UK: SABMiller Q3 sales up, but Europe, North America volumes drag
SABMiller is still seeing struggles in Europe
SABMiller has reported a slight rise in third-quarter sales and volumes as its performance in emerging markets offset weakness in Europe and North America.
In a trading update today (21 January), the UK-headquartered group said that in the three months to the end of December group net producer sales - which account for excise and other taxes - rose by 4%. Total organic volumes in the period were up 2%, with lager volumes lifting 1% and soft drinks increasing by 7%.
“Growth in the third quarter was driven by our emerging market businesses where we are successfully targeting new consumers through affordability and premiumisation initiatives across our brand portfolios,” said chief executive Alan Clark.
In Latin America, the group saw sales up 5%, in Africa sales rose 8% and in Asia-Pacific, driven by China, net producer revenue was up 6%.
Clark said the group's performance was “in spite of continued weakness in consumer sentiment, which particularly impacted our European and North American businesses.”
In Europe, the Peroni producer saw net producer revenue fell 6%, as volumes were down 2%.
In North America, sales were up 1%, but volumes down 1.9%.
Overall, Clark said the group’s financial performance is “in line with expectations”.
Shares in SABMiller were this morning trading down 1.87% at GBP30.36 in London.
To read the company's full statement, click here
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