Heineken’s UK arm also experienced growth, fueled by the popularity of Birra Moretti and a boost in its “premium” brand portfolio. The off-trade sector, encompassing supermarkets and other retail outlets, was the main driver of higher volumes, helping to compensate for softer sales in on-trade venues like restaurants, pubs, and bars.
Dolf van den Brink, chief executive and chairman at Heineken, hailed the results as an “encouraging start to 2024.” He attributed the quarter’s success to an early Easter and the rebound from negative one-off impacts from the previous year. Heineken’s positive performance has been met with optimism from analysts. Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, commented: “Heineken’s first-quarter results finally gave the group something to raise a glass to. Total beer volumes were much better than the market expected, meaning that growth on the top line came from a much healthier mix of both price and volume this quarter.”
Despite the solid start to 2024, Heineken’s full-year guidance remains unchanged, with underlying operating profit expected to grow at a low-to-high single-digit rate.
