

LIMITED TIME OFFER: 20% Off Our Premium Subscription
Enjoy full access to all website and app content, our weekly email news digest, and to Checkout Magazine 12 times a year (including our Top 100 Brands 2022 edition).
LIMITED TIME OFFER: 20% Off Our Premium Subscription
LIMITED TIME OFFER: 20% Off Our Premium Subscription
Enjoy full access to all website and app content, our weekly email news digest, and to Checkout Magazine 12 times a year (including our Top 100 Brands 2022 edition).
LIMITED TIME OFFER: 20% Off Our Premium Subscription